مجلة الباحث الاقتصادي - Economics Researcher's Journal -
Volume 12, Numéro 1, Pages 203-217
2025-12-28

Non-bank Financial Intermediaries And Financial Stability: Lessons For Emerging And Developing Economies



Authors : Mebarki Imene Nour El Houda .

Abstract

This study aims to emphasis both the importance of non-bank financial intermediaries in the operation of the global financial system and the necessity to evaluate and mitigate the vulnerabilities of this sector in a fragmented environment (customs tariffs, capital flight, and systemic risk). While contemporary risks and challenges to financial stability differ significantly from historical ones, certain risks lack historical precedent, and their interactions remain uncertain. Our research attempt to assess the implications of certain risks and challenges on the operation of financial markets, especially in emerging and developing economies. Furthermore, it indicates that regulatory bodies and economic actors are unable to predict which risks will manifest or the timing of their occurrence; however, they may enhance their vigilance for any eventualities to ensure global financial stability.

Keywords

Financial markets ; Non-bank financial intermediaries ; Challenges ; Risks ; Liquidity

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