Eric Santor

Advisor

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Bio

Eric Santor was appointed Advisor to the Governor on Digitalization effective March 11, 2019. In this role, he leads the Bank’s digitalization work, including research into the impact of digitalization on the economy and financial system. Mr. Santor also leads the initiative to incorporate technologies such as artificial intelligence and machine learning as well as big data into the Bank’s operations. This involves leveraging programs such as Partnerships in Innovation and Technology (PIVOT) and the Bank’s relationship with the Creative Destruction Lab.

Mr. Santor joined the Bank in 2001 as an economist in the former Monetary and Financial Analysis Department. He moved to the International Economic Analysis Department in 2003, where he assumed increasing responsibilities until becoming Managing Director in 2013. Before his appointment as Advisor to the Governor on Digitalization, Mr. Santor served as Managing Director of the Bank’s Canadian Economic Analysis Department.

Mr. Santor’s research has focused on issues relating to the incidence and effects of unconventional monetary policy, the international monetary system and global financial architecture, and the impact of ownership structure on Canadian firms.

Mr. Santor was born in London, Ontario. He completed his BA in History and Political Science at Huron College, University of Western Ontario, and his PhD in Economics at the University of Toronto.


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Staff Discussion Papers

Quantitative Easing as a Policy Tool Under the Effective Lower Bound

Staff Discussion Paper 2015-14 Abeer Reza, Eric Santor, Lena Suchanek
This paper summarizes the international evidence on the performance of quantitative easing (QE) as a monetary policy tool when conventional policy rates are constrained by the effective lower bound (ELB). A large body of evidence suggests that expanding the central bank’s balance sheet through large-scale asset purchases can provide effective stimulus under the ELB.

Sovereign Default and State-Contingent Debt

Staff Discussion Paper 2013-3 Martin Brooke, Rhys R. Mendes, Alex Pienkowski, Eric Santor
The Latin American debt crises in the 1980s and the Asian crisis in the late 1990s both provided impetus for reforming the framework for restructuring sovereign debt. In the late 1980s, the Brady plan established the importance of substantive debt relief in addressing some crises.

Reforming the IMF: Lessons from Modern Central Banking

Staff Discussion Paper 2008-6 Philipp Maier, Eric Santor
The authors examine the institutional and governance framework of modern central banks to determine whether there are lessons that can be applied to the International Monetary Fund's (IMF's) institutional framework. Such a comparison is appealing for two reasons. First, both central banks and the IMF carry out tasks that can be described as "delegated responsibilities." […]
Content Type(s): Staff Research, Staff Discussion Papers Topic(s): International topics JEL Code(s): F, F3

Staff Working Papers

Large-Scale Asset Purchases: Impact on Commodity Prices and International Spillover Effects

Staff Working Paper 2015-21 Sharon Kozicki, Lena Suchanek, Eric Santor
Prices of commodities, including metals, energy and agricultural products, rose markedly over the 2009–2010 period. Some observers have attributed a significant part of this increase in commodity prices to the U.S. Federal Reserve’s large-scale asset purchase (LSAP) programs.
Content Type(s): Staff Working Papers Topic(s): International topics JEL Code(s): E, E5, E58, G, G1, G14, Q, Q0, Q00

Family Values: Ownership Structure, Performance and Capital Structure of Canadian Firms

Staff Working Paper 2007-40 Michael R. King, Eric Santor
This study examines how family ownership affects the performance and capital structure of 613 Canadian firms using a panel dataset from 1998 to 2005.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets, International topics JEL Code(s): G, G1, G12, G15

A vision for IMF Surveillance

Staff Working Paper 2007-37 Robert Lavigne, Philipp Maier, Eric Santor
The ongoing review of the IMF, initiated in 2005 by Managing Director De Rato, presents an excellent opportunity to re-examine the role, functions and governance of the Fund.

Governance and the IMF: Does the Fund Follow Corporate Best Practice?

