Tuesday, 3 March 2015 at 2:30PM
Barnard's Inn Hall

The Curious Case of Japan - Why Macroeconomics Needs A Rethink

Presented by John Greenwood OBE

The 2015 Long Finance Spring Conference.

This conference will focus on an important clash between theory and practice.

The conference consisted of an introduction from Alderman Professor Mainelli, followed by two presentations and a panel discussion.

Conference speakers
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Chief Economist at INVESCO plc, John Greenwood OBE, is a graduate of Edinburgh University. He did economic research at Tokyo University and was a visiting research fellow at the Bank of Japan (1970-74). From 1974 he was Chief Economist with GT Management plc, based initially in Hong Kong and later in San Francisco. As editor of Asian Monetary Monitor he proposed a currency board scheme for stabilizing the Hong Kong dollar in 1983 that is still in operation today. John was a director of the Hong Kong Futures Exchange Clearing Corporation (1987-91) and council member the Stock Exchange of Hong Kong (1992-93). An economic adviser to the Hong Kong Government (1992-93), he has been a member of the Committee on Currency Board Operations of the Hong Kong Monetary Authority since 1998. He is also a member of the Shadow Monetary Policy Committee in England. John is a director of INVESCO Asia Ltd in Hong Kong, INVESCO Asset Management Singapore Ltd, and the Hong Kong Association in London.

In 1980 he translated Yoshio Suzuki’s book, “Money and Banking in Contemporary Japan” from Japanese. In 2007 he completed a book entitled Hong Kong’s Link to the US Dollar: Origins and Evolution which covers the collapse of the currency in 1983 and its subsequent restoration to stability under the plan he devised.

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Part of the lifescript of George Tait Edwards has been his investigation over more than four decades into the mechanisms of explosive economic growth in the USA from 1938-45, in post-war Japan 1945-75, and in post-rapprochemont China 1975-now. Following articles (co-authored by Lord Harold Lever in the Sunday Times during November and December 1979) George Edwards tried to advise the Thatcher governments about these issues, lobbying parliament through the Grylls Group during the 1979-83 years, but he failed to have any positive effect due to well-funded Clearing Bank opposition to the interests of the British people. The titles of the five books he has co-authored or written accurately reflect his interest in these topics. The first four titles were all published by Macmillan Academic (now the Palgrave Press) and are:

John C Carrington and George T Edwards, Financing Industrial Investment, 1979.
John C Carrington and George Edwards, Reversing Economic Decline, 1981.
George T Edwards, How Economic Growth and Inflation Happen, 1984. 
George T Edwards, The Role of Banks in Economic Development, The Economics of Industrial Resurgence (Foreword by Harold Lever), 1987.

And finally a fifth book published by Lulu in June 2014 about Dr Osamu Shimomura who was "Japan's most influential postwar economist" whose insights and policies lie at the root of the high growth of the Tokyo Consensus economies: "Shimomuran Economics and the Rise of the Tokyo Consensus

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Alderman Professor Michael Mainelli is Emeritus Mercers' School Memorial Professor of Commerce at Gresham College, having held the chair from 2005 to 2009. His first degree was in Government from Harvard, followed by mathematics and engineering studies at Trinity College Dublin and a PhD from the London School of Economics in chaotic systems, where he was also a Visiting Professor.

Professor Mainelli is Executive Chairman of Z/Yen, the City of London’s leading commercial think-tank and venture firm, which he co-founded in 1994 to promote societal advance through better finance and technology. A qualified accountant (FCCA), securities professional (FCSI), computer specialist (FBCS) and management consultant (FIC), Michael began his career as a research scientist in aerospace (rockets) and computing (architecture & mapping). He later became a senior partner with accountants BDO Binder Hamlyn directing global consulting projects. During the 1990s he worked for the UK Ministry of Defence as Corporate Development Director for Europe’s then largest R&D firm, the Defence Evaluation & Research Agency leading to two privatisations. Career highlights include directing Z/Yen’s Long Finance initiative with Gresham College and the City of London Corporation asking “when would we know our financial system is working?” as well as creating the Global Financial Centres Index, Global Intellectual Property Index, London Accord and Farsight Award. Michael also conceived and produced the first complete digital map of the world in 1983, Mundocart (a 1980’s Google Earth), and the $20 million Geodat consortium cartography project.

