Richard A. Werner

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Richard Andreas Werner (born January 5, 1967 in Landau an der Isar ) is a German economist , professor at De Montfort University in Leicester , England .

Life

Richard Werner received his B.Sc. (Economics) with First Class Honors from the London School of Economics (University of London) and a PhD in Economics from Oxford University . He also studied a. a. at the University of Tokyo . He is Professor of Banking and Finance at De Montfort University in Leicester, England. He teaches at Fudan University in Shanghai.

Werner was a member of the ECB's shadow council from 2011 to 2019. Between 2009 and 2012 he was a substitute professor for five semesters at the Johann Wolfgang Goethe University in Frankfurt am Main and received several prizes for his well-attended lectures. He is also the co-founder and director of LocalFirst CIC, a not-for-profit company that seeks to introduce local banks along the lines of the German savings and cooperative banks in England.

Werner has practical experience in the financial sector, e.g. B. as Senior Managing Director and Senior Portfolio Manager at Bear Stearns Asset Management Ltd. in London. From 1994, he was chief economist at Jardine Fleming Securities (Asia) Ltd. for four years . in Tokyo, then worked for the Asian Development Bank in Manila, before founding an investment consultancy firm (Profit Research Center Ltd.) in 1998 and later moving into fund management. a. for Providence Asset Management Ltd. based in the United Kingdom of Great Britain and Northern Ireland . From 1997 to 2004 Werner taught at Sophia University, Tokyo, one of the most renowned private universities in Japan, most recently as Assistant Professor (tenured) in Monetary Economics, International Economics and Development Economics. In 2004 he accepted an appointment at the University of Southampton, where he held the Chair of International Banking from 2005 to 2018. Werner left the university in 2018 and sued his former employer because he felt discriminated against as a Christian and German and as an advocate of decentralized banking systems. A judge initially imposed damages of £ 2.5 million against the university as part of a default judgment because the university had not responded to the lawsuit in time. However, on appeal from the university, the judgment was overturned a little later.

Werner is a proponent of inductive, empirically oriented economics. In his models he avoids the assumption of perfect information and the deductive approach and is more interested in models that are suitable for predictions. In 1991 he warned of the collapse of the Japanese banking system. Based on the classical quantity equation, he developed the quantity theory of disaggregated credit (English "Quantity Theory of Credit") in 1992, with which he was able to explain the undesirable developments in the Japanese economy in the years 1980–2003, which previous models had not succeeded in doing. He coined in 1994 the concept of quantitative easing (Engl. " Quantitative easing "), which was, however, been applied deviating from the original concept. Werner had published his 2001 book Princes of the Yen - Japan's Central Bank and the Transformation of the Economy (published in English 2003, new edition at www.quantumpublishers.com) and his 2003 book New Paradigm in Macroeconomics (published in English in 2005 ) a bestselling author in Japan . In his 2007 book New Economic Policy (Munich: Vahlen Verlag) he warned of the "recurring banking crises" and suggested ways to avoid credit and asset bubbles and, once they burst, to end the crisis at no cost to taxpayers.

Awards

Fonts (selection)

