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1、JapanandtheWorldEconomy15(2003)447–458Financialsystems,riskmanagement,andentrepreneurship:historicalperspectivesRichardSylla*DepartmentofEconomics,SternSchoolofBusiness,NewYorkUniversity,44W.4thStreet,NewYork,NY10012,USAReceived15January2003;accepted15April2003AbstractEconomichist
2、oriansfindthatthemostsuccessfuleconomiesofhistorytendtobeonesthatearlyintheirmodernhistoriesdevelopedsophisticatedfinancialsystemsthatsubsequentlysustainedtheirdevelopmentandgrowth.Financialeconomistsarefindingthesameassociationoffinancialdevel-opmentandgrowthacrossawiderrangeofcountr
3、iesandlevelsofeconomicdevelopmentinrecentdecades.Thisessayarguesthatmoresophisticatedfinancialsystemsnotonlymobilizemorecapitalandallocatecapitalmoreefficientlythandolessdevelopedsystems.Byofferingmoresophisticatedmethodsofmanagingandreducingrisksthanprimitivefinancialsystems,modernfi
4、nancialsystems,perhapsparadoxically,alsopromotehigherlevelsofrisktakingandentrepreneurship.#2003ElsevierScienceB.V.Allrightsreserved.JELclassification:G20;M13;N20;O16Keywords:Financialsystems;Riskmanagement;Entrepreneurship;Economicgrowth1.IntroductionEvidencebuildingatarapidratei
5、ndicatesthatfinancialdevelopmentplaysaleadingroleineconomicgrowthandinaccountingfortherelativeperformanceoftheworld’snationaleconomies.Theevidencechallengesolderinterpretations,stillheldtobysome,thatfinancialdevelopmentismostlyapassiveresponsetotheneedsofeconomiesthatbegantogrowmore
6、rapidlyforotherreasons,suchastheexploitationofinternationaltradingopportunities—theglobalizationoftrade—andtechnologicalbreakthroughsinproduction—theindustrialrevolution.Insteadofbeingapassiveresponsetochangesarisinginnon-financialsectorsofeconomies,financialdevelopmentnowappearstoa
7、nactive,instigatingcauseofeconomicgrowthandmodernization.*Tel.:þ1-212-998-0869;fax:þ1-212-995-4211.E-mailaddress:rsylla@stern.nyu.edu(R.Sylla).0922-1425/$–seefrontmatter#2003ElsevierScienceB.V.Allrightsreserved.doi:10.1016/S0922-1425(03)00024-0448R.Sylla/JapanandtheWorldEconomy1
8、5(2003)447–458Someoftheevidencefo