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Crypto Currency and Decentralized Provision of Global Public Goods

 

Authors

Hiroshige Tanaka

Research organisation

Chuo University

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Crypto Currency and Decentralized Provision of Global Public Goods

Report Date

November 2017

Release Date

November 2017

Document summary

Appropriate provision of global public goods might be indispensable elements for global communities to be stable and sustainable. A series of global problems exhibit bottlenecks for global public goods. Governmental provision of global public goods need international cooperation and cooperation requires sharing the costs of funding international institutions and agreement on integrated legislation. However, global funds for finance and private provision of currencies have become a controversial issue for global public goods. This paper demonstrates the hypothesis that crypto currencies could displace global public goods. We construct the theoretical framework of global finance reconstructed by the development of blockchain technology. The theoretical investigation foresees the possibility that emergence of crypto currencies improves global financial services. The reform of the money system could create more trust and provide money appropriately for increasing demands by reducing transaction costs.