"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," the academy said in a press release.
The research findings of the laureates have great practical importance in regulating financial markets and are a valuable contribution to understanding why avoiding bank collapses is vital, the academy said.
The prize amount of 10 million Swedish kronor ($885,000) will be shared equally between the three laureates.