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Reading: Ben Bernanke is one of the recipients of the Nobel Prize in Economics and Financial crisis
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WorldEconomy

Ben Bernanke is one of the recipients of the Nobel Prize in Economics and Financial crisis

This year's Nobel Economics Prize went to a group of US economists, including Ben Bernanke, for establishing the groundwork for how major nations today approach major crises like the current epidemic or the Great Recession of 2008.

News Desk
By News Desk Published October 10, 2022
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Ben Bernanke
Ben Bernanke. Image Credits: Wikipedia

Ben S. Bernanke, the former head of the Federal Reserve, and two other academics received the Nobel Memorial Prize in Economic Sciences on Monday for their work on banking and financial disasters.

Along with Mr. Bernanke, who is currently employed by the Brookings Institution in Washington, the prize was also won by economists Douglas W. Diamond from the University of Chicago and Philip H. Dybvig from Washington University in St. Louis.

In 1983, Mr. Bernanke published a study that made history by showing how bank failures might both cause and contribute to a financial crisis.

The same year, Mr. Diamond and Mr. Dybvig published a paper on the dangers of phase transformation or the conversion of short-term borrowing into long-term lending. Additionally, Mr. Diamond wrote about how banks keep track of their customers, noting that when a bank fails, the information about customers is lost, prolonging the effects of the turmoil.

According to John Hassler, an economist from Stockholm University’s Institute for International Economic Studies and a member of the award committee, the Nobel prize winners “have established a framework for our contemporary knowledge of why banks are needed, why they’re fragile, and what to do about it.”

Learn more about the 2022 prize in economic sciences:

Press release: https://t.co/Sgtwlb7MkV
Popular information: https://t.co/gtCuvwiLqX
Advanced information: https://t.co/ULmScq2YPr pic.twitter.com/atHC6HNil3

— The Nobel Prize (@NobelPrize) October 10, 2022

Following the news, Diamond was questioned at a press conference about if he had any advice for banks, organizations, and governments considering the rising interest rates and forecasts of an economy that was slowing down.

According to Phil Dybvig, financial crises worsen as soon as people begin to doubt the sustainability of the system, said Diamond. And it’s all connected to how profitable and stable they perceive the banking industry to be.

 Nominees cannot put themselves forward. The winners are chosen by the Royal Swedish Academy of Sciences from a list of candidates suggested by the Economic Sciences Prize Committee. This chooses finalists from a pool of about 3,000 professors, previous winners, and invited academy members.

TAGGED: 2022 Nobel Prize in Economics and Financial crisis, Ben Bernanke, Ben S. Bernanke, Nobel prize, Nobel Prize in Economics and Financial crisis, Phil Dybvig
By News Desk
The author is the news desk team.
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