In the more advanced countries, there is more trust in the securities markets, so we don't need this relationship banking as much.

在更加发达的国家中,证券市场拥有更高的信誉,所以我们不需要如此依赖银行

耶鲁公开课 - 金融市场课程节选

That is, it tends to be bigger and that is because less developed countries have less developed securities, regulation and laws, and traditions.

也可以说,银行体系势必会更加庞大,因为欠发达国家,没有完善的证券系统,法律法规和历史经验

耶鲁公开课 - 金融市场课程节选

They found, not surprisingly, that it tends to--mutual funds have been growing more rapidly in countries that have stronger securities laws and institutions, especially laws that protect individual shareholders rights.

他们发现,那些共同基金发展较迅速的国家,都拥有比较健全的证券法规和完善的证券制度,其中保护个人股东权利的法律尤为完善

耶鲁公开课 - 金融市场课程节选