Michael is non-executive Director of the United Kingdom Accreditation Service (UK’s national body for standards and laboratories), AIM-listed Sirius Minerals plc (potash mining), AIM-listed Wishbone Gold Plc; Alderman for Broad Street Ward (elected) at the City of London Corporation; Almoner for Christ’s Hospital School; Trustee of International Fund for Animal Welfare. Michael has held numerous advisory posts, for example with Hitachi UK, City University and HM Treasury. Michael won a 1996 UK Foresight Challenge award for the Financial Laboratory, 2003 UK Smart Award for prediction software, 2005 British Computer Society Director of the Year, 2011 Technology Strategy Board Challenge Award for financial avatars, and was awarded Gentiluomo of the Associazione Cavalieri di San Silvestro in 2011. Michael is a Liveryman, Worshipful Company of World Traders, Freeman, Watermen & Lightermen, and represents the Financial Services Group of Livery Companies.

Michael has published over 40 journal articles, 150 commercial articles and four books. Michael’s humorous risk/reward management novel, Clean Business Cuisine: Now and Z/Yen, written with Ian Harris, was a Sunday Times Book of the Week in 2000; Accountancy Age described it as “surprisingly funny considering it is written by a couple of accountants”. Their third co-authored book, The Price of Fish: A New Approach to Wicked Economics and Better Decisions, based on his Gresham lectures, won the 2012 Independent Publisher Book Awards Finance, Investment & Economics Gold Prize. Michael plays bagpipes, loves skiing and sailing and, with his wife, Elisabeth, he races and restores the 1923 Thames Sailing Barge Lady Daphne and sits on the world’s oldest sailing racing body, the Thames Match Committee. With an international family, Michael speaks English, German, French and Italian poorly, but even worse Spanish and Chinese.

To access all of Professor Mainelli's previous Gresham College lectures, please click here.

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Professor Werner, DPhil (Oxon) has been Professor of International Banking at the University of Southampton for a decade. He is founding director of its Centre for Banking, Finance and Sustainable Development, and a member of the ECB Shadow Council. He is also chair of Local First, a community interest company establishing not-for-profit community banks in the UK.

In the past Richard has been a professor of monetary and development economics at Frankfurt University and Sophia University, Tokyo. He was also chief economist at Jardine Fleming Securities (Asia) Ltd, Senior Managing Director at Bear Stearns Asset Management Ltd, senior consultant to the Asian Development Bank and visiting researcher at the Japanese Ministry of Finance, the Bank of Japan and the Development Bank of Japan.

Richard proposed the disaggregation of credit and its impact on asset markets and growth with his Quantity Theory of Credit in 1992 at Oxford. He advanced the concept of ‘quantitative easing’ in Japan in 1994. His book Princes of the Yen (M E Sharpe, 2003), was a number 1 bestseller in Japan. In it, he warned of the coming creation of credit bubbles and banking crises in the eurozone. So did his 2005 book, New Paradigm in Macroeconomics (Palgrave Macmillan). The World Economic Forum, Davos, selected him as “Global Leader for Tomorrow” in 2003. His jointly authored book Where Does Money Come From? (New Economics Foundation, 2012, 2nd ed) was cited by the Bank of England in its 2014 recognition of bank money creation.

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Conference lectures
WATCHED
Part of a conference

The Study of Money May Be The Root Of Much Madness - The Fragile Foundations Underneath Economics

Alderman Professor Michael Mainelli
Tuesday, 3 March 2015 - 2:30AM
WATCHED
Part of a conference

The Curious Case of The Economist the West Forgot - The Life and Times of Dr Osamu Shimomura

George Tait Edwards
Tuesday, 3 March 2015 - 3:00PM
WATCHED
Part of a conference

Lessons We can Learn from the Success of the Japanese Growth System

Professor Richard Werner
Tuesday, 3 March 2015 - 3:30PM
WATCHED
Part of a conference

Panel Discussion: Why Macroeconomics Needs A Rethink

George Tait Edwards
Tuesday, 3 March 2015 - 4:30PM