Christopher Hajzler

Principal Researcher

Christopher Hajzler is a Principal Researcher 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.


Principal Researcher
International Economic Analysis
Emerging Markets Division

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

Curriculum vitae


Assessing Global Potential Output Growth: April 2019

This note presents the updated estimates of potential output growth for the global economy through 2021. Global potential output is expected to grow by 3.3 per cent per year over the projection horizon.

Assessing Global Potential Output Growth: April 2018

This note presents our estimates of potential output growth for the global economy through 2020. Overall, we expect global potential output growth to remain broadly stable over the projection horizon, averaging 3.3 per cent, although there is considerable uncertainty surrounding these estimates.

Assessing Global Potential Output Growth

This note estimates potential output growth for the global economy through 2019. While there is considerable uncertainty surrounding our estimates, overall we expect global potential output growth to rise modestly, from 3.1 per cent in 2016 to 3.4 per cent in 2019.

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

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

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Refereed Journals

  • "Expropriation risk and FDI in developing countries: Does return of capital dominate return on capital?,"
    (with M. Akhtaruzzaman & N. Berg), European Journal of Political Economy. (Forthcoming.)
  • "Does institutional quality resolve the Lucas Paradox?,"
    (with M. Akhtaruzzaman & D. Owen), Applied Economics. (Forthcoming.)
  • "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. 47(5): 1007–1029, 2016.
  • "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.


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

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