At the end of this year’s Nobel Prize announcements, the winners in the economics category were announced Monday at the Royal Swedish Academy of Sciences in Stockholm. American economists Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig were honored. Simply put, they research banking and financial crises.
“This year’s laureates in economics — Ben Bernanke, Douglas Diamond and Philip Dybvig — have improved our understanding of the role of banks in the economy, particularly in financial crises,” the Nobel Prize Committee said in its decision.
“Modern banking research makes clear why we have banks, how we can make them less vulnerable to crises and how bank failures exacerbate financial crises. The foundation of this research was laid in the early 1980s by Ben Bernanke, Douglas Diamond and Philip Dybvig. Their analyzes were of great practical importance for the regulation of the financial markets and for overcoming financial crises.
“The insights of the award winners have enabled us to better avoid both major crises and costly rescue operations,” concluded Tore Ellingsen, chair of the Economics Award Committee.
Last year, US-based economists David Card, Joshua Angrist and Guido Imbens were honored with the prestigious award.
Last week, the Nobel laureates in the categories of medicine, physics, chemistry, literature and peace were announced, including quantum physicist Anton Zeilinger. All of this year’s Nobel prizes are endowed with ten million Swedish crowns – that’s currently about 920,000 euros.
Source: Krone
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