Former Fed Chair Ben Bernanke showed that the main cause of the economic downturn was the decline in the banking system’s ability to channel savings into productive investments, the Nobel Prize committee said.
Former Federal Reserve Chair Ben Bernanke and two others were awarded the Nobel economics prize for their research into how banks operate during financial crises.
“Their analyses have been of great practical importance in regulating financial markets and dealing with financial crises,” the Nobel committee said. Diamond participated in the awards ceremony, and said that while banks are in much better shape now than they were in 2008, the problem is financial crisis can come from anywhere. He cited the recent problems the U.K. has had with pension fund investments as an example, though he said it’s probably impossible to eliminate the possibility of them.
“Instead, Bernanke showed that its main cause was the decline in the banking system’s ability to channel savings into productive investments.”
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