STOCKHOLM, Oct. 10 (Xinhua) — 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 .”
In an on-site phone interview, Diamond said the news “came as a surprise.” Speaking about the current situation, he said: “We are certainly much better prepared today, compared to the 2008 financial crisis.”
He said that financial crises become worse when people lose faith in the financial system, and that banks should be prepared to ensure the stability of the financial sector.
The prize sum is 10 million Swedish kronor (about 880,000 US dollars) and will be divided equally between the three prize winners.
Source: sn.dk