Former Federal Reserve chief Ben Bernanke along with Douglas Diamond and Philip Dybvig won the 2022 Nobel Economics Prize "for research on banks and financial crises", the Royal Swedish Academy of Sciences said on Monday.
"Ben Bernanke in a paper from 1983 showed with statistical analysis, and historical sources, that bank runs led to bank failures and this was the mechanism that turned a relatively ordinary recession into the depression in the 30s, the world's most dramatic, and, severe crisis that we have seen in the modern history," said John Hassler, member of committee for the Nobel Prize for Economics.
The trio join such luminaries as Paul Krugman and Milton Friedman, previous winners of the prize.
The majority of previous laureates have been from the United States. Only two women have ever won, Elinor Ostrom in 2009 and Esther Duflo in 2019.
The economics prize is not one of the original five awards created in the 1895 will of industrialist and dynamite inventor Alfred Nobel.
It was established by Sweden's central bank and first awarded in 1969, its full and formal name being the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
A man missing for more than 26 years has been found alive in his neighbour's cellar, just a few hundred metres from his family home. Omar bin Omran was reportedly kidnapped as a teenager and was discovered on Sunday.
China will always be a good neighbor, friend and partner of mutual trust with Russia, the state television quoted China president Xi Jinping as saying, as he mets Russian president Vladimir Putin.
Slovak Prime Minister Robert Fico is no longer in a life-threatening condition after he was shot in an assassination attempt when leaving a government meeting on Wednesday, a government minister said.
US President Joe Biden and Republican rival Donald Trump on Wednesday agreed to face off in two debates on June 27 and Sept. 10, setting up the highest stakes moments yet of the race for the White House.
The number of people killed by weekend flash floods and mud slides in Indonesia's West Sumatra province has risen to 67 and 20 are still missing, authorities said on Thursday, as the government plans to relocate survivors to safer areas.
The National Centre of Meteorology (NCM) held a workshop on flood forecasting, to discuss various initiatives and global best practices in advancing flood preparedness and mitigation efforts.