2022 Nobel Prize in Economics given for research on banks and financial crises
The 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022, popularly known as Nobel Prize in Economics, has been given to three Americans, Ben Bernanke, Douglas Diamond and Philip Dybvig “for research on banks and financial crises”, according to a Royal Swedish Academy press release.
Their discoveries improved how society deals with financial crises, the release further stated.
Ben Bernanke also served as the 14th chairman of the Federal Reserve, USA’s central bank, from 2006 to 2014.
The three “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”, according to the Nobel Prize website.
The prize money for the award is given out of an endowment made by Sveriges Riksbank, Sweden’s central bank, unlike the other five, whose prize money is derived from the will of the prize founder, dynamite inventor Alfred Nobel.
