The international focus on shadow banking is recent. This is understandable given that the concept of shadow banking itself is relatively new. The first usage of the term is ascribed to former-PIMCO economist Paul Mculley in 2007. Awareness of shadow banking grew during the global financial crisis, when many bank-linked special purpose vehicles went bad and brought down the banks down with them. In the subsequent years, the label of shadow banking has been applied to a variety of financial structures, ranging from relatively common financial products like money market mutual funds and real estate investment trusts to the more exotic, such as hedge funds and structured finance vehicles.