Toni Gravelle

Managing Director

Toni Gravelle was appointed Managing Director of the Financial Markets Department (FMD), effective 19 May 2015. In this capacity, he is responsible for policy formulation and execution of the Bank’s financial market activities as they relate to monetary policy implementation and financial system liquidity. Mr. Gravelle also oversees domestic debt and foreign reserve operations on behalf of the Government of Canada. These activities—along with a range of research, analysis and policy advice related to domestic and international financial markets—contribute to the Bank’s monetary policy mandate and its role in the promotion of financial system stability and efficiency.

Mr. Gravelle returned to the Bank at the time of his appointment following a secondment to the Department of Finance where he was General Director, Financial Sector Policy Branch. He first joined the Bank in 1996 as an analyst and went on to hold various positions within FMD, including Assistant Director. In 2008, he was appointed Deputy Managing Director of the Financial Stability Department, a position he held until he was seconded to Finance in 2013.

Mr. Gravelle brings to his current role deep expertise in financial stability and markets, as well as a record of contributions to international financial reform. In addition to his extensive experience in financial sector policy and research at the Bank, he was an economist at the International Monetary Fund (IMF) from 2002 to 2005, participating in the financial system stability assessments of France and Senegal and contributing to the IMF’s semi-annual Global Financial Stability Report.

Mr. Gravelle was born in North Bay, Ontario, and holds a Ph.D. in Economics from Western University.

Biographical note: Toni Gravelle


Toni Gravelle

Managing Director
Financial Markets

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


What Matters in Determining Capital Surcharges for Systemically Important Financial Institutions?

Staff Discussion Paper 2011-9 Céline Gauthier, Toni Gravelle, Xuezhi Liu, Moez Souissi
One way of internalizing the externalities that each individual bank imposes on the rest of the financial system is to impose capital surcharges on them in line with their systemic importance.
Content Type(s): Staff Research, Staff Discussion Papers Topic(s): Financial system regulation and policies JEL Code(s): C, C1, C15, C8, C81, E, E4, E44, G, G0, G01, G2, G21

Measuring Systemic Importance of Financial Institutions: An Extreme Value Theory Approach

Staff Working Paper 2011-19 Toni Gravelle, Fuchun Li
In this paper, we define a financial institution’s contribution to financial systemic risk as the increase in financial systemic risk conditional on the crash of the financial institution. The higher the contribution is, the more systemically important is the institution for the system.

Has the Inclusion of Forward-Looking Statements in Monetary Policy Communications Made the Bank of Canada More Transparent?

Staff Discussion Paper 2010-15 Christine Fay, Toni Gravelle
To investigate the extent to which the transparency of the Bank of Canada's monetary policy has improved, the authors examine empirically – over the period 30 October 2000 to 31 May 2007 – the reaction of Canadian financial markets to official Bank communications, and in particular their reaction to the recent inclusion of forward-looking policy-rate guidance in these communications.

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