文档介绍：Availableonlineatwv/v/^JapanandtheWork!Economy15(2003)447-458ELSEVIER^apanandtheWORLDECONOMYw^^.'locateecofibascFinancialsystems,riskmanagement,andentrepreneurship:historicalperspectivesRichardSylla*DepartmentofEconomics,SternSchoolofBusiness,NewYorkUniversity,,NewYork,NY10012,USAReceived15Januaiy2003;・opmentandgrowthacrossawiderrangeofcountriesandlevelsofeconomicdevelopmentinrecentdecades・,modernfinancialsystems,perhapsparadoxically・alsopromotehigherlevelsofrisktakingandentrepreneurship.#:G20;M13;N20;OI6Keywords:Financialsystems;Riskmanagement;Entrepreneurship;ountingforlherelativeperformanceoftheworld',stillheldlobysome,thatfinancialdevelopmentismostlyapassiveresponsetotheneedsofeconomiesthatbegantogrowmorerapidlyforotherreasons,suchastheexploitationofinternationaltradingopportunities—theglobalizationoftrade—-financialsectorsofeconomies,financialdevelopmentnowappearstoanactive,.:bl-212-998-0869;lax:b1-212-995--mailaddress:******@().0922-1425/$一secfrontmatter#,doi:-l425(03XMX)24-esfrommyownfieldofresearch,''financialrevolutions/9avividtermusedtoconnoteburstsoffinancialinnovationleadingtothe