This paper investigates how a central bank digital currency can be expected to impact a
monopolistic banking sector. The paper's framework of analysis combines the Diamond …

A model is developed with a novel approach to analyzing banking panics in general
equilibrium. Banks may fail, and bank insolvency potentially drives banking panics in which …

This paper shows the existence of a central bank trilemma. When a central bank is involved
in financial intermediation, either directly through a central bank digital currency (CBDC) or …

Background: The industrial transformation requires a speedy shift to financial digitization.
One of the needs for financial digitalization in the study of Islamic contracts and Islamic …

This paper shows the existence of a central bank trilemma. When a central bank is involved
in financial intermediation, either directly through a central bank digital currency (CBDC) or …

The crisis represents a disorder that in contemporary society is increasingly occurring.
Crises are often the result of some earlier solution. The situation in agricultural production in …

Are financial intermediaries–in particular, banks–inherently unstable or fragile, and if so,
why? We address this theoretically by analyzing whether model economies with financial …

I present a general equilibrium monetary model of banking with multiple equilibria. In the
good equilibrium, all banks are solvent. In the bad equilibrium, a fraction of banks in the …

We develop a dynamic, search-theoretic model of bank deposits markets where
relationships are bilateral, the demand for liquid assets is microfounded, and consumers are …

Contemporary literature continues to foster discussion whether financial development is
important for economic growth. In the clash of theoretical arguments, the prevailing idea is …