This study analyses the implications of central bank digital currency (CBDC) for financial stability, specifically in the banking sector. Drawing on an international database on CBDC adoption, data on 1176 banks operating in 86 countries from 2010 to 2021 were used to construct a time-varying CBDC adoption index. Our key results suggest that the adoption of CBDC contributes to financial stability. Furthermore, bank size, capitalization, operational strategy, deposit funding and domestic investment also contribute positively while loan loss reserve negatively affects bank stability. These findings are robust to a comprehensive set of tests. We further find that CBDC helps to reduce leverage and asset risks. Other evidence suggests that the adoption of CBDC can be associated with expanded lending, increased asset quality and reduced loan loss reserves. However, the impact of CBDC is only pronounced for banks of reasonable size but not for smaller banks. Moreover, CBDC adoption appears to have a more positive impact in emerging economies than in advanced economies. Finally, retail CBDC is found to promote stability, whereas wholesale CBDC hampers it. Overall, our findings have profound implications for the adoption of CBDCs and their implications for financial stability.

本研究分析了央行数字货币（CBDC）对金融稳定（特别是银行业）的影响。借鉴 CBDC 采用率国际数据库，使用 2010 年至 2021 年在 86 个国家运营的 1176 家银行的数据构建了随时间变化的 CBDC 采用率指数。我们的主要结果表明，采用 CBDC 有助于金融稳定。此外，银行规模、资本化、运营策略、存款资金和国内投资也产生积极影响，而贷款损失准备金则对银行稳定性产生负面影响。这些发现对于一组全面的测试来说是稳健的。我们进一步发现 CBDC 有助于降低杠杆和资产风险。其他证据表明，采用 CBDC 可能与扩大贷款、提高资产质量和减少贷款损失准备金有关。然而，CBDC 的影响仅对规模合理的银行显着，而对规模较小的银行则不显着。此外，CBDC 的采用似乎对新兴经济体比发达经济体产生更积极的影响。最后，零售 CBDC 被发现可以促进稳定性，而批发 CBDC 会阻碍稳定性。总体而言，我们的研究结果对 CBDC 的采用及其对金融稳定的影响具有深远的影响。