Les déterminants d'instabilité financière : Un essai de détection à partir de l'Indice de Stress Financier [ Determinants of financial instability: an attempt at detection by the Financial Stress Index ]

This article provides an empirical assessment of the relationship between financial development and institutional quality, taking into account financial instability. This instability remains one of the first symptoms of the disorder of the financial system which implies the need to highlight warning indicators to assess the soundness of the financial system and identify policy measures to reduce the risk of financial instability. The assumption is that the instability of financial development increases with financial crises. Indeed, using a panel of 13 emerging countries and a period of 15 years from 1996 to 2011, the authors tried to detect the impact of various external macroeconomic factors and financial instability on financial understanding by the index financial stress. Moreover, the analysis strongly rejected the assumption of homogeneity of data on the index of financial stress in the panel, and the suggestion of a heterogeneous random individual effect model.