Capital Mobility and Inflation Persistence: Theory and Evidence from Greece

Costas Karfakis, Demetrios Moschos () and Moise Sidiropoulos ()
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Costas Karfakis: UoM - University of Macedonia [Thessaloniki]
Demetrios Moschos: AUEB - Athens University of Economics and Business
Moise Sidiropoulos: BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique, DUTH - Democritus University of Thrace

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Abstract: This paper examines the relationship between the openness of the capital account and inflation persistence. In the theoretical part we find that in a fixed (floating) exchange rate regime inflation persistence is negatively (positively) associated with the intensity of capital controls. In the empirical part of the paper we analyse the dynamics of the inflation rate in Greece by associating inflation persistence with the capital account openness and we find evidence in favour of a positive relationship.

Keywords: Greece; Capital account openness; Positive relationship (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (1)

Published in International Journal of Finance and Economics, 2004, 9 (2), pp.125-133. ⟨10.1002/ijfe.236⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00278998

DOI: 10.1002/ijfe.236

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