On 28 March 2019, the National Bank of Ukraine, jointly with Kyiv School of Economics, hosted an open research seminar where Professor Tymofii Mylovanov presented a research paper co-authored with Rakesh Vohra, a researcher at the University of Pennsylvania.
In the research paper, the authors studied the problems of property rights protection and a blockchain-based decentralized economy. They built a model with both defined and undefined property rights. Some of the property rights were undefined because there were not only honest agents in the model, but also those who were inclined to fraud. The researchers argued that fraud in a decentralized economy gave incentives to invest in property rights protection. At the same time, an economy where taxes were not collected for the centralized protection of such rights would be ideal. Accordingly, in a blockchain-based economic model, there was no need for centralized authorities to provide protection of property rights. The speaker also emphasized that property rights were effectively protected only in developed countries, while developing countries were facing significant problems. Therefore, studying the possibilities of using blockchain technology and decentralizing the economy was especially relevant for developing countries.
The NBU invites researchers to participate in its research seminars. In order to take part, you must email you findings (an article and/or a presentation), an executive summary along with the desired seminar date to the NBU Research Division of the Monetary Policy and Economic Analysis Department ([email protected]).
The NBU launched open research seminars in July 2015. These seminars provide representatives of the academic and expert community, international financial institutions, other central banks, and the NBU with the opportunity to share and discuss their research findings with their peers.