miscellany

Professor Richard A. Werner, born in Germany in 1967, holds a First Class Honours B.Sc. in Economics from the London School of Economics and a doctorate in Economics from the University of Oxford. He has also studied at the University of Tokyo.

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His work experience includes over four years as highly-rated chief economist at Jardine Fleming Securities (Asia) Ltd., a stint as Senior Managing Director at Bear Stearns Asset Management Ltd., many years managing global macro funds, several years as senior consultant to the Asian Development Bank and periods as visiting scholar and visiting researcher at the Japanese Ministry of Finance and the Bank of Japan, respectively. He was also the first Shimomura Fellow at the Development Bank of Japan.

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In 1992, while European Commission Fellow at Oxford University’s Institute for Economics and Statistics, Richard proposed the disaggregation of credit and its impact on asset markets and growth with his ‘Quantity Theory of Credit’ (see here). In 1995, he advanced the concept of ‘quantitative easing’ in Japan (defined as an expansion in credit creation, published in the leading daily newspaper, the Nikkei, on 2 September 1995). His book ‘Princes of the Yen’ was a No. 1 bestseller in Japan, beating Harry Potter for six weeks. In its English edition of 2003, he warned of the coming creation of credit bubbles and banking crises in the eurozone. So did his 2005 book ‘New Paradigm in Macroeconomics’ (Palgrave Macmillan). In 2014, Richard published the first empirical proof of the fact that banks create money when they grant loans. The World Economic Forum, Davos, selected him as “Global Leader for Tomorrow” in 2003.