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Essays
  • Towards a More Stable and Sustainable Financial Architecture. A Discussion and Application of the Quantity Theory of Credit . In: Kredit und Kapital , Vol. 46 (2013), Issue 3, pp. 353–389, ISSN  0023-4591
  • Quantitative Easing and the Quantity Theory of Credit . In: Royal Economic Society Newsletter , (2013), July, pp. 20-22.
  • Banking: It's a Local Issue . In: Local Council Review , 2013, Summer, pp. 10-11.
  • The case for nominal GDP targeting . In: Central Banking . Vol. 23 (2013), Issue 4 (May), pp. 67-76.
  • Critiques of the Cash Cascade . In: Chartered Banker , (2013), June / July, p. 36.
  • Hitch-hiker's guide to monetary infrastructure . In: Financial Times , March 6, 2013 (Letter to the Editor)
  • together with Victor Lyonnet: Lessons from the Bank of England on "quantitative easing" and other "unconventional" monetary policies . In: International Review of Financial Analysis , Vol. 25 (2012), pp. 1-17, doi : 10.1016 / j.irfa.2012.08.001
  • Towards a New Research Program on "Banking and the Economy". Implications of the Quantity Theory of Credit for the Prevention and Resolution of Banking and Debt Crises . In: International Review of Financial Analysis , Vol. 25 (2012), pp. 94-105, doi : 10.1016 / j.irfa.2012.06.002
  • A “to-do list” for the ECB to solve the crisis . In: Reuters of July 20, 2012 (guest article).
  • Fatally powerful like the Reichsbank . In: Die Gazette , 2012, pp. 36–39.
  • An unorthodox proposal to resolve the crisis . In: Frankfurter Allgemeine Zeitung of September 10, 2012, p. 12.
  • Economics as if Banks Mattered. A Contribution Based on the Inductive Methodology . In: Manchester School , Vol. 79 (2011), September, pp. 25-35. doi : 10.1111 / j.1467-9957.2011.02265_5.x
  • together with Yuanquan Chen: The Role of Monetary Aggregates in Chinese Monetary Policy Implementation . In: Journal of the Asia-Pacific Economy , Vol. 16 (2011), Issue 3, pp. 464-488.
  • together with Kostas Voutsinas: Credit Supply and Corporate Capital Structure. Evidence from Japan . In: International Review of Financial Analysis , Vol. 20 (2011), pp. 320-334. doi : 10.1016 / j.irfa.2011.05.002
  • together with Helmut Siekmann: A simple and fair solution to the debt crisis . In: Börsen-Zeitung of December 9, 2011, number 238, p. 7.
  • A simple rule is needed to prevent future banking crises . In: Financial Times of November 17, 2010.
  • Financial Crises in Japan during the 20th Century . In: Bankhistorisches Archiv , supplement 47 (2009) pp. 98–123.
  • An unsustainable system. Interview with Richard Werner . In: Börse Online from November 25, 2009.
  • True meaning of quantitative easing is to increase net credit creation . Financial Times, September 2, 2009, p. 10 (Letter to the Editor)
  • What are the prerequisites for healthy economic growth without banking problems? In: Carl Spaengler KAG (Ed.): 20 questions on investing . Carl Spaengler Kapitalanlagegesellschaft mbH, Salzburg 2008.
  • Europe's choice and lessons from Japan. Supply vs. demand policy, fiscal vs. monetary policy . In: Andrea Terzi and Jörg Bibow (eds.): Euroland and the World Economy. Global player or global drag . Palgrave Macmillan, Basingstoke 2007, ISBN 0-230-50056-0 , pp. 184-214.
  • The cause of Japan's recession and the lessons for the world . In: David Bailey, Dan Coffey, and Philip R. Tomlinson (Eds.): Crisis or Recovery. Industry and State in Japan . Edward Elgar, Cheltenham 2007, ISBN 1-8454-2095-0 , pp. 31-60.
  • The relationship between interest rates and economic activity. How the conventional literature has dealt with the Japanese experience . In: Jonathan A. Batten, Thomas A. Fetherston and Peter G. Szilagyi (Eds.): Japanese Fixed Income Markets. Money, Bond and Interest Rate Derivatives . Elsevier, Amsterdam 2006, ISBN 978-0-08-046483-1 , pp. 135-170.
  • No recovery without reform? An Empirical Evaluation of the Structural Reform Argument in Japan . In: Asian Business and Management , Vol. 3 (2003), No. 1, pp. 7-38.
  • Post-Crisis Banking Sector Restructuring and its Impact on Economic Growth . In: The Japanese Economy , Vol. 30 (2003), No. 4, pp. 3-37, ISSN  1097-203X
  • Aspects of Career Development and Information Management Policies at the Bank of Japan. A Frank Interview with a Former Central Banker . In: The Japanese Economy , Vol. 30 (2003), No. 4, pp. 38-60 ISSN  1097-203X
  • A Reconsideration of the Rationale for Bank-Centered Economic Systems and the Effectiveness of Directed Credit Policies in the Light of Japanese Evidence . In: The Japanese Economy , Vol. 30 (2003), No. 3, pp. 3-45 ISSN  1097-203X
  • Monetary Policy Implementation in Japan. What They Say vs. What they do . In: Asian Economic Journal , Vol. 16 (2002), No.2, pp. 111-151.
  • Macroeconomic Management in Thailand. The Policy-Induced Crisis . In: S. Ghon Rhee (Ed.): Rising to the Challenge in Aisa. A Study of Financial Markets, Vol. 2: Thailand . Asian Development Bank, Manila 2002.
  • Bank of Japan window guidance and the creation of the bubble . In: Florentino Rodao and Antonio Lopez Santos (eds.): El Japón Contemporaneo (= Acta Salmanticensi; 82). University of Salamanca Press, Salamanca 1998.
  • Towards a New Monetary Paradigm. A Quantity Theorem of Disaggregated Credit, with Evidence from Japan . In: Kredit und Kapital , Vol. 30 (1997), Issue 2, July 1997, pp. 276-309. ISSN  0023-4591
  • Keiki kaifuku, ryōteki kinyū kanwa kara . In: The Nihon Keizai Shinbun (Nikkei) 'Keizai Kyōshitsu' ('Economics Classroom'), September 2, 1995 (morning edition), p. 26. (available at [6] )
    • How to Create a Recovery through "Quantitative Monetary Easing" . (translated by T. John Cooke, November 2011)
  • Japanese Foreign Investment and the Land Bubble . In: Review of International Economics , Vol. 2 (1994), Issue 2, pp. 166-178.
Interviews
  • Gerald Braunberger: Speculative loans are the basic evil . In: Frankfurter Allgemeine Zeitung from November 25, 2009.
Monographs
  • with Josh Ryan-Collins, Tony Greenham and Andrew Jackson: Where Does Money Come From? 2nd Edition. New Economics Foundation , London 2012. ISBN 978-1-908506-54-2 .
  • New economic policy for Europe . Vahlen Verlag, Munich 2007. ISBN 3-8006-3247-0 ISBN 978-3-8006-3247-3
  • New Paradigm in Macroeconomics. Solving the Riddle of Japanese Macroeconomic Performance . Palgrave Macmillan, Basingstoke 2005, ISBN 978-0-230-50607-7 .
  • Central Banking and Structural Changes in Japan and Europe . Soshisha, Tokyo 2003.
  • together with M. Kikkawa: Dismantaling the Japanese Model . Kodansha, Tokyo 2003.
  • Princes of the Yen, Japan's Central Bankers and the Transformation of the Economy . ME Sharpe, New York 2003. ISBN 0-7656-1049-3 .
  • together with Masayuki Ishii: The Bank of Japan under Toshihiko Fukui . Appuru Shuppan, Tokyo 2003.
  • The Enigma of the Great Recession . PHP Institute Press, Tokyo 2003.
  • Towards a quantity theorem of disaggregated credit and international capital flows. Paper presented at the Royal Economic Society Annual Conference . York, April 1993.
  • The Great Yen Illusion. Japanese Capital Flows and the Role of Land (= Oxford Applied Economics Discussion Paper Series. No. 129). Institute of Economics and Statistics, University of Oxford 1991.

