Commodity, Credit, CBDC? How the growing significance of Central Bank Digital Currencies may alter the credit hierarchy of modern banking systems

The thesis explores the potential consequences of retail central bank digital currencies on the credit hierarchy within modern monetary economies. It argues that if central banks issue digital currencies akin to cash, public access to money could increase, posing a challenge to commercial banking models. The study emphasizes the need to critically evaluate financial stability concerns to ensure that the introduction of central bank digital currencies enhances the monetary system rather than disrupts it.