Download or read book The Rise of Carry The Dangerous Consequences of Volatility Suppression and the New Financial Order of Decaying Growth and Recurring Crisis written by Tim Lee and published by McGraw Hill Professional. This book was released on 2019-12-13 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Crisis of Vision in Modern Economic Thought written by Robert L. Heilbroner and published by Cambridge University Press. This book was released on 1996-01-26 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Our Unfinished March written by Eric Holder and published by One World. This book was released on 2023-06-06 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: A brutal, bloody, and at times hopeful history of the vote; a primer on the opponents fighting to take it away; and a playbook for how we can save our democracy before it’s too late—from the former U.S. Attorney General on the front lines of this fight Voting is our most important right as Americans—“the right that protects all the others,” as Lyndon Johnson famously said when he signed the Voting Rights Act—but it’s also the one most violently contested throughout U.S. history. Since the gutting of the act in the landmark Shelby County v. Holder case in 2013, many states have passed laws restricting the vote. After the 2020 election, President Trump’s effort to overturn the vote has evolved into a slow-motion coup, with many Republicans launching an all-out assault on our democracy. The vote seems to be in unprecedented peril. But the peril is not at all unprecedented. America is a fragile democracy, Eric Holder argues, whose citizens have only had unfettered access to the ballot since the 1960s. He takes readers through three dramatic stories of how the vote was won: first by white men, through violence and insurrection; then by white women, through protests and mass imprisonments; and finally by African Americans, in the face of lynchings and terrorism. Next, he dives into how the vote has been stripped away since Shelby—a case in which Holder was one of the parties. He ends with visionary chapters on how we can reverse this tide of voter suppression and become a true democracy where every voice is heard and every vote is counted. Full of surprising history, intensive analysis, and actionable plans for the future, this is a powerful primer on our most urgent political struggle from one of the country's leading advocates.
Download or read book Fighting Financial Fires written by Onno de Beaufort Wijnholds and published by Springer. This book was released on 2011-09-16 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: A topical insider view of causes and consequences of financial crises since the Mexican collapse of 1995. The book includes a detailed exploration of recent and ongoing firestorms, including the near meltdown of the global financial system and the euro crisis and suggests ways to save the international financial and monetary system.
Download or read book Hidden in Plain Sight written by Peter J. Wallison and published by Encounter Books. This book was released on 2016-03-29 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 financial crisis—like the Great Depression—was a world-historical event. What caused it will be debated for years, if not generations. The conventional narrative is that the financial crisis was caused by Wall Street greed and insufficient regulation of the financial system. That narrative produced the Dodd-Frank Act, the most comprehensive financial-system regulation since the New Deal. There is evidence, however, that the Dodd-Frank Act has slowed the recovery from the recession. If insufficient regulation caused the financial crisis, then the Dodd-Frank Act will never be modified or repealed; proponents will argue that doing so will cause another crisis. A competing narrative about what caused the financial crisis has received little attention. This view, which is accepted by almost all Republicans in Congress and most conservatives, contends that the crisis was caused by government housing policies. This book extensively documents this view. For example, it shows that in June 2008, before the crisis, 58 percent of all US mortgages were subprime or other low-quality mortgages. Of these, 76 percent were on the books of government agencies such as Fannie Mae and Freddie Mac. When these mortgages defaulted in 2007 and 2008, they drove down housing prices and weakened banks and other mortgage holders, causing the crisis. After this book is published, no one will be able to claim that the financial crisis was caused by insufficient regulation, or defend Dodd-Frank, without coming to terms with the data this book contains.
Download or read book The Great Super Cycle written by David Skarica and published by John Wiley & Sons. This book was released on 2010-10-15 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States has a problem – a big problem. Due to costs associated with the massive bailout of financial institutions deemed "too big to fail," on-going armed conflicts, and a move towards socialism, another even bigger bubble is about to burst – the debt bubble. The Great Super Cycle: Profit from the Coming Inflation Tidal Wave and Dollar Devaluation is an intriguing look at the relationship between Washington and Wall Street; the history of political shifts in power and how those shifts influenced the global economy; and, the ways investors can profit as economies move away from U.S. dollar and debt. The book: Discusses how a socialist America will result in the U.S. economy becoming far less competitive, while causing funds to move offshore Details how investors can profit by investing in gold, oil, and Asian markets Explains major cyclical movements from the mega cycle of world power to stock market cycles which last 10-20 years. As the United States begins to deal with its massive debt bubble, The Great Super Cycle just might prove the most powerful tool an investor has for making money in the turbulent years to come.
