Guillaume Bédard-Pagé is Director of the Financial Market Data Analytics division in the Bank of Canada’s Financial Markets Department. In this capacity, he leads a team responsible for designing and deploying advanced analytics that accelerate and enhance the department’s use of data-driven intelligence in its policy, research and market operations.
Guillaume previously led a team conducting analysis and research on financial markets to identify risks and vulnerabilities that could have implications for the financial system or the macro economy. He is a financial stability expert with specific knowledge of financial institutions, shadow banking, institutional investors and stress testing methods. He also represents the Bank on international working groups.
A native of Quebec city, Guillaume holds a M.Sc. in Finance from Laval University and the CFA designation.
Staff Analytical Notes
We create a hypothetical scenario to study the role bond funds play in intensifying shocks to the financial system. Using data from 2018 and 2007, we find that bond funds play a larger role now than they did in the past.
Staff Discussion Papers
Non-bank financing provides an important funding source for the economy and is a valuable alternative to traditional banking. It helps enhance the efficiency and resiliency of the financial system while giving customers more choices for their financial services. Unlike banking, it is not prudentially regulated.
This report provides a detailed technical description of a stress test model for investment funds called Ceto.
Financial System Hub
March 26, 2019
Non-bank financial intermediation provides a valuable alternative to traditional banking. We provide an update on the Bank’s monitoring of this area, including insights obtained from new data sources.
Financial System Review Article
June 7, 2018
This report presents the details of a new semi-annual survey that will improve the Bank of Canada’s surveillance across the financial system and deepen efforts to engage with financial system participants. The survey collects expert opinions on the risks to and resilience of the Canadian financial system as well as on emerging trends and financial innovations. The report presents an overview of the survey and provides high-level results from the spring 2018 survey.
June 9, 2016
The authors review the eight largest public pension funds in Canada. These funds are an important source of retirement income for Canadians. They are also significant investors, with net assets under management of over $1 trillion. The authors outline the investment strategies of the funds and how they interact with financial institutions and participate in financial markets. They also discuss the ways in which the funds’ risk-management frameworks could contribute to financial system stability and how they minimize potential vulnerabilities.
June 12, 2014
Stress testing is an important tool used by financial authorities and entities around the world to evaluate potential risks to the financial system. Kartik Anand, Guillaume Bédard-Pagé and Virginie Traclet discuss different stress-testing approaches, with emphasis on the innovative and analytically rigorous model developed by the Bank of Canada: the MacroFinancial Risk Assessment Framework (MFRAF). They also present the stress-test results obtained in the context of the 2013 Canada Financial Sector Assessment Program led by the International Monetary Fund, including the important contributions made by the use of MFRAF in the exercise.