Bio

Javier holds a PhD (2019, cum laude, International PhD Mention, Extraordinary Award) in Quantitative Finance from Complutense University of Madrid (UCM). His doctoral dissertation concerns recent advances in the fields of stress testing and systemic risk. His research focuses on the spillover analysis using state-of-the-art techniques to capture the joint dependence between variables. His current research has a direct application on stress testing exercises and systemic risk.

Before joining the Bank, Javier has worked on projects for the European Commission dealing with systemic risk and climate risk, for the European Central Bank regarding the design of stress test scenarios and for the Spanish National Securities Market Commission (CNMV) concerning the application of a liquidity stress test for investment funds and its implications for financial stability.

Research Field(s): Agent-Based Modelling Applied Econometrics Economic and Financial Networks Financial Institutions Financial Markets Resource and Energy Economics Time Series

Staff analytical notes

Perceived interconnections between Canadian banks and non-bank financial intermediaries under stress

Staff Analytical Note 2025-26 Javier Ojea Ferreiro
I study the links between Canadian banks and non-bank financial intermediaries (NBFIs) by observing co-movements in stock prices. Perceived interconnections increased before the COVID-19 pandemic but have since stabilized, with the strongest ties seen between large banks and NBFIs. The secured credit line extended to Home Trust, a non-bank mortgage lender that experienced severe funding stress in 2017, significantly reduced banks' risk exposure to NBFIs during this episode.
Content Type(s): Staff research, Staff analytical notes Research Topic(s): Econometric and statistical methods, Financial institutions, Financial stability JEL Code(s): C, C5, C58, G, G0, G01, G2, G21, G23, G3, G32

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Staff discussion papers

Understanding the Systemic Implications of Climate Transition Risk: Applying a Framework Using Canadian Financial System Data

Staff Discussion Paper 2023-32 Gabriel Bruneau, Javier Ojea Ferreiro, Andrew Plummer, Marie-Christine Tremblay, Aidan Witts
Our study aims to gain insight on financial stability and climate transition risk. We develop a methodological framework that captures the direct effects of a stressful climate transition shock as well as the indirect—or systemic—implications of these direct effects. We apply this framework using data from the Canadian financial system.
Content Type(s): Staff research, Staff discussion papers Research Topic(s): Climate change, Economic models, Financial institutions, Financial markets, Financial stability JEL Code(s): C, C6, C63, G, G0, G01, G1, G10, G2, G20, Q, Q5, Q54

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Staff working papers

A Market-Based Approach to Reverse Stress Testing the Financial System

Staff Working Paper 2025-32 Javier Ojea Ferreiro
This article examines what market conditions lead to extreme losses in global financial systems. Using a reverse stress testing approach, it introduces two measures of systemic risk by starting from the tail losses and working backward to identify the events most closely associated with them.
Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial stability JEL Code(s): C, C0, C02, C3, C32, C5, C58, G, G2, G21

Is Climate Transition Risk Priced into Corporate Credit Risk? Evidence from Credit Default Swaps

Staff Working Paper 2023-38 Andrea Ugolini, Juan C. Reboredo, Javier Ojea Ferreiro
We study whether the credit derivatives of firms reflect the risk from climate transition. We find that climate transition risk has asymmetric and significant economic impacts on the credit risk of more vulnerable firms, and negligible effects on other firms.
Content Type(s): Staff research, Staff working papers Research Topic(s): Climate change, Credit risk management, Econometric and statistical methods JEL Code(s): C, C2, C24, G, G1, G12, G3, G32, Q, Q5, Q54

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Bank publications

Financial System Hub articles

January 15, 2024

Mapping out the implications of climate transition risk for the financial system

Gabriel Bruneau, Javier Ojea Ferreiro, Andrew Plummer, Marie-Christine Tremblay, Aidan Witts
We develop a new analytical framework to understand the system-wide implications of climate transition risk. When applying this framework to Canadian data, we find that interconnections within the financial sector could amplify the direct effects of climate transition risk on financial entities.
Content Type(s): Publications, Financial System Hub articles Research Topic(s): Climate change, Economic models, Financial institutions, Financial markets, Financial stability JEL Code(s): C, C6, C63, G, G0, G01, G1, G10, G2, G20, Q, Q5, Q54

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Journal publications

  • Bruneau, G., Ojea-Ferreiro, J., Plummer, A., Tremblay, M. C., & Witts, A. (2025). The interdependencies of Canadian financial institutions: An application to climate transition shocks. Latin American Journal of Central Banking, 100163.
  • Ojea-Ferreiro, J., Reboredo, J. C., & Ugolini, A. (2024). Systemic risk effects of climate transition on financial stability. International Review of Financial Analysis, 96, 103722.
  • Reboredo, J. C., Ugolini, A., & Ojea-Ferreiro, J. (2024). Tail risks of energy transition metal prices for commodity prices. Resources Policy, 93, 105057.
  • Ugolini, A., Reboredo, J. C., & Ojea-Ferreiro, J. (2024). Is climate transition risk priced into corporate credit risk? Evidence from credit default swaps. Research in International Business and Finance, 70, 102372.
  • Reboredo, J. C., Barba-Queiruga, J. R., Ojea-Ferreiro, J., & Reyes-Santias, F. (2023). Forecasting emergency department arrivals using INGARCH models. Health Economics Review, 13(1), 51.
  • Reboredo, J. C., Ugolini, A., & Ojea-Ferreiro, J. (2022). Do green bonds de-risk investment in low-carbon stocks?. Economic Modelling, 108, 105765.
  • Ojea-Ferreiro, J., & Reboredo, J. C. (2022). Exchange rates and the global transmission of equity market shocks. Economic Modelling, 114, 105914.
  • Ojea-Ferreiro, J. (2021). Deconstructing systemic risk: A reverse stress testing approach. In Mathematical and Statistical Methods for Actuarial Sciences and Finance: eMAF2020 (pp. 369-375). Springer International Publishing.
  • Ojea-Ferreiro, J. (2020). Disentangling the role of the exchange rate in oil-related scenarios for the European stock market. Energy Economics, 89, 104776
  • Ojea-Ferreiro, J. (2019). Structural change in the link between oil and the European stock market: implications for risk management. Dependence Modeling, 7(1), 53-125.