STOCKHOLM (NEWSnet/AP) — Former U.S. Federal Reserve Chair Ben Bernanke won the Nobel Prize in economic sciences along with two other U.S.-based economists for their research into the fallout from bank failures.

Bernanke was recognized Monday along with Douglas W. Diamond and Philip H. Dybvig.

The Nobel panel at the Royal Swedish Academy of Sciences in Stockholm said the trio's research had shown “why avoiding bank collapses is vital.”

With their findings in the early 1980s, the laureates laid the foundations for regulating financial markets, the panel said.

The economics award capped off a week of Nobel Prize announcements in medicine, physics, chemistry and literature as well as the Peace Prize.

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