Christoph Bertsch

Christoph Bertsch


Monetary Policy Department
Research Division
Sveriges Riksbank
SE-103 37 Stockholm, Sweden

Phone + 46 8 787 04 98

Banking, Financial Stability, FinTech, Transparency, Communication

Short bio

Christoph Bertsch joined the Research Division of Sveriges Riksbank in September 2013, coming from the University College London where he was Research Associate (Post-Doc) for two years. Christoph obtained his PhD from the European University Institute. Before that Christoph studied at the University of Mannheim and visited the PhD program in Economics at UCLA for one academic year. Christoph’s research interests include financial intermediation theory, financial fragility, public liquidity provision, bank regulation, online lending, transparency and central bank communication.

Private web page with latest papers:


Ph.D. Economics, European University Institute, 2013
M.Res. Economics, European University Institute, 2008
Dipl.-Vw. University of Mannheim, 2007

Working in progress and working papers

”Transparency in Global Games of Regime Change” with T. Ahnert, D. Quigley and F. Toscani

”Spread the Word: International Spillovers from Central Bank Communication” with H. Aurelius, I. Hull and X. Zhang (Sveriges Riksbank Working Paper Series No. 357, September 2018)

”The Role of Trust in Online Lending” with I. Hull, Y. Qi and X. Zhang (Sveriges Riksbank Working Paper Series No. 346, November 2017)

"Monetary Normalizations and Consumer Credit: Evidence from Fed Liftoff and Online Lending", Sveriges Riksbank Working Paper Series No. 319, April 2016, (with C. Bertsch and I. Hull).

”Optimal Bank Capitalization in Crowded Markets” with M. Mariathasan (Sveriges Riksbank Working Paper Series No. 312, September 2015)

”A wake-up call theory of contagion” with T. Ahnert (Sveriges Riksbank Working Paper Series No. 294, January 2015)

"Systematic bailout guarantees and tacit coordination" with C. Calcagno and M. Le Quement (Sveriges Riksbank Working Paper Series No. 289, October 2014)

”A detrimental feedback loop: deleveraging and adverse selection”  (Sveriges Riksbank Working Paper Series No. 277, September 2013, revised February 2015)

Publications in refereed journals

"Systematic bailout guarantees and tacit coordination" with C. Calcagno and Mark Le Quement (2014), The B.E. Journal of Economic Analysis and Policy (Advances), Volume 15, Issue 1, Pages 1-36, December 2014

Other publications

"Revisiting the role of central banks as liquidity providers – old and new challenges" with J. Molin, Sveriges Riksbank Economic Review 2016:2, September 2016


Journal of Banking and
Finance; Journal of Economic Studies; Journal of International Money and
Finance; Journal of Money, Credit and Banking; Economics Bulletin


Dynamic Industrial Organization (Undergraduate), University College London