We re-examine empirically the finance-growth relationship. We argue that financial deepening should not only be assessed via the familiar measures of financial activity output-the volume of credit-but also through its inputs-for example, the relative number of employees in the financial industry-or the efficiency of the financial-intermediation process. The latter is measured in this paper by the ratio of credit volume to the number of financial-sector employees. We compare these measures using the econometric approach recommended by Roodman (2009). Overall, we fail to find a positive relationship between financial deepening and economic growth in OECD countries over the last 40 years.(J.E.L.: G20). Paris 1 Panth eon-Sorbonne. The authors thank Agn es B enassy-Qu er e, Andrew Clark, J ezabel Couppey-Soubeyran and Val erie Mignon, as well as the referees for helpful comments. This work was carried out while the authors were affiliated to the CEPII. The usual disclaimer applies.