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Let me add something to the discussion ...
First, I would agree with what seems to be the majority here and say that a PhD in Econ is more marketable simply because it's more general.
Second, don't even think that entering a PhD program in Finance is easyer! Perhaps it's even harder given that far less schools offer it and that they are generally very small (with entering classes of 15 to even 5 students!)
Third, there is indeed a very big difference in the focus of these two programs. Finance programs generelly focus heavinly on corporate finance, so if that is your area of interest they can fit you well, but if you are interested in other aspects of finance ... let's just say that you can still look at finance issues from an economics department and probably find a research supervisor much more easily.
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