Silva, André de CastroLeão, Maria Teresa Azevedo Barbosa2025-08-272025-08-272025-01-242025-01-16http://hdl.handle.net/10362/186943The development of a Central Bank Digital Currency (CBDC) raises concerns about potential bank disintermediation. Especially during financial crises, pessimistic consumers may shift from bank deposits to cash that as a safer store of value. The introduction of a CBDC, viewed as a superior substitute for cash, could amplify this effect. Using the Diamond-Dybvig model with public money as a store of value and a Beta distribution to capture belief dispersion during crises, this thesis analyzes how consumer beliefs drive disintermediation and its implications for financial stability, monetary policy, and the banking sector.engFinancial crisisCentral BankCashCentral Bank Digital CurrencyBank disintermediationmaster thesis203989597