Nobel for economics goes to Ben Bernanke, Douglas Diamond, Philip Dybvig

Ben Bernanke, Douglas Diamond and Philip Dybvig. Pic/AFP

A trio of U.S. economists including Former Federal Reserve chief Ben Bernanke won this year's Nobel Economics Prize on Monday for research on how propping up failing banks can stave off deeper economic crisis. Bernanke, along with Douglas Diamond and Philip Dybvig won the prize for their work starting in the early 1980s that carried practical importance in regulating financial markets and dealing with financial crises.

Also Read: Belarus activist Ales Bialiatski, among three Nobel Peace Prize winners

"Ben Bernanke, Douglas Diamond and Philip Dybvig, have significantly improved our understanding of the role of banks in the economy, particularly during financial crises," the Royal Swedish Academy of Sciences said on Monday. "An important finding in their research is why avoiding bank collapses is vital," it added. Majority of laureates are from the US. Only two women have won it, Elinor Ostrom in 2009 and Esther Duflo in 2019.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever