US trio wins 2022 Nobel Prize in economics

09:55 PM | 10 Oct, 2022
US trio wins 2022 Nobel Prize in economics
Source: A screengrab of Nobel Prize\'s Youtube video
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STOCKHOLM – Three US-based academics have won the Nobel Economics Prize 2022 “for research on banks and financial crises”.

The Royal Swedish Academy of Sciences said on Monday that Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig have been awarded the prize, stating that the trio has “significantly improved our understanding of the role of banks in the economy, particularly during financial crises”.

The prize amount, 10 million Swedish kronor, will be shared equally between the laureates.

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.

Fourteen laureates were awarded a Nobel Prize in 2022, for achievements that have conferred the greatest benefit to humankind.

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