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10.10.2022
THEME: WORLD

The Nobel Prize in Economic Sciences 2022 goes to the analysis of banks role during financial crisis

Ben Bernanke (USA, 68), Douglas Diamond (DK, 68), and Philip Dybvig (USA, 67) are the winners of the Nobel Prize in Economic Sciences 2022, awarded “for research on banks and financial crises”. Their research shed light on the significant role of banks in the economy, particularly during financial crises. An important finding in their research is why avoiding bank collapses is vital to avoid escalating consequences during crises. They have analyzed in detail the weakness of banks when rumors of imminent collapse spread: If a large number of savers simultaneously run to the bank to withdraw their money, the rumor may become a self-fulfilling prophecy – a bank run occurs and the bank collapses. These dangerous dynamics can be prevented through the government providing deposit insurance and acting as a lender of last resort to banks. Ben Bernanke analyzed the Great Depression of the 1930s, the worst economic crisis in modern history. Among other things, he showed how bank runs were a decisive factor in the crisis becoming so deep and prolonged. When the banks collapsed, valuable information about borrowers was lost and could not be recreated quickly. Overall, their work was crucial for the implementation of the modern defense mechanisms enacted during the financial crisis.

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08.10.2022
THEME: WORLD

The 2022 Nobel Peace Prize assigned for protection of civil and human rights in East Europe

The 2022 Peace Prize is awarded to human rights advocate Ales Bialiatski (60 - Belarus), the Russian Human Rights Organization Memorial, and the Ukrainian human rights organization Center for Civil Liberties. The laureates "have for many years promoted the right to criticize power and protect the fundamental rights of citizens. They have made an outstanding effort to document war crimes, human rights abuses, and the abuse of power. Together they demonstrate the significance of civil society for peace and democracy". The Memorial has been founded in 1989 to commemorate the crimes committed under Joseph Stalin's reign in the Soviet Union, and it was based in Moscow until its forced dissolution in 2022 for violations of "foreign agent law". The Center of Civil Liberties was founded in Kyiv in 2007. The organization is engaged in an attempt to make Ukraine more democratic and to improve the public control of law enforcement agencies and the judiciary. It also documented war crimes during the ongoing invasion of Russia in Ukraine. Ales Bialiatski is known for his work with the Viasna Human Rights Centre, based in Minsk until Belarus ordered its closure in 2003. This was an organization providing assistance to political prisoners. In 2010 controversial presidential elections were held and both Visa's offices and Bialiatski's home have been searched by state security forces repeatedly. Bialatski was summoned in the same year to the Public Prosecutor's office and warned that as Viasna was an unregistered organization, the government would seek criminal proceedings against it if the group continued to operate. More recently, following the Belarusian protests in 2020-2021, Viasna's members have been further prosecuted with politically motivated charges. Ales Bialiatski, now Nobel Peace Laureate, has been imprisoned Since 14 July 2021 for alleged tax evasion. Human rights defenders consider him a prisoner of conscience.

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07.10.2022
THEME: WORLD

Annie Ernaux wins the 2022 Nobel Prize in Literature

The 2022 Nobel Prize in Literature was awarded to the french author Annie Ernaux “for the courage and clinical acuity with which she uncovers the roots, estrangements and collective restraints of personal memory”. Annie grew up in Normandy in a working-class family. She started her literary career in 1974 with Les Armoires Vides ("Cleaned Out"), an autobiographical novel. Very early in her career, she turned away from fiction to focus on autobiography, combining historic and individual experiences. Her books are followed by a wide readership and are reviewed in most local and national newspapers in France, as well as being the subject of many radio and television interviews and programs, and a large and growing international academic literature. Her famous works include La Place ("A Man's Place", 1983), L'événement ("Happening", 2000), L'Occupation ("The Possession", 2002), and Les Années ("The Years", 2008). Ernaux has always been adamant that she writes fiction. Many of her works have been translated into English, and she was nominated for the International Booker prize in 2019 for her book The Years. Her work is published in the US by Seven Stories Press. Ernaux is one of the seven founding authors from whom the press takes its name.

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