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 Rise of Carry: The Dangerous Consequences of Volatility Suppression and the New Financial Order of Decaying Growth and Recurring Crisis

Tim Lee,Jamie Lee,Kevin Coldiron
The Rise of Carry The Dangerous Consequences of Volatility Suppression and the New Financial Order of Decaying Growth and Recurring Crisis Book PDF

Author : Tim Lee,Jamie Lee,Kevin Coldiron
Publisher : McGraw Hill Professional
Page : 288 pages
File Size : 54,5 Mb
Release : 2019-12-13
Category : Business & Economics
ISBN : 9781260458411

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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 Pdf

Protect yourself from the next financial meltdown with this game-changing primer on financial markets, the economy—and the meteoric rise of carry. The financial shelves are filled with books that explain how popular carry trading has become in recent years. But none has revealed just how significant a role it plays in the global economy—until now. 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 •The ways that carry, volatility selling, leverage, liquidity, and profitability affect the business cycle •How positive returns to carry over time are related to market volatility—and how central bank policies have supercharged these returns Simply put, carry trading is now the primary determinant of the global business cycle—a pattern of long, steady but unspectacular expansions punctuated by catastrophic crises. The Rise of Carry provides foundational knowledge and expert insights you need to protect yourself from what have come to be common market upheavals—as well as the next major crisis.

The Crisis of Vision in Modern Economic Thought

Robert L. Heilbroner,William S. Milberg
The Crisis of Vision in Modern Economic Thought Book PDF

Author : Robert L. Heilbroner,William S. Milberg
Publisher : Cambridge University Press
Page : 148 pages
File Size : 49,5 Mb
Release : 1996-01-26
Category : Political Science
ISBN : 0521497140

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The Crisis of Vision in Modern Economic Thought by Robert L. Heilbroner,William S. Milberg Pdf

A deep and widespread crisis affects modern economic theory, a crisis that derives from the absence of a "vision"--a set of widely shared political and social preconceptions--on which all economics ultimately depends. This absence, in turn, reflects the collapse of the Keynesian view that provided such a foundation from 1940 through the early 1970s, comparable to earlier visions provided by Smith, Ricardo, Mill, and Marshall. The "unraveling" of Keynesianism has been followed by a division into discordant and ineffective camps whose common denominator seems to be their shared analytical refinement and lack of practical applicability. This provocative analysis attempts both to describe this state of affairs, and to suggest the direction in which economic thinking must move if it is to regain the relevance and remedial power it now pointedly lacks.

Geopolitical Alpha

Marko Papic
Geopolitical Alpha Book PDF

Author : Marko Papic
Publisher : John Wiley & Sons
Page : 304 pages
File Size : 49,6 Mb
Release : 2020-10-15
Category : Business & Economics
ISBN : 9781119740223

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Geopolitical Alpha by Marko Papic Pdf

Forecast geopolitics and markets with this clear and insightful resource Geopolitical Alpha – An Investment Framework for Predicting the Future provides readers with an original and compelling approach to forecasting the future and beating the markets while doing so. Persuasively written by author, investment strategist, and geopolitical analyst Marko Papic, the book applies a novel framework for making sense of the cacophony of geopolitical risks with the eye towards generating investment-relevant insights. Geopolitical Alpha posits that investors should ignore the media-hyped narratives, insights from "smoke-filled rooms," and most of their political consultants and, instead, focus exclusively on the measurable, material constraints facing policymakers. In the tug-of-war between policymaker preferences and their constraints, the latter always win out in the end. Papic uses a wealth of examples from the past decade to illustrate how one can use his constraint-framework to generate Geopolitical Alpha. In the process, the book discusses: What paradigm shifts will drive investment returns over the next decade Why investment and corporate professionals can no longer treat geopolitics as an exogenous risk How to ignore the media and focus on what drives market narratives that generate returns Perfect for investors, C-suite executives, and investment professionals, Geopolitical Alpha belongs on the shelf of anyone interested in the intersection of geopolitics, economics, and finance.

