Toni Ahnert

Principal Researcher

Toni Ahnert is a Principal Researcher in the Financial Stability Department at the Bank of Canada. He is a financial economist with interests in banking, economic theory, and international finance. He received his Ph.D. in Economics from the London School of Economics and Political Science.


Toni Ahnert

Principal Researcher
Financial Stability
Financial Studies

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


Information Contagion and Systemic Risk

Staff Working Paper 2017-29 Toni Ahnert, Co-Pierre Georg
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.

Opaque Assets and Rollover Risk

Staff Working Paper 2016-17 Toni Ahnert, Benjamin Nelson
We model the asset-opacity choice of an intermediary subject to rollover risk in wholesale funding markets. Greater opacity means investors form more dispersed beliefs about an intermediary’s profitability.

Asset Encumbrance, Bank Funding and Financial Fragility

Staff Working Paper 2016-16 Toni Ahnert, Kartik Anand, Prasanna Gai, James Chapman
How does asset encumbrance affect the fragility of intermediaries subject to rollover risk? We offer a model in which a bank issues covered bonds backed by a pool of assets that is bankruptcy remote and replenished following losses.

Cheap But Flighty: How Global Imbalances Create Financial Fragility

Staff Working Paper 2015-33 Toni Ahnert, Enrico Perotti
We analyze how a wealth shift to emerging countries may lead to instability in developed countries. Investors exposed to expropriation risk are willing to pay a safety premium to invest in countries with good property rights.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial Institutions, Financial stability JEL Code(s): F, F3, G, G2

A Wake-Up-Call Theory of Contagion

Staff Working Paper 2015-14 Toni Ahnert, Christoph Bertsch
We propose a novel theory of financial contagion. We study global coordination games of regime change in two regions with an initially uncertain correlation of regional fundamentals.

See More


Refereed journals

Research Interests

  • Banking
  • Economic Theory
  • International Finance


Follow the Bank