The key ingredients are a stable political system, a reliable legal system, independent courts, independent central banks that are primarily geared towards price stability as well as a regulatory system which focuses on the soundness and credit quality of financial institutions, but which also provides creative potential to expand.
Human capital or, in other words, highly skilled experts Since time immemorial, highly-qualified workers with specialist skills have been creating new business opportunities using financial products and innovations. Examples of this are in no short supply: in the Early Middle Ages, for instance, business with trade bills in Italy, and then later government bonds underwriting as a specialty in the financial centre of Frankfurt.