Farrukh Suvankulov

Principal Economist

Farrukh Suvankulov is a Principal Economist in the Canadian Economic Analysis Department at the Bank of Canada. His primary research fields are energy economics, international trade and applied econometrics. Mr. Suvankulov holds a PhD in policy analysis (economics) from the RAND Graduate School as well as a Master of Arts degree in economics from Yale University.


Principal Economist
Canadian Economic Analysis
Regional Analysis

Bank of Canada
308 - 4th Avenue, S.W., Suite 2411
Calgary, AB, T2P 0H7


Financial Distress and Hedging: Evidence from Canadian Oil Firms

Staff Discussion Paper 2019-4 Kun Mo, Farrukh Suvankulov, Sophie Griffiths
The paper explores the link between financial distress and the commodity price hedging behaviour of Canadian oil firms.
Content Type(s): Staff Research, Staff Discussion Papers Topic(s): Financial markets, Firm dynamics JEL Code(s): G, G3, G32, Q, Q4, Q40

Crude Oil Prices and Fixed-Asset Cash Spending in the Oil and Gas Industry: Findings from VAR Models

Staff Analytical Note 2016-8 Farrukh Suvankulov
This note investigates the relationship between crude oil prices and investment in the energy sector. We employ a set of vector autoregression (VAR) models (unconstrained VAR, vector error-correction and Bayesian VAR) to formalize the relationship between the West Texas Intermediate (WTI) benchmark and fixed-asset cash spending in the oil and gas extraction and support activities sector of the Canadian economy.

Revisiting National Border Effects in Foreign Trade in Goods of Canadian Provinces

Staff Working Paper 2015-28 Farrukh Suvankulov
A significant body of empirical studies demonstrates sizable national border effects in foreign trade of Canadian provinces throughout the 1980s and 1990s. This paper revisits and expands the scope of the border effects analysis by estimating the border effect in trade with U.S. states as well as countries in the European Union (EU) and the G 20 using more recent data from 2001–10.
Content Type(s): Staff Research, Staff Working Papers Topic(s): International topics JEL Code(s): F, F1, F14, F15

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Other Publications

  • "Revisiting National Border Effects in Foreign Trade in Goods of Canadian Provinces"
    The Journal of International Trade & Economic Development, Volume 25, Issue 8, p. 1045-1070, 2016.
  • "Price regulation and relative price convergence: Evidence from the retail gasoline market in Canada"
    (with M. Lau and F. Ogucu), 2012, Energy Policy, 40, p. 325-334.
  • "Some cautions on the use of nonlinear panel unit root tests: evidence from a modified series-specific non-linear panel unit-root test"
    (with Lau, M., Y. Su and F.Chau), 2012, Economic modelling , 29 (3), p. 810-816.
  • "Have firms with better corporate governance fared better during the recent financial crisis in Russia?"
    (with F. Ogucu), 2012, Applied Economics Letters, 19 (8), p. 769-773.


  • Ph.D. RAND Graduate School (2010)
  • M.A. Yale University (2000)

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