How Does Financial Development Effects on Economic Growth in BRICS Countries?

In the economy literature it is generally suggested that financial development leads economic growth for countries. This study analysis the financial development effects on economic growth for BRICS countries. Panel data analysis was used in the period of 2007-2014. According to the analysis results money and quasi money M2 as % of GDP and market capitalization of listed companies as % of GDP are effect on economic growth positively. However domestic credit to private sector as % of GDP effects on economic growth negatively for BRICS countries