Staff Working Paper 2006-32 Eric Santor
The governance challenges facing the International Monetary Fund (IMF) are not simply limited to representation and voice, and the associated question of quota allocation.
Content Type(s): Staff Research, Staff Working Papers Topic(s): International topics JEL Code(s): F, F3

The International Monetary Fund's Balance-Sheet and Credit Risk

Staff Working Paper 2006-21 Ryan Felushko, Eric Santor
The authors examine the characteristics of International Monetary Fund (IMF) lending from the 1960s to 2005.
Content Type(s): Staff Research, Staff Working Papers Topic(s): International topics JEL Code(s): F, F3

Degree of Internationalization and Performance: An Analysis of Canadian Banks

Staff Working Paper 2005-32 Walid Hejazi, Eric Santor
The international business literature measures the link between the degree of internationalization (DOI) of a firm's activities and its performance.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial Institutions JEL Code(s): F, F2, F23, G, G2, G21

Financial Constraints and Investment: Assessing the Impact of a World Bank Loan Program on Small and Medium-Sized Enterprises in Sri Lanka

Staff Working Paper 2003-37 Varouj Aivazian, Dipak Mazumdar, Eric Santor
The authors examine the investment behaviour of a sample of small, credit-constrained firms in Sri Lanka. Using a unique panel-data set, they analyze and compare the activities of two groups of small firms distinguished by their different access to financing; one group consists of firms with heavily subsidized loans from the World Bank, and the other consists of firms without such subsidies.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Development economics JEL Code(s): G, G0, G00, O, O1, O16

Do Peer Group Members Outperform Individual Borrowers? A Test of Peer Group Lending Using Canadian Micro-Credit Data

Staff Working Paper 2003-33 Rafael Gomez, Eric Santor
Microfinance institutions now serve over 10 million poor households in the developing and developed world, and much of their success has been attributed to their innovative use of peer group lending. There is very little empirical evidence, however, to suggest that group lending schemes offer a superior institutional design over lending programs that serve individual borrowers.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Development economics JEL Code(s): E, J, J2, J23, O, O1, O17

Banking Crises and Contagion: Empirical Evidence

Staff Working Paper 2003-1 Eric Santor
Recent events, such as the East Asian, Mexican, Scandinavian, and Argentinian crises, have sparked considerable interest in exploring how shocks experienced by one country can spread vis-à-vis real and nominal links to other countries' banking systems. Given the large costs associated with banking-system failures, both economists and policy-makers are interested in predicting the onset of banking crises and assessing the likelihood of contagion during crisis events.
Content Type(s): Staff Research, Staff Working Papers Topic(s): International topics JEL Code(s): F, F3, F30, G, G2, G20

Journal Publications

Refereed Journals

  • "Does the Microfinance Lending Model Actually Work?"
    (with Rafael Gomez), Whitehead Journal of Diplomacy and International Relation, Volume IX, No. 2 Summer/Fall 2008.
  • "Foreign Asset Risk Exposure, DOI, and Performance: An Analysis of Canadian Banks"
    (with Walid Hejazi), Journal of International Business Studies, forthcoming.
  • "Migration, Social Networks and Credit: Empirical Evidence from Peru"
    (with Sonia Laszlo), The Developing Economies, forthcoming.
  • "Renewing IMF Surveillance: Transparency, Accountability and Independance"
    (with Robert Lavigne and Philipp Maier), Review of International Organizations, March 2009, 4: 1.
  • "Family Values: Ownership Structure, Performance and Capital Structure of Canadian Firms",
    (with Michael R. King), Journal of Banking and Finance, 2008, 32: 11, p. 2423-2432.
  • "Financial Constraints and Investment: Assessing the Impact of a World Bank Loan Program on Small and Medium-Sized Enterprises in Sri Lanka"
    (with Varouj Aivazian), Canadian Journal of Economics, 2008, 41: 2, p. 475-500.
  • "Membership has its privileges: the effect of social capital and neighborhood characteristics on the earnings of microfinance borrowers,"
    (with Rafael Gomez), Canadian Journal of Economics, 2001, 34: 4, 943-966

Other Publications

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