Richard Werner
Encyclopedia
Richard Andreas Werner 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.
(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
.
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.
/WorldCat
encompasses roughly 7 works in 10+ publications in 2 languages and 500+ library holdings .
Chapters
Journals
Papers
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
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
Quantitative easing
Quantitative easing is an unconventional monetary policy used by central banks to stimulate the national economy when conventional monetary policy has become ineffective. A central bank buys financial assets to inject a pre-determined quantity of money into the economy...
, 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 EconomicsLondon School of Economics
The London School of Economics and Political Science is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London...
(LSE). Further studies at Oxford University were interrupted by a year at the University of Tokyo
University of Tokyo
, abbreviated as , is a major research university located in Tokyo, Japan. The University has 10 faculties with a total of around 30,000 students, 2,100 of whom are foreign. Its five campuses are in Hongō, Komaba, Kashiwa, Shirokane and Nakano. It is considered to be the most prestigious university...
. 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
Development Bank of Japan
is a Japanese corporation incorporated on 1 October 2008 under the Development Bank of Japan Inc. Law . Current ownership structure of DBJ is solely owned by the Government of Japan through Minister of Finance.- Overview :...
. He was a Visiting Researcher at the Institute for Monetary and Economic Studies at the Bank of Japan
Bank of Japan
is the central bank of Japan. The Bank is often called for short. It has its headquarters in Chuo, Tokyo.-History:Like most modern Japanese institutions, the Bank of Japan was founded after the Meiji Restoration...
; and he was a Visiting Scholar at the Institute for Monetary and Fiscal Studies at the Ministry of Finance
Ministry of Finance (Japan)
The ' is one of cabinet-level ministries of the Japanese government. The ministry was once named Ōkura-shō . The Ministry is headed by the Minister of Finance , who is a member of the Cabinet and is typically chosen from members of the Diet by the Prime Minister.The Ministry's origin was back in...
.
Career
Werner was chief economist of Jardine FlemingJardine Fleming
Jardine Fleming was a Hong Kong based investment bank founded in 1970 as a joint venture between Jardine Matheson and Robert Fleming & Co. At the time of its sale to JP Morgan Chase in 2000, it operated in 15 countries....
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
Sophia University
There are several rankings below related to Sophia University.-General Rankings:The university was ranked 61st in 2010 in the ranking Truly Strong Universities by Toyo Keizai...
in Tokyo.
Werner is currently teaching at the University of Southampton
University of Southampton
The University of Southampton is a British public university located in the city of Southampton, England, a member of the Russell Group. The origins of the university can be dated back to the founding of the Hartley Institution in 1862 by Henry Robertson Hartley. In 1902, the Institution developed...
. He is noted for developing a heterodox
Heterodox economics
"Heterodox economics" refers to approaches or to schools of economic thought that are considered outside of "mainstream economics". Mainstream economists sometimes assert that it has little or no influence on the vast majority of academic economists in the English speaking world. "Mainstream...
theory of money creation called the Credit Theory of Money said to be developed from the views of Joseph Schumpeter
Joseph Schumpeter
Joseph Alois Schumpeter was an Austrian-Hungarian-American economist and political scientist. He popularized the term "creative destruction" in economics.-Life:...
.
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
Bank of Japan
is the central bank of Japan. The Bank is often called for short. It has its headquarters in Chuo, Tokyo.-History:Like most modern Japanese institutions, the Bank of Japan was founded after the Meiji Restoration...
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, OCLCOCLC
OCLC Online Computer Library Center, Inc. is "a nonprofit, membership, computer library service and research organization dedicated to the public purposes of furthering access to the world’s information and reducing information costs"...
/WorldCat
WorldCat
WorldCat is a union catalog which itemizes the collections of 72,000 libraries in 170 countries and territories which participate in the Online Computer Library Center global cooperative...
encompasses roughly 7 works in 10+ publications in 2 languages and 500+ library holdings .
- 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-Centered 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