Joshua Slive

Senior Policy Advisor



Joshua Slive is a Senior Policy Advisor in the Bank of Canada’s Financial Stability Department. He is editor of the Bank’s Financial System Review, which presents the Bank’s assessment of vulnerabilities and risks in the Canadian financial system. He also leads the department’s work on financial innovation and fintech. Before joining the Bank of Canada, Joshua was on the Finance faculty at the HEC Montreal business school. He has a Ph.D. in Finance from the University of British Columbia.

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Staff Analytical Notes

Modelling the Macrofinancial Effects of a House Price Correction in Canada

We use a suite of risk-assessment models to examine the possible impact of a hypothetical house price correction, centred in the Toronto and Vancouver areas. We also assume financial stress significantly amplifies the macroeconomic impact of the house price decline.

Staff Working Papers

Liquidity and Central Clearing: Evidence from the CDS Market

Staff Working Paper 2012-38 Joshua Slive, Jonathan Witmer, Elizabeth Woodman
An international initiative to increase the use of central clearing for OTC derivatives emerged as one of the reactions to the 2008 financial crisis. The move to central clearing is a fundamental change in the structure of the market.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets JEL Code(s): G, G3, G30, G38

When Lower Risk Increases Profit: Competition and Control of a Central Counterparty

We model the behavior of dealers in Over-the-Counter (OTC) derivatives markets where a small number of dealers trade with a continuum of heterogeneous clients (hedgers). Imperfect competition and (endogenous) default induce a familiar trade-off between competition and risk.

Journal Publications


  • Liquidity and central clearing: evidence from the credit default swap market,”
    (with Jonathan Witmer and Elizabeth Woodman), 2013, Journal of Financial Market Infrastructures, Volume 112, Issue 1, Pages 91-115, April 2014.
  • “Access to central counterparties: why it matters and how it is changing,”
    (with Timothy Lane and Jean-Philippe Dion), 2013, Banque de France Financial Stability Review No 17.
  • “Estimating the gains from trade in limit-order markets”,
    (with Burton Hollifield, Robert A. Miller and Patrik Sandas), Journal of Finance LXI(6), 2006
  • “Pirated for Profit”,
    (with Dan Bernhardt), Canadian Journal of Economics, 1998.

Publications From Working Groups

  • “Bigtech in Finance: Market developments and potential financial stability implications,”
    Financial Stability Board, 2019.
  • “Third-party dependencies in cloud services: Considerations on financial stability implications,”
    Financial Stability Board, 2019.
  • “Feasibility study on approaches to aggregate OTC derivatives data”
    Financial Stability Board, 2014.
  • “Macroeconomic impact assessment of OTC derivatives regulatory reforms”
    Bank for International Settlements Macroeconomic Assessment Group on Derivatives, 2013.
  • “The macrofinancial implications of alternative configurations for access to central counterparties in OTC derivatives markets”
    Committee on the Global Financial System Study Group, 2011, CGFS Paper No 46.

Other Research

  • “Price formation and liquidity supply” (2008)
  • “Dynamic Strategies in Limit Order Markets” (2008)
  • “The Diversification Cost of Capital Gains Taxes with Multiple Risky Assets”,
    (with Lorenzo Garlappi and Vasant Naik).
  • “Asymmetric Information in Limit Order Markets” (2002).

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