Stockholm, Oct. 9 (DP.net).– The American economists Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig are the three winners this Sunday of the 2022 Nobel Prize in Economics for having "significantly improved our understanding of the role of banks in the economy, particularly during financial crises", reported the Royal Academy of Sciences.
"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", the jury reported.
"Their analyses have been of great practical importance in regulating financial markets and dealing with financial crises", explained the Swedish institution. "The laureates’ insights have improved our ability to avoid both serious crises and expensive bailouts,” says Tore Ellingsen, Chair of the Committee for the Prize in Economic Sciences.
Ben S. Bernanke was director of the United States Federal Reserve (FED) between 2006 and 2014 and is a senior fellow at the Brookings Institution in Washington DC. Douglas W. Diamond is Professor of Finance at the University of Chicago. Philip H. Dybvig is Professor of Banking and Finance at Olin Business School at Washington University in St. Louis.
Previous Nobel Prize awards last
week
- Peace: Ales Bialiatski from Belarus, the Russian human rights organisation Memorial and the Ukrainian human rights organisation Center for Civil Liberties
- Physiology or Medicine: Dr. Svante Pääbo
- Physics: Alain Aspect, John F. Clauser and Anton Zeilinger
- Literature: Annie Ernaux
- Chemistry: Carolyn R. Bertozzi, K. Barry Sharpless and Morten Meldal
- Economy: >>To be granted in October 10.
Stockholm/Oslo, Oct.7 (DP.net).– The Noble prizes in medicine, physics, chemistry, literature and peace were established by the will of Alfred Nobel, a wealthy Swedish industrialist and the inventor of dynamite. The first awards were handed out in 1901, five years after Nobel’s death. Each prize is worth 10 million kronor (nearly $900,000) and will be handed out with a diploma and gold medal on Dec. 10 — the date of Nobel’s death in 1896. The economics award — officially known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel — wasn’t created by Nobel, but by Sweden’s central bank in 1968.
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