Toni Ahnert

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Senior Economist

Toni Ahnert is a Senior Economist in the Financial Stability Department at the Bank of Canada. His research interests include banking theory, financial crises, 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

Senior Economist
Financial Stability
Financial Studies

Bank of Canada
234 Laurier Avenue West
Ottawa, ON, K1A 0G9

Latest

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

Information, Amplification and Financial Crisis

Staff Working Paper 2014-30 Toni Ahnert, Ali Kakhbod
We propose a parsimonious model of information choice in a global coordination game of regime change that is used to analyze debt crises, bank runs or currency attacks. A change in the publicly available information alters the uncertainty about the behavior of other investors.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial Institutions, Financial stability JEL Code(s): D, D8, D83, G, G0, G01

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Education

  • Ph.D. in Economics, London School of Economics, United Kingdom
  • M.Sc. in Economics, Universitat Pompeu Fabra, Spain
  • M.Sc. in Economics, University of Essex, United Kingdom

Research Interests

  • Banking;
  • Financial crises;
  • International finance

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Toni Ahnert

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