Hypotéza permanentního dùchodu a kupónová privatizace v ÈR

This paper uses a specific experiment — „voucher privatization“ in the former Czechoslovakia — to test the permanent income hypothesis of consumer behavior. Voucher privatization (the mass privatization of state-owned assets through publicly offered vouchers) led to an unexpected increase in the wealth of the Czech citizenry. According to the permanent income hypothesis, this additional and unexpected income should not be instantly consumed. This hypothesis is tested using data from a survey conducted specifically for this purpose. The resulting empirical analysis is in line with the permanent income hypothesis, as it demonstrates that only a minor part of the assets transferred via voucher privatization actually led to an increase in household consumption.