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- From bubbles, financial and credit crises to regulation: the issue of innovation and the legal nexusPublication . Jacquinet, MarcThe current crisis and the Great Depression of the 1930s have several parallels (and differences) that several economists have pointed out. Here what interest me are two common and systemic aspects between the two crises: the emergence of technological, financial, and legal innovations both during the upswing and the downturn and the creation of new regulatory institutions, changing the rules of the game, just after the outset of the recessions.