Revue Finance & marchés
Volume 12, Numéro 2, Pages 16-35
2025-09-21
Fintech And Market Discipline: New Challenges For Financial Stability
Authors : Hajji Dhahri Sawssen . Ben Solatne Bassem . Affi Nissaf .
Abstract
The study examines the impact of FinTech on global finance, focusing on efficiency, inclusion, systemic risks, and regulatory gaps. Panel data from eight countries between 2016 and 2019 is analyzed using random effects models with regional and COVID-19 factors. Results show that FinTech and market discipline have limited direct impact on financial stability in normal conditions, but during the pandemic, FinTech improved resilience. Increased access to traditional financial institutions, on the other hand, raised systemic risk. This underscores the dual role of FinTech in financial stability.
Keywords
Financial Technology (FinTech) ; Financial Stability ; Market Discipline ; Panel Data .
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