December 2019
Intermediate to advanced
288 pages
6h 29m
English
book
The Rise of Carry: The Dangerous Consequences of Volatility Suppression and the New Financial Order of Decaying Growth and Recurring Crisis
by Tim Lee, Jamie Lee, Kevin Coldiron
Content preview from The Rise of Carry: The Dangerous Consequences of Volatility Suppression and the New Financial Order of Decaying Growth and Recurring Crisis
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The Monetary Ramifications of the Carry Regime
Carry Regimes
Carry trades produce superior returns when volatility of the relevant asset market prices remains low or falls lower. When this occurs for an extended period, capital is attracted into carry trades on the expectation that they will continue to produce superior results. Over time capital employed in carry trades increases and eventually can become large enough that market behavior itself becomes dominated by carry trades. This is what we call a “carry regime.”
We have introduced the question of whether carry regimes are a natural outcome of a free market economic system or whether they are a function of policies implemented by central banks and other government institutions. Our answer ...
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