译文（字数 3195）：

金融创新：过去二十年和下一个二十年

摘要：文字革命可以完全恰当的描述发生在过去的二十年里金融机构和工具所发生的变化。成功的金融创新都来自法规和税收主要的推动。未来的前景是金融创新的速度是缓慢下降的，但较大的增长和改善仍然有期望。

一．简介：近期浪潮是有重要意义的金融改革.

这些天没有什么词语比“革命”更使用过度了。然而，对于过去重大的突破有其最初的理解，文字革命可以完全适当的描述金融机构和工具所发生的变化发生在过去二十年。

那我们出现多久来举个小例子，我直到现在回想起那个1966年在鲁汶大学学习的我的比利时的同事还是感到震惊和怀疑，作为一个美国公民，不能再合法拥有属于自己的的黄金货币。当然，现如今，我们不仅可以持有和交易金币，金条，黄金期货和黄金期权，而且可以无数次的运用其他金融工具，那些工具要么没有在1966年存在，或者仅存在基本的形式。部分列表包括主要新颖的，排名不分先后: 转让的CD，欧洲美元账户，欧洲债券，寿司债券，浮动利率债券，可回售债券，零息债券，剥离债券，选项，金融期货，期货期权，指标的选择，货币市场基金，现金管理账户，认股权证的收入，抵押贷款，房屋净值贷款，货币掉期，地板天花板掉期，可交换公司债券，等等。真不可思议。

外文原文（字符数 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.