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Test of Permanent Income Hypothesis on Czech Voucher Privatization

  • Jan Hanousek
  • Zeda Tuma

This paper tests the permanent income hypothesis using the natural experiment of Czech voucher privatization. This' form of privatization moved state assets to individuals and represented an unexpected windfall gain for participants of the privatization scheme. Whether the windfall was consumed or saved provides a clear test of the permanent income hypothesis. Analysis based on data from a sample survey suggests that only a small number of transferred assets were cashed in and spent on consumption. This result supports the concept of the permanent income hypothesis.

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File URL: http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp75.pdf
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Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number 75.

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Length: pages
Date of creation: 01 Jan 1997
Date of revision:
Handle: RePEc:wdi:papers:1997-75
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