Richard Werner

Richard Andreas Werner is a German banking and development economist who is currently a professor at the University of Winchester. He studied economics at the London School of Economics and took his doctorate at Oxford, and he spent time in Japan at the University of Tokyo, the Nomura Research Institute and the Bank of Japan. In 2001 he published Princes of the Yen, a book on Japan's postwar economic development and the role of central bank credit guidance. He developed the Quantity Theory of Credit, which holds that banks are the main creators and allocators of the money supply through credit creation, and he says he proposed the term quantitative easing in Japan in 1994 and 1995. His career includes chief economist at Jardine Fleming in Tokyo, a chair at the University of Southampton and a professorship at De Montfort University.