Voucher Privatization, Households´ Demand for Consumption Goods and Financial Assets and Implications for Macroeconomic Policy
The 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.
|Date of creation:||02 Mar 2004|
|Note:||Type of Document - ; pages: 20. The paper was published in 1998 in Economics of Transition, Vol. 6(1).|
|Contact details of provider:|| Web page: http://econwpa.repec.org|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Deirdre N. McCloskey & Stephen T. Ziliak, 1996. "The Standard Error of Regressions," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 97-114, March.
- Anderson, G J & Blundell, R W, 1982. "Estimation and Hypothesis Testing in Dynamic Singular Equation Systems," Econometrica, Econometric Society, vol. 50(6), pages 1559-1571, November.
- Katerina Smidkova, 2003.
"The Emergence of Financial Markets in Transition: The Czech Experience,"
- Katerina Smidkova, 2003. "The Emergence of Financial Markets in Transition: The Czech Experience," Macroeconomics 0303021, EconWPA.
- Barr, D G & Cuthbertson, K, 1994. "The Demand for Financial Assets Held in the U.K. by the Overseas Sector: An Application of Two-Stage Budgeting," The Manchester School of Economic & Social Studies, University of Manchester, vol. 62(1), pages 1-20, March.
- Barr, D G & Cuthbertson, Keith, 1991. "Neoclassical Consumer Demand Theory and the Demand for Money," Economic Journal, Royal Economic Society, vol. 101(407), pages 855-876, July. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpma:0403003. 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: (EconWPA)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.