Inside the House of Money

Steven Drobny
Inside the House of Money Book PDF

Author : Steven Drobny
Publisher : John Wiley & Sons
Page : 448 pages
File Size : 44,8 Mb
Release : 2011-02-02
Category : Business & Economics
ISBN : 9781118046463

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Inside the House of Money by Steven Drobny Pdf

Inside the House of Money lifts the veil on the typically opaque world of hedge funds, offering a rare glimpse at how today's highest paid money managers approach their craft. Author Steven Drobny demystifies how these star traders make billions for well-heeled investors, revealing their theories, strategies and approaches to markets. Drobny, cofounder of Drobny Global Advisors, an international macroeconomic research and advisory firm, has tapped into his network and beyond in order assemble this collection of thirteen interviews with the industry's best minds. Along the way, you'll get an inside look at firsthand trading experiences through some of the major world financial crises of the last few decades. Whether Russian bonds, Pakistani stocks, Southeast Asian currencies or stakes in African brewing companies, no market or instrument is out of bounds for these elite global macro hedge fund managers. Highly accessible and filled with in-depth expert opinion, Inside the House of Money is a must-read for financial professionals and anyone else interested in understanding the complexities at stake in world financial markets. "The ruminations of supposedly hush-hush hedge fund operators are richly illuminating." --New York Times

Eliminating Serious Injury and Death from Road Transport

Ian Ronald Johnston,Carlyn Muir,Eric William Howard
Eliminating Serious Injury and Death from Road Transport Book PDF

Author : Ian Ronald Johnston,Carlyn Muir,Eric William Howard
Publisher : CRC Press
Page : 202 pages
File Size : 45,6 Mb
Release : 2013-12-11
Category : Political Science
ISBN : 9781482208269

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Eliminating Serious Injury and Death from Road Transport by Ian Ronald Johnston,Carlyn Muir,Eric William Howard Pdf

The book explodes the myths that currently drive society's view of traffic safety and limit progress in reducing death and serious injury. It presents current scientific knowledge in a non-technical way and draws parallels with other areas of public safety and public health. It uses examples from the media and from public policy debates to paint a clear picture of a flawed public policy approach and offers preventive medicine principles to take the field forward.

Simple

Alan Siegel,Irene Etzkorn
Simple Book PDF

Author : Alan Siegel,Irene Etzkorn
Publisher : Random House
Page : 258 pages
File Size : 40,5 Mb
Release : 2013-06-06
Category : Business & Economics
ISBN : 9781448136063

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Simple by Alan Siegel,Irene Etzkorn Pdf

Leading brand consultants Alan Siegel and Irene Etzkorn show you how to conquer complexity and bring clarity to business and daily life. Fans of Intuition Pumps or The Art of Thinking Clearly will find this book indispensable to clearing clutter from their minds and their working lives. For four decades, Alan Siegel and Irene Etzkorn have been on the frontlines of the battle to make things simple. They have consulted with Xerox, American Express, 3M, the U.S. Air Force, the IRS, and many others to simplify their processes, their offerings, everything they do - with dramatic results for these businesses and the customers they serve. Siegel and Etzkorn believe in simplicity as a philosophy, a guiding principle, and a way of life, but they have learned firsthand that it's not so simple to make things simple - it demands a commitment to clarity, honesty, discipline, and intelligence. Three things, the authors believe, can be said with certainty: 1) simplicity works; 2) it is accessible to all of us; and 3) we've never needed it more than we do today. These three principles are at the core of SIMPLE, a book that will expose the overly complex things you do, reveal the reasons why you do them, and make it harder for you to keep on doing them.

A Brief History of Doom

Richard Vague
A Brief History of Doom Book PDF

Author : Richard Vague
Publisher : University of Pennsylvania Press
Page : 240 pages
File Size : 51,8 Mb
Release : 2019-03-25
Category : Business & Economics
ISBN : 9780812296617

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A Brief History of Doom by Richard Vague Pdf

Financial crises happen time and again in post-industrial economies—and they are extraordinarily damaging. Building on insights gleaned from many years of work in the banking industry and drawing on a vast trove of data, Richard Vague argues that such crises follow a pattern that makes them both predictable and avoidable. A Brief History of Doom examines a series of major crises over the past 200 years in the United States, Great Britain, Germany, France, Japan, and China—including the Great Depression and the economic meltdown of 2008. Vague demonstrates that the over-accumulation of private debt does a better job than any other variable of explaining and predicting financial crises. In a series of clear and gripping chapters, he shows that in each case the rapid growth of loans produced widespread overcapacity, which then led to the spread of bad loans and bank failures. This cycle, according to Vague, is the essence of financial crises and the script they invariably follow. The story of financial crisis is fundamentally the story of private debt and runaway lending. Convinced that we have it within our power to break the cycle, Vague provides the tools to enable politicians, bankers, and private citizens to recognize and respond to the danger signs before it begins again.

