17  T. Gravelle, T. Grieder and S. Lavoie, “Monitoring and Assessing Risks in Canada’s Shadow Banking Sector”, Bank of Canada Financial System Review (June 2013): 55?63.
Most of the time, economic activity expands, as population growth, increasing wealth and aspirations to higher living standards lead to more demand, while a growing workforce, higher productivity and technological innovation push up supply capacity. That is the normal situation for an economy.