Francisco Rivadeneyra

Research Advisor

Francisco Rivadeneyra is a Research Advisor in the Funds Management and Banking Department at the Bank of Canada. His research is broadly divided into financial economics and payments research. He is interested in how agent heterogeneity and payments infrastructure affect asset prices and welfare. His recent academic research focuses on the implications of technological innovations, for example electronic money and distributed ledger technologies, for the mandates of central banks. His recent policy work has been to develop computational tools to measure the risk and efficiency of payments systems. Earlier work focused on the management of domestic debt and foreign reserves portfolios.

Mr. Rivadeneyra holds a PhD in Economics from the University of Chicago.


Francisco Rivadeneyra

Research Advisor
Funds Management and Banking

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


Fintech: Is This Time Different? A Framework for Assessing Risks and Opportunities for Central Banks

Staff Discussion Paper 2017-10 Meyer Aaron, Francisco Rivadeneyra, Samantha Sohal
We investigate the risks and opportunities to the mandates of central banks arising from fintech developments.

May 13, 2014 The Canadian Dollar as a Reserve Currency

This article provides an overview of the growth of Canadian-dollar-denominated assets in official foreign reserves. Based on International Monetary Fund data and on internal Bank of Canada analysis, we estimate that the total reserve holdings of Canadian-dollar assets increased from negligible levels before 2008 to around US$200 billion in the third quarter of 2013. We discuss the determinants of this increase, as well as its potential impact on Canadian debt markets, for example, lower yields and therefore reduced financing costs for the Government of Canada, and the possible negative impact on market liquidity.

May 16, 2013 Modelling the Asset-Allocation and Liability Strategy for Canada’s Foreign Exchange Reserves

The Bank of Canada recently developed an asset-liability-matching model to aid in the management of Canada’s foreign exchange reserves. The model allows policy-makers at the Bank and the Department of Finance to analyze asset-allocation and funding-mix decisions by quantifying both the risk-return and liquidity trade-offs for the assets, as well as the risk-cost trade-offs of the funding liabilities.

Financial Development and the Volatility of Income

Staff Working Paper 2013-4 Tiago Pinheiro, Francisco Rivadeneyra, Marc Teignier
This paper presents a general equilibrium model with endogenous collateral constraints to study the relationship between financial development and business cycle fluctuations in a cross-section of economies with different sizes of their financial sector.

The U.S.-Dollar Supranational Zero-Coupon Curve

Staff Discussion Paper 2012-5 Francisco Rivadeneyra
The author describes the construction of the U.S.-dollar-denominated zero-coupon curve for the supranational asset class from 1995 to 2010. He uses yield data from a crosssection of bonds issued by AAA-rated supranational entities to fit the Svensson (1995) term-structure model.
Content Type(s): Staff Research, Staff Discussion Papers Topic(s): Asset Pricing, Financial markets JEL Code(s): G, G1, G12, G15

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Journal Articles

  • "Financial Development, Credit, and Business Cycles"
    (with Tiago Pinheiro and Marc Teignier), Journal of Money, Credit and Banking, 2017, 49 (7), 1653-1665.
  • "Monopolies and Economic Growth" (in Spanish)
    (with Pablo Pena), Gaceta de Economía, Fall 2009.
  • "An Empirical Analysis of the Law of One Price in Mexico" (in Spanish)
    (with Marco González-Navarro), Gaceta de Economía, Fall 2004.
  • "Trade Creation and Trade Diversion of Preferential Agreements: New Estimates for NAFTA" (in Spanish)
    (with Jose M. Chavez), Gaceta de Economía, Spring 2002.

Work in progress

  • "E-Money and Payments Policy"
    (with Charles M. Kahn and Russell Wong).
  • "Intraday Trade Dynamics in Short-term Funding Markets"
    (with Mark Rempel).
  • "Foreign Reserves and Tail Risk"
    (with Jorge Cruz Lopez).
  • "Government Bond Clienteles and Yields">br /> (with Jianjian Jin and Jesus Sierra).


  • Ph.D., Economics. The University of Chicago (2009)
  • M.A., Economics. The University of Chicago (2005)
  • B.A., Economics. ITAM, Mexico City (2003)

Research Interests

  • Macroeconomics
  • Financial economics
  • Asset pricing
  • Payments economics


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