Toni Ahnert

European Central Bank, Financial Research Division

Research economist

ECB Tower

Sonnemannstraße 20

Frankfurt am Main

http://toniahnert.com

Centre for Economic Policy Research (CEPR)

Research Affiliate

London

United Kingdom

SCHOLARLY PAPERS

23

DOWNLOADS

2,305

SSRN CITATIONS

75

CROSSREF CITATIONS

8

Scholarly Papers (23)

The Economics of Central Bank Digital Currency

ECB Working Paper No. 2022/2713
Number of pages: 52 Posted: 17 Aug 2022
European Central Bank, Financial Research Division, European Central Bank (ECB), European Central Bank (ECB), European Central Bank, Financial Research Division, University of Bern and European Central Bank (ECB)
Downloads 276 (167,325)

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Central Bank Digital Currency, digital money, financial stability, monetary policy, payments

The economics of central bank digital currency

Number of pages: 47 Posted: 22 Aug 2022
European Central Bank, Financial Research Division, European Central Bank (ECB), European Central Bank (ECB), European Central Bank, Financial Research Division, University of Bern and European Central Bank (ECB)
Downloads 104 (385,942)

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Central Bank Digital Currency, Digital Money, Payments, Monetary Policy, Financial Stability

2.

The Digital Economy, Privacy, and CBDC

ECB Working Paper No. 2022/2662
Number of pages: 62 Posted: 25 May 2022
Toni Ahnert, Peter Hoffmann and Cyril Monnet
European Central Bank, Financial Research Division, European Central Bank (ECB) and University of Bern
Downloads 337 (135,955)

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central bank digital currency, digital platforms, financial intermediation, payments, privacy

3.

Information Contagion and Systemic Risk

Number of pages: 41 Posted: 03 Jul 2015 Last Revised: 04 Nov 2016
Toni Ahnert and Co-Pierre Georg
European Central Bank, Financial Research Division and EDHEC Business School
Downloads 284 (162,642)
Citation 10

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Information contagion, counterparty risk, common exposure, systemic risk

Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?

MIT Sloan Research Paper No. 5293-18
Number of pages: 62 Posted: 14 Mar 2018
European Central Bank, Financial Research Division, Massachusetts Institute of Technology (MIT) - Sloan School of Management, Government of Canada - Bank of Canada and Bank of England
Downloads 254 (181,293)

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Macroprudential policies, FX regulations, Banking flows, International debt issuance

Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?

Bank of England Working Paper No. 758
Number of pages: 61 Posted: 13 Oct 2018
European Central Bank, Financial Research Division, Massachusetts Institute of Technology (MIT) - Sloan School of Management, Government of Canada - Bank of Canada and Bank of England
Downloads 14 (850,300)

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Macroprudential policies, FX regulations, banking flows, international debt issuance

Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?

NBER Working Paper No. w25083
Number of pages: 61 Posted: 24 Sep 2018 Last Revised: 14 Jan 2023
European Central Bank, Financial Research Division, Massachusetts Institute of Technology (MIT) - Sloan School of Management, Government of Canada - Bank of Canada and Bank of England
Downloads 7 (922,970)

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Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?

CEPR Discussion Paper No. DP12766
Number of pages: 64 Posted: 06 Mar 2018
European Central Bank, Financial Research Division, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Bank of England
Downloads 0
Citation 13
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Banking flows, FX regulations, International debt issuance, macroprudential policies

5.

Information Choice and Amplification of Financial Crises

Number of pages: 73 Posted: 08 Jun 2016
Toni Ahnert and Ali Kakhbod
European Central Bank, Financial Research Division and University of California, Berkeley
Downloads 160 (277,280)
Citation 7

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amplification, financial crises, global games, information choice

Cyber Security and Ransomware in Financial Markets

Number of pages: 52 Posted: 17 Mar 2022 Last Revised: 21 Jun 2022
European Central Bank, Financial Research Division, Wilfrid Laurier University - Lazaridis School of Business and Economics, Bank of Canada and Queen's University - Smith School of Business
Downloads 121 (346,368)

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Cyber security, financial markets, platforms, ransomware, principal-agent

Cyber Security and Ransomware in Financial Markets

CEPR Discussion Paper No. DP17403
Number of pages: 55 Posted: 23 Jun 2022
European Central Bank, Financial Research Division, Wilfrid Laurier University - Lazaridis School of Business and Economics, Government of Canada - Bank of Canada and Queen's University - Smith School of Business
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7.

