Emerging economies, which have implemented since the end of the 80's a process of financial liberalization, are confronted at the same time to banking crisis. The latter highlight the role played by the institutional framework in the process of financial liberalization. The objective of this paper is to go through the usual alternative too much/ too little market in order to explain that the success of any liberalization process relies on the complementarity between market and intermediation. Institutions defined as rule-following behavior represented the cornerstone of such an evolution. The point is that the solution to financial instability is to be found within the institutional dynamics in which emerging economies may benefit from intermediation in order to enforce the market process.