The objective of this article consists in examining the interactions between the financial development, financial instability and economic growth in the Maghreb countries. The analysis covering the period of 1995-2013 relates to a sample of five countries of the region. By using the World Bank Data (2013) and the Heritage Foundation Data (2013), the panel vector autoregressive model estimation revealed that: (a) The financial development has positive effects on itself but a negative impact on the financial instability as well as a combined impact on the economic growth, (b) the financial instability has a negative impact on the financial development, a positive impact on itself and a combined effect on the economic growth, (c) The economic growth promotes the financial development and the financial instability; it has also a positive effect on itself, (d) finally, the financial liberalization in a less corrupt environment promotes the financial development.

Keywords : Financial Development, Financial Instability, Economic Growth JEL Classifications: E44, G10, O16, O50.