Southampton Management School

Richard Werner

BSc (Econ), D.Phil. (Oxon)

Primary position:
Chair in International Banking , Director, Centre for Banking, Finance and Sustainable Development; Director of Int'l Development


The University of Southampton

Richard has been at the University of Southampton since 2004. He is Director of International Development and founding Director of the Centre for Banking, Finance and Sustainable Development. Richard is also a member of the Southampton Management School's Executive Board, as well as its Advisory Board.

In 1989, Richard graduated in International and Development Economics from the London School of Economics and entered the graduate programme in Economics at Oxford University. In 1990, he joined the Graduate School at the University of Tokyo and became a researcher at the Nomura Research Institute. In the following year, he became European Commission-sponsored Marie Curie Fellow at the Institute for Economics and Statistics, University of Oxford, to conduct doctoral studies on monetary economics and banking in Japan. In subsequent years Richard became the first Shimomura Fellow at the Research Institute for Capital Formation at the Japan Development Bank (now Development Bank of Japan), a Visiting Researcher at the Institute for Monetary and Economic Studies at the Bank of Japan, and Visiting Scholar at the Institute for Monetary and Fiscal Studies at the Ministry of Finance, Tokyo. In 1994, Richard took up the position of chief economist at Jardine Fleming Securities (Asia) Ltd., in which function his market forecasting activities earned him high rankings in investor surveys (Institutional Investor, Greenwich, Japanese Economist). In 1997, Richard joined the faculty of Sophia University, Tokyo, to teach Money and Banking and International Finance. In 1998, he left Jardine Fleming and set up a consulting firm, Profit Research, which conducts macroeconomic research and market forecasting on 37 countries. In 2000, he became tenured Assistant Professor of Economics, teaching Development Economics, International Economics and Monetary Economics. He has worked for several years as senior staff consultant of the Asian Development Bank, Manila, including as Team Leader of a country study on the Asian crisis. Richard has been advisor to the ruling Japanese Liberal Democratic Party's Central Bank Reform Research Group and served on several Ministry of Finance advisory panels. From 2000 to 2003 Richard was a member of the asset allocation committee of one of the largest Japanese pension funds. He has over a decade of experience in advising international investors and hedge funds on investment strategy.

Richard's book 'Princes of the Yen' became a no. 1 bestseller in Japan. His 2005 book 'New Paradigm in Macroeconomics' (Palgrave Macmillan) correctly predicted the collapse of the UK banking system and property market, highlighted the problem of 'recurring banking crises' and suggested workable solutions.

Some of Richard's work featured prominently in the financial press, attracting interest, among others, from Alan Greenspan. Richard has frequently appeared on Japanese and international TV commenting on economic and financial affairs. In 2003, the World Economic Forum selected him as 'Global Leader for Tomorrow' in Davos.

Professor Richard Werner's photo


The University of Southampton's electronic library (e-prints)


