Financial Innovation: The Last Twenty Years and the Next
回顾了过去二十年金融制度和工具的革命性变化，指出监管和税收是成功创新的主要动力，并预测未来创新速度将放缓，但仍有增长和改进空间。
The word revolution is entirely appropriate for describing the changes in financial institu? tions 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.