Prof. Douglas W. Diamond is an American economist who was awarded the 2022 Nobel Memorial Prize in Economic Sciences, jointly with Ben Shalom Bernanke and Philip H. Dybvig, “for research on banks and financial crises”. The laureates provided insightful studies in the 1980s of the essential economic functions performed by banks, the vulnerability of banks against runs (namely massive withdrawals of funds by bank depositors) during periods of financial crises, and how governments may improve the stability of banking systems and avert or properly manage financial crises. Through statistical analysis and historical source research, the laureates demonstrated how failing banks played a decisive role in the global depression of the 1930s, showing that bank crises can potentially have catastrophic consequences. These insights illustrate the importance of well-functioning bank regulation and form the foundation of modern bank regulation.
Prof. D. W. Diamond was born on 13 October 1953, he holds a degree in economics (1975) from Brown University, an M.A. (1976), M.Phil. (1977), and Ph.D. (1980) in economics from Yale University. He became an assistant professor of finance in 1980, associate professor in 1983, and full professor in 1986 at the University of Chicago. At the time of the award, he was affiliated with the University of Chicago, Chicago, IL, USA. He was nominated as Theodore O. Yntema Professor of Finance (1993) and Merton H. Miller Distinguished Service Professor of Finance (2000). According to the Scopus database, he has published 28 documents enjoying so far more than 12,800 citations and an h-index of 21. According to the same database, the most contributed topics in the last five years are (but not exhausted) financial crisis; shadow banking system; liquidity; current crises; capital flows; assets; exchange economy; and incomplete markets.
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Dimitriost TSIOTAS, Assistant Professor, RSI J
References
Douglas Diamond – Facts – 2022. NobelPrize.org. Nobel Prize Outreach AB 2022. Sat. 29 Oct 2022. https://www.nobelprize.org/prizes /economic-sciences/2022/diamond/facts/ [accessed: 29/10/2022]
Scopus, (2022) “Author profile: Diamond, Douglas W”, available at the URL: https://www.scopus.com/authid/detail.uri?authorId=7102619783 [accessed: 29/10/2022]
Duignan, Brian. “Douglas Diamond”. Encyclopedia Britannica, Oct 11, 2022, https://www.britannica.com/topic/Douglas-Diamond [accessed 29 October 2022].