Toni Ahnert

Research Advisor, Financial Stability Department, Bank of Canada


Discussion Papers
Mar 2020
DP 94
Toni Ahnert and Martin Kuncl
We examine loan insurance when lenders can screen at origination, learn loan quality over time, and can sell loans in secondary markets. Loan insurance reduces lending standards but improves market liquidity. Lenders with worse screening ability...
Discussion Papers
Sep 2018
DP 83
Toni Ahnert, Kartik Anand, Prasanna Gai and James Chapman
We model asset encumbrance by banks subject to rollover risk and study the consequences for fragility, funding costs, and prudential regulation. A bank's privately optimal encumbrance choice balances the benefit of expanding profitable yet illiquid...