A Savage Order

Rachel Kleinfeld
A Savage Order Book PDF

Author : Rachel Kleinfeld
Publisher : Vintage
Page : 496 pages
File Size : 55,9 Mb
Release : 2018-11-06
Category : Social Science
ISBN : 9781524746872

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A Savage Order by Rachel Kleinfeld Pdf

The most violent places in the world today are not at war. More people have died in Mexico in recent years than in Iraq and Afghanistan combined. These parts of the world are instead buckling under a maelstrom of gangs, organized crime, political conflict, corruption, and state brutality. Such devastating violence can feel hopeless, yet some places—from Colombia to the Republic of Georgia—have been able to recover. In this powerfully argued and urgent book, Rachel Kleinfeld examines why some democracies, including our own, are crippled by extreme violence and how they can regain security. Drawing on fifteen years of study and firsthand field research—interviewing generals, former guerrillas, activists, politicians, mobsters, and law enforcement in countries around the world—Kleinfeld tells the stories of societies that successfully fought seemingly ingrained violence and offers penetrating conclusions about what must be done to build governments that are able to protect the lives of their citizens. Taking on existing literature and popular theories about war, crime, and foreign intervention, A Savage Order is a blistering yet inspiring investigation into what makes some countries peaceful and others war zones, and a blueprint for what we can do to help.

The New Economics

Steve Keen
The New Economics Book PDF

Author : Steve Keen
Publisher : John Wiley & Sons
Page : 141 pages
File Size : 41,8 Mb
Release : 2021-11-11
Category : Political Science
ISBN : 9781509545308

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The New Economics by Steve Keen Pdf

In 1517, Martin Luther nailed his 95 theses to the wall of Wittenberg church. He argued that the Church’s internally consistent but absurd doctrines had pickled into a dogmatic structure of untruth. It was time for a Reformation. Half a millennium later, Steve Keen argues that economics needs its own Reformation. In Debunking Economics, he eviscerated an intellectual church – neoclassical economics – that systematically ignores its own empirical untruths and logical fallacies, and yet is still mysteriously worshipped by its scholarly high priests. In this book, he presents his Reformation: a New Economics, which tackles serious issues that today's economic priesthood ignores, such as money, energy and ecological sustainability. It gives us hope that we can save our economies from collapse and the planet from ecological catastrophe. Performing this task with his usual panache and wit, Steve Keen’s new book is unmissable to anyone who has noticed that the economics Emperor is naked and would like him to put on some clothes.

Volatility and Correlation

Riccardo Rebonato
Volatility and Correlation Book PDF

Author : Riccardo Rebonato
Publisher : John Wiley & Sons
Page : 864 pages
File Size : 53,5 Mb
Release : 2005-07-08
Category : Business & Economics
ISBN : 9780470091401

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Volatility and Correlation by Riccardo Rebonato Pdf

In Volatility and Correlation 2nd edition: The Perfect Hedger and the Fox, Rebonato looks at derivatives pricing from the angle of volatility and correlation. With both practical and theoretical applications, this is a thorough update of the highly successful Volatility & Correlation – with over 80% new or fully reworked material and is a must have both for practitioners and for students. The new and updated material includes a critical examination of the ‘perfect-replication’ approach to derivatives pricing, with special attention given to exotic options; a thorough analysis of the role of quadratic variation in derivatives pricing and hedging; a discussion of the informational efficiency of markets in commonly-used calibration and hedging practices. Treatment of new models including Variance Gamma, displaced diffusion, stochastic volatility for interest-rate smiles and equity/FX options. The book is split into four parts. Part I deals with a Black world without smiles, sets out the author’s ‘philosophical’ approach and covers deterministic volatility. Part II looks at smiles in equity and FX worlds. It begins with a review of relevant empirical information about smiles, and provides coverage of local-stochastic-volatility, general-stochastic-volatility, jump-diffusion and Variance-Gamma processes. Part II concludes with an important chapter that discusses if and to what extent one can dispense with an explicit specification of a model, and can directly prescribe the dynamics of the smile surface. Part III focusses on interest rates when the volatility is deterministic. Part IV extends this setting in order to account for smiles in a financially motivated and computationally tractable manner. In this final part the author deals with CEV processes, with diffusive stochastic volatility and with Markov-chain processes. Praise for the First Edition: “In this book, Dr Rebonato brings his penetrating eye to bear on option pricing and hedging.... The book is a must-read for those who already know the basics of options and are looking for an edge in applying the more sophisticated approaches that have recently been developed.” —Professor Ian Cooper, London Business School “Volatility and correlation are at the very core of all option pricing and hedging. In this book, Riccardo Rebonato presents the subject in his characteristically elegant and simple fashion...A rare combination of intellectual insight and practical common sense.” —Anthony Neuberger, London Business School

