On the basis of Israel, one more model of banking system’s contribution in fast economic growth is analyzed (1950-1972). In view of the fact that financial market of Israel has special features (massive foreign capital inflow, huge inflationary pressure) banks have been used as an important instrument to control inflation and to finance budget deficit. Allocation of funds and their channelization in priority sectors have been performed by non-banking institutions. On the basis of Israel model thesis of commonality of stimulation mechanism in different conditions is confirmed, the importance of well-timed financial liberalization is emphasized.