Francisco Rivadeneyra

Research Advisor

Francisco Rivadeneyra is a Research Advisor in the Funds Management and Banking Department at the Bank of Canada. His research is broadly divided into financial economics and payments research. He is interested in how agent heterogeneity and payments infrastructure affect asset prices and welfare. His recent academic research focuses on the implications of technological innovations, for example electronic money and distributed ledger technologies, for the mandates of central banks. His recent policy work has been to develop computational tools to measure the risk and efficiency of payments systems. Earlier work focused on the management of domestic debt and foreign reserves portfolios.

Mr. Rivadeneyra holds a PhD in Economics from the University of Chicago.

Contact

Francisco Rivadeneyra

Research Advisor
Funds Management and Banking
Research

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

Latest

Alternative Futures for Government of Canada Debt Management

This paper presents four blue-sky ideas for lowering the cost of the Government of Canada’s debt without increasing the debt’s risk profile. We argue that each idea would improve the secondary-market liquidity of government debt, thereby increasing the demand for government bonds and thus lowering their cost at issuance.

A Policy Framework for E-Money: A Report on Bank of Canada Research

Staff Discussion Paper 2018-5 Mohammad Davoodalhosseini, Francisco Rivadeneyra
We present a policy framework for electronic money and payments. The framework poses a set of positive questions related to the areas of responsibility of central banks: payments systems, monetary policy and financial stability. The questions are posed to four broad forms of e-money: privately or publicly issued, and with centralized or decentralized verification of transactions. This framework is intended to help evaluate the trade-offs that central banks face in the decision to issue new forms of e-money.

The Government of Canada Debt Securities Data Set

We present the daily time series of the outstanding amounts of all Government of Canada marketable debt securities from July 2001 to June 2017.

Fintech: Is This Time Different? A Framework for Assessing Risks and Opportunities for Central Banks

Staff Discussion Paper 2017-10 Meyer Aaron, Francisco Rivadeneyra, Samantha Sohal
We investigate the risks and opportunities to the mandates of central banks arising from fintech developments.
May 13, 2014

The Canadian Dollar as a Reserve Currency

This article provides an overview of the growth of Canadian-dollar-denominated assets in official foreign reserves. Based on International Monetary Fund data and on internal Bank of Canada analysis, we estimate that the total reserve holdings of Canadian-dollar assets increased from negligible levels before 2008 to around US$200 billion in the third quarter of 2013. We discuss the determinants of this increase, as well as its potential impact on Canadian debt markets, for example, lower yields and therefore reduced financing costs for the Government of Canada, and the possible negative impact on market liquidity.

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Other

Journal Articles

  • "Government Bond Clienteles and Yields"
    (with Jianjian Jin and Jesus Sierra), In Advances in the Practice of Public Investment Management, Palgrave, 2018
  • "Financial Development, Credit, and Business Cycles"
    (with Tiago Pinheiro and Marc Teignier), Journal of Money, Credit and Banking, 2017, 49 (7), 1653-1665.
  • "Monopolies and Economic Growth" (in Spanish)
    (with Pablo Pena), Gaceta de Economía, Fall 2009.
  • "An Empirical Analysis of the Law of One Price in Mexico" (in Spanish)
    (with Marco González-Navarro), Gaceta de Economía, Fall 2004.
  • "Trade Creation and Trade Diversion of Preferential Agreements: New Estimates for NAFTA" (in Spanish)
    (with Jose M. Chavez), Gaceta de Economía, Spring 2002.

Work in progress

  • "Payments System Design Using Reinforcement Learning"
    (with Ajit Desai, Hand Du and Rod Garratt).
  • "E-Money and Payments Policy"
    (with Charles M. Kahn and Russell Wong).
  • "Intraday Trade Dynamics in Short-term Funding Markets"
    (with Mark Rempel).
  • "Foreign Reserves and Tail Risk"
    (with Jorge Cruz Lopez).

Education

  • Ph.D., Economics. The University of Chicago (2009)
  • M.A., Economics. The University of Chicago (2005)
  • B.A., Economics. ITAM, Mexico City (2003)

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