Drar finanssektorn till sig för mycket resurser?

Sammanfattning: This paper examines if a growing financial sector has a negative effect on economic growth by draining the rest of the economy on resources. By using data over the financial sector´s share of real capital, ICT-capital, high-skilled labour and gross value added for 15 OECD-countries between 1970 and 2005 a series of panel regressions give support to the hypothesis that the relationship between the size of the financial sector in terms of resources and economic growth is non-linear and U-shaped. Moreover, the results show that it is primarily while the financial sector is relatively small that a higher allocation of resources to the financial sector has a negative effect on growth. This suggests that banks and other financial intermediaries might be less efficient in earlier stages of financial development due to a lack of competitiveness and economies of scale. However, the robustness of the results comes into question because of its sensitiveness to the inclusion of country specific fixed effects. Further research is therefore required to establish the relationship between the financial sector´s share of resources and economic growth.