Scientific knowledge of financial development and economic growth

The development of the financial markets and institutions is essential for the growing process in
economy and society аnd vice versa. By the methods of deduction, induction, comparative analysis,
synthesis and historical method, this paper defines the measures for financial development, basic
models for researching the impact of financial development on economic growth, and results of the
conducted theoretical and empirical research.
Key words: financial markets and institutions, growing process.