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

It started not really as a planned system not planned by any government.

出于经验才产生的机构,它并不是在一个计划好了的系统中生成的。

耶鲁公开课 - 金融市场课程节选