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Capital Mobility and Inflation Persistence : Theory and Evidence from Greece

Author

Listed:
  • 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)

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.

Suggested Citation

  • Costas Karfakis & Demetrios Moschos & Moise Sidiropoulos, 2004. "Capital Mobility and Inflation Persistence : Theory and Evidence from Greece," Post-Print hal-00278998, HAL.
    • Handle: RePEc:hal:journl:hal-00278998
    DOI: 10.1002/ijfe.236
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    Cited by:

    1. Roy Cerqueti & Mauro Costantini & Luciano Gutierrez, 2009. "New panel tests to assess inflation persistence," Working Papers 54-2009, Macerata University, Department of Finance and Economic Sciences, revised Oct 2009.

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