Many studies formalized a positive linkage between financial developmentand economic growth under an adapted regulatory environment and effec-tive governance (De Gregorio & Guidotti 1995). Indeed, financial insti-tutions may enhance growth by rising the quantity of capital availabletoentrepreneurs, improving the quality of investment and increasing the effi-ciency of intermediation (Fohlin 1998). The Tunisian economy relies heavilyon its financial system to stimulate economic development. Nevertheless,following the Jasmine revolution, Tunisia encountered a significant level ofinstability and political uncertainty which may have impacted significantlyits financial industry.
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