Global Advanced Research Journal of Management and Business Studies (GARJMBS) ISSN: 2315-5086 January 2012 Vol. 2(1), pp 044-049

Copyright © 2013 Global Advanced Research Journals   

Original Research Articles

Financial Instability in Tunisia (April 2012) 

Souad Khemiri*  and   Said Jaouadi** 

*Assistant professor, Responsible of International Cooperation at the University of Tunis and Member of Macroeconomics and Growth Laboratory (LMC) at the Faculty of Economics and Management of Tunis El Manar,

** Assistant professor in economics at the University of Business and Administration of Jizan in Saudi Arabia Kingdom, and Member of Research Unity of monetary financial and banking(URMOFIB) at the Faculty of Economics and Management of Tunis El Manar. 

Corresponding author Email: 

Accepted 28 December 2012



The aim of this paper is to contribute to the study of the causes of financial instability in Tunisia. The empirical research followed in this paper has a major purpose, which to assess the relationship of causality among a panel of explanatory variables and the financial instability. The model elaborated in the empirical investigation of this survey is based on estimating a time series covering the period 1990 – 2011, by taking the Tunisian case for example. The results show that financial instability in Tunisia is related with the weak institutional quality from analyzing the coefficients of the explanatory variables: government effectiveness and the government regulation. Given this conclusion, we raise more the added gains for macroeconomic and financial stability and to avoid financial crisis that could occur if this country switches openly to strength governance. 

Keywords: Institutions and the Macro economy, Financial Markets and the Macro economy, Financial Crises, Tunisia, Financial instability.

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