The positive role of the financial sector in promoting economic growth has been well established among academics and practitioners since the early 1990s. However, more recently, there has been increasing evidence pointing to a vanishing, and even negative, effect of financial sectors at high levels of financial depth, particularly since the global financial crisis of 2007−2009. Too much finance could hurt growth. The paper shifts the focus towards labor market outcomes by examining whether too much finance also hurts unemployment. Using a dynamic simultaneous model via system GMM estimation and a panel of 97 OECD and non-OECD countries for the period 1991–2015, we find that the answer depends on the type of finance and the extent of a country’s labor market flexibility. Specifically, (i) too much financial development hurts unemployment for countries with more rigid labor markets; (ii) too bank-centered or too little market-oriented financial systems worsen unemployment, particularly for countries with more flexible labor markets; and (iii) too much credit to private enterprises deteriorates unemployment in countries with more rigid labor markets, whereas too little credit to households worsens unemployment in countries with more flexible labor markets. Evidence also shows that these unemployment consequences possibly run through investment and entrepreneurship channels.

自1990年代初以来，金融部门在促进经济增长中的积极作用已在学者和从业者中充分确立。但是，最近，越来越多的证据表明，在金融深度较高的情况下，尤其是自2007-2009年全球金融危机以来，金融部门的影响正在消失，甚至产生消极影响。过多的资金可能会损害增长。本文通过研究过多的融资是否也会损害失业，将重点转移到了劳动力市场的成果上。通过使用基于系统GMM估计的动态同时模型以及1991-2015年期间由97个经合组织和非经合组织国家组成的小组，我们发现答案取决于融资的类型和一国劳动力市场灵活性的程度。具体来说，（i）对于劳动力市场更为僵化的国家来说，过多的金融发展会伤害失业；（ii）以银行为中心或以市场为导向的金融体系太少使失业状况恶化，特别是对于劳动力市场更为灵活的国家而言；（iii）对私人企业的过多信贷使劳动力市场更为僵化的国家的失业状况恶化，而对家庭的信贷太少使劳动力市场更为灵活的国家的失业状况更加恶化。证据还表明，这些失业后果可能是通过投资和创业渠道造成的。（iii）对私人企业的过多信贷使劳动力市场更为僵化的国家的失业状况恶化，而对家庭的信贷太少使劳动力市场更为灵活的国家的失业状况更加恶化。证据还表明，这些失业后果可能是通过投资和创业渠道造成的。（iii）对私人企业的过多信贷使劳动力市场更为僵化的国家的失业状况恶化，而对家庭的信贷太少使劳动力市场更为灵活的国家的失业状况更加恶化。证据还表明，这些失业后果可能是通过投资和创业渠道造成的。