This paper adds to the recent literature on finance and employment creation by exploring the effect of finance on the labour market, using data on 143 countries from 1995 to 2015. We also examine whether the impact of financial development on labour is significantly different before and after the 2008 global financial crisis. This paper has five main findings. First, the analysis confirms the positive relationship between financial institution efficiency and access, as well as the employment rate in the linear specification. Second, the marginal returns to employment from further financial institution inclusion diminish at high levels of inclusion and turn negative when an inclusion point is reached. Third, the effects of financial market access on employment show a “U-Shaped” relationship. Fourth, the positive effect of financial development on employment strengthens with the country's institutional quality. And fifth, there is strong support for a negative impact of financial development on employment during the global financial crisis of 2007–2008.

中文翻译：

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金融发展与就业：新的小组证据

本文使用 1995 年至 2015 年 143 个国家的数据，通过探讨金融对劳动力市场的影响，为近期有关金融和创造就业的文献增补。我们还考察了金融发展对劳动力的影响在前后是否存在显着差异2008年全球金融危机。本文有五个主要发现。首先，分析证实了金融机构效率与准入之间的正相关关系，以及线性规范中的就业率。其次，金融机构进一步包容带来的边际就业回报在高度包容时会减少，并在达到包容点时变为负值。第三，金融市场准入对就业的影响呈现“U型”关系。第四，金融发展对就业的积极影响随着国家制度质量的提高而加强。第五，在 2007-2008 年全球金融危机期间，金融发展对就业的负面影响得到了强有力的支持。