The Royal Swedish Academy of Sciences announced on Monday the victory of former Federal Reserve Chairman (the American central bank) Ben Bernanke and his fellow citizens Douglas Diamond and Philip Dybvig with the Nobel Prize in Economics for 2022 "for their research related to banks and financial crises." John Hassler, a member of the Nobel Prize Committee for Economics, said, "In a 1983 research paper, Ben Bernanke showed, through statistical analysis and historical sources, that the flow of customers withdrawing from their bank accounts led to bank failures, and that this is the mechanism that turned a relatively ordinary recession into the most severe recession in the world in the 1930s, and into a sharp crisis that we have seen in modern history." Distinguished figures such as Paul Krugman and Milton Friedman have previously won this award. Ben Bernanke, who is 68 years old, served as the Federal Reserve Governor between 2006 and 2014, during a period notably marked by the 2008 financial crisis and the collapse of the American bank "Lehman Brothers." Bernanke's economic analyses particularly included the Great Depression in the 1930s, the worst economic crisis in contemporary history. He specifically proved how the massive rush to withdraw money from banks is a critical factor in prolonging and exacerbating crises. Douglas Diamond and Philip Dybvig developed theoretical models explaining why banks exist and how their role in society makes them vulnerable to rumors of imminent collapse. Like other Nobel Prizes, this award is accompanied by a financial reward of ten million Swedish kronor (about 920 thousand dollars), which is shared among the winners in the same category. The Nobel Prize in Economics, officially named the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was added in 1969 to the five traditional prizes (medicine, physics, chemistry, literature, and peace), more than six decades after these prizes were launched, which led some to describe the economics prize as a "fake Nobel." The majority of previous winners of this prize have been from the United States. Only two women have won the prize: Elinor Ostrom in 2009 and Esther Duflo in 2019.