Toni Ahnert

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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.

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Toni Ahnert

Principal Researcher
Financial Stability
Financial Studies

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

Latest

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.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial Institutions, Financial stability JEL Code(s): G, G0, G01, G1, G11, G2, G21

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.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial Institutions, Financial stability JEL Code(s): G, G0, G01, G2

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.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial Institutions, Financial stability, Financial system regulation and policies JEL Code(s): D, D8, D82, G, G0, G01, G2, G21, G28

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.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Exchange rates, Financial stability, International financial markets JEL Code(s): D, D8, D82, F, F3, G, G0, G01

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Research Interests

  • Banking
  • Economic Theory
  • International Finance

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Toni Ahnert

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