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Abstract enEnsuring economic growth and its sustainability, which is one of the main economic objectives of emerging countries, increases the importance of financial system and foreign direct investment (FDI) that contributes to the realization of these objectives. The study investigates the long-run relationship among financial development, FDI and economic growth for the period 1992-:1-2013:3 by employing unrestricted VAR and Johansen co-integration test. According to the results, FDI and deposits have long-run effects on economic growth except for the capital market variable; bank based financial system contributes to the economic growth; capital market does not adequately contribute to the economic growth due to the underdevelopment of the capital market. Further, the findings indicate that although the contribution of FDI to the economic growth is positive it is not adequate

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