Guillaume Ouellet Leblanc

Principal Economist

Guillaume Ouellet Leblanc is a Principal Economist in the Market Risks and Vulnerabilities Division of the Financial Markets Department. Prior to his current role, he held various positions in the Financial Stability and Funds Management and Banking departments. Guillaume holds a M.A. in Economics from the Catholic University of Louvain (Belgium) and the PRM designation.

Contact

Principal Economist
Financial Markets
Market Risks and Vulnerabilities

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

Latest

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.

Liquidity Management of Canadian Corporate Bond Mutual Funds: A Machine Learning Approach

Staff Analytical Note 2019-7 Rohan Arora, Chen Fan, Guillaume Ouellet Leblanc
How do Canadian corporate bond mutual funds meet investor redemptions? We revisit this question using decision tree and random forest algorithms. We uncover new patterns in the decisions made by fund managers: the interaction between a larger, market-wide term spread and relatively less-liquid holdings increases the probability that a fund manager will sell less-liquid assets (corporate bonds) to meet redemptions. The evidence also shows that machine learning algorithms can extract new knowledge that is not apparent using a classical linear modelling approach.
Content Type(s): Staff Research, Staff Analytical Notes Topic(s): Financial markets, Financial stability JEL Code(s): G, G1, G2, G20, G23

How do Canadian Corporate Bond Mutual Funds Meet Investor Redemptions?

Staff Analytical Note 2018-14 Guillaume Ouellet Leblanc, Rohan Arora
When investors redeem their fund shares for cash, fixed-income fund managers can choose whether to draw on their liquid holdings or sell bonds in the secondary market. We analyze the liquidity-management decisions of Canadian corporate bond mutual funds, focusing on the strategies they use to meet investor redemptions.
Content Type(s): Staff Research, Staff Analytical Notes Topic(s): Financial markets, Financial stability JEL Code(s): G, G1, G2, G20, G23

Did Canadian Corporate Bond Funds Increase their Exposures to Risks?

Staff Analytical Note 2018-7 Rohan Arora, Nadeem Merali, Guillaume Ouellet Leblanc
Canadian corporate bond mutual funds have rapidly increased in number and size in recent years. Their holdings have also become riskier, increasing their exposures to credit risk, interest rate risk and liquidity risk. We also briefly discuss financial stability implications.
Content Type(s): Staff Research, Staff Analytical Notes Topic(s): Financial markets, Financial stability JEL Code(s): G, G1, G2, G20, G23

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Education

  • M.Sc. Financial Economics, Université du Québec en Outaouais (2015)
  • M.A. Economics, Université catholique de Louvain (2011)
  • B.A. Economics (International profile), Université Laval (2008)

Research Interests

  • Risk Management
  • Financial Institutions
  • Market-based Finance

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