Former US Fed chair Bernanke, two others win Nobel Prize in Economics

The trio was awarded for research into banking and financial crises

The Nobel Memorial Prize in Economic Sciences was awarded on Monday to Ben S Bernanke, the former chair of the US Federal Reserve, and two other academics for research into banks and financial crises.
 

Douglas W Diamond, an economist at the University of Chicago, and Philip H Dybvig at Washington University in St Louis won the prize alongside Bernanke, who is now at the Brookings Institution in Washington.
 

Bernanke in 1983 wrote a paper that broke ground in explaining that bank failures can propagate a financial crisis rather than simply being a result of the crisis.
 

That same year, Diamond