Stéphane Lavoie

Deputy Managing Director


Stéphane Lavoie was appointed Deputy Managing Director of the Financial Markets Department (FMD) December 2018, returning to a position he previously held from 2013 to 2016. As Deputy Managing Director he provides strategic direction and senior leadership to FMD for a variety of issues related to monetary policy implementation, the financial system and to funds management. He is responsible for overseeing the Department’s monetary policy advice to Senior Management as well as FMD’s regional office teams in Montreal and Toronto. From 2018 to 2021, Mr. Lavoie was also Senior Director of the Bank’s Calgary Operational Site (COS), where he oversaw the launch of the Bank’s parallel operational site and the teams supporting market and banking operations in Calgary.

Mr. Lavoie joined the Bank in 2001. He has a wealth of experience in financial markets analysis and operations, including collateral and liquidity policies, as well as in monetary policy, financial system and funds management issues. Previously, Mr. Lavoie served as Deputy Managing Director of the Bank’s Funds Management and Banking Department, and as co-chair of the Foreign Reserves Committee, the Debt and Treasury Management Committee, and the Retail Debt Committee. He also served as a member of the Bank of Canada’s Pension Fund Investment Committee and has represented the Bank on various international committees.

Mr. Lavoie graduated with a Bachelor of Business Administration degree and an MBA in Finance from Université Laval and holds the Chartered Financial Analyst designation.

Show all

Bank publications

Bank of Canada Review articles

May 19, 2011

Lessons from the Use of Extraordinary Central Bank Liquidity Facilities

The recent crisis was characterized by widespread deterioration in funding conditions, as well as impairment of the mechanism through which liquidity is normally redistributed within the financial system. Central banks responded with extraordinary measures. This article examines the provision of liquidity by central banks during the crisis as they adapted their existing facilities and introduced new ones, while encouraging a return to private markets and mitigating moral hazard. A review of this experience illustrates the importance of clear principles for intervention, a flexible operating framework, and clear communication and co-operation by central banks. By exposing the degree of interdependence of financial institutions and markets, the crisis highlighted the need for reforms aimed at improving the infrastructure supporting core funding markets and the liquidity of individual institutions.
August 23, 2004

The Evolution of Liquidity in the Market for Government of Canada Bonds

Using turnover ratios, Anderson and Lavoie describe the recent evolution of liquidity in various secondary government bond markets, focusing specifically on the market for Government of Canada securities. They attribute much of the recent variation in liquidity to such cyclical factors as changes in the interest rate environment and investors' appetite for risk, as well as developments in equity markets in the late 1990s. They also examine longer-term structural and policy-related trends, including the rate of adoption of financial and technological innovations and the level of government borrowing and debt-management initiatives.

See More