This year’s Nobel Prize in Economic Sciences has been awarded to the former chair of the U.S. Federal Reserve, Ben S. Bernanke and two US-based economists, Douglas W Diamond and Philip H Dybvig, for research on banks and financial crises. The prize was announced today by the Nobel panel at the Royal Swedish Academy of Sciences in Stockholm.
The Committee said their work had shown in their research “why avoiding bank collapses is vital.” Nobel prizes carry a cash award of 10 million Swedish kronor.