As noted earlier, some key elements of pre-crisis shadow banking such as SIVs have vanished, and some key actors of that earlier period have been brought within the bounds of prudential regulation. Today, the shadow banking sector is smaller and the traditional banking sector is more resilient.
The estimated combined impact of both these trends is that they will reduce growth in Israel by 0.4–0.8 percentage points, relative to the growth seen in the decade prior to the crisis. BIS central bankers’ speeches  3  A second factor, which is also behind some of the trends in the slowdown of global growth, is the demographic factor.