Lyonnet, Victor and Werner, Richard A. (2012) Lessons from the Bank of England on 'quantitative easing' and other 'unconventional' monetary policies. [in special issue: Banking and the Economy] International Review of Financial Analysis, 25, 94-105. (doi:10.1016/j.irfa.2012.08.001).
Voutsinas, Konstantinos and Werner, Richard (2011) Credit supply and corporate capital structure: evidence from Japan. International Review of Financial Analysis, 20, (5), 320-334. (doi:10.1016/j.irfa.2011.05.002).
Werner, Richard A. (2011) Further fiscal union not needed in Europe. Daily Yomiuri
Werner, Richard (2011) Economics as if banks mattered: a contribution based on the inductive methodology. [in special issue: Papers in Money, Macroeconomics and Finance] The Manchester School, 79, supplement s2, 25-35. (doi:10.1111/j.1467-9957.2011.02265_5.x).
Chen, Yuanquan and Werner, Richard A. (2011) The role of monetary aggregates in Chinese monetary policy implementation. Journal of the Asia Pacific Economy, 16, (3), 464-488. (doi:10.1080/13547860.2011.589633).
Werner, R.A. (2009) Bernanke's speech shows where BOJ failed. Daily Yomiuri
Werner, Richard A. (2009) Financial crises in Japan during the 20th century. Bankhistorisches Archiv, 47, 98-123.
Werner, Richard A. (2006) A comparative analysis of the independence of the ECB, the Bundesbank and the Reichsbank. International Finance Review, 6, 1-16.
Thomas, S. and Werner, R. (2005) Central bank independence. Financial Times
Werner, R.A. (2005) Beruht der Ruf nach Reformen auf Tatsachen? WISO Wirtschafts- und Sozialpolitische Zeitschrift, 28, (1), 85-108.
Thomas, S. and Werner, R.A. (2004) Letters to the Editor: Has Bank paid enough attention to preventing a housing bubble? Financial Times, p.18.
Werner, Richard A. (2004) The Greenspan of Japan. Newsweek, 56.
Werner, R.A. (2003) Banking sector restructuring and macroeconomic stability. Sophia International Review, 25
Werner, R.A. (2002) Stock Market Capitalism: Welfare Capitalism, Japan and Germany versus the Anglo-Saxons, by Ronald Dore. Journal of Economics Literature, 40, (4), 1279-1280.
Werner, R.A. (2002) Letters To The Editor: South African central bank responsible for fall in rand. Financial Times, 9 April, P.20.
Werner, Richard A. (2002) Monetary policy implementation in Japan: what they say versus what they do. Asian Economic Journal, 16, (2), 111-151. (doi:10.1111/1467-8381.00145).
Werner, R.A. (2002) Post-crisis banking sector restructuring and its impact on economic growth. The Japanese Economy, (6), 3-37.
Werner, R.A. (2002) How to get growth in Japan. Central Banking, XIII, (2), 48-54.
Werner, R.A. (2001) Bank of Japan must pay for economic clean-up. Financial Times
Werner, R.A. (2001) The long recession: a decade of pain, now for the gain... The Euro-Japanese Journal, 7, (2)
Werner, R. (2000) Japan's plan to borrow from banks deserves praise. Financial Times, 12.
Werner, R.A. (2000) Japan's new economy. Central Banking, 10, (4), 72-76.
Werner, Richard A. (1999) Central banks - don't listen to what they say - watch what they do. Financial Times (Submitted).
Werner, R.A. (1999) Nihon ni okeru madoguchishido to "bubble" no keisei. Gendai Finance, 5, 17-40.
Werner, Richard A. (1998) Newly independent Bank of Japan reduces information disclosure. Economist (Japan)
Werner, R.A. (1996) How the bank of Japan won. Asian Wall Street Journal, 1996b, (Monday)
Werner, R.A. (1996) The bank of Japan prolonged Japan's recession. Asian Wall Street Journal, 1996b Thursday
Werner, Richard A. (1995) How to create a recovery through ‘Quantitative Monetary Easing’. The Nihon Keizai Shinbun (Nikkei), 2 September 1995 (morning edition), p.26.
Werner, Richard A. (1995) Bank of Japan: Start the presses! Asian Wall Street Journal, 1995b
Werner, Richard A. (1994) Japanese foreign investment and the "Land Bubble". Review of International Economics, 2, (2), 166-178. (doi:10.1111/j.1467-9396.1994.tb00038.x).
Werner, R.A. (1993) The Japanese Economy, by Takatoshi Ito. The Manchester School of Economic and Social Studies, 61, (3), 327-329.


Ryan-Collins, Josh, Greenham, Tony, Werner, Richard and Jackson, Andrew (2011) Where does money come from? A guide to the UK monetary and banking system, London, GB, New Economics Foundation, 144pp.
Werner, Richard A. (ed.) (2007) Neue wirtschaftspolitik: was Europa aus Japans Fehnlern lernen kann, Munich, Germany, Vahlen, 496pp.
Werner, Richard (2005) New paradigm in macroeconomics: solving the riddle of Japanese macroeconomic performance, Basingstoke, Palgrave Macmillan, 440pp.
Werner, Richard A. (2003) Central banking and structural changes in Japan and Europe, Tokyo, Japan, Soshisha Press
Werner, Richard A. (2003) Princes of the Yen: Japan's central bankers and the transformation of the economy, New York, USA, M.E. Sharpe, 320pp.
Werner, Richard (2003) The enigma of the great recession, Tokyo, Japan, PHP Institute Press
Kikkaawa, M. and Werner, R.A. (2003) Dismantaling the Japanese Model, Tokyo, JP, Kodansha

