Capital mobility and inflation persistence: theory and evidence from Greece

Costas Karfakis, Demetrios Moschos and Moise Sidiropoulos

International Journal of Finance & Economics, 2004, vol. 9, issue 2, 125-133

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. Copyright © 2004 John Wiley & Sons, Ltd.

Date: 2004
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DOI: 10.1002/ijfe.236

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