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This paper examines the financial stability implications of introducing a central bank digital currency (CBDC) using an extension of the Diamond and Dybvig model. It finds that a simple, non-interest bearing CBDC designed as a digital equivalent of cash does not inherently lead to disintermediation or exacerbate bank runs, and that a well-implemented Emergency Liquidity Assistance policy can enhance financial stability. Overall, a properly designed CBDC can serve as a tool for central banks to maintain stab

Author

fakhrirafi28

Language

EN