This thesis begins with an empirical study of the links between financial development, financial structure and economic growth. The roles of the banking sector and of stock market development on economic growth are investigated individually and as a whole. The impact of financial structures on economic growth is also examined to determine whether the impacts depend on the level of income. The estimation is based on the use of panel data and the GMM method. The major findings are first, that banks and stock markets individually have a role in economic growth, but the banks only affect growth indirectly through investment. Second, overall financial development activities positively affect growth, indicating that both banks and stock markets play a complementary role in economic growth. Third, financial structures have a mixed effect on economic growth but do not affect investment. Finally, to have a market-based financial structure will promote higher growth in high-income countries. Chapter 3 is another empirical study that comprises the effectiveness of monetary policy in civil-law and common-law countries. For comparison, the impulse responses of interest rate shocks on output, investment and consumption have been examined. The major findings are first, the monetary policy is more effective in affecting output, investment, and consumption in civil-law countries compared to common-law countries. Second, investment is a major channel through which the impacts of monetary policy shocks are transmitted to output. The empirical study in Chapter 4 investigates the causal relationship between financial development, foreign direct investment and economic growth in developing countries. The major findings in this chapter are first, in most cases, foreign direct investment has no effect on the development of the domestic banking sector and economic growth. Second, foreign direct investment causally affects the development of domestic stock markets. Finally, the development of a domestic financial sector improves the impact of foreign direct investment on economic growth.