Safe Assets and Financial Fragility

Number of pages: 45 Posted: 09 Oct 2019 Last Revised: 09 Jan 2023
Toni Ahnert and Marco Macchiavelli
European Central Bank, Financial Research Division and Isenberg School of Management
Downloads 116 (355,483)
Citation 1

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Money Market Funds, Safe Assets, Global Games, Financial Fragility.

8.

Asset Encumbrance, Bank Funding and Financial Fragility

Bundesbank Discussion Paper No. 17/2016
Number of pages: 36 Posted: 21 Jun 2016
European Central Bank, Financial Research Division, Deutsche Bundesbank, University of Auckland Business School and Government of Canada - Bank of Canada
Downloads 98 (398,989)
Citation 1

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asset encumbrance, covered bonds, financial fragility, guarantees, rollover risk, wholesale funding

9.

A Wake-Up Call: Information Contagion and Strategic Uncertainty

Sveriges Riksbank Working Paper Series No. 282, Riksbank Research Paper Series No. 113
Number of pages: 47 Posted: 18 Dec 2013 Last Revised: 30 Sep 2015
Toni Ahnert and Christoph Bertsch
European Central Bank, Financial Research Division and Sveriges Riksbank - Research Division
Downloads 87 (436,568)
Citation 4

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contagion, coordination failure, global games, information acquisition

10.

Anticipated Financial Contagion

Number of pages: 67 Posted: 24 Mar 2022
Toni Ahnert, Gideon du Rand and Co-Pierre Georg
European Central Bank, Financial Research Division, Stellenbosch University and EDHEC Business School
Downloads 81 (449,025)

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Demand deposits, interbank deposits, aggregate liquidity shock, financial contagion, computational equilibrium

11.

Rollover Risk, Liquidity, and Macro-Prudential Regulation

ECB Working Paper No. 1667
Number of pages: 48 Posted: 03 Jul 2014
Toni Ahnert
European Central Bank, Financial Research Division
Downloads 74 (472,834)
Citation 2

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global games, multiplicity, portfolio choice, wholesale funding

Does it Help? Information Technology in Banking and Entrepreneurship

IMF Working Paper No. 2021/214
Number of pages: 57 Posted: 04 Feb 2022 Last Revised: 24 Feb 2022
European Central Bank, Financial Research Division, Bank for International Settlements, International Monetary Fund (IMF) and International Monetary Fund (IMF) - Research Department
Downloads 59 (539,750)

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technology in banking, entrepreneurship, information technology, collateral, screening, banks' IT adoption, importance of information technology, IT in banking, startup activity, bank screening, Collateral, Self-employment, Employment, Job creation

Does it Help? Information Technology in Banking and Entrepreneurship

CEPR Discussion Paper No. DP17335
Number of pages: 64 Posted: 23 Jun 2022
European Central Bank, Financial Research Division, Bank for International Settlements, International Monetary Fund (IMF) and International Monetary Fund (IMF) - Research Department
Downloads 0
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Collateral, entrepreneurship, Information Technology, screening, technology in banking

13.

The Effect of Safe Assets on Financial Fragility in a Bank-Run Model

FRB of Cleveland Working Paper No. 14-37
Number of pages: 51 Posted: 19 Dec 2014 Last Revised: 10 Jan 2015
Mahmoud Elamin and Toni Ahnert
Federal Reserve Banks - Federal Reserve Bank of Cleveland and European Central Bank, Financial Research Division
Downloads 58 (535,513)

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bank runs, demand deposits, global games, liquidity provision, safe assets,

14.
Downloads 49 (577,663)

A Wake-Up Call Theory of Contagion

ECB Working Paper No. 2022/2658
Number of pages: 72 Posted: 04 May 2022
Toni Ahnert and Christoph Bertsch
European Central Bank, Financial Research Division and Sveriges Riksbank - Research Division
Downloads 49 (588,894)

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bank run, contagion, financial crises, fundamental re-assessment., global games, information choice, wake-up call

A Wake-Up Call Theory of Contagion

CEPR Discussion Paper No. DP16809
Number of pages: 71 Posted: 04 Feb 2022
Toni Ahnert and Christoph Bertsch
European Central Bank, Financial Research Division and Sveriges Riksbank - Research Division
Downloads 0
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bank run, contagion, financial crises, fundamental re-assessment, global games, Information Choice, wake-up call

15.

A funding liquidity risk channel for monetary policy transmission

Number of pages: 40 Posted: 09 Feb 2022
Toni Ahnert, Kartik Anand and Philipp Koenig
European Central Bank, Financial Research Division, Deutsche Bundesbank and Deutsche Bundesbank
Downloads 38 (637,056)

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rollover risk, monetary policy, fragility, global games, funding liquidity risk channel.

The Digital Economy, Privacy, and CBDC

Number of pages: 60 Posted: 18 May 2022 Last Revised: 05 Dec 2022
Peter Hoffmann, Cyril Monnet and Toni Ahnert
European Central Bank (ECB), University of Bern and European Central Bank, Financial Research Division
Downloads 27 (731,855)

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Central Bank Digital Currency, Privacy, Payments, Digital Platforms, Financial Intermediation

The Digital Economy, Privacy, and CBDC

CEPR Discussion Paper No. DP17313
Number of pages: 57 Posted: 27 May 2022
Toni Ahnert, Peter Hoffmann and Cyril Monnet
European Central Bank, Financial Research Division, European Central Bank (ECB) and University of Bern
Downloads 0
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Central bank digital currency, Digital Platforms, Financial Intermediation, Payments, privacy

17.

Asset Encumbrance, Bank Funding and Fragility

ESRB: Working Paper Series No. 2017/52
Number of pages: 56 Posted: 05 Nov 2020
European Central Bank, Financial Research Division, Deutsche Bundesbank, University of Auckland Business School and Government of Canada - Bank of Canada
Downloads 21 (758,118)

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asset encumbrance, encumbrance limits, encumbrance surcharges, fragility, rollover risk, runs, secured debt, unsecured debt, wholesale funding

18.

Real Interest Rates, Bank Borrowing, and Fragility

ECB Working Paper No. 2022/2755
Number of pages: 44 Posted: 08 Dec 2022
Toni Ahnert, Kartik Anand and Philipp Koenig
European Central Bank, Financial Research Division, Deutsche Bundesbank and Deutsche Bundesbank
Downloads 18 (783,526)

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bank borrowing, fragility, funding liquidity risk channel, global games, real interest rates, rollover risk

19.

Government Loan Guarantees, Market Liquidity, and Lending Standards

ECB Working Paper No. 2022/2710
Number of pages: 61 Posted: 15 Aug 2022
Toni Ahnert and Martin Kuncl
European Central Bank, Financial Research Division and Government of Canada - Bank of Canada
Downloads 16 (801,214)

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adverse selection, Government Sponsored Enterprises, market liquidity, mortgage guarantees, pecuniary externality, Pigouvian subsidy

20.

Real Interest Rates, Bank Borrowing, and Fragility

Deutsche Bundesbank Discussion Paper No. 48/2022
Number of pages: 1 Posted: 14 Jan 2023
Toni Ahnert, Kartik Anand and Philipp Koenig
European Central Bank, Financial Research Division, Deutsche Bundesbank and Deutsche Bundesbank
Downloads 5 (909,045)

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bank borrowing, rollover risk, fragility, real interest rates, global games, funding liquidity risk channel

21.

Cheap But Flighty: How Global Imbalances Create Financial Fragility

CEPR Discussion Paper No. DP10502
Number of pages: 36 Posted: 24 Mar 2015
Toni Ahnert and Enrico C. Perotti
European Central Bank, Financial Research Division and University of Amsterdam - Finance Group
Downloads 1 (957,981)
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absolute safety, capital flows, safe haven, unstable funding

22.

Bank Runs, Bank Competition and Opacity

CEPR Discussion Paper No. DP16207
Number of pages: 54 Posted: 14 Jul 2021
Toni Ahnert and David Martinez-Miera
European Central Bank, Financial Research Division and Universidad Carlos III de Madrid - Department of Business Administration
Downloads 0 (971,484)
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23.

Government Loan Guarantees, Market Liquidity, and Lending Standards

CEPR Discussion Paper No. DP14458
Number of pages: 61 Posted: 03 Mar 2020 Last Revised: 27 May 2022
Toni Ahnert and Martin Kuncl
European Central Bank, Financial Research Division and Government of Canada - Bank of Canada
Downloads 0 (971,484)
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Adverse Selection, Government Sponsored Enterprises, market liquidity, Mortgage guarantees, Pecuniary externality, Pigouvian subsidy