Here's the paragraph the title refers to: "Arguably, the most significant and plausible financial stability risk of a general purpose CBDC is that it can faci

Here's the paragraph the title refers to: "Arguably, the most significant and plausible financial stability risk of a general purpose CBDC is that it can facilitate a flight away from private financial institutions and markets towards the central bank. Faced with systemic financial stress, households and other agents in both advanced and emerging market economies tend to suddenly shift their deposits towards financial institutions perceived to be safer and/or into government securities. Of course, agents could always flee towards the central bank by holding more cash. But a CBDC could allow for “digital runs” towards the central bank with unprecedented speed and scale. Even in the presence of deposit insurance, the stability of retail funding could weaken because a risk-free CBDC provides a very safe alternative."