<em>FINANCIAL SYSTEMS AND ECONOMIC MODERNIZATION</em>

Volume 62
Issue 02 - Jun 2002
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FINANCIAL SYSTEMS AND ECONOMIC MODERNIZATION

Richard Sylla (2002).
The Journal of Economic History, Volume 62, Issue 02, June 2002 pp 277-292 http://journals.cambridge.org/action/displayAbstract?aid=118583

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The Journal of Economic History (2002), 62 : 277-292 Cambridge University Press

Copyright © 2002 The Economic History Association

doi:10.1017/S0022050702000505 (About doi)

Published online by Cambridge University Press 03 Sep 2002

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The Journal of Economic History (2002), 62:2:277-292 Cambridge University Press
Copyright © 2002 The Economic History Association
doi:10.1017/S0022050702000505

ARTICLES

FINANCIAL SYSTEMS AND ECONOMIC MODERNIZATION

Richard Sylla ^c1

Abstract

The most successful economies of modern, and perhaps earlier, economic history appear to have had “financial revolutions” that created innovative financial systems before they became leading economies. This suggests that good financial systems may have played a causal role in economic modernization. I identify the key institutional components of such financial systems. Using the United States and Japan as examples, I discuss how two financial revolutions occurred. Effective leadership on the part of strong-willed individuals was crucial in each case.

Correspondence:
^c1 Richard Sylla, New York University and NBER, Stern School of Business, 44 W. 4th Street, New York, NY 10012. E-mail: rsylla@stern.nyu.edu.