Besancenot, Damien; Vranceanu, Radu - In: Journal of Economic Policy Reform 4 (2000) 2, pp. 147-164
Voucher privatization implies a significant wealth transfer from state to private agents who, in turn, would increase consumption. This paper investigates the consequences of this wealth effect on the macroeconomic equilibrium in a high unemployment economy. The model builds on a two-stage...