The conditions in which the financial system can continuously provide the necessary services for the proper functioning of the economy is called “financial stability”. In this study, using global experience and Iranian data from 1990 to 2016, an aggregate index of financial stability for Iran has been constructed under the four dimensions of "deposit taker institutions", "macroeconomics", "foreign sector", and "institutional quality". After this, the most effective indicators in the "fluctuations" and "average value" of the aggregate index of financial stability have been identified. The results show that of the 48 existing indicators, after the "spread rate" and the "ratio of foreign exchange reserves to short-term foreign debt of the government" which have had the most destructive effects on financial stability due to short-term shocks, the indicator "ratio of capital account to GDP", which is one of the main indicators of "external power" in the "institutional quality" dimension, has had the most negative effect on the "fluctuations" and "average value" of the aggregate financial stability index. The main reason for the destructiveness of this indicator was the high "fluctuations" and the long-term "downward trend" of "net changes in debt and short-term assets of the non-governmental sector (banks and others)".