Capital Wars

Michael J. Howell
Capital Wars Book PDF

Author : Michael J. Howell
Publisher : Springer Nature
Page : 316 pages
File Size : 50,9 Mb
Release : 2020-03-24
Category : Business & Economics
ISBN : 9783030392888

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Capital Wars by Michael J. Howell Pdf

Economic cycles are driven by financial flows, namely quantities of savings and credits, and not by high street inflation or interest rates. Their sweeping destructive powers are expressed through Global Liquidity, a $130 trillion pool of footloose cash. Global Liquidity describes the gross flows of credit and international capital feeding through the world’s banking systems and wholesale money markets. The huge jump in the volume of international financial markets since the mid-1980s has been boosted by deregulation, innovation and easy money, with financial globalisation now surpassing the peaks of integration reached before the First World War. Global Liquidity drives these markets: it is often determinant, frequently disruptive and always fast-moving. Barely one fifth of Wall Street’s huge gains over recent decades have come from earnings: rising liquidity and investors’ appetite for riskier financial assets have propelled stock prices higher. Similar experiences are shared worldwide and even in emerging markets, such as India, flat earnings have not deterred waves of foreign money and domestic mutual funds from driving-up stock prices. Now with central banks actively pursuing quantitative easing policies, industrial corporations flush with cash and rising wealth levels among emerging market investors, the liquidity theory of investment has never been more important. International spill-overs of these rapacious cross-border flows sets off capital wars and exposes the unattractive face of liquidity called ‘risk.’ As the world grows bigger, it becomes ever more volatile. From the early 1960s onwards, the world economy and its financial markets have suffered from three broad types of shocks – labour costs, oil and commodities, and global liquidity. Financial markets spin on fragile axes and the absence of liquidity often provides a warning of upcoming troubles. Global Liquidity is a much-discussed, but narrowly-researched and vaguely-defined topic. This book deeply explores the subject by clearly defining and measuring liquidity worldwide and by showing its importance for investors. The roles of central banks, shadow banking, the rise of Repo and growth of wholesale money are discussed. Additionally, covering the latest developments in China’s increasingly dominant financial economy, this book will appeal to practitioners, policy-makers, economists and academics, as well as those with a general interest in how financial markets work.

Central Banking 101

Joseph Wang
Central Banking 101 Book PDF

Author : Joseph Wang
Publisher : Joseph Wang
Page : 196 pages
File Size : 55,8 Mb
Release : 2020-01-18
Category : Business & Economics
ISBN : 9780999136751

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Central Banking 101 by Joseph Wang Pdf

Central banking is magic. With a few words, the Fed can lift the stock market out of desperation and catapult it towards euphoric highs. With a few keystrokes, the Fed can conjure up trillions of dollars and fund virtually unlimited Federal spending. And with a few poor decisions, the Fed can plunge the entire world into a recession. The Federal Reserve is one of the most powerful institutions in the world, and also one of the most difficult to understand. The Fed acts through its Open Markets Desk, which sits at the heart of the global financial system as the world’s ultimate and limitless provider of dollars. On behalf of policy makers, the Desk gathers market intelligence from all the major market participants, sifts through reams of internal data, and works behind the scenes keep the financial system intact. It is responsible for all of the Fed's market operations, from trillions in quantitative easing to hundreds of billions in repo and FX-swap loans. The financial crises of 2008 and 2020 abated only through the emergency interventions of the Desk. Joseph Wang spent five years studying the monetary system as a trader on the Desk. From that vantage point, Joseph saw firsthand how the Fed operates and how the financial system really works. This book is a distillation of his experience that aims to educate and demystify. After reading this book, you will understand how money is created, how the global dollar system is structured, and how it all fits into the broader financial system. The views in this book do not necessarily reflect those of the Federal Reserve Bank of New York or the Federal Reserve System.

