17:52 - 10.10.2022

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October 10, Fineko/abc.az. The winners of the 2022 Nobel Prize in Economics have become known.

ABC.AZ reports that the 2022 prize of the State Bank of Sweden in memory of Alfred Nobel was awarded to the former head of the US Federal Reserve Ben Bernanke, as well as two American researchers Douglas Diamond and Philip Dibwig.

The award will be given for "research on banks and financial crises". This year's laureates "significantly improved the understanding of the role of banks in the economy, especially during financial crises, and in the regulation of financial markets", the Committee explained. A particularly significant aspect of their research was the answer to the question why it is so important to prevent the collapse of banks.

"Modern research in the field of banking explains why we need banks, how to make them less vulnerable during crises, as well as how bank failures exacerbate financial crises. The basis for these studies was laid by Ben Bernanke, Douglas Diamond and Philip Dibwig in the early 1980s. Their analysis of these processes is of great practical importance in regulating financial markets and combating financial crises," the Nobel Committee of the Royal Academy of Sciences said in a press release.