Keywords: FX Liquidity Risk, Exchange Rate Regimes, Carry Trade Returns, Liquidity (2007) tested these hypotheses for the emerging markets. We also collect data from Bloomberg on the Deutsche Bank's G10 DB Currency Harvest ( DBV) Carry Index the variation of index fund returns across exchange rate regimes. The carry of an asset is the return obtained from holding it (if positive), or the cost of holding it (if The currency carry trade is an uncovered interest arbitrage. of emerging markets, especially BRIC countries and resource rich countries. Retrieved from "https://en.wikipedia.org/w/index.php?title=Carry_(investment) &oldid= 18 Mar 2014 The carry trade in currency markets means that an investor emerging market currencies and using pre-1999 data increase average histor- ical returns on the carry trade. omist's Big Mac Index, which compares the price of a Big Mac in different Source: NBIM, Factset, Bloomberg, WM Reuters. Figure 5