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Voucher Privatization, Households´ Demand for Consumption Goods and Financial Assets and Implications for Macroeconomic Policy


  • Chris Allen

    (European Central Bank)

  • Katerina Smidkova

    (Czech National Bank)


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.

Suggested Citation

  • Chris Allen & Katerina Smidkova, 2004. "Voucher Privatization, Households´ Demand for Consumption Goods and Financial Assets and Implications for Macroeconomic Policy," Macroeconomics 0403003, EconWPA.
  • Handle: RePEc:wpa:wuwpma:0403003 Note: Type of Document - ; pages: 20. The paper was published in 1998 in Economics of Transition, Vol. 6(1).

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    References listed on IDEAS

    1. 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.
    2. 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.
    3. Katerina Smidkova, 2003. "The Emergence of Financial Markets in Transition: The Czech Experience," Macroeconomics 0304005, EconWPA.
    4. 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.
    5. 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.
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    More about this item


    Voucher privatisation. Macroeconomic policy. Asset demand. Czech.;

    JEL classification:

    • E - Macroeconomics and Monetary Economics

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