Richard Werner

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Biographical Information

"Professor of International Banking at the University of Southampton, UK, and Visiting Professor (Vetretungs-professor) in Monetary Economics and Development Economics at Goethe-University, Frankfurt. He is founding director of the University of Southampton’s Centre for Banking, Finance and Sustainable Development. Prior to this, he was chief economist of Jardine Fleming Securities (Asia) Ltd. in Tokyo, and held various academic positions in Japan and the UK. He developed a credit theory of money (1992), which disaggregates Fisher’s equation of money circulation into credit creation used for GDP (‘real economy’) transactions and non-GDP (financial) transactions, and warned of the collapse of the Japanese banking system and the major Japanese recession (1991).

"Prof. Werner is the author of ‘New Paradigm in Macroeconomics’ (2005, Palgrave Macmillan) and ‘Princes of the Yen’ (2003, M. E. Sharpe), in which he warned of the recurring banking crises. In 1994 he proposed a new policy response to banking crises, which he termed ‘quantitative easing’ – an expression that has since become a global household name (even though not implemented in line with his recommendations).

"In November 2010 Professor Richard Werner, Positive Money and nef (the new economics foundation) made a joint submission to the Independent Commission on Banking that recommended the implementation of full-reserve banking for the UK. " [1]


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  1. Positive Money Advisory Board, organizational web page, accessed April 17, 2014.