Book Section

Werner, R. A. (2008) Was sind die Voraussetzungen fuer ein gesundes Wirtschaftswachstum ohne Bankenprobleme? In, Spaengler, Carl (ed.) 20 Fragen zur Geldanlage, Festschrift zum 20-Jahr-Jubilaeum der Spaengler-Fonds. Austria, Republic of, AT, Carl Spaengler Kapitalanlagegesellschaft mbH.
Werner, R. (2007) Germany's choice and lessons from Japan: supply vs. demand policy, fiscal vs. monetary policy. In, Bibow, Jörg and Terzi, Andrea (eds.) Euroland and the World Economy: Global Player or Global Drag? Basingstoke, UK, Palgrave Macmillan, 184-214.
Werner, R. A. (2007) The link between fiscal and monetary policy - lessons for Germany from Japan. In, Hein, Eckhard and Truger, Achim (eds.) Money, Distribution and Economic Policy : Alternatives to Orthodox Macroeconomics. Cheltenham, UK, Edward Elgar, 186-215.
Werner, Richard A. (2007) The cause of Japan's recession and the lessons for the world. In, Bailey, David, Coffrey, Dan and Tomlinson, Phil (eds.) Crisis or Recovery in Japan: State and Industrial Economy. Cheltenham, Edward Elgar.
Werner, R.A. (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, Holland, Elsevier, 135-170.
Werner, R.A. (2006) Aspects of German monetary and development economics and their reception in Japan. In, Stathakis, Yiorgos and Vaggi, Gianni (eds.) Economic Development and Social Change. London, UK, Routledge. (Routledge Studies in the History of Economics).
Werner, R.A. (2006) What accession countries need to know about the ECB: a comparative analysis of the independence of the ECB, the Bundesbank and the Reichsbank. In, Batten, J.A., Kearney, Colm and Choi, J. Jay (eds.) Emerging European Financial Markets: Independence and Integration Post-Enlargement. Oxford, UK, Elsevier, 99-116. (International Finance Review 6).
Werner, Richard A. (2000) Indian macroeconomic management: at the crossroads between government and markets. In, Rising to the Challenge in Asia: a Study of Financial Markets, Vol. 5 - India. Manila, Philippines, Asian Development Bank, 1-58.
Werner, Richard A. (2000) Macroeconomic management in Thailand: the policy-induced crisis. In, Rhee, G.S. (ed.) Rising to the Challenge in Aisa: A Study of Financial Markets. Volume 2 - Special Issues. Manila, PH, Asian Development Bank.
Werner, R.A. (1999) Japans Wirtschaftsreform der neunziger Jahre: Back to the Future, to the End of History. In, Schaumann, Werner (ed.) Japans Kulter der Reformen, Referate des 6. Japanologentages der OAG in Tokyo. Munich, Iudicium.
Werner, R.A. (1998) Bank of Japan window guidance and the creation of the bubble. In, Rodao, F. and Santos Lopez, A. (eds.) El Japón Contemporaneo. Salamanca, Spain, University of Salamanca Press.

Conference or Workshop Item

Werner, Richard A. (2012) ECOBATE 2013 Call for Papers. In, 2nd European Conference on Banking and the Economy (ECOBATE 2013), Winchester, GB, 06 Mar 2013. 1pp.
Werner, R. A. (2009) Lessons from the Global Crisis: A new Paradigm? In, 2nd Mecpoc Symposium , Franklin College.
Werner, Richard A. (2009) Central Banking and the Governance of Credit Creation. In, Where Next for International Financial Regulation?, Copenhagen, DK, Danish Institute for International Studies.
Werner, R. A. (2008) Credit Creation: The Holy Grail of Asset Allocation/ Alpha Generation and Implications for Risk Management. In, Nomura Global Quantitative Investment Strategies Conference 2008 , New York, USA, Nomura.
Werner, R. A. (2007) Credit and growth in different rationing regimes - Some implications for inflation, government intervention and institutional design. In, 24th International Symposium on Money, Banking and Finance, Rennes, France,
Werner, Richard (2005) Solving the riddle of Japanese macroeconomic performance in the 1980s and 1990s. In, Nissan Institute Seminar in Japanese Studies, Oxford, UK, 24 Oct 2005. Nissan Institute of Japanese Studies, University of Oxford and International Relations Department, London Metropolitan University.
Werner, R.A. (2005) Global macro in Asia: how to create a currency, bond and equity portfolio in Asia. In, Annual Conference on Asian Hedge Funds, Geneva, Switzerland,
Werner, Richard A. (2005) Revisiting the link between fiscal and monetary policy - an alternative framework with special reference to fiscal policy effectiveness under EMU. In, Macroeconomics and Macroeconomic Policies - Alternatives to the Orthodoxy. 9th Workshop of the Research Network Alternative Macroeconomic Policies, Berlin, Germany, 28 - 29 Oct 2005. Berlin, Germany,
Werner, R.A. (2004) Why has fiscal policy disappointed in Japan? Revisiting the pre-Keynesian view on the effectiveness of fiscal policy. In, 21st Symposium on Banking and Monetary Economics, Nice, France, 10 - 11 Jun 2004. University of Nice: Sophia Antipolis.
Werner, R.A. (2004) The enigma of Japan's recession and its challenge to mainstream economics. In, Open Seminar, Sheffield, UK, School of East Asian Studies, University of Sheffield.
Werner, Richard A. (2004) An alternative rationale for the introduction of bank-centered economic systems in Germany and Japan and a re-evaluation of their efficacy. In, Economic History Society Annual Conference, London, UK, 02 - 04 Apr 2004. London, UK, Royal Holloway, University of London.
Werner, R.A. (2004) New paradigm in macroeconomics and economic development: a critique of neoclassical economics. In, Guest Lecture School of Oriental and African Studies, University of London.
Werner, Richard A. (1998) Keiki kaifuku no tameni ginko kaiire ni yoru zaiseiakaji hotenwo. In, Keizai Seminar, Kyoto, JP,


