In this paper we propose a dynamic cost function which allows us consistently to derive a set of dynamic interrelated factor demand equations in the general error correction form introduced by Anderson and Blundell (1982). This paper expands results recently published in Urga (1996). It shows...

This paper analyses the impact of voucher privatization schemes on the behaviour of households and the 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...