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 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.


Toni Ahnert

Principal Researcher
Financial Stability
Financial Studies

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


June 7, 2018 Covered Bonds as a Source of Funding for Banks’ Mortgage Portfolios

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.

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

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Refereed journals

Research Interests

  • Financial Intermediation
  • Global Games


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