Download or read book Geopolitical Alpha written by Marko Papic and published by John Wiley & Sons. This book was released on 2020-10-15 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book A Savage Order written by Rachel Kleinfeld and published by Vintage. This book was released on 2018-11-06 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Shutdown written by Adam Tooze and published by Penguin. This book was released on 2021-09-07 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book’s great service is that it challenges us to consider the ways in which our institutions and systems, and the assumptions, positions and divisions that undergird them, leave us ill prepared for the next crisis."—Robert Rubin, The New York Times Book Review "Full of valuable insight and telling details, this may well be the best thing to read if you want to know what happened in 2020." --Paul Krugman, New York Review of Books Deftly weaving finance, politics, business, and the global human experience into one tight narrative, a tour-de-force account of 2020, the year that changed everything--from the acclaimed author of Crashed. The shocks of 2020 have been great and small, disrupting the world economy, international relations and the daily lives of virtually everyone on the planet. Never before has the entire world economy contracted by 20 percent in a matter of weeks nor in the historic record of modern capitalism has there been a moment in which 95 percent of the world's economies were suffering all at the same time. Across the world hundreds of millions have lost their jobs. And over it all looms the specter of pandemic, and death. Adam Tooze, whose last book was universally lauded for guiding us coherently through the chaos of the 2008 crash, now brings his bravura analytical and narrative skills to a panoramic and synthetic overview of our current crisis. By focusing on finance and business, he sets the pandemic story in a frame that casts a sobering new light on how unprepared the world was to fight the crisis, and how deep the ruptures in our way of living and doing business are. The virus has attacked the economy with as much ferocity as it has our health, and there is no vaccine arriving to address that. Tooze's special gift is to show how social organization, political interests, and economic policy interact with devastating human consequences, from your local hospital to the World Bank. He moves fluidly from the impact of currency fluctuations to the decimation of institutions--such as health-care systems, schools, and social services--in the name of efficiency. He starkly analyzes what happened when the pandemic collided with domestic politics (China's party conferences; the American elections), what the unintended consequences of the vaccine race might be, and the role climate change played in the pandemic. Finally, he proves how no unilateral declaration of 'independence" or isolation can extricate any modern country from the global web of travel, goods, services, and finance.
Download or read book The Dao of Capital written by Mark Spitznagel and published by John Wiley & Sons. This book was released on 2013-08-16 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: As today's preeminent doomsday investor Mark Spitznagel describes his Daoist and roundabout investment approach, “one gains by losing and loses by gaining.” This is Austrian Investing, an archetypal, counterintuitive, and proven approach, gleaned from the 150-year-old Austrian School of economics, that is both timeless and exceedingly timely. In The Dao of Capital, hedge fund manager and tail-hedging pioneer Mark Spitznagel—with one of the top returns on capital of the financial crisis, as well as over a career—takes us on a gripping, circuitous journey from the Chicago trading pits, over the coniferous boreal forests and canonical strategists from Warring States China to Napoleonic Europe to burgeoning industrial America, to the great economic thinkers of late 19th century Austria. We arrive at his central investment methodology of Austrian Investing, where victory comes not from waging the immediate decisive battle, but rather from the roundabout approach of seeking the intermediate positional advantage (what he calls shi), of aiming at the indirect means rather than directly at the ends. The monumental challenge is in seeing time differently, in a whole new intertemporal dimension, one that is so contrary to our wiring. Spitznagel is the first to condense the theories of Ludwig von Mises and his Austrian School of economics into a cohesive and—as Spitznagel has shown—highly effective investment methodology. From identifying the monetary distortions and non-randomness of stock market routs (Spitznagel's bread and butter) to scorned highly-productive assets, in Ron Paul's words from the foreword, Spitznagel “brings Austrian economics from the ivory tower to the investment portfolio.” The Dao of Capital provides a rare and accessible look through the lens of one of today's great investors to discover a profound harmony with the market process—a harmony that is so essential today.
