The 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded to Ben S Bernanke, Douglas W Diamond and Philip H Dybvig “for research on banks and financial crises”, at the Royal Swedish Academy of Sciences in Stockholm on Monday. Bank runsFormer Federal Reserve Bank chairman Ben Bernanke, meanwhile, analysed the Great Depression of the 1930s, the worst economic crisis in modern history. Among other things, he showed how bank runs were a decisive factor in the crisis becoming so deep and prolonged. The academy added that the trio’s research reduces the risk of financial crises developing into long-term depressions with severe consequences for society. Abhijit BanerjeeIn 2019, India-born American economist Abhijit Banerjee was awarded the Nobel Prize for economics (along with Esther Duflo and Michael Kremer) for helping to develop an innovative experimental approach to alleviating global poverty.

Source: Nigerian Tribune October 11, 2022 04:26 UTC