Tercero Lucas, David 2024-03-15T15:27:48Z 2024-03-15T15:27:48Z 2023-12-01 1572-3089 https://doi.org/10.1016/j.jfs.2023.101188 Artículos en revistas . The aim of this study is to disentangle the effects of introducing an interest-bearing central bank digital currency (CBDC) for financial stability using a Diamond and Dybvig (1983) model in which (i) both CBDC and private bank deposits can be used in exchange and (ii) liquidity is created endogenously. Agents have direct access to a CBDC, which is a claim on the central bank. They use both sight deposits and CBDC to buy goods and commercial banks borrow reserves to cover liquidity needs. The introduction of an interest-bearing CBDC has direct implications for the sight deposit rate and the loan rate of banks. Besides, if the central bank aims to have a positive net worth and the absence of bank runs, a high demand for a CBDC is a necessary condition to achieve both objectives. If this is not the case, financial stability will be endangered. application/pdf es-ES Creative Commons Reconocimiento-NoComercial-SinObraDerivada España http://creativecommons.org/licenses/by-nc-nd/3.0/es/ Revista: Journal of Financial Stability, Periodo: 1, Volumen: 69, Número: , Página inicial: 101188, Página final: . Central bank digital currencies and financial stability in a modern monetary system info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion info:eu-repo/semantics/openAccess . CBDC Banking sector Financial stability Bank runs