Voucher Privatization, Households´ Demand for Consumption Goods and Financial Assets and Implications for Macroeconomic Policy
AbstractThe 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.
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Bibliographic InfoPaper provided by EconWPA in its series Macroeconomics with number 0303013.
Length: 20 pages
Date of creation: 21 Mar 2003
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voucher privatization macro policy;
Other versions of this item:
- Chris Allen & Katerina Smidkova, 2004. "Voucher Privatization, Households´ Demand for Consumption Goods and Financial Assets and Implications for Macroeconomic Policy," Macroeconomics 0403003, EconWPA.
- E - Macroeconomics and Monetary Economics
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