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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.


Frankel, Jeffrey A. "Demonetization on Five Continents." Project Syndicate, December 22, 2016.