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Japan's Long-Term Recession: Abenomics and Lessons for Europe

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Japan's Long-Term Recession: Abenomics and Lessons for Europe Japan's Long-Term Recession: Abenomics and Lessons for Europe Speaker Biographies Andrew Rozanov is an associate fellow with the International Economics Department at Chatham House in London, where he is leading a research project on Abenomics. He is an independent expert on institutional fund management and a specialist on Japanese affairs. Andrew joined Chatham House in October 2014. Prior to that, he worked at Permal Group, a hedge fund specialist firm, where he was responsible for advising sovereign wealth funds and other long-term institutional investors on asset allocation, portfolio construction, risk management and alternative investments, with a particular focus on global macro and tail risk strategies. Before joining Permal, Andrew held various roles at State Street Corporation and UBS Investment Bank, initially based in Tokyo and subsequently in London. Andrew is known in the industry for having introduced the term 'sovereign wealth funds' in an article in Central Banking Journal in 2005. Subsequently, he published two highly acclaimed books – Global Macro: Theory and Practice and Tail Risk Hedging (Risk Books). He is a chartered financial analyst (CFA), a financial risk manager (FRM), and a chartered alternative investment analyst (CAIA). He holds a Master's equivalent degree in Asian and African Studies from Moscow State University. Andrew has lived, studied and worked in Japan for a total of 20 years, and is fluent in Japanese. Professor Richard Werner is director of international development and founding director of the Centre for Banking, Finance and Sustainable Development at the University of Southampton, where he has been based since 2004. Richard is also a member of the Southampton Business School's Executive Board, as well as its advisory board. Richard graduated in international and development economics from the London School of Economics and entered the graduate programme in economics at Oxford University. He later joined the Graduate School at the University of Tokyo and subsequently became a researcher at the Nomura Research Institute. After which he became European Commission-sponsored Marie Curie Fellow at the Institute for Economics and Statistics, University of Oxford, where he undertook doctoral studies on monetary economics and banking in Japan. 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 1995, in an article in the 10 St James’s Square, London SW1Y 4LE T +44 (0)20 7957 5700 F +44 (0)20 7957 5710 www.chathamhouse.org Patron: Her Majesty The Queen Chairman: Stuart Popham QC Director: Dr Robin Niblett Charity Registration Number: 208223 2 Japanese newspaper Nihon Keizai Shimbun (Nikkei), Richard introduced the term ‘quantitative easing’. 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. Subsequently, Richard was also a member of the ECB Shadow Council. Richard's book Princes of the Yen became a number one 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. 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. Dr Naoyuki Yoshino is dean of the Asian Development Bank Institute (ADB Institute); professor emeritus of Keio University in Tokyo, Japan; and senior adviser at the Japan Financial Services Agency’s (FSA) Financial Research Center (FSA Institute). He obtained his PhD from Johns Hopkins University in 1979, where his thesis supervisor was Sir Alan Walters. He was a visiting scholar at the Massachusetts Institute of Technology (United States) and has been a visiting professor at various universities, including the University of New South Wales (Australia), Fondation Nationale des Sciences Politiques (France), and University of Gothenburg (Sweden). He was an assistant professor at the State University of New York at Buffalo and an economics professor at Keio University from 1991 to 2014. He was appointed chair of the Financial Planning Standards Board in 2007, and also served as chairman of the Japanese Ministry of Finance’s Council on Foreign Exchange and its Fiscal System Council (Fiscal Investment and Loan Program Section). He was also a board member of the Deposit Insurance Corporation of Japan, chairman of the Meeting of Japanese Government Bond Investors (Ministry of Finance), and was president of the Financial System Council of the Government of Japan. He was conferred honorary doctorates by the University of Gothenburg (Sweden) in 2004 and by Martin Luther University of Halle-Wittenberg (Germany) in 2013. He also received the Fukuzawa Award for his contribution to academic research in 2013. .
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