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Japan and the World Economy 15 (2003) 447–458 Financial systems, risk management, and entrepreneurship: historical perspectives Richard Sylla* Department of Economics, Stern School of Business, New York University, 44 W. 4th Street, New York, NY 10012, USA Received 15 January 2003; accepted 15 April 2003 Abstract Economic historians ?nd that the most successful economies of history tend to be ones that early in their modern histories developed sophisticated ?nancial systems that subsequently sustained their development and growth. Financial economists are ?nding the same association of ?nanci