Web links

Individual evidence

  1. ↑ [1]
  2. ↑ https://www.dmu.ac.uk/research/centres-institutes/fibre/members.aspx
  3. ↑ Handelsblatt EZB shadow council
  4. ↑ BBC documentaries, broadcast on BBC1 on October 6, 7 and 8, 2013 [2]
  5. ↑ Providence Asset Management Ltd. website [3]
  6. ↑ [4]
  7. ↑ https://www.elas.uk.com/the-tribunal-which-cost-this-university-3-5-million/?cn-reloaded=1&cn-reloaded=1
  8. ↑ https://www.wessexscene.co.uk/news/2019/07/17/southampton-university-overturn-discrimination-payout/
  9. ↑ Richard A. Werner: The Great Yen Illusion , Oxford Institute of Economics and Statistics Discussion Paper no.129 (1991)
  10. ↑ Quantitative Easing and the Quantity Theory of Credit , Royal Economic Society Newsletter, July 2013.
  11. ^ Richard A. Werner (2007), New Economic Policy, Munich: Vahlen Verlag, ISBN 978-3-8006-3247-3
  12. ^ [5] Understanding and Forecasting the Credit Cycle — Why the Mainstream Paradigm in Economics and Finance Collapsed. In: Viewpoint Richard A. Werner, Financial Opinions & Concepts. Archived from the original on October 15, 2011 ; Retrieved February 18, 2010 .
  13. ↑ Handelsblatt: A crisis shows who is a good economist - Richard Werner: Der Krisenexperte , December 28, 2011.
  14. ^ Richard A. Werner (2007), New Economic Policy, Munich: Vahlen Verlag, ISBN 978-3-8006-3247-3 . See also the lecture in Berlin at the invitation of Bündnis 90 / den Grünen, with ECB Director Jörg Asmussen (minutes 35:33 to 49:00) on youtube.de
  15. ↑ Press Release: "The World Economic Forum Designated 100 New Global Leaders for Tomorrow: Richard A Werner Selected for Class of 2003"
personal data
SURNAME Werner, Richard A.
ALTERNATIVE NAMES Werner, Richard Andreas (full name)
BRIEF DESCRIPTION German economist and university professor
DATE OF BIRTH 5th January 1967
PLACE OF BIRTH Landau on the Isar