A financial model investigating the issuance of digital money as central bank digital currency (CBDC) or as stablecoins found that a fully-integrated digital currency would lead to higher and less volatile asset prices, and household welfare gains are potentially large which could lead to an increase in consumption by up to 2%. However, a fully-integrated digital currency would depress bank deposit spreads, particularly during times of crises, which limits the banks’ abilities to recapitalize losses after a bank crises. These investment losses, not specifically bank runs, create instability, the paper argues. Another research paper found that bank runs are not as big as initially feared. This paper can be found here: https://www.financialresearch.gov/working-papers/2022/07/11/central-bank-digital-currency/ [https://www.financialresearch.gov/working-papers/2022/07/11/central-bank-digital-currency/] Both papers focus on the issuance of CBCD and stablecoins and do not include privately issued money like LETS/Time Dollars and similar privately issued complementary currency systems. (Edited to correct a typo.)