Toni Ahnert

Research Advisor

Toni Ahnert is a Research Advisor in the Financial Stability Department at the Bank of Canada. He is a financial economist with interests in financial intermediation theory and global games. He received his Ph.D. in Economics from the London School of Economics and Political Science and is a member of the Finance Theory Group.

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Research Advisor
Financial Stability
Financial Studies

Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9

Latest

Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?

Staff Working Paper 2018-55 Toni Ahnert, Kristin Forbes, Christian Friedrich, Dennis Reinhardt
Can macroprudential foreign exchange (FX) regulations on banks reduce the financial and macroeconomic vulnerabilities created by borrowing in foreign currency? To evaluate the effectiveness and unintended consequences of macroprudential FX regulations, we develop a parsimonious model of bank and market lending in domestic and foreign currency and derive four predictions.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Exchange rates, Financial Institutions, Financial system regulation and policies, International financial markets JEL Code(s): F, F3, F32, F34, G, G1, G15, G2, G21, G28

Should Bank Capital Regulation Be Risk Sensitive?

Staff Working Paper 2018-48 Toni Ahnert, James Chapman, Carolyn A. Wilkins
We present a simple model to study the risk sensitivity of capital regulation. A banker funds investment with uninsured deposits and costly capital, where capital resolves a moral hazard problem in the banker’s choice of risk.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial Institutions, Financial system regulation and policies JEL Code(s): G, G2, G21, G28

Seeking Safety

Staff Working Paper 2018-41 Toni Ahnert, Enrico Perotti
The scale of safe assets suggests a structural demand for a safe wealth share beyond transaction and liquidity roles. We study how investors achieve a reference wealth level by combining self-insurance and contingent liquidation of investment. Intermediaries improve upon autarky, insuring investors with poor self-insurance and limiting liquidation.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial Institutions JEL Code(s): G, G2
June 7, 2018

Covered Bonds as a Source of Funding for Banks’ Mortgage Portfolios

Financial System Review - June 2018 Toni Ahnert
The author traces developments in the Canadian covered bond market. Covered bonds could be a valuable way to provide a stable and diverse source of funding, particularly for smaller banks. However, higher issuance could increase banks’ vulnerability to liquidity stress, with implications for the broader financial system. The author argues that these benefits and challenges can be balanced in a well-designed policy framework.
Content Type(s): Publications, Financial System Review Article Topic(s): Financial Institutions, Financial stability, Financial system regulation and policies JEL Code(s): G, G1, G2, G21, G28

Information Contagion and Systemic Risk

Staff Working Paper 2017-29 Co-Pierre Georg, Toni Ahnert
We examine the effect of ex-post information contagion on the ex-ante level of systemic risk defined as the probability of joint bank default.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial Institutions, Financial stability JEL Code(s): G, G0, G01, G1, G11, G2, G21

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