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The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

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Table 1 Global experience on demonetization.

From: An agribusiness perspective of demonetization in central region of the state of Gujarat in India

Countries Objectives Effect
Brazil (1990 and 1993), Ghana (1982), Myanmar (1985 and 1987), Russia (1993), Venezuela (2016), Zimbabwe (2015) To control hyperinflation Positive effects
Banking system regained its strength
Gradual control over inflation
Stabilization of consumer prices
Gradual stabilization of economy
The inception of counterfeit-resistant polymer notes in Australia
Negative effects
Loss of confidence in banking system
Public unrest
Public protest
Contraction of output
Drying of liquidity
Loss of jobs
North Korea (2009) To curb the market of black money
Soviet Union (1991) To fight against unearned income, smuggling and corruption
Iraq (1993) To finance fiscal deficit
Greece (2013) and Cyprus (2015) To manage fiscal and banking crisis
Australia (1988 and 2015) and Denmark (2012) To prevent counterfeiting
Euro Region (2016) To create common currency for the EU
Singapore (1967,1999 and 2014) To mitigate high money laundering risk
Pakistan (2015) To fight corruption and black money