Christoph Bertsch

Christoph Bertsch


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

Phone + 46 8 787 04 98
E-mail [email protected]

Financial Intermediation Theory, Financial Markets, Financial Fragility, International Finance, Macro-Finance, Industrial Organization, Crowdfunding

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 cover financial intermediation theory, public liquidity provision, financial fragility, competition in banking, crowdfunding, and international finance.

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 papers

"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).

"Fire Sale Bank Recapitalizations", with M. Mariathasan (Sveriges Riksbank Working Paper Series No. 312, September 2015)

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

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

- Newest version with a negatively skewed macro shock

- A previous version was published under the title "A wake-up call: information contagion and strategic uncertainty", with T. Ahnert (Sveriges Riksbank Working Paper Series No. 282, October 2013, revised March 2014)

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

Policy papers

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

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

Invited talks and conference attendance

Invited talks (since September 2013)

2015: Max Planck Institute for Research on Collective Goods, International Monetary Fund, Bank of Canada, Universitat de Barcelona

2014: DIW Berlin, Federal Reserve Bank of St. Louis, IWH Halle, Uppsala University

2013: University of Gothenburg, University of Vienna

Conference attendance (since September 2013)

2016: Chicago Financial Institutions Conference, Financial Intermediation Research Society (FIRS) Conference, 15th Belgian Financial Research Forum (BFRF), ESCB/EFA Day-Ahead workshop, 2nd International Workshop on P2P Financial Systems, 23rd Annual Meeting of the German Finance Association, European Banking Authority Policy Research Workshop, International Rome Conference on Money, Banking and Finance

2015: Northern Finance Association 2015, 1st IWH-FIN-FIRE Workshop, ESCB/EFA Day-Ahead workshop, 8th Joint French Macro Workshop, VI IIBEO WORKSHOP Alghero, Financial Safety Net Conference 2015, ASSA/IBEFA Annual Meeting

2014: Conference on Behavorial Aspects in Macroeconomics and Finance in Milan, Barcelona GSE Summer Forum workshop on Information and Market Frictions, Eastern Finance Association Annual Meeting, 2nd EUI Alumni Conference in Economics, European Finance Association Annual Meeting, European Meeting of the Econometric Society, London FIT workshop at London Business School, IFABS Conference 2014, NBER Summer Institute workshop on International Finance & Macroeconomics, Royal Economic Society Annual Meeting

Discussions (since September 2013)


Discussion of "Subjective Interest Rate Uncertainty and the Macroeconomy" by Klodiana Istrefi and Sarah Mouabbi at the MBF conference 2016 in Rome
Discussion of "Cutting out the Middleman: Crowdinvesting, Efficiency, and Inequality" by Hans Peter Grüner and Christoph Siemroth at the 2nd International Workshop on P2P Financial Systems in London
Discussion of "Equity vs. Bail-in Debt in Banking: An Agency Perspective" by Caterina Mendicino, Kalin Nikolov and Javier Suarez at the ESCB Day Ahead Conference in Oslo


Discussion of "Banks and the Rational Credit Cycle" by Adrian Penalver at the ESCB/EFA Day-Ahead workshop in Vienna
Discussion of "Banks, Shadow Banking, and Fragility" by Stephan Luck and Paul Schempp at the Financial Safety Net Conference 2015 in Stockholm


Discussion of "Optimal Bank Liquidity Regulation in the Face of Short-Term Wholesale Funding and Cross-Border Capital Flows" by Alexander Gruber at the Eastern Finance Association Annual Meeting


Discussion of "Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects" by Fernando Broner, Aitor Erce, Alberto Martin and Jaume Ventura at the 1st EUI Alumni Conference in Economics

Professional service


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

Program committee member

IFABS 2016 conference, Financial Safety Net Conference 2015, IFABS 2015 conference, Annual meeting of IBEFA at ASSA 2015


Lecturer for the 3rd year course "Industrial Economics 2: Dynamic Industrial Organization" (Econ 3013) University College London in 2011/2012 and 2012/2013