Maarten van Oordt

Research Advisor

Maarten van Oordt is a Research Advisor in the Currency Department of the Bank of Canada.  His work focuses on digital currency, financial institutions and risk management.  Before joining Currency, Maarten worked as a Senior Analyst in the Financial Stability Department of the Bank of Canada, and as an economist in the Economics and Research Division of De Nederlandsche Bank (Dutch Central Bank).  He received his PhD from Erasmus University Rotterdam on the topic “On Extreme Events in Banking and Finance.”  His research has been published in academic journals such as the Journal of Financial Intermediation and the Journal of Financial and Quantitative Analysis.


Maarten van Oordt

Research Advisor
Economic Research and Analysis

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


Credit Risk Transfer and Bank Insolvency Risk

Staff Working Paper 2017-59 Maarten van Oordt
The present paper shows that, everything else equal, some transactions to transfer portfolio credit risk to third-party investors increase the insolvency risk of banks. This is particularly likely if a bank sells the senior tranche and retains a sufficiently large first-loss position.

Complementing the Credit Risk Assessment of Financial Counterparties with Market-Based Indicators

Staff Analytical Note 2017-15 Guillaume Ouellet Leblanc, Maarten van Oordt
The Bank’s internal credit risk assessment abilities are regularly enhanced. In this note, we present a recent innovation that extends the set of market-based indicators used in the credit risk assessment of financial counterparties.

June 8, 2017 Using Market-Based Indicators to Assess Banking System Resilience

This report reviews the use of quantitative tools to gauge market participants’ assessment of banking system resilience. These measures complement traditional balance-sheet metrics and suggest that markets consider large Canadian banks to be better placed to weather adverse shocks than banks in other advanced economies. Compared with regulatory capital ratios, however, the measures suggest less improvement in banking system resilience since the pre-crisis period.

On the Value of Virtual Currencies

Staff Working Paper 2016-42 Wilko Bolt, Maarten van Oordt
This paper develops an economic framework to analyze the exchange rate of virtual currency. Three components are important: first, the current use of virtual currency to make payments; second, the decision of forward-looking investors to buy virtual currency (thereby effectively regulating its supply); and third, the elements that jointly drive future consumer adoption and merchant acceptance of virtual currency.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Asset Pricing, Digital Currencies, Exchange rates JEL Code(s): E, E4, E42, E5, E51, F, F3, F31, G, G1

Implementing Market-Based Indicators to Monitor Vulnerabilities of Financial Institutions

Staff Analytical Note 2016-5 Cameron MacDonald, Maarten van Oordt, Robin Scott
This note introduces several market-based indicators and examines how they can further inform the Bank of Canada’s vulnerability assessment of Canadian financial institutions. Market-based indicators of leverage suggest that the solvency risk for major Canadian banks has increased since the beginning of the oil-price correction in the second half of 2014.

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Publications in refereed journals

Work in Progress


  • PhD, Erasmus University Rotterdam
  • MSc Business & Economics – Financial Economics (cum laude), Erasmus University Rotterdam
  • BSc Business & Economics (with highest honour), Erasmus University Rotterdam

Research Interests

  • Banking
  • Extreme value theory
  • Finance
  • Financial stability
  • Prudential regulation
  • Risk management
  • Systemic risk
  • Virtual currencies


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