تبعية الاستقرار المالي في الجزائر لقطاع المحروقات و أثر الأزمة المالية العالمية عليه

Abstract EN

The assumption, which has a broad acceptance among economists in the study of the relationship between the development of the financial sector and economic development is "supply leading" hypothesis , referring to the phenomenon in which financial development, including provided services by financial institutions (the services of the provision of liquidity and filling the information gap in the business environment as well as the pricing of the risks and the establishment of governance principles within the so-called in the (Law & Finance) approach, is a real foundation for economic development ,also the stability in the financial sector is the direct pillar for the boom in the real sector, its intended to financial stability that the Financial system can fulfill the previous functions well and be able to absorb shocks (internal and external), but this relationship has been altered in the oil countries, so that oil revenues have become the main supporter of the stability of the financial system at the expense of his competiveness , and efficiency, as a result the financial support provided by the Government for both banks depositors and borrowers, the financial system has become unable to do it's traditional functions as dictated by the financial theory, Given that fuel and oil, in particular, is the non-renewable energy, this means that financial stability in these economies would be non-viable because it has been achieved by factors outside its components(not endogenous financial stability), will show the imbalances that have been withheld for decades by oil revenues, but the financial disaster will have hard effects on non-financial sector, and we conclude that the financial stability and development still be as a hostage of hydrocarbon sector.