Bio

Guillaume Bédard-Pagé is Director of the Financial Market Data Analytics division in the Bank of Canada’s Financial Markets Department. In this capacity, he leads a team responsible for designing and deploying advanced analytics that accelerate and enhance the department’s use of data-driven intelligence in its policy, research and market operations.

Guillaume previously led a team conducting analysis and research on financial markets to identify risks and vulnerabilities that could have implications for the financial system or the macro economy. He is a financial stability expert with specific knowledge of financial institutions, shadow banking, institutional investors and stress testing methods. He also represents the Bank on international working groups.

A native of Quebec city, Guillaume holds a M.Sc. in Finance from Laval University and the CFA designation.

Staff analytical notes

COVID-19 crisis: Liquidity management at Canada’s largest public pension funds

Staff Analytical Note 2021-11 Guillaume Bédard-Pagé, Daniel Bolduc-Zuluaga, Annick Demers, Jean-Philippe Dion, Manu Pandey, Léanne Berger-Soucy, Adrian Walton
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.
Content Type(s): Staff research, Staff analytical notes Topic(s): Coronavirus disease (COVID-19), Financial institutions, Financial markets JEL Code(s): E, E5, E58, G, G0, G01, G2, G23

Non-bank financial intermediation in Canada: a pulse check

Staff Analytical Note 2021-2 Rohan Arora, Guillaume Bédard-Pagé, Philippe Besnier, Hayden Ford, Alan Walsh
The Canadian non-bank financial intermediation (NBFI) sector saw strong growth in 2018 and 2019. In 2020, COVID‑19 caused a financial shock. We provide a preliminary analysis on the impact of COVID‑19 on the sector as well as an update on its growth.
Content Type(s): Staff research, Staff analytical notes Topic(s): Coronavirus disease (COVID-19), Financial institutions, Financial markets, Financial stability JEL Code(s): G, G0, G01, G2, G20, G23

Could Canadian Bond Funds Add Stress to the Financial System?

Staff Analytical Note 2019-9 Rohan Arora, Guillaume Bédard-Pagé, Guillaume Ouellet Leblanc, Ryan Shotlander
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

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Staff discussion papers

Non-Bank Financial Intermediation in Canada: An Update

Staff Discussion Paper 2019-2 Guillaume Bédard-Pagé
Non-bank financing provides an important funding source for the economy and is a valuable alternative to traditional banking. It helps enhance the efficiency and resiliency of the financial system while giving customers more choices for their financial services. Unlike banking, it is not prudentially regulated.
Content Type(s): Staff research, Staff discussion papers Topic(s): Financial institutions, Financial markets, Financial stability JEL Code(s): G, G0, G01, G2, G20, G23

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Technical reports

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Bank publications

Financial System Review articles

June 7, 2018

The Bank of Canada’s Financial System Survey

Financial System Review - June 2018 Guillaume Bédard-Pagé, Ian Christensen, Scott Kinnear, Maxime Leboeuf
This report presents the details of a new semi-annual survey that will improve the Bank of Canada’s surveillance across the financial system and deepen efforts to engage with financial system participants. The survey collects expert opinions on the risks to and resilience of the Canadian financial system as well as on emerging trends and financial innovations. The report presents an overview of the survey and provides high-level results from the spring 2018 survey.
Content Type(s): Publications, Financial System Review articles Topic(s): Financial institutions, Financial markets, Financial services, Financial stability, Financial system regulation and policies, Recent economic and financial developments JEL Code(s): C, C8, C83, G, G1, G11, G18, G2, G28, G3, G32
June 9, 2016

Large Canadian Public Pension Funds: A Financial System Perspective

Financial System Review - June 2016 Guillaume Bédard-Pagé, Annick Demers, Eric Tuer, Miville Tremblay
The authors review the eight largest public pension funds in Canada. These funds are an important source of retirement income for Canadians. They are also significant investors, with net assets under management of over $1 trillion. The authors outline the investment strategies of the funds and how they interact with financial institutions and participate in financial markets. They also discuss the ways in which the funds’ risk-management frameworks could contribute to financial system stability and how they minimize potential vulnerabilities.
Content Type(s): Publications, Financial System Review articles Topic(s): Financial institutions, Financial stability, International financial markets JEL Code(s): G, G1, G11, G2, G23
June 12, 2014

Stress Testing the Canadian Banking System: A System-Wide Approach

Financial System Review - June 2014 Kartik Anand, Guillaume Bédard-Pagé, Virginie Traclet
Stress testing is an important tool used by financial authorities and entities around the world to evaluate potential risks to the financial system. Kartik Anand, Guillaume Bédard-Pagé and Virginie Traclet discuss different stress-testing approaches, with emphasis on the innovative and analytically rigorous model developed by the Bank of Canada: the MacroFinancial Risk Assessment Framework (MFRAF). They also present the stress-test results obtained in the context of the 2013 Canada Financial Sector Assessment Program led by the International Monetary Fund, including the important contributions made by the use of MFRAF in the exercise.
Content Type(s): Publications, Financial System Review articles Topic(s): Financial institutions, Financial stability JEL Code(s): C, C6, C63, G, G0, G01, G2, G21

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