Scott Hendry

Senior Special Director

Scott Hendry was appointed Senior Special Director, Financial Technology (FinTech) in the Funds Management and Banking Department (FBD) in June 2016. In this role, he oversees the Bank’s efforts to monitor and research developments and implications of new technologies affecting the financial sector. He previously held the role of Director of Research for FBD and, before that, for the Financial Markets Department (FMD). His personal research has focused on electronic money, price discovery in the Canadian government bond market, and central bank communication. He has a PhD in Economics from the University of Western Ontario.


Scott Hendry

Senior Special Director
Funds Management and Banking
Strategic Leadership

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


May 25, 2017 Project Jasper: Are Distributed Wholesale Payment Systems Feasible Yet?

This report describes a joint endeavour between public and private sectors to explore a wholesale payment system based on distributed ledger technology (DLT). They find that a stand-alone DLT system is unlikely to be as beneficial as a centralized payment system in terms of core operating costs; however, it could increase financial system efficiency as a result of integration with the broader financial market infrastructure.

Canadian Bank Notes and Dominion Notes: Lessons for Digital Currencies

Staff Working Paper 2017-5 Ben Fung, Scott Hendry, Warren E. Weber
This paper studies the period in Canada when both private bank notes and government-issued notes (Dominion notes) were simultaneously in circulation. Because both of these notes shared many of the characteristics of today's digital currencies, the experience with these notes can be used to draw lessons about how digital currencies might perform.

Central Bank Communication or the Media’s Interpretation: What Moves Markets?

Staff Working Paper 2012-9 Scott Hendry
The goal of this paper is to investigate what type of information from Bank of Canada communication statements or the market commentary based on these statements has a significant effect on the volatility or level of returns in a short-term interest rate market.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Asset Pricing, Financial markets JEL Code(s): E, E5, E58, G, G1, G14

February 17, 2011 Conference Summary: Financial Globalization and Financial Instability

The Bank of Canada’s annual conference, held in October 2010, brought together leading researchers from universities and central banks around the world.

Text Mining and the Information Content of Bank of Canada Communications

Staff Working Paper 2010-31 Scott Hendry, Alison Madeley
This paper uses Latent Semantic Analysis to extract information from Bank of Canada communication statements and investigates what type of information affects returns and volatility in short-term as well as long-term interest rate markets over the 2002-2008 period.

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Refereed Journals

  • "Labour Markets, Liquidity, and Monetary Policy Regimes,"
    (with David Andolfatto, SFU, and Kevin Moran), Canadian Journal of Economics, Vol 37, p. 392-420, April 2004.
  • "Liquidity Effects and Market Frictions,"
    (with Guang-Jia Zhang) Journal of Macroeconomics, Spring 2001, 23 (2): 153-176.

Other Publications

  • "Inflation Expectations and Learning about Monetary Policy,"
    (with David Andolfatto, SFU, and Kevin Moran), DNB Staff Reports No. 121/2004.
  • "Inflation Persistence and Costly Market Share Adjustment: A Preliminary Analysis,"
    (with Robert Amano), Monetary Policy in a Changing Environment, BIS Papers No. 19, p. 134-146.
  • "Liquidity Effects and Market Frictions,"
    (with Guang-Jia Zhang), DNB Staff Reports No. 29/1998.


  • Ph.D., University of Western Ontario (1993)
  • M.A., University of Western Ontario (1988)
  • B.A. (Honours), Wilfrid Laurier University (1987)

Research Interests

  • Financial Market Microstructure
  • Financial Stability
  • Network Analysis
  • Text Mining


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