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The Foundation of Carry in the Structure of Volatility
Understanding the Carry Regime at a Deeper Level in Financial Terms
THE CARRY REGIME—THE PROGRESSION OF CARRY BUBbles and carry crashes in asset (and also commodity) markets—is not merely some abstract representation of financial market behavior. It has come to encompass the global economy, meaning that the global economy itself has come to demonstrate the same progression: fairly long periods of steady but unspectacular growth interrupted by terrifying economic crashes and crises that catch most unawares and struggling for explanations. It is a paradigm that affects everyone and has very broad consequences.
Even when we understand this, however, this knowledge raises several questions, ...
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