The Captured Economy

Brink Lindsey,Steven M. Teles
The Captured Economy Book PDF

Author : Brink Lindsey,Steven M. Teles
Publisher : Oxford University Press
Page : 240 pages
File Size : 40,7 Mb
Release : 2017-10-13
Category : Political Science
ISBN : 9780190627782

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The Captured Economy by Brink Lindsey,Steven M. Teles Pdf

For years, America has been plagued by slow economic growth and increasing inequality. In The Captured Economy, Brink Lindsey and Steven M. Teles identify a common factor behind these twin ills: breakdowns in democratic governance that allow wealthy special interests to capture the policymaking process for their own benefit. They document the proliferation of regressive regulations that redistribute wealth and income up the economic scale while stifling entrepreneurship and innovation. They also detail the most important cases of regulatory barriers that have worked to shield the powerful from the rigors of competition, thereby inflating their incomes: subsidies for the financial sector's excessive risk taking, overprotection of copyrights and patents, favoritism toward incumbent businesses through occupational licensing schemes, and the NIMBY-led escalation of land use controls that drive up rents for everyone else. An original and counterintuitive interpretation of the forces driving inequality and stagnation, The Captured Economy will be necessary reading for anyone concerned about America's mounting economic problems and how to improve the social tensions they are sparking.

The Capital Markets

Gary Strumeyer
The Capital Markets Book PDF

Author : Gary Strumeyer
Publisher : John Wiley & Sons
Page : 661 pages
File Size : 45,5 Mb
Release : 2017-01-30
Category : Business & Economics
ISBN : 9781119220541

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The Capital Markets by Gary Strumeyer Pdf

The Capital Markets: evolution of the financial ecosystem is the new standard providing practical text book style coverage of this dynamic market and its products. Written by the former President of BNY Mellon Capital Markets, LLC for both financial professionals and novices, The Capital Markets provides a comprehensive macro view of the marketplace and how its products operate. The subject matter offers an authoritative discussion of the fundamentals of both, the fixed income and equity markets, underwriting, securitizations, derivatives, currency among other products through the lens of leading industry practitioners. Key Learning Concepts Understand the impact of both global and domestic regulatory changes Learn about the products that holistically make up the capital markets Explore the components of the infrastructure that underpins these markets Examine the tools used for trading and managing risk Review new product innovations

Market Tremors

Hari P. Krishnan,Ash Bennington
Market Tremors Book PDF

Author : Hari P. Krishnan,Ash Bennington
Publisher : Springer Nature
Page : 257 pages
File Size : 55,6 Mb
Release : 2021-09-14
Category : Business & Economics
ISBN : 9783030792534

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Market Tremors by Hari P. Krishnan,Ash Bennington Pdf

Since the Global Financial Crisis, the structure of financial markets has undergone a dramatic shift. Modern markets have been “zombified” by a combination of Central Bank policy, disintermediation of commercial banks through regulation, and the growth of passive products such as ETFs. Increasingly, risk builds up beneath the surface, through a combination of excessive leverage and crowded exposure to specific asset classes and strategies. In many cases, historical volatility understates prospective risk. This book provides a practical and wide ranging framework for dealing with the credit, positioning and liquidity risk that investors face in the modern age. The authors introduce concrete techniques for adjusting traditional risk measures such as volatility during this era of unprecedented balance sheet expansion. When certain agents in the financial network behave differently or in larger scale than they have in the past, traditional portfolio theory breaks down. It can no longer account for toxic feedback effects within the network. Our feedback-based risk adjustments allow investors to size their positions sensibly in dangerous set ups, where volatility is not providing an accurate barometer of true risk. The authors have drawn from the fields of statistical physics and game theory to simplify and quantify the impact of very large agents on the distribution of forward returns, and to offer techniques for dealing with situations where markets are structurally risky yet realized volatility is low. The concepts discussed here should be of practical interest to portfolio managers, asset allocators, and risk professionals, as well as of academic interest to scholars and theorists.