Since the early 1980s, many developing countries have abandoned the closed economy model and adopted the open growth model. The aim of the outward growth model was to “increase the degree of integration of the national economy with the world economy in absolute terms”. It can also be said that it keeps the growth rate of the economy high and permanent, and releases international trade in goods and services and capital flows. The historical experience of developing countries has shown that the new growth model makes the economy more fragile and more dependent on the international conjuncture. This study aims to examine the relationships between trade openness, financial development and economic growth by using data from 2002 to 2016 for 15 emerging market economies. In order to understand the causality relationship between the series, the Dumitrescu-Hurlin (2012) panel causality test and Kónya (2006) panel causality tests, which enable obtaining country-specific results, were preferred. According to the Dumitrescu-Hurlin (2012) panel causality test results, there is no causal relationship between commercial openness, financial development and economic growth in the period considered for selected countries. The Kónya (2006) causality test results in the specific countries of Colombia, Malaysia, the Philippines, Russia and Turkey show that financial development shows that a country’s economic growth causality. According to the Kónya (2006) causality test in Colombia, Malaysia, the Philippines, Russia and Turkey, there is a causality from financial development to economic growth. Other findings suggest that there is no causality between the variables. According to these results, it can be said that economic growth, trade deficit and financial development develop independently of each other.