How work of Nobel economics winners helped world understand financial crisis | World News

The Nobel prize for economics was awarded to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig for the year 2022 at the Royal Swedish Academy of Sciences in Stockholm on Monday. “Their discoveries improved how society deals with financial crises,” the Nobel committee said announcing the winners.

The US based researchers Ben Bernanke, Douglas Diamond and Philip Dybvig “improved our understanding of the role of banks in the economy, particularly during financial crises.”

The most significant finding of their research was focused on how bank collapses can be avoided. Their work in the early 1980s helped in understanding how financial markets can be regulated as well.

Born in 1953 in Augusta, USA, Ben S. Bernanke received his PhD in 1979 from Massachusetts Institute of Technology, Cambridge and is a distinguished senior fellow of economic studies at the Brookings Institution, Washington.

Douglas W. Diamond has a PhD from Yale University and is a Merton H. Miller distinguished service professor of finance at the University of Chicago.

Philip H. Dybvig, 66, is the Boatmen’s Bancshares professor of banking and finance at the Washington University.

“The laureates’ insights have improved our ability to avoid both serious crises and expensive bailouts,” Tore Ellingsen, Chair of the Committee for the Prize in Economic Sciences said.

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