Test of Permanent Income Hypothesis on Czech Voucher Privatization
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.
|Date of creation:||01 Jan 1997|
|Contact details of provider:|| Postal: 724 E. University Ave, Wyly Hall 1st Flr, Ann Arbor MI 48109|
Phone: 734 763-5020
Fax: 734 763-5850
Web page: http://www.wdi.umich.edu
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:wdi:papers:1997-75. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (WDI)
If references are entirely missing, you can add them using this form.