Nobel Prize in Economics 2022: Laureates Ben S. Bernanke, Douglas W. Diamond and Philip H. Devwig

image source, Niklas El-Moheed © Nobel Prize for Communication

The Royal Swedish Academy of Sciences reports that the 2022 Nobel Prize in Economics has been awarded to American economist Ben S. Bernanke, Douglas W. Diamond, and Philip H. Devig for “Research on Banking and Financial Crises”.

The jury said the US trio was honored for having “significantly improved our understanding of the role of banks in the economy, particularly during financial crises, as well as how financial markets are regulated.”

“Recent banking research sheds light on why banks exist, how to make them less vulnerable in crises, and how bank failures exacerbate financial crises. This research was founded by Ben Bernanke, Douglas Diamond, and Philip Debweg in the early eighties.”

The Swedish Foundation explained that “his analyzes were of great practical importance in regulating financial markets and dealing with financial crises.” “The award winners’ ideas have strengthened our ability to avert serious crises and costly bailouts,” said Tori Ellingsen, chair of the Economics Prize Committee.

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