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.
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.
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 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.