Christopher Hajzler

Senior Analyst

Christopher Hajzler is a Senior Analyst in the Emerging Markets Division of the International Economic Analysis Department. His primary research interests include the study of the effects of political risk on international capital flows, expropriation of foreign direct investments, and Law-of-One-Price deviations within and across countries. Prior to joining the Bank of Canada, he obtained a PhD in Economics from the University of Western Ontario, and was Assistant Professor/Lecturer at the University of Otago, New Zealand.


Christopher Hajzler

Senior Analyst
International Economic Analysis
Emerging Markets

Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9

Curriculum vitae


Expropriation Risk and FDI in Developing Countries: Does Return of Capital Dominate Return on Capital?

Staff Working Paper 2017-9 M. Akhtaruzzaman, Nathan Berg, Christopher Hajzler
Previously reported effects of institutional quality and political risks on foreign direct investment (FDI) are mixed and, therefore, difficult to interpret. We present empirical evidence suggesting a relatively clear, statistically robust, and intuitive characterization.

Price-Level Dispersion versus Inflation-Rate Dispersion: Evidence from Three Countries

Staff Working Paper 2017-3 David Fielding, Christopher Hajzler, James MacGee
Inflation can affect both the dispersion of commodity-specific price levels across locations (relative price variability, RPV) and the dispersion of inflation rates (relative inflation variability, RIV). Some menu-cost models and models of consumer search suggest that the RIV-inflation relationship could differ from the RPV-inflation relationship.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Inflation and prices JEL Code(s): E, E3, E31, E5, E50

17 November 2016 Structural Reforms and Economic Growth in Emerging-Market Economies

Growth has slowed in many emerging-market economies (EMEs) since the 2007–09 global financial crisis, reflecting both cyclical and structural factors. In this context, it will be in-creasingly important for EMEs to raise potential growth by maintaining steady progress on structural reforms. How do structural reforms generally support growth? What are the re-form priorities for EMEs over recent history and today? Finally, what will be the impact of planned structural reforms on potential output growth among the world’s larger EMEs? These are some of the questions considered by the authors.

Government Corruption and Foreign Direct Investment Under the Threat of Expropriation

Staff Working Paper 2016-13 Christopher Hajzler, Jonathan Rosborough
Foreign investment is often constrained by two forms of political risk: expropriation and corruption. We examine the role of government corruption in foreign direct investment (FDI) when contracts are not fully transparent and investors face the threat of expropriation.

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Refereed Journals

  • "Distance, Language, Religion, and the Law of One Price: Evidence from Canada and Nigeria,"
    (with D. Fielding& J. MacGee), Journal of Money, Credit and Banking. (Forthcoming.)
  • "Relative Price and Inflation Variability in a Simple Consumer Search Model,"
    (with D. Fielding), Economics Letters, 123 (1): 17–22, 2014.
  • "Resource-Based FDI and Expropriation in Developing Economies," Journal of International Economics, 92 (1): 124–146, 2014.
  • "Expropriation of Foreign Direct Investments: Sectoral Patterns from 1993 to 2006," Review of World Economics/Weltwirtschaftliches Archiv, 148(1): 119–149, 2012.


  • "Shaking Things UP: The Regional Effects of the Canterbury Earthquakes on Productivity and Tourism,"
    (with E. Miller), EcoNZ@Otago, Issue 32, 2014.
  • "The Efficiency of New Zealand’s 2010 Tax Reforms," EcoNZ@Otago, Issue 25, 2010.


  • M.A. University of Saskatchewan
  • Ph.D. University of Western Ontario

Research Interests

  • International Economics, Macroeconomics


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