Richard Werner

Richard Andreas Werner (January 5, 1967-  ) is a German academic, economist and professor at the University of Southampton.

Werner is noted as central bank critic, monetary and development economist and the originator of the term quantitative easing, as well as the expression "QE2" referring to the need to implement true quantitative easing as an expansion in credit creation.

Early life

In 1989, Werner earned a BSc at the London School of Economics (LSE). Further studies at Oxford University were interrupted by a year at the University of Tokyo. His doctorate in economics was conferred by Oxford.

In 1991, he became European Commission-sponsored Marie Curie Fellow at the Institute for Economics and Statistics at Oxford. His discussion paper at the institute warned about the imminent 'collapse' of the Japanese banking system and the threat of the "greatest recession since the Great Depression".

In Toyko, he also became the first Shimomura Fellow at the Research Institute for Capital Formation at the Development Bank of Japan. He was a Visiting Researcher at the Institute for Monetary and Economic Studies at the Bank of Japan; and he was a Visiting Scholar at the Institute for Monetary and Fiscal Studies at the Ministry of Finance.

Career

Werner was chief economist of Jardine Fleming from 1994 to 1998 and has published many articles on the Japanese credit cycle and monetary policy, many of which are in Japanese.

In 1997, Richard joined the faculty of Sophia University in Tokyo.

Werner is currently teaching at the University of Southampton. He is noted for developing a heterodox theory of money creation called the Credit Theory of Money said to be developed from the views of Joseph Schumpeter.

Werner's book Princes of the Yen was a number one general bestseller in Japan in 2001 This is considered a controversial book on the Bank of Japan specifically and central bank informal guidance of bank credit in general.

Selected works

In a statistical overview derived from writings by and about Richard Andreas Werner, OCLC/WorldCat encompasses roughly 7 works in 10+ publications in 2 languages and 500+ library holdings .

This is a dynamic list and may never be able to satisfy particular standards for completeness. You can help by adding missing items with reliable sources.

• New Paradigm in Macroeconomics: Solving the Riddle of Japanese Macroeconomic Performance (2004)
• Princes of the Yen: Japan's central bankers and the transformation of the economy (2001)
• 謎解き!平成大不況 : 誰も語らなかった「危機」の本質 = The enigma of the great recession (2003)
• Three essays on Japanese macroeconomic policy in the 1980s and 1990s (2006)
• 福井日銀・危険な素顔 (2003)
• 不景気が終わらない本当の理由 (2003)

Chapters

• 1998 — "Bank of Japan window guidance and the creation of the bubble," in: Rodao, F. and A. Lopez Santos (eds.), El Japon Contemporaneo, Salamanca: University of Salamanca Press
• 2002 — "Macroeconomic Management in Thailand: The Policy-induced Crisis," in: Rhee, G.S. (eds.), Rising to the Challenge in Aisa: A Study of Financial Markets, Vol. II, Thailand, Manila: Asian Development Bank
• 2006 — "The relationship between interest rates and economic activity: How the conventional literature has dealt with the Japanese experience," in: Batten, J.A., Fetherston, T.A. and Szilagyi, P.G. (eds.), Japanese Fixed Income Markets: Money, Bond and Interest Rate Derivatives, Amsterdam: Elsevier (pp. 135–170)
• 2007 — "Europe’s choice and lessons from Japan: supply vs. demand policy, fiscal vs. monetary policy," in: Terzi, A. and J. Bibow (eds.), Euroland and the World Economy: Global Player or Global Drag, Basingstoke: Palgrave Macmillan
• 2007 — "The cause of Japan’s recession and the lessons for the world," in: Bailey, Coffey and Tomlinson (eds), Crisis or Recovery: Industry and State in Japan. Cheltenham: Edward Elgar
• 2008 — "Was sind die Voraussetzungen fuer ein gesundes Wirtschaftswachstum ohne Bankenprobleme?," in: Carl Spaengler KAG (ed.), 20 Fragen zur Geldanlage. Salzburg: Carl Spaengler Kapitalanlagegesellschaft mbH.

Journals

• 1994 — "Japanese Foreign Investment and the 'Land Bubble’," Review of International Economics, Vol. 2, Issue 2, June 1994, Oxford: Blackwell, pp. 166-178
• 1997 — "Towards a New Monetary Paradigm: A Quantity Theorem of Disaggregated Credit, with Evidence from Japan," Kredit und Kapital, Vol. 30, No. 2, July 1997, Berlin: Duncker & Humblot, pp. 276–309.
• 2002 — "Monetary Policy Implementation in Japan: What They Say vs. What they Do," Asian Economic Journal, Vol. 16, No.2, Oxford: Blackwell, pp. 111–151.
• 2003 — "Post-Crisis Banking Sector Restructuring and its Impact on Economic Growth," The Japanese Economy, vol. 30, no. 4, New York: M. E. Sharpe
• 2003 — "Aspects of Career Development and Information Management Policies at the Bank of Japan – a Frank Interview with a Former Central Banker," The Japanese Economy, vol. 30, no. 4, New York: M. E. Sharpe.
• 2003 — "A Reconsideration of the Rationale for Bank-Centred Economic Systems and the Effectiveness of Directed Credit Policies in the Light of Japanese Evidence," The Japanese Economy, vol. 30, no. 3, New York: M. E. Sharpe, pp. 3–45
• 2004 — "No Recovery without Reform? An Empirical Evaluation of the Structural Reform Argument in Japan," Asian Business and Management, vol. 3, no. 1, 2004, London: Palgrave Macmillan.

Papers

• 1991 — "The Great Yen Illusion: Japanese Capital Flows and the Role of Land," Oxford Applied Economics Discussion Paper Series, Oxford: Institute of Economics and Statistics, University of Oxford, No. 129, December
• 1993 — "Towards a quantity theorem of disaggregated credit and international capital flows," Paper presented at the Royal Economic Society Annual Conference, York, April 1993

Honours

• 2003 — World Economic Forum in Davos, "Global Leader for Tomorrow"

References

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