Adi Mordel

Principal Economist

Adi Mordel is a Principal Economist in the Financial Stability Department at the Bank of Canada. His current research centers on the link between financial distress and the real economy, with a particular interest on household lending and consumption. Other research focuses on the effects of public guarantees and incentive alignment in shadow banking activities. Adi Mordel received his PhD in Finance from Drexel University.


Adi Mordel

Principal Economist
Financial Stability
Regulatory Policy

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


International Banking and Cross-Border Effects of Regulation: Lessons from Canada

Staff Working Paper 2016-34 H. Evren Damar, Adi Mordel
We study how changes in prudential requirements affect cross-border lending of Canadian banks by utilizing an index that aggregates adjustments in key regulatory instruments across jurisdictions.

December 15, 2015 Residential Mortgage Securitization in Canada: A Review

Residential mortgage securitization plays an important role in the Canadian system of housing finance, especially given the rising share of government-supported (i.e., public) securitization over the past 15 years. Mordel and Stephens analyze the evolution of two types of mortgage securitization in Canada— private and public — focusing in particular on the underlying public policy and economic benefits of the latter. They review the potential implications of the extent of public securitization and conclude with a discussion of policies that could be considered to reinvigorate private securitization in Canada.

Banks’ Financial Distress, Lending Supply and Consumption Expenditure

Staff Working Paper 2014-7 H. Evren Damar, Reint Gropp, Adi Mordel
The paper employs a unique identification strategy that links survey data on household consumption expenditure to bank-level data in order to estimate the effects of bank financial distress on consumer credit and consumption expenditures.

The Ex-Ante Versus Ex-Post Effect of Public Guarantees

Staff Working Paper 2012-22 H. Evren Damar, Reint Gropp, Adi Mordel
In October 2006, Dominion Bond Rating Service (DBRS) introduced new ratings for banks that account for the potential of government support. The rating changes are not a reflection of any changes in the respective banks’ credit fundamentals.

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Other Research

  • "The Role of Central Banks in Financial Stability: How Has It Changed?,"
    (with Evren Damar and Reint Gropp). MIT Press. (forthcoming).
  • "The Information Content of Asset-Backed Securities Downgrades and the Motivation behind Them,"
    (with Eric Higgins and Joseph Mason), Working Paper July 2010.
  • "Asset Sales, Recourse, and Investor Reactions to Initial Securitizations: Evidence why Off-balance Sheet Accounting Treatment does not Remove On-balance Sheet Financial Risk,"
    (with Eric Higgins and Joseph Mason), Working Paper May 2009.
  • "Governance and Firm Value: Evidence From Initial Securitizations by Bank Holding Companies",
    Working Paper 2009.

Other Publications

  • “The Ex-Ante Versus Ex-Post Effect of Public Guarantees.”
    (with R. Gropp and A. Damar), The Role of Central Banks in Financial Stability: How Has It Changed? MIT Press. (forthcoming)


  • Ph.D. (Finance), Drexel University (2010)
  • MBA, Kansas State University (2005)
  • BS (Finance), Kansas State University (2004)

Research Interests

  • Banking and financial institutions
  • Financial Economics


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