Voucher Privatization, Households´ Demand for Consumption Goods and Financial Assets and Implications for Macroeconomic Policy

Chris Allen and Katerina Smidkova ()
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Chris Allen: European Central Bank

Macroeconomics from EconWPA

Abstract: The paper analyzes the impact of voucher privatization scheme on behavior of households and its consequences for macroeconomic policy. The stylized facts of the voucher privatization scheme are described for the Czech case. The consumption as well as portfolio decision of households during the voucher scheme are modeled within the framework of consumption function and a system of demand functions for financial assets. The envelope theorem is used to modify the standard AID system. The empirical results are presented. The paper concludes that the interdependence between privatization and macroeconomic stability should be better understood by policy makers in transitional countries that are going to adopt a similar approach of privatization to the one applied in the Czech Republic.

Keywords: Voucher; privatisation.; Macroeconomic; policy.; Asset; demand.; Czech. (search for similar items in EconPapers)
JEL-codes: E (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac and nep-tra
Date: 2004-03-02
Note: Type of Document - ; pages: 20. The paper was published in 1998 in Economics of Transition, Vol. 6(1).
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Working Paper: Voucher Privatization, Households´ Demand for Consumption Goods and Financial Assets and Implications for Macroeconomic Policy (2003)
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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpma:0403003

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