<p>This study investigates the role of institutions in explaining the association between finance and economic growth in 22 emerging economies from 2000 to 2022. A multidimensional analysis of financial development considering financial depth, financial access and financial efficiency across two primary categories, namely, financial institutions and financial markets is employed to examine in-depth the relationship between financial development and economic growth. In addition, the study utilizes Rodrick’s (<CitationRef CitationID="CR44">2005</CitationRef>) recommended four-way classification of institutions to represent institutional quality. The evidence estimated by employing a System Generalized Method of Moments (SGMM) suggested that both overall financial development and its varied dimensions contribute to enhancing economic growth in emerging economies. Importantly, developed institutional structure not only promote economic progression but also mitigates the adverse impact of financial development on economic growth. Overall, the empirical results propose policy recommendations to boost the level of growth by using financial development and institutions as economic tools.</p>