Demonetization on Five Continents

CAMBRIDGE – Around the world, several countries are currently undergoing “demonetization,” or currency reforms in which the government removes banknotes of a certain denomination from circulation and replaces them with new notes. Governments pursue demonetization for a variety of reasons, and some of the recent initiatives are going better than others. Published on Project Syndicate on 12/22; republished in the Korea Herald on 12/26.