Nobel Prize: Three American Economists Honored For Research On Banks-Economic Crisis

The Royal Swedish Academy of Sciences has announced the 2022 Nobel Prize for Economics. In memory of Alfred Nobel, the 2022 Sveriges Riksbank Prize has been awarded to Ben S. Bernanke, Douglas W. Diamond, and Philip H. Diebwig for their research on banks and financial crises.

Announcing the awards, the committee said that the three awardees have significantly improved our understanding of the role of banks in the economy, especially during the financial crisis. An important finding in his research is why is it important to avoid the collapse of banks.

Announcing the awards, it is said that modern banking research explains why we have banks. How to make them less vulnerable to crises and how bank collapse exacerbates financial woes? The foundation for this research was laid in the early 1980s by Ben Bernanke, Douglas Diamond, and Philip Diebwig. His analysis has been of great practical importance in regulating financial markets and dealing with financial crises.

The Sveriges Riksbank Prize in Economic Sciences is awarded in memory of Alfred Nobel. Let us tell you that Alfred Nobel did not mention the Economics Prize in his will. The Sveriges Riksbank established the prize in 1968 and the Royal Swedish Academy of Sciences was given the task of selecting laureates in economic sciences starting in 1969. 

This year the Nobel Prize for Literature has been awarded to French writer Anne Arnoux. This year's Nobel Peace Prize has been announced to Belarusian jailed social rights activist Ales Bilyatsky, Russian the group Memorial, and the Ukrainian organization Center for Civil Liberties. Ukraine's organization has been chosen to honor the Nobel Peace Prize at a time when Ukraine has been facing Russian attacks since February and the armies of the two countries have clashed in several areas. At the same time, this year's Nobel Prize in Chemistry goes to Caroline R. Bertozzi, Morten Meldl, and K. Barry Sharpless for developing a method of 'simultaneous fragmentation of molecules into equal parts.