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Turner, Philip

Overview
Works: 15 works in 116 publications in 3 languages and 1,966 library holdings
Roles: Author, Redactor
Classifications: HG3877, 332.456091724
Publication Timeline
Key
Publications about Philip Turner
Publications by Philip Turner
Most widely held works by Philip Turner
Controlling currency mismatches in emerging economies by Morris Goldstein( Book )
14 editions published between 2003 and 2005 in English and Chinese and held by 231 libraries worldwide
In most of the currency crises of the 1990s, the largest output falls have occurred in those emerging economies with large currency mismatches, a phenomenon that occurs when assets and liabilities are denominated in different currencies such that net worth is sensitive to changes in the exchange rate. Currency mismatching makes crisis management much more difficult since it constrains the willingness of the monetary authority to reduce interest rates in a recession (for fear of initiating a large fall in the currency that would bring with it large-scale insolvencies). The mismatching also produces a "fear of floating" on the part of emerging economies, sometimes inducing them to make currency-regime choices that are not in their own long-term interest. Authors Morris Goldstein and Philip Turner summarize what is known about the origins of currency mismatching in emerging economies, discuss how best to define and measure currency mismatching, and review policy options for reducing the size of the problem
The liberalisation of Japan's financial markets : some major themes by Masahiko Takeda( Book )
11 editions published in 1992 in English and held by 129 libraries worldwide
Banking crises in emerging economies : origins and policy options by Morris Goldstein( Book )
9 editions published in 1996 in English and held by 128 libraries worldwide
The paper is structured as follows. The next section takes up the origin of banking crises in emerging countries, focusing on eight general policy prescriptions that have often been proposed to deal with each of these problems. Examples of recent reforms in some emerging economies are also discussed. Some brief concluding remarks follow in a final section
Capital flows in the 1980s : a survey of major trends by Philip Turner( Book )
12 editions published in 1991 in English and held by 127 libraries worldwide
Measuring international price and cost competitiveness by Philip Turner( Book )
8 editions published in 1993 in English and held by 121 libraries worldwide
Capital flows in Latin America : a new phase by Philip Turner( Book )
8 editions published in 1995 in English and Undetermined and held by 117 libraries worldwide
Banks and financial intermediation in emerging Asia : reforms and new risks by M. S Mohanty( Book )
7 editions published in 2010 in English and Undetermined and held by 21 libraries worldwide
The conventional view is that microeconomic reforms after the 1997-98 Asian financial crisis have greatly strengthened banking systems in Asia. Banks have become better capitalised, external exposures have been reduced and credit risk has been managed more effectively. But this conventional view does not take enough account of the macroeconomic background. A sharp rise in domestic savings, combined with the recent large-scale sterilised intervention and easy monetary policy, has led to very easy financing conditions for banks. Bank credit expanded. Banks have accumulated a large stock of government bonds. How these conditions will change and how this will affect banks in Asia is uncertain. Supervisory authorities therefore need to be sure that the present very liquid position of most banking systems in Asia does not allow significant (but so far only latent) increases in market and credit risk to go undetected
Is the long-term interest rate a policy victim, a policy variable or a policy lodestar? by Philip Turner( Book )
8 editions published in 2011 in English and held by 21 libraries worldwide
Caveat creditor by Philip Turner( Book )
8 editions published in 2013 in English and held by 19 libraries worldwide
"One area where international monetary cooperation has failed is in the role of surplus or creditor countries in limiting or in correcting external imbalances. The stock dimensions of such imbalances - net external positions, leverage in national balance sheets, currency/maturity mismatches, the structure of ownership of assets and liabilities and over-reliance on debt - can threaten financial stability in creditor as in debtor countries. Creditor countries therefore have a responsibility both for avoiding 'overlending' and for devising cooperative solutions to excessive or prolonged imbalances."- -Abstract
The interest rate effects of government debt maturity by Jagjit Chadha( Book )
7 editions published in 2013 in English and held by 19 libraries worldwide
The global long-term interest rate, financial risks and policy choices in EMEs by Philip Turner( Book )
7 editions published in 2014 in English and held by 18 libraries worldwide
The exit from non-conventional monetary policy : what challenges? by Philip Turner( Book )
7 editions published in 2014 in English and held by 17 libraries worldwide
"Monetary policies pursued in response to the financial crisis have shown that changes in central bank balance sheets have major macroeconomic consequences. The New Classical Macroeconomics, which gained increasing sway from the late-1980s, had led to an exclusive focus on the policy rate and a neglect of balance sheet effects. Key financial market imperfections that had been demonstrated by earlier (or contemporaneous) advances in microeconomic theory were assumed away under the guise of Ricardian equivalence. Getting their balance sheets back to normal levels is important in order to preserve policy flexibility for the future, but will present central banks with formidable challenges. This task will require cooperation with Treasuries without surrendering monetary policy independence. As central banks pragmatically monitor market resilience, the financial dominance trap is to be avoided."--Abstract
Benign neglect of the long-term interest rate by Philip Turner( Book )
8 editions published in 2013 in English and held by 16 libraries worldwide
"Large-scale central bank purchases of government bonds have made the long-term interest rate key in the monetary policy debate. How central banks react to bond market movements has varied greatly from one episode to another. Driving the term premium in long-term rates negative may stimulate aggregate demand. And a negative term premium encourages borrowers to lengthen the maturity of their debts. Such a reduction in maturity risks makes the financial system more resilient to shocks, and in particular can help emerging economies finance their heavy infrastructure and housing investment needs more safely. But an extended period of very low long rates and high public debt creates financial stability risks. Interest rate risk in the banking system has grown, and some institutional investors face significant exposures. Central banks in the advanced economies now hold a high proportion of bonds issued by their governments, most of which have so far failed to arrest the rise in the ratio of government debt to GDP. Implementing an effective exit strategy will be difficult. Current policy frameworks should be reconsidered, with a view to clarifying the importance of the long-term interest rate for monetary policy, for financial stability and for government debt management."--Abstract
Shī perirugō no bōken ( Book )
1 edition published in 1976 in Japanese and held by 1 library worldwide
Bond markets and monetary policy dilemmas for the emerging markets by Jhuvesh Sobrun( file )
1 edition published in 2015 in English and held by 0 libraries worldwide
"Financial conditions in the emerging markets (EMs) have become more dependent on the 'world' long-term interest rate, which has been driven down by monetary policies in the advanced economies - notably Quantitative Easing (QE) - and by several non-monetary factors. This paper analyses some new mechanisms that link global long-term rates to monetary policy and to domestic bank lending in the EMs. Understanding these mechanisms could help EM central banks prepare for the exit from QE and higher (and perhaps divergent) policy rates in advanced economies. Although monetary policy in the EMs has continued to be guided by domestic objectives, it has nevertheless lost some traction. Difficult trade-offs now confront central banks
 
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Alternative Names
Turner, Phil (Philip)
ターナー, フィリップ
Languages
English (112)
Chinese (1)
Japanese (1)
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