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The Agents of Carry
The Nature of Institutional Liabilities
THE EVIDENCE, FROM FINANCIAL AND ECONOMIC STATIStics and financial market behavior, suggests that carry trades have become more pervasive in global financial markets. We make the case in this book that carry, broadly defined to include all types of volatility-selling trades, has, even more than this, become the dominant force in global financial markets and by extension the dominant determinant of the global economy. It is not possible to understand the business cycle, the behavior of the global economy, without understanding carry.
This book is mostly concerned with explaining the theoretical basis for the rise of carry, analyzing the empirical evidence, and divining the consequences. ...
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