Radoslav Raykov

radoslav-raykov

Senior Economist

Radoslav Raykov is a senior economist in the Financial Stability Department at the Bank of Canada. His research focuses on the theory of risk and uncertainty with applications to central counterparties, insurance companies and firms with uncertain costs. Prior to joining the Bank of Canada, he worked at the Federal Reserve Bank of Boston and taught at Harvard University. He holds a B.A. from Harvard University a Ph.D. in Economics from Boston College.

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Radoslav Raykov

Senior Economist
Financial Stability
International Systems Oversight

Bank of Canada
234 Laurier Avenue West
Ottawa, ON, K1A 0G9

Curriculum vitae

Latest

To Share or Not to Share? Uncovered Losses in a Derivatives Clearinghouse

Staff Working Paper 2016-4 Radoslav Raykov
This paper studies how the allocation of residual losses affects trading and welfare in a central counterparty. I compare loss sharing under two loss-allocation mechanisms – variation margin haircutting and cash calls – and study the privately and socially optimal degree of loss sharing.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Economic models, Payment clearing and settlement systems JEL Code(s): G, G1, G19, G2, G21

Optimal Margining and Margin Relief in Centrally Cleared Derivatives Markets

Staff Working Paper 2014-29 Radoslav Raykov
A major policy challenge posed by derivatives clearinghouses is that their collateral requirements can rise sharply in times of stress, reducing market liquidity and further exacerbating downturns.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Economic models, Payment clearing and settlement systems JEL Code(s): G, G1, G19, G2, G21

Uncertain Costs and Vertical Differentiation in an Insurance Duopoly

Staff Working Paper 2014-14 Radoslav Raykov
Classical oligopoly models predict that firms differentiate vertically as a way of softening price competition, but some metrics suggest very little quality differentiation in the U.S. auto insurance market.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Economic models, Market structure and pricing JEL Code(s): D, D4, D43, D8, D81, G, G2, G22, L, L2, L22

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Other

Refereed Journal

“Catastrophe Insurance Equilibrium with Correlated Claims,”
Theory and Decision, 2014

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Research Interests

  • Risk and Uncertainty
  • Decision theory
  • Industrial Organization

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