I won't say more about this—recent research by the International Monetary Fund and the Organisation for Economic Co-operation and Development explores this issue thoroughly. The third critical element is a financial system that operates efficiently, helping to allocate scarce economic resources to the most productive uses, in the most effective way.
To say a few words on “pre-history,” the Russo-Japanese war (1904-05) prompted Japan to tap international capital markets to secure the war chest. As part of this effort, the Bank of Japan decided to station an executive auditor each in London (1904) and New York (1905), two international financial centers, to supervise the issuance of foreign currency sovereign debts of Japan.