譯文（字數 3195）：

金融創新：過去二十年和下一個二十年

摘要：文字革命可以完全恰當的描述發生在過去的二十年里金融機構和工具所發生的變化。成功的金融創新都來自法規和稅收主要的推動。未來的前景是金融創新的速度是緩慢下降的，但較大的增長和改善仍然有期望。

一．簡介：近期浪潮是有重要意義的金融改革.

這些天沒有什么詞語比“革命”更使用過度了。然而，對于過去重大的突破有其最初的理解，文字革命可以完全適當的描述金融機構和工具所發生的變化發生在過去二十年。

那我們出現多久來舉個小例子，我直到現在回想起那個1966年在魯汶大學學習的我的比利時的同事還是感到震驚和懷疑，作為一個美國公民，不能再合法擁有屬于自己的的黃金貨幣。當然，現如今，我們不僅可以持有和交易金幣，金條，黃金期貨和黃金期權，而且可以無數次的運用其他金融工具，那些工具要么沒有在1966年存在，或者僅存在基本的形式。部分列表包括主要新穎的，排名不分先后: 轉讓的CD，歐洲美元賬戶，歐洲債券，壽司債券，浮動利率債券，可回售債券，零息債券，剝離債券，選項，金融期貨，期貨期權，指標的選擇，貨幣市場基金，現金管理賬戶，認股權證的收入，抵押貸款，房屋凈值貸款，貨幣掉期，地板天花板掉期，可交換公司債券，等等。真不可思議。

外文原文（字符數 9344）：

 Financial Innovation: The Last Twenty Years and the Next

    Abstract：The word revolution is entirely appropriate for describing the changes in financial institutions and instruments that have occurred in the past twenty years. The major impulses to successful financial innovations have come from regulations and taxes. The outlook for the future is for a slowing down of the rate of financial innovation, but much growth and improvement are still in prospect.

    1.Introduction: The Recent Surge of Significant Financial Innovations

No word is more overworked these days than "revolution." Yet, in its original sense of a major break with the past, the word revolution is entirely appropriate for describing the changes in financial institutions and instruments that have occurred in the past twenty years.

      As one small example of how far we have come, I can still recall the shock and incredulity of my Belgian colleagues at the University of Louvain in 1966 on learning that I, as an American citizen, could not then legally own monetary gold. Nowadays, of course, we can not only hold and trade gold coins, gold bullion, gold futures, and gold options but literally hundreds of other financial instruments that either didn't exist in 1966 or existed only in rudimentary form. A partial list of major novelties would include, in no particular order: negotiable CDs, Eurodollar accounts, Eurobonds, sushi bonds, floating-rate bonds, puttable bonds, zero coupon bonds, stripped bonds, options, financial futures, options on futures, options on indexes, money market funds, cash management accounts, income warrants, collateralized mortgages, home equity loans, currency swaps, floor-ceiling swaps, exchangeable bonds, and on and on. The mind boggles.