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Professor Richard A. Werner, MA, D.Phil. (Oxon), FRSA is Professor in Economics and Banking in the University of Winchester Business School. He graduated from the London School of Economics with First Class Honours in Economics and holds a doctorate in Economics from the University of Oxford. Richard is a Member of Linacre College, Oxford.

From 2019 to 2021 he was Professor of Finance at the Fanhai International School of Finance at Fudan University, Shanghai (one of China’s top universities). Before that he was Professor of International Banking at the University of Southampton, professor of economics at Goethe University, Frankfurt, visiting professor at Moscow University and at Budapest Metropolitan University, and from 1997 to 2004 assistant professor in economics and finance at Sophia University, Tokyo (one of Japan’s top private universities). For several years he worked as senior consultant to the Asian Development Bank and was visiting scholar at the Japanese Ministry of Finance and visiting researcher the Bank of Japan. He was also the first Shimomura Fellow at the Development Bank of Japan.

For a decade until 2019, Richard was a member of the ECB Shadow Council. His professional experience includes work as Senior Managing Director and Senior Portfolio Manager at Bear Stearns Asset Management Ltd. and being chief investment officer of several global macro funds. He has been board member of a number of companies, including chairman of the audit committee of an LSE-listed international corporation with 5,000 staff.

Richard proposed the disaggregation of credit and its impact on asset markets and growth with his ‘Quantity Theory of Credit’. In 1995, he advanced the concept of ‘Quantitative Easing’ in Japan (formulated to expand bank credit creation to the real economy; first published in the leading daily newspaper, the Nikkei, on 2 September 1995). This was adopted by major central banks.

His book Princes of the Yen (Quantum Publishers) was a No. 1 bestseller in Japan, beating Harry Potter for six weeks as general bestseller. In its English edition of 2003, Richard Werner warned of the coming creation of credit bubbles and banking crises in the eurozone. His 2005 book New Paradigm in Macroeconomics (Palgrave Macmillan) expressed a timely warning of the 2008 banking crisis. In 2014, Richard published the first empirical proof of the fact that banks create new money when they grant loans.

Presently, Richard is involved in supporting the establishment and operation of local community banks, which support small firms and hence have a big positive effect on job creation.

To find out more about Prof. Werner, explore his personal website and Wikipedia page.


Selected Publications

(more publications available at www.professorwerner.org)

Kun Duan, Plamen Ivanov and Richard Werner (2023). Deciphering the Chinese Economic Miracle: The Resolution of an Age-Old Economists’ Debate — and its Central Role in Rapid Economic Development. Review of Political Economy. April. Read it online

Lee, Kang-Soek and Richard A. Werner (2022). Are lower interest rates really associated with higher growth? New empirical evidence on the interest rate thesis from 19 countries. International Journal of Finance and Economics, 28 (4), 3960-3975, October. Read it online

Werner, Richard A. (2021). Banks and Economic Growth: The General Theory in a Basic Disequilibrium Model with Five Rationing Regimes. Review of Business and Economics Studies, 9 (4): 9-22 Read it online

Mkhaiber, Achraf and Richard A. Werner (2021). The relationship between bank size and the propensity to lend to small firms: New empirical evidence from a large sample. Journal of International Money and Finance. 110 Read it online

Mear, Fred and Richard A. Werner (2020). Subsidiarity as Secret of Success: ‘Hidden Champion’ SMEs and Subsidiarity as Winning HRM Configuration in Interdisciplinary Case Studies. Employee Relations. 43 (2): 524-554 Read it online

Werner, Richard A. (2020). Obituary: Hans Christoph Binswanger. Journal of Banking, Finance and Sustainable Development. 1, 215-221 Read it online

Bermejo Carbonell, Jorge and Richard A. Werner (2018). Do FDI inflows generate economic growth in large developed economies? A new empirical approach applied to Spain, Economic Geography, 94 (4), 425-456. Read it online

Lee, Kang-Soek and Richard A. Werner (2018). Reconsidering monetary policy: An empirical examination of the relationship between interest rates and nominal GDP growth in the U.S., U.K., Germany and Japan, Ecological Economics, 146, April, 26-34 Read it online

Aspinall, N., S. Jones, E. McNeill, R. Werner and T. Zalk (2018). Sustainability and the financial system – Review of Literature. British Actuarial Journal, 23, e11, 1-24. doi:10.1017/S1357321718000028

Ryan-Collins, Josh, Richard A. Werner and Jennifer Castle (2016). A half-century diversion of monetary policy? An empirical horse-race to identify the UK variable most likely to deliver the desired nominal GDP growth rate, Journal of International Financial Markets, Institutions & Money, 43 (July), 158–176 Read it online

Werner, Richard A. (2016). A lost century in Economics: Three theories of banking and the conclusive evidence, International Review of Financial Analysis, 46, July, 361–379. Read it online

Harold Vogel and Richard A. Werner (2015). An analytical review of volatility metrics for bubbles and crashes. International Review of Financial Analysis, 38, 15-28 Read it online

Werner, Richard A. (2014). How do banks create money, and why can other firms not do the same? An explanation for the coexistence of lending and deposit-taking, Int’l Review of Financial Analysis, 36, 71-77 Read it online

Werner, Richard A. (2014). Enhanced debt management: Solving the eurozone crisis by linking debt management with fiscal and monetary policy, Journal of International Money and Finance, 49, 443-469. Read it online

Werner, Richard A. (2014). Can Banks Individually Create Money Out of Nothing? – The Theories and the Empirical Evidence, International Review of Financial Analysis, 36, 1-19. Read it online

Werner, Richard A. (2013). Commentary: Crises, the spatial distribution of economic activity and the geography of banking, Environment and Planning A, volume 45, pages 2789 – 2796, (December)

Werner, Richard A. (2013). Towards a More Stable and Sustainable Financial Architecture – A Discussion and Application of the Quantity Theory of Credit. Kredit und Kapital (Credit and Capital Markets), 46 (3), 353-389

Victor Lyonnet and Richard A. Werner (2012). Lessons from the Bank of England on ‘quantitative easing’ and other ‘unconventional’ monetary policies. International Review of Financial Analysis. 25, 1-17. Read it online

Werner, Richard A. (2012). Towards a New Research Programme on ‘Banking and the Economy’ – Implications of the Quantity Theory of Credit for the Prevention and Resolution of Banking and Debt Crises, International Review of Financial Analysis, 25, 94-105. Read it online

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