The Fifth CERGE Lecture on Practical Aspects of Privatization held at Charles University in Prague on February 6 1992 It is about the process of voucher privatization of state owned enterprises after the fall of communism in Czechoslovakia. It starts with brief history of voucher privatization and discusses views of its critics. It is argued, that one of the main faults of the privatization in Czechoslovakia was outlawing of the market with voucher books. Because of that the true market value of vouchers was unknown. Second part brings hypothetical estimation of that market value. Further it evaluates how serious is the danger of the financial collapse after the end of voucher privatization that was suggested by some economists. Part three is about voucher privatization and inflation. Critics argue that the property distributed by vouchers would turn into 'hot money' that will be used for the purchase of consumer goods and thus will trigger hyperinflation? Part four is about the experience with investment funds and their regulation in the USA. Finally part five brings Conclusions. regulate privatization funds?
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