This paper aims to analyze the relationship between financial development and economic growth in Latin American countries with higher per capita GDP. To do this, a regression model for panel data is used. The results of several econometric tests show that models that best fit the data are those with fixed effects and instrumental variables; however, there is no clear evidence that financial development leads to economic growth, which may indicate that in order to explain this linkage it is essential to consider other variables such as macroeconomic stability and institutional strength.