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Asia’s economic ascent over the past five decades is among the most significant transformations in modern development history. From Japan’s early industrial ascent and the rise of the Four Asian Tigers to China’s scale-driven industrialization and India’s services-led surge, the region’s experience has challenged conventional development theories. Across these varied trajectories, one constant has been the role of finance. Financial systems—whether bank-based, market-led, state-directed, or digitally driven—have both enabled and mirrored broader economic transitions.

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Introduction—Why Finance and Growth in Asia Still Matter

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  • 发表日期：

    2025年

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  • Amar Anwar,
  • Ichiro Iwasaki

摘要

Asia’s economic ascent over the past five decades is among the most significant transformations in modern development history. From Japan’s early industrial ascent and the rise of the Four Asian Tigers to China’s scale-driven industrialization and India’s services-led surge, the region’s experience has challenged conventional development theories. Across these varied trajectories, one constant has been the role of finance. Financial systems—whether bank-based, market-led, state-directed, or digitally driven—have both enabled and mirrored broader economic transitions.