Bernardo, Giovanni, Ryan-Collins, Josh and Werner, Richard A. (2013) UK QE reconsidered: the real economy effects of monetary policy in the UK, 1990-2012 – an empirical analysis. Southampton, GB, Centre for Banking, Finance and Sustainable Development, University of Southampton (Centre for Banking, Finance and Sustainable Development Policy Discussion Papers).
Werner, Richard A. (2012) How to end the European crisis – at no further cost and without the need for political changes. Southampton, GB, University of Southampton, 12pp. (Centre for Banking, Finance and Sustainable Development Policy Discussion Paper, 2-12).
Werner, Richard A. (2012) The Euro-crisis: a to-do-list for the ECB. Southampton, GB, University of Southampton (Centre for Banking, Finance and Sustainable Development Policy Discussion Paper 1-12). (In Press)
Werner, Richard (2010) Towards stable and competitive banking in the UK - evidence for the Independent Commission on Banking (ICB). Southampton, GB, University of Southampton, 23pp. (CBFSD Policy Discussion Paper, 3/1-1-).
Werner, R.A. (2009) Selective award of a public privilege: an analytical evaluation of a potential obstacle to the growth of not-for-profit financial institutions in the UK. Southampton, UK, University of Southampton (Discussion Papers in Centre for Banking, Finance and Sustainable Development).
Werner, R.A. (2009) Policy debate: understanding the credit crisis: why banks collapsed - and with them the mainstream paradigm in economics and finance. Southampton, UK, University of Southampton (Discussion Papers in Centre for Banking, Finance and Sustainable Development).
Werner, Richard A. (2009) A Comparative Study of Selected 20th Century Banking Crises in Japan and Implications for Theory and Policy. Southampton, GB, University of Southampton (Centre for Banking, Finance and Sustainable Development Discussion Series, 1/09).
Werner, R.A. (2008) The unintended consequences of the debt. Southampton, UK, University of Southampton (Discussion Papers in Centre for Banking, Finance and Sustainable Development, (CBFSD-08-02) ).
ap Gwilym, O., Seaton, J., Thomas, S. and Werner, R. (2006) Valuation rations, stock returns and relative asset volatilities: an international puzzle. Southampton, UK, University of Southampton (Discussion Paper Series: Centre for Risk Research, (CRR-06-02) ).
Werner, R.A. (1991) The great Yen illusion: Japanese capital flows and the role of land. Oxford, UK, University of Oxford Institute of Economics and Statistics (Oxford Applied Economics Discussion Paper Series, (129) ).
Werner, R.A. (1991) Japanese capital outflows and the role of and asset appreciation. Tokyo, JP, JDB Discussion Paper Series


Research Interests

  • Banking
  • Banking and the Economy
  • Banking and Development
  • History of Banking
  • Central Banking
  • Monetary Economics
  • Macroeconomics
  • International Economics
  • Development Economics
  • History of Economic Thought
  • Methodology in Economics
  • Comparative Economic and Financial Systems
  • Portfolio Management and Asset Allocation
  • Forecasting
Work in progress

The global financial crisis: causes, consequences and solutions;
Determinants of real estate prices in the UK and Japan;
Monetary policy implementation in China;
Foreword for Korean edition of 'Princes of the Yen';
New edition of 'New Paradigm in Macroeconomics';
Policy debate papers for the Centre of Banking, Finance and Sustainable Development Policy Debate Series (see

Primary research group:  Centre for Banking, Finance and Sustainable Development

Affiliate research groups:  , Finance and Banking Research Group


Professor Richard Werner
Southampton Management School
University of Southampton
SO17 1BJ, UK.

Room Number: 2/4075

Telephone: (023) 8059 2549
Facsimile: (023) 8059 3844