The 2022 Nobel Prize in economic sciences was awarded to a former US Federal Reserve chair, Ben Bernanke, as well as two US researchers Douglas Diamond and Philip Dybvig, the Nobel Committee of the Royal Swedish Academy of Sciences announced on Monday.
The three US-based economists won the prize “for research on banks and financial crises.”
This year’s laureates “have significantly improved our understanding of the role of banks in the economy, particularly during financial crises. An important finding in their research is why avoiding bank collapses is vital.”
“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 statement reads.
