Three US researchers win Nobel for economics

Stockholm : There American economists Ben S Bernanke, Douglas W Diamond and Philip H Dybvig have been selected for the Nobel in Economics for research on banks and financial crises. Unlike the other prizes, the economic award was not established in Alfred Nobel’s will but by the Swedish Sveriges Riksbank in his memory.

The research has enhanced the understanding of banks, bank regulations, banking crises and how to manage financial crises. This also helped in opening doors for further improvement in regularisation and management of banks and financial crises.

Ben S Bernanke of Washington-based Bruking Institute, Douglas W Diamond and Philip H Dybvig from Chicago University were declared joint winners by the Royal Swedish Academy of Sciences on Monday.