Financial system development is of great importance for economic growth, as it facilitates the transfer of financial resources and, through specific services performed directly or indirectly, it contributes to functions, such as savings mobilization, creation of liquidity, and risk diversification. This paper attempts to analyze, by means of an econometric model developed with panel data for 26 countries, the causal link between financial system development, capital market and economic growth, based on approaches and findings related to studies by Levine and Ross.