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?:about
?:abstract
  • We estimate a dynamic banking model to quantify the impact of a central bank digital currency (CBDC) on the banking system. Our counterfactuals show that a one-dollar introduction of CBDC replaces bank deposits by around 80 cents on the margin. Bank lending falls by one-fourth of the drop in deposits because banks partially replace lost deposits with wholesale funding. This substitution raises banks’ interest-rate risk exposure and lowers their resilience to negative equity shocks. If CBDC bears interest or is intermediated through banks, it captures a greater deposit market share, amplifying the impact on lending. The effect on lending is amplified for small banks, for which wholesale funding is more expensive. (xsd:string)
?:contributor
?:dateModified
  • 2023 (xsd:gyear)
?:datePublished
  • 2023 (xsd:gyear)
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?:hasFulltext
  • true (xsd:boolean)
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?:inLanguage
  • en (xsd:string)
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?:name
  • Will Central Bank Digital Currency Disintermediate Banks? (xsd:string)
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?:publicationType
  • Arbeitspapier (xsd:string)
?:sourceInfo
  • GESIS-SSOAR (xsd:string)
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?:urn
  • urn:nbn:de:0168-ssoar-90145-8 ()
?:volumeNumber
  • 47 (xsd:string)