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GS-I : Art and Culture Awards & Honours

10 October, 2022
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Nobel Prize in Economic Science 2022

Nobel Prize in Economic Science 2022

Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig will receive the 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel "for research on banks and financial crises," according to the Royal Swedish Academy of Sciences.
David Card, a Canadian-American, received half of the 2021 Nobel Prize in Economic Sciences (labour economics), and Joshua D. Angrist and Guido W. Imbens, Israeli-Americans, shared the other half (analysis of causal relationships).
Other 2022 Nobel Prizes have already been announced in literature, chemistry, physics, medicine, and peace.

Note

The Economics Prize was established by the Swedish Central Bank in Alfred Nobel's honour, not by his will, which established the other prizes, in 1895. In 1969, the first winner was chosen.

What impact have these Nobel Prize winners had on the banking industry?

Bernanke, Ben S.

The worst economic catastrophe in recent history—the Great Depression of the 1930s—was examined by Ben Bernanke.
Bernanke showed through statistical analysis how the global downturn of the 1930s was mostly caused by failing banks.
He demonstrated how bank runs were a crucial contributor to the crisis growing so severe and protracted.
It also made it easier to comprehend how crucial effective bank regulation is.
When the 2008 financial crisis broke out, Bernanke was in charge of the Federal Reserve, the US central bank, and he was able to "translate information from research into policy."

Philip H. Dybvig and Douglas W. Diamond:

In order to explain why banks exist, how their place in society makes them susceptible to rumours of their impending collapse, and how society might minimise this vulnerability, Diamond and Dybvig collaborated to build theoretical models. These realisations serve as the cornerstone of contemporary bank regulation.
They offered deposit protection from the government as a remedy for banks' vulnerability. Depositors won't need to hurry to the bank as soon as reports of a bank run first surface if they are aware that the state has guaranteed their money.

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