Toni Ahnert - Latest

• Opaque Assets and Rollover Risk

  Staff Working Paper 2016-17 Benjamin Nelson, Toni Ahnert

  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 Kartik Anand, Prasanna Gai, James Chapman, Toni Ahnert

  In this piece we show that a limit on the level of asset encumbrance and minimum capital requirements are effective tools for minimizing the incentive for banks to take excessive risk.

  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 Enrico Perotti, Toni Ahnert

  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 Christoph Bertsch, Toni Ahnert

  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 Ali Kakhbod, Toni Ahnert

  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

• Rollover Risk, Liquidity and Macroprudential Regulation

  Staff Working Paper 2014-23 Toni Ahnert

  I study rollover risk in the wholesale funding market when intermediaries can hold liquidity ex ante and are subject to fire sales ex post.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial system regulation and policies JEL Code(s): G, G0, G01, G1, G11, G2, G28