In this paper, because of the importance of debt securities in the public sector and the private sector and the role of financial resources in the process of economic growth, the impact of debt securities (public and private) on economic growth studied in the group of developed and the emerging countries. To do this, data and information of selected countries collected from World Bank database and Bank for International Settlements in the period 2000-2015. In this study, by dividing the debt securities into public and private sector, two models were estimated. After the unit root tests of variables in the model, both models estimated using the software reviews 7.0 and panel data approach. The results showed that at a significance level of 5%, the stock market value and volume of bank deposits have positive and statistically significant impact on economic growth. The impact of government spending on economic growth is positive and at the significant level of 10 percent, trade openness has positive impact of on economic growth. Other variables related to the financial market as well as market value of public and private debt securities and market value of repurchase agreements have a positive impact on economic growth in the studied countries. This effects are very small compared with the banking sector and other relevant variables of stock market effects on economic growth. Inflation as an indicator of macroeconomic instability, has negative impact on economic growth, but this effect not statistically significant at the significance level of 5%.
