framework in which fractional reserve banks emerge in equilibrium, where bank assets are funded with liabilities made demandable … in government money, where the terms of bank deposit contracts are affected by the liquidity insurance available in … financial markets, where banks are subject to runs, and where a central bank has a meaningful role to play, both in terms of …

I investigate the theoretical impact of central bank digital currency (CBDC) on a monopolistic banking sector. The … any way. CBDC may, in fact, lead to an expansion of bank deposits if CBDC competition compels banks to raise their deposit …