[ Instabilité Financière et Nécessité de la Régulation ]
Volume 15, Issue 4, May 2016, Pages 779–798
Mohamed Khariss1 and Tarik DKHISSI2
1 Centre d'Etudes Doctorales : Droit & Economie, Equipe de Recherche en Finance, Politique Economique et Compétitivité de l'Entreprise, Faculté des Sciences Juridiques, Economiques et Sociales - Souissi, Université Mohammed V - Rabat, Morocco
2 Centre d'Etudes Doctorales : Droit & Economie, Equipe de Recherche en Finance, Politique Economique et Compétitivité de l'Entreprise, Faculté des Sciences Juridiques, Economiques et Sociales - Souissi, Université Mohammed V - Rabat, Morocco
Original language: French
Copyright © 2016 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Despite the fact that there is no consensual definition to the concept of financial stability, it turns out that all economists agree on the characterization of the financial instability. Thus, this latter is assumed to be linked to the phenomena of financial crises and systemic risk. These determine not only the disadvantages related to the social welfare of a situation where a climate of distrust and uncertainty is at its peak, but also the aspects and characteristics of a vulnerable and unbalanced system. This article will focus, first, on the definition of the concept of instability with a view to identifying the sources of vulnerability of a banking system. Thereafter, we will examine the elements that must be taken into account in defining the financial stability, on the basis of which will be based the types of measures to be undertaken by the authorities to ensure this financial stability. Finally, we will discuss the importance of regulation and supervision to the stability of the financial sector through both micro and macro dimensions of the banking regulation.
Author Keywords: Crisis, financial stability, macroprudential policy, microprudential policy, financial system, financial instability.
Volume 15, Issue 4, May 2016, Pages 779–798
Mohamed Khariss1 and Tarik DKHISSI2
1 Centre d'Etudes Doctorales : Droit & Economie, Equipe de Recherche en Finance, Politique Economique et Compétitivité de l'Entreprise, Faculté des Sciences Juridiques, Economiques et Sociales - Souissi, Université Mohammed V - Rabat, Morocco
2 Centre d'Etudes Doctorales : Droit & Economie, Equipe de Recherche en Finance, Politique Economique et Compétitivité de l'Entreprise, Faculté des Sciences Juridiques, Economiques et Sociales - Souissi, Université Mohammed V - Rabat, Morocco
Original language: French
Copyright © 2016 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
Despite the fact that there is no consensual definition to the concept of financial stability, it turns out that all economists agree on the characterization of the financial instability. Thus, this latter is assumed to be linked to the phenomena of financial crises and systemic risk. These determine not only the disadvantages related to the social welfare of a situation where a climate of distrust and uncertainty is at its peak, but also the aspects and characteristics of a vulnerable and unbalanced system. This article will focus, first, on the definition of the concept of instability with a view to identifying the sources of vulnerability of a banking system. Thereafter, we will examine the elements that must be taken into account in defining the financial stability, on the basis of which will be based the types of measures to be undertaken by the authorities to ensure this financial stability. Finally, we will discuss the importance of regulation and supervision to the stability of the financial sector through both micro and macro dimensions of the banking regulation.
Author Keywords: Crisis, financial stability, macroprudential policy, microprudential policy, financial system, financial instability.
Abstract: (french)
Bien qu’il n’existe pas de définition consensuelle relative à la notion de stabilité financière, il s’avère que tous les économistes s’accordent sur la caractérisation de l’instabilité financière. Ainsi, cette dernière est assumée liée aux phénomènes des crises financières et au risque systémique. Ces derniers déterminent non seulement les désavantages relatifs au bien-être social d’une situation où culmine un climat de méfiance et d’incertitude, mais également, les aspects et les caractéristiques d’un système vulnérable et non équilibré. Cet article mettra l’accent, en premier lieu, sur la définition de la notion d’instabilité, et ce en vue de détecter les sources de vulnérabilité d’un système bancaire. Par la suite, on examinera les éléments qui doivent être pris en considération pour définir la stabilité financière, sur la base de laquelle seront basés les types de mesures qui doivent être entreprises par les autorités pour assurer stabilité financière. Enfin, nous aborderont l’importance de l’activité de régulation et de surveillance pour la stabilité du secteur financier, à travers les dimensions aussi bien micro que macro de la régulation bancaire.
Author Keywords: Crise, instabilité financière, système financier, politique macroprudentielle, politique microprudentielle, stabilité financière.
How to Cite this Article
Mohamed Khariss and Tarik DKHISSI, “Financial instability and Necessity of regulation,” International Journal of Innovation and Applied Studies, vol. 15, no. 4, pp. 779–798, May 2016.
