Articles by Philip Turner
Rate hikes: too much, too late – and now too dangerous
Why monetary tightening risks a global credit crunch
What are the systemic lessons of SVB?
Philip Turner says the collapse of SVB reveals deeper issues than many have realised
Book notes: Zero interest rate policy and the new abnormal, by Michael Beenstock
Author's contention that asset purchases caused the low neutral rate of interest is entertaining and infuriating in equal measure
Quantitative tightening: missed opportunities
Treasuries and central banks must think harder about balance sheet policies, says Philip Turner
Book notes: The money minders, by Jagjit S Chadha
This book acts as an invaluable primer on money-credit-fiscal theory and practice
Is a bond market crisis imminent?
Central banks need careful action and a good dose of luck if they are to avoid financial instability
Book notes: The great demographic reversal, by Charles Goodhart and Manoj Pradhan
An important book, predicting that powerful demographic forces will upend conventional thinking on macroeconomics and policy
Can growth in developing Asia be made more sustainable?
The structure of the global economy will be reshaped by Covid-19, and what happens in Asia will be crucial, writes Philip Turner
Concentrated firepower: central banks must expand their arsenal
Philip Turner argues central banks should be prepared to go further to avoid economic and financial collapse
Book notes: The Japanese central banking system compared with its European and American counterparts, by Yoshiharu Oritani
The book has “no equal” in reviewing new microeconomic theory for central banking
Are central bank digital currencies inevitable?
Launching a CBDC could protect the pre-eminence of public money, a new report argues
Doves vs hawks: IMF advice on unconventional monetary policy
Funds’ advice on innovative measures has not always “stood the test of time”, writes Philip Turner
Book notes: EuroTragedy, by Ashoka Mody
The former International Monetary Fund insider elegantly tells the story of the creation of the currency that has defied economics, warning that it could get “worse, much worse”
EME central banks can counter the next downturn
Philip Turner urges central banks to consider a broad range of actions to tackle volatility stemming from currency mismatches
A dangerous unknown: interest rate risk in the financial system
Urgent action is needed to tackle the little-understood build-up of interest rate risk in the global financial system; macro-pru tools still inadequate to tackle the issue
The Treasury could make QE exit faster and smoother
Swapping longer-term bonds for Treasury bills or floating-rate bonds would expedite the process of reducing bloated central bank balance sheets
The ECB must reform Target2 to make it sustainable
Target2 has emerged as the eurozone’s financing entity for ballooning structural balance-of-payments gaps. The present system is unsustainable and needs reform, says Philip Turner