Sophia Kassapi provided a good answer and it sounds like she has empirical evidence to support it.  I am curious about her statement: "Does it attract good or less good human capital?" What is "less good human capital"? Could it be someone who is a bully, for example, who acquires additional physical strength to be a stronger bully?

Although I am a bit reluctant to address the original question because of the empirical evidence mentioned in Sophia answer.  The original question asked for an "argument, if any, to claim that financial development can/can not affect economic growth of developing countries through human capital accumulation?".

Temporarily ignoring Sophia's answer, one possible argument might be that increased financial development is likely to increase the access to funds, especially for investment projects that have much greater present value of benefit (PVB) than the present value of costs (PVC).  Although theoretically this should extend to all projects where the PVB>PVC, the key point is that increased financial development likely increases investment in both physical and human capital.  The improved quality (and possibly the quantity) of resources is consistent with economic growth.

Obviously, potential flaws exist and some have already been noted. Additionally, increased polarization of people in an economy can have a negative impact and this might result from perceptions of  loss compared with others who are advancing. There are other reasons for caution and this is where the empirical studies can add considerable value.

I hope this helps.

Rob

Hello brother Akther.

You can have a look at this fantastic work of Barro and Lee (2013). They have shown the effects of human capital accumulation on growth. Hope that will help. You can also go through the references there in.

Cheers.

There are actually two questions in your query. First, if financial development promotes growth. The answer to this is a resounding yes. The second is if financial development promotes human capital accumulation and if the latter also promotes growth. From what I have read, including works of Barro and others, as well as from my intuition the answer to this is also a resounding yes. We do not know of any country growing in a sustainable way without developing skill.

Thank you sir for your insightful responses.

Thank you Sophia A. Kassapi, Rob and Fazle Rabbi. 

Since demographic transition also plays a role in growth, you should perhaps include a demographic variable in your equation. You could read my recent paper on demographic dividend for motivation.

Md.Akther Uddin is asking the existence or non-existence of causal relations. On this point,  Mohammmad Ali Taslim is right. However, I doubt if we can safely respond Yes when we are asked "if financial development promotes growth."

The recent financial development may promote economic growth for some time spans but, as many argues, is a prime cause of financial instability. Lehman collapse is only an example.     

Abdilahi Ali is looking only the positive side of a coin. No direct connection between the acceleration of financialization and the instability of financial economy is visible but to clarify this invisible relations is the task of economic science.

The mainstream neoclassical economics is disqualified in discussing this negative side of the coin. As it assumes that economy is always in equilibrium,  it has no general framework to analyze and examine the instability and the deviation-amplification mechanism. 

yes It promotes economic growth through capital accumulation and technological progress by increasing the savings rate, mobilizing and pooling savings, producing information about investment, facilitating and encouraging the inflows of foreign capital, as well as optimizing the allocation of capital.