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1、JapanandtheWorldEconomy15(2003)447–458Financialsystems,riskmanagement,andentrepreneurship:historicalperspectivesRichardSylla*DepartmentofEconomics,SternSchoolofBusiness,NewYorkUniversity,44W.4thStreet,NewYork,NY10012,USAReceived15January2003;accepted15April2003
2、AbstractEconomichistoriansfindthatthemostsuccessfuleconomiesofhistorytendtobeonesthatearlyintheirmodernhistoriesdevelopedsophisticatedfinancialsystemsthatsubsequentlysustainedtheirdevelopmentandgrowth.Financialeconomistsarefindingthesameassociationoffinancialdevel-
3、opmentandgrowthacrossawiderrangeofcountriesandlevelsofeconomicdevelopmentinrecentdecades.Thisessayarguesthatmoresophisticatedfinancialsystemsnotonlymobilizemorecapitalandallocatecapitalmoreefficientlythandolessdevelopedsystems.Byofferingmoresophisticatedmethodsof
4、managingandreducingrisksthanprimitivefinancialsystems,modernfinancialsystems,perhapsparadoxically,alsopromotehigherlevelsofrisktakingandentrepreneurship.#2003ElsevierScienceB.V.Allrightsreserved.JELclassification:G20;M13;N20;O16Keywords:Financialsystems;Riskmanag
5、ement;Entrepreneurship;Economicgrowth1.IntroductionEvidencebuildingatarapidrateindicatesthatfinancialdevelopmentplaysaleadingroleineconomicgrowthandinaccountingfortherelativeperformanceoftheworld’snationaleconomies.Theevidencechallengesolderinterpretations,still
6、heldtobysome,thatfinancialdevelopmentismostlyapassiveresponsetotheneedsofeconomiesthatbegantogrowmorerapidlyforotherreasons,suchastheexploitationofinternationaltradingopportunities—theglobalizationoftrade—andtechnologicalbreakthroughsinproduction—theindustrialre
7、volution.Insteadofbeingapassiveresponsetochangesarisinginnon-financialsectorsofeconomies,financialdevelopmentnowappearstoanactive,instigatingcauseofeconomicgrowthandmodernization.*Tel.:þ1-212-998-0869;fax:þ1-212-995-4211.E-mailaddress:rsylla@stern.nyu.edu(R.Syll
8、a).0922-1425/$–seefrontmatter#2003ElsevierScienceB.V.Allrightsreserved.doi:10.1016/S0922-1425(03)00024-0448R.Sylla/JapanandtheWorldEconomy15(2003)447–458Someoftheevidencefo
