Banking crisis breakthroughs win Nobel economics prize for ex-Fed chief Ben Bernanke and two other US-based economists

Former US Federal Reserve Chair Ben Bernanke has won the Nobel Prize in economic sciences along with two other US-based economists for their research into the fallout from bank failures.

Mr Bernanke, Douglas Diamond and Philip Dybvig were given the nod for having “significantly improved our understanding of the role of banks in the economy, particularly during financial crises, as well as how to regulate financial markets”, the jury said.

“Their analyses have been of great practical importance in regulating financial markets and dealing with financial crises,” it added.

Mr Bernanke, 68, the chair of the US Federal Reserve between 2006 and 2014, was highlighted for his analysis of “the worst economic crisis in modern history” — the Great Depression in the 1930s.

A man, wearing a suit and tie, gestures with his hands
Mr Bernanke was named among the winners for his analysis of the Great Depression.(AP Photo / Susan Walsh)

Mr Diamond, a professor at the University of Chicago born in 1953, and Mr Dybvig, 67, a professor at Washington University in St. Louis, were in turn honoured for showing how “banks offer an optimal solution” for channelling savings to investments by acting as an intermediary.

‘False Nobel’

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