These instruments, much desired by certain kinds of investors, are short-term liabilities of the shadow banking intermediary, which backs them with a portfolio of longer-term assets that, because of some combination of high diversification and low-default risk, are expected to perform very well under nearly all circumstances, but carry significant tail risks that are not fully appreciated ex ante.
C.  Investments  Investment is the key to growth, and therefore it is important that the Israeli economy is an attractive place for local and foreign investors. In this context, I will refer to the easing of processes required in order to do business in Israel.