US-based economists awarded Nobel Prize for financial crises research

This year's Nobel Prize in economic sciences has been awarded to the former chair of the US 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 on October 10 by the Nobel panel at the Royal Swedish Academy of Sciences in Stockholm, The New Daily reports.

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 ($1.4 million) and will be handed out on December 10.

A week of Nobel Prize announcements kicked off October 3 with Swedish scientist Svante Paabo receiving the award in medicine for unlocking secrets of Neanderthal DNA that provided key insights into our immune system.

Three scientists jointly won the prize in physics on October 4.

Frenchman Alain Aspect, American John F. Clauser and Austrian Anton Zeilinger had shown that tiny particles can retain a connection with each other even when separated, a phenomenon known as quantum entanglement, that can be used for specialised computing and to encrypt information.

The Nobel Prize in chemistry was awarded on Wednesday to Americans Carolyn R. Bertozzi and K. Barry Sharpless, and Danish scientist Morten Meldal for developing a way of "snapping molecules together" that can be used to explore cells, map DNA and design drugs that can target diseases such as cancer more precisely.

BREAKING NEWS:
The Royal Swedish Academy of Sciences has decided to award the 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig “for research on banks and financial crises.”#NobelPrize pic.twitter.com/cW0sLFh2sj

— The Nobel Prize (@NobelPrize) October 10, 2022