A Test of the Permanent Income Hypothesis on Czech Voucher Privatization

20 Pages Posted: 15 Nov 2002

See all articles by Jan Hanousek

Jan Hanousek

CERGE-EI (Center for Economic Research and Graduate Education - Economics Institute); Charles University in Prague; Academy of Sciences of the Czech Republic; Centre for Economic Policy Research (CEPR)

Zdenek Tuma

Czech National Bank (CNB)

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Abstract

In 1992 the Czech Republic privatized state assets, which resulted in some citizens receiving an unexpected windfall. Whether the windfall was consumed or saved provides a clear test of the permanent income hypothesis in a transitional economy. Analysis of data from a survey conducted specifically to test this hypothesis indicates that only a small number of transferred assets were consumed, a finding which is consistent with the permanent income hypothesis.

JEL Classification: D31, E21, H24

Suggested Citation

Hanousek, Jan and Tuma, Zdenek, A Test of the Permanent Income Hypothesis on Czech Voucher Privatization. Available at SSRN: https://ssrn.com/abstract=317200

Jan Hanousek (Contact Author)

CERGE-EI (Center for Economic Research and Graduate Education - Economics Institute) ( email )

Politickych veznu 7
Prague 1, 111 21
Czech Republic
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420 2 2421 1374 (Fax)

HOME PAGE: http://www.cerge-ei.cz

Charles University in Prague ( email )

Celetná 13
Praha 1, 116 36
Czech Republic

Academy of Sciences of the Czech Republic ( email )

Narodni 3, 111 42
Praha 1, 117 20
Czech Republic

Centre for Economic Policy Research (CEPR) ( email )

London
United Kingdom

Zdenek Tuma

Czech National Bank (CNB)

One Exchange Squar
London, EC2A 2EH
Czech Republic
+44 207 338 6429 (Phone)
+44 207 3386049 (Fax)

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