Jing Yang was appointed Managing Director of the Bank of Canada’s Financial Stability Department (FSD) effective November 12, 2019. In this capacity, she leads the Bank’s analysis and research on issues related to the financial sector in Canada and abroad; the assessment of risks to financial system stability; and the oversight of systemically important payment clearing and settlement systems.
Before she became Managing Director of FSD, Ms. Yang was Deputy Managing Director of the Canadian Economic Analysis Department (CEA). In this role, Ms. Yang oversaw the analysis of economic conditions in Canada and provided advice on the conduct of monetary policy. From 2014 to 2016, she served as Senior Research Director in the Bank’s Financial Markets Department (FMD)
Prior to joining the Bank of Canada, Ms. Yang worked at the Bank for International Settlements and the Bank of England, where she held various positions with increasing responsibilities. She has also had a short span at the European Central Bank. Ms. Yang’s research has extended across almost every area of central banking. Her work on the optimal level of bank capital was covered by The Financial Times and The Economist Magazine and has been replicated by a number of central banks.
Ms. Yang holds a Doctorate in Economics from Concordia University in Montréal, as well as a Master of Arts and a Bachelor of Arts in Economics from Fudan University in Shanghai, China. In 2018, Ms. Yang received a Women Worth Watching leadership award from the Profiles in Diversity Journal.
Staff Analytical Notes
Staff Working Papers
An Empirical Analysis of Liquidity and Order Flow in the Brokered Interdealer Market for Government of Canada BondsThe authors empirically measure Canadian bond market liquidity using a number of indicators proposed in the literature and detail, for the first time, price and trade dynamics in the Government of Canada secondary bond market. They find, consistent with Inoue (1999), that the Canadian brokered interdealer fixed-income market is relatively liquid for its size.
The Application of Artificial Neural Networks to Exchange Rate Forecasting: The Role of Market Microstructure VariablesArtificial neural networks (ANN) are employed for high-frequency Canada/U.S. dollar exchange rate forecasting. ANN outperform random walk and linear models in a number of recursive out-of- sample forecasts.
Journal refereed publications
- "Optimal Bank Capital"
(with D. Miles and G Marcheggiano), The Economic Journal, Volume 123, Issue 567, March 2013, pages 1–37.
- "Diversification and bank profitability: a nonlinear approach"
(with L. Gambacorta and M Scatigna), Applied Economics Letters, vol 21(6), 2014, pp 438-41.
- "Network Theory and Financial Instability"
(with A. Alentorn and E. Nier), Journal of Economic Dynamics and Control, Volume 31, Issue 6, 2007.
- "Non-linear, Non-parametric and Non-fundamental Exchange Rate Forecasting"
(with N. Gradojevic), Journal of Forecasting, Vol25, Issue 4, 2006, pages 227-245.
- "Horizontal and Vertical Integration in Security Trading and Settlement Systems"
(with J. Tapking), Journal of Money, Credit and Banking, October 2006, pages 1765-1797.
- "Financial intermediaries in an estimated DSGE model for the UK"
(with S. Villa, in Interest Rates, Prices and Liquidity, J. Chadha and S. Holly (eds)), Cambridge University Press, 2012.
- "The Intraday Interbank Liquidity Management Game Design Challenges and Policy Issues"
(with A. Alentorn, S. Markaos, and S. Millard in Automaton, Human and Economic – Computational Microstructure Design, S. Sunder and S. Markaos (eds.)), The Cambridge University Press (forthcoming).
- “Financial Structure and Growth”
(with Leonardo Gambacorta and Kostas Tsatsaronis), BIS Quarterly Review, March 2014.
- "Bank Stock Returns, Leverage and Business Cycle", with K. Tsatsaronis, BIS Quarterly Review, March 2012.
- "International Financial Transmission: Emerging and Mature Markets"
(with G. Felices and C. Grisse), Bank of England Working Paper, No 273, 2009.
- "Capital Flows to Emerging Markets: Recent Trends and Potential Financial Stability Implications"
(with G. Hoggarth and C De-Alessi), Bank of England Financial Stability Review, December, 2005
- "Central Bank Interest Calculating Conventions: Deviating From the Intraday/overnight Status Quo"
(with G. Speight, M. Willison and M. Bech), in The future of payment systems (edited by A Haldane, S Millard and V Saporta), London: Routledge (2008).
- "Assessing the Impact of Operational Incidents in Large-value Payment Systems; A simulation approach"
(with P Bedford and S Millard). In H Leinonen (ed.), Liquidity, risks and speed in payment and settlement systems: A simulation approach Bank of Finland, 2005.
- "Assessing Operational Risk in CHAPS Sterling: A simulation approach"
(with s. Millard, and P Bedford), in Bank of England Financial Stability Review, June 2004.
- "An Empirical Analysis of Liquidity and Order Flow in the Brokered Inter-dealer Market for Government of Canada bonds"
(with C. Gaa and C. D’Souza), Bank of Canada Working Paper, No. 28, 2003.
- "The Efficiency of a Double Auction Stock Market with Neural Learning Agents", in S. Chen (ed.), Evolutionary Computation in Economics and Finance, Springer-Verlag (2002). p.100-125.
- "Alternative trading systems: does one size fit all?"
(with N. Audet and T. Gravelle) Bank of Canada Working Paper, No. 33, 2002.
- "Price efficiency and risk sharing in two inter-dealer markets: An Agent-Based Approach", in Proceedings of a workshop on Simulation of Social Agents: Architectures and Institutions, University of Chicago, 2001, page 52-61.
- "The application of artificial neural networks to exchange rate forecasting: the role of market microstructure variables"
(with N. Gradojevic), Bank of Canada Working Paper No. 23. 2000.
- "Trade liberalization in eastern European countries and the prospects of their integration into the world trading system"
(with J. Ahmad, C. Paraskevopoulos) (ed.), Global Trading Arrangements in Transition, London: Edward Elgar Publishers, 1998. p.101-111.
- "Exports and economic growth in the ASEAN countries: co-integration and causality tests"
(with J. Ahmad), Rivista Interzionale Di Scienze Economiche E Commerciali, 1997, XLIV (2): 419-431.