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.


Principal Economist
Financial Markets
Market Risks and Vulnerabilities

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


Bridging Canadian Business Lending and Market-Based Risk Measures

Staff Analytical Note 2019-26 Guillaume Ouellet Leblanc, Maxime Leboeuf
Lending to business is central to economic growth because it supports investment by firms. Knowing how market participants view risk in the financial system can give the Bank of Canada information about future growth in business loans. In this note, we look at three market-based risk measures and find that sudden increases in the perception of risk in the Canadian banking system are associated with a weaker outlook for business loans and real gross domestic product.

Using Exchange-Traded Funds to Measure Liquidity in the Canadian Corporate Bond Market

Staff Analytical Note 2019-25 Rohan Arora, Guillaume Ouellet Leblanc, Jabir Sandhu, Jun Yang
We introduce a new proxy for measuring corporate bond liquidity, using the price of exchange-traded funds (ETFs) that hold corporate bonds. It measures the average liquidity across 900 corporate bonds every day, many more than other proxies used in previous Bank of Canada analysis. The new proxy nonetheless paints a very similar picture of liquidity conditions and confirms the previous findings: the liquidity of bonds has generally improved since 2010.
Content Type(s): Staff Research, Staff Analytical Notes Topic(s): Financial markets JEL Code(s): G, G1, G12, G14

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
When redeeming shares for investors, bond fund managers must choose a mix of cash and bond sales to honour their commitments. This note uses machine learning algorithms to uncover new patterns in decisions fund managers make to meet redemptions.
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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  • 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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