Download or read book The Capital Markets written by Gary Strumeyer and published by John Wiley & Sons. This book was released on 2017-01-30 with total page 661 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Download or read book The Body Economic written by David Stuckler and published by Basic Books. This book was released on 2013-05-21 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: Politicians have talked endlessly about the seismic economic and social impacts of the recent financial crisis, but many continue to ignore its disastrous effects on human health—and have even exacerbated them, by adopting harsh austerity measures and cutting key social programs at a time when constituents need them most. The result, as pioneering public health experts David Stuckler and Sanjay Basu reveal in this provocative book, is that many countries have turned their recessions into veritable epidemics, ruining or extinguishing thousands of lives in a misguided attempt to balance budgets and shore up financial markets. Yet sound alternative policies could instead help improve economies and protect public health at the same time. In The Body Economic, Stuckler and Basu mine data from around the globe and throughout history to show how government policy becomes a matter of life and death during financial crises. In a series of historical case studies stretching from 1930s America, to Russia and Indonesia in the 1990s, to present-day Greece, Britain, Spain, and the U.S., Stuckler and Basu reveal that governmental mismanagement of financial strife has resulted in a grim array of human tragedies, from suicides to HIV infections. Yet people can and do stay healthy, and even get healthier, during downturns. During the Great Depression, U.S. deaths actually plummeted, and today Iceland, Norway, and Japan are happier and healthier than ever, proof that public wellbeing need not be sacrificed for fiscal health. Full of shocking and counterintuitive revelations and bold policy recommendations, The Body Economic offers an alternative to austerity—one that will prevent widespread suffering, both now and in the future.
Download or read book Models Behaving Badly written by Emanuel Derman and published by Simon and Schuster. This book was released on 2011-10-25 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now in paperback, “a compelling, accessible, and provocative piece of work that forces us to question many of our assumptions” (Gillian Tett, author of Fool’s Gold). Quants, physicists working on Wall Street as quantitative analysts, have been widely blamed for triggering financial crises with their complex mathematical models. Their formulas were meant to allow Wall Street to prosper without risk. But in this penetrating insider’s look at the recent economic collapse, Emanuel Derman—former head quant at Goldman Sachs—explains the collision between mathematical modeling and economics and what makes financial models so dangerous. Though such models imitate the style of physics and employ the language of mathematics, theories in physics aim for a description of reality—but in finance, models can shoot only for a very limited approximation of reality. Derman uses his firsthand experience in financial theory and practice to explain the complicated tangles that have paralyzed the economy. Models.Behaving.Badly. exposes Wall Street’s love affair with models, and shows us why nobody will ever be able to write a model that can encapsulate human behavior.
Download or read book Capital Wars written by Michael J. Howell and published by Springer Nature. This book was released on 2020-03-24 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The End of Poverty written by Jeffrey D. Sachs and published by Penguin. This book was released on 2006-02-28 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Book and man are brilliant, passionate, optimistic and impatient . . . Outstanding." —The Economist The landmark exploration of economic prosperity and how the world can escape from extreme poverty for the world's poorest citizens, from one of the world's most renowned economists Hailed by Time as one of the world's hundred most influential people, Jeffrey D. Sachs is renowned for his work around the globe advising economies in crisis. Now a classic of its genre, The End of Poverty distills more than thirty years of experience to offer a uniquely informed vision of the steps that can transform impoverished countries into prosperous ones. Marrying vivid storytelling with rigorous analysis, Sachs lays out a clear conceptual map of the world economy. Explaining his own work in Bolivia, Russia, India, China, and Africa, he offers an integrated set of solutions to the interwoven economic, political, environmental, and social problems that challenge the world's poorest countries. Ten years after its initial publication, The End of Poverty remains an indispensible and influential work. In this 10th anniversary edition, Sachs presents an extensive new foreword assessing the progress of the past decade, the work that remains to be done, and how each of us can help. He also looks ahead across the next fifteen years to 2030, the United Nations' target date for ending extreme poverty, offering new insights and recommendations.
Download or read book Interpreting China s Grand Strategy written by Michael D. Swaine and published by Rand Corporation. This book was released on 2000-03-22 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's continuing rapid economic growth and expanding involvement in global affairs pose major implications for the power structure of the international system. To more accurately and fully assess the significance of China's emergence for the United States and the global community, it is necessary to gain a more complete understanding of Chinese security thought and behavior. This study addresses such questions as: What are China's most fundamental national security objectives? How has the Chinese state employed force and diplomacy in the pursuit of these objectives over the centuries? What security strategy does China pursue today and how will it evolve in the future? The study asserts that Chinese history, the behavior of earlier rising powers, and the basic structure and logic of international power relations all suggest that, although a strong China will likely become more assertive globally, this possibility is unlikely to emerge before 2015-2020 at the earliest. To handle this situation, the study argues that the United States should adopt a policy of realistic engagement with China that combines efforts to pursue cooperation whenever possible; to prevent, if necessary, the acquisition by China of capabilities that would threaten America's core national security interests; and to remain prepared to cope with the consequences of a more assertive China.
Download or read book Market Tremors written by Hari P. Krishnan and published by Springer Nature. This book was released on 2021-09-14 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
