Rise of Carry: The Dangerous Consequences

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Protect yourself from the next financial meltdown with this game-changing primer on financial markets, the economy―and the meteoric rise of carry. A groundbreaking book sure to leave its mark in the canon of investing literature, The Rise of Carry explains how carry trading has virtually shaped the global economic picture―one of decaying economic growth, recurring crises, wealth disparity, and, in too many places, social and political upheaval. The authors explain how carry trades work―particularly in the currency and stock markets―and provide a compelling case for how carry trades have come to dominate the entire global business cycle. They provide thorough analyses of critical but often overlooked topics and issues, including: • The active role stock prices play in causing recessions―as opposed to the common belief that recessions cause price crashes • The real driving force behind financial asset prices