This paper studies the relationship between financial system and economic growth. A panel data set of 70 countries with different levels of economic development according to Worldbank classification criteria, was used in the analysis for a period from 1993 to 2017. The results show that there exists evidence about relationship between financial system and economic growth, in which quality of public management is the most important factor for this relationship. Countries with economies of scale which are not large enough should prioritize resources for the development of the banking system, having an impact on promoting economic growth better than the structure based on the stock market. When the economy is large enough, it is no longer important to consider the role of the financial structure in the economy because both markets will complement each other for mutual development.