The favourable performance has not only reflected the result of the fast growth of the local economy and sustained development of the neighbouring economies, it is also the result of the unrelenting effort of the banking sector devoted to enhancing its risk management and financial innovation. Financial innovation is a perpetual endeavour for the financial industry which covers a broad and wideranging scope.
7  See Dave Reifschneider, William Wascher, and David Wilcox (2013), “Aggregate Supply in the United States: Recent Developments and Implications for the Conduct of Monetary Policy,” Finance and Economics Discussion Series 2013–77 (Washington: Board of Governors of the Federal Reserve System, November); and Hall, “Quantifying the Lasting Harm to the U.S. Economy,” in note 4.