Guillaume Bédard-Pagé


Guillaume Bédard-Pagé is Director of the Market Risks and Vulnerabilities division in the Bank of Canada’s Financial Markets Department. In this capacity, he leads a team responsible for conducting analysis and research on financial markets to identify risks and vulnerabilities that could have implications for the financial system or the macro economy.

Guillaume joined the Bank in 2009 in the Financial Stability Department. He is 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.


Financial Markets
Market Risks and Vulnerabilities

Bank of Canada
1501 McGill College Avenue, Suite 2030
Montréal, QC, H3A 3M8


Could Canadian Bond Funds Add Stress to the Financial System?

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.
Content Type(s): Staff Research, Staff Analytical Notes Topic(s): Financial markets, Financial stability JEL Code(s): G, G1, G2, G20, G23

Bond Funds and Fixed-Income Market Liquidity: A Stress-Testing Approach

This report provides a detailed technical description of a stress test model for investment funds called Ceto.
March 26, 2019

Non-Bank Financial Intermediation in Canada: An Update

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.

Non-Bank Financial Intermediation in Canada: An Update

Staff Discussion Paper 2019-2 Guillaume Bédard-Pagé
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.
June 7, 2018

The Bank of Canada’s Financial System Survey

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.

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  • M.Sc. Finance, Laval University (2009)
  • B.B.A. (International Program), Laval University (2007)

Research Interests

  • Financial Institutions
  • Shadow Banking
  • Institutional Investors
  • Stress Testing

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