Lagatar24 Desk
New Delhi, Oct 10: For the studies on banks and financial crises, Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig were awarded the 2022 Nobel Prize in Economics.
The three laureates, according to the committee, have considerably increased our understanding of the function of banks in the economy, particularly during financial crises. They also made a crucial discovery in their research that highlights the importance of preventing bank failures.
“Modern banking research clarifies why we have banks, how to make them less vulnerable in crises and how bank collapses exacerbate financial crises. The foundations of this research were laid by Ben Bernanke, Douglas Diamond, and Philip Dybvig in the early 1980s. Their analyses have been of great practical importance in regulating financial markets and dealing with financial crises,” the Nobel announcement read.
BREAKING NEWS:
The Royal Swedish Academy of Sciences has decided to award the 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig “for research on banks and financial crises.”#NobelPrize pic.twitter.com/cW0sLFh2sj— The Nobel Prize (@NobelPrize) October 10, 2022
