"11 This refers to the possibility that if the central bank lowers interest rates too far, the banking sector's capital constraint tightens through the decline in net interest margins, impairing financial institutions' intermediation function, so that the effects of monetary easing on the economy reverses and becomes contractionary.
Against the background of these trends, a study conducted by the OECD indicates that the future contribution of human capital to the expected growth in Israel in the next 15 years is near zero – almost the lowest among OECD countries.