A test of the permanent income hypothesis on Czech voucher privatization

Jan Hanousek and Zdenek Tuma

The Economics of Transition, 2002, vol. 10, issue 2, 235-254

Abstract: In 1992 the Czech Republic privatized state assets, which resulted in some citizens receiving an unexpected windfall. Whether the windfall was consumed or saved provides a clear test of the permanent income hypothesis in a transitional economy. Analysis of data from a survey conducted specifically to test this hypothesis indicates that only a small number of transferred assets were consumed, a finding which is consistent with the permanent income hypothesis. JEL classification: D31, E21, H24.

Date: 2002
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https://doi.org/10.1111/1468-0351.00110

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Working Paper: Test of Permanent Income Hypothesis on Czech Voucher Privatization (1997)
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