greatest explosion of financial innovation the world had ever seen. Financial fragility grew until the economy collapsed into … the global financial crisis. At the same time, we saw that much (or even most) of the financial innovation was directed … attention to increasing funding of the innovation process. For that reason, we will look not only to Minsky's ideas on the …

the impact of a particular regulation - license requirements for certain firm activities - on the innovation performance … led to an eight percentage points higher innovation rate within two years following the reform. We measure innovation as …