Jean-Philippe (JP) Dion is Senior Policy Advisor in the Financial Stability Department at the Bank of Canada. He leads the Bank’s engagement in domestic financial system committees and international working groups on topics related to financial stability. He provides expertise to analytical projects that explore risks and efficiency questions in Canada's core financial markets, including a focus on asset managers and dealers. He works on policy initiatives to improve the Bank’s analytical capabilities and to mitigate system-wide risks. Prior to this role, JP held management roles in the Bank’s Markets and Banking Department and led capital markets transformation initiatives in the private sector.
We consider ways central banks could adapt in the event of an increased risk of a dash for cash from asset managers. We explore ideas such as new facilities that ease asset managers’ ability to convert existing assets to cash or new assets with liquidity that central banks would guarantee.
We examine how the eight largest Canadian public pension funds managed liquidity during the market turmoil in March 2020. The funds were generally resilient to large demands for liquidity and relied heavily on Canada's core funding markets.
We consider ways central banks could adapt in the event of an increased risk of a dash for cash from asset managers. We explore ideas such as new facilities that ease asset managers’ ability to convert existing assets to cash or new assets with liquidity that central banks would guarantee.
