This paper presents theoretical research of the relation between financial systems and economic growth. We summarize the endogenous growth models featureing connection between financial systems and economic development and consider the point at issue from comparing those models. We also focus on an issue which there is a gap between developed countries and developing countries. Besides we also consider the role of stock markets to demonstrate the connection between financial systems and economic growth because well-functiongin banks and capital markets promote economic growth by different financial services. Accordingly, we discuss whether there is a relationship between domestic financial development and participation in the global economy.