Dirk G. Baur
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View article: The cost of financial intermediation in Australia
The cost of financial intermediation in Australia Open
This article finds a negative trend in the unit cost of financial intermediation in Australia. The result is remarkable given the seemingly low competition in the Australian banking system and contrasts the relatively constant costs identi…
View article: Are stablecoins the money market mutual funds of the future?
Are stablecoins the money market mutual funds of the future? Open
This paper is the first to provide a comprehensive comparison of two financial instruments: stablecoins and money market mutual funds (MMFs). We observe similar reserve asset backing for fiat reserve backed (FRB) stablecoins and MMFs, simi…
View article: Gold Production and the Global Energy Transition—A Perspective
Gold Production and the Global Energy Transition—A Perspective Open
Gold is neither a critical mineral nor a metal that is central to the global energy transition in terms of demand from new energy production technologies. Yet, gold is unique among mined commodities for its role in financial markets and fo…
View article: Diversification Is Not a Free Lunch
Diversification Is Not a Free Lunch Open
This study analyzed the statement “diversification is a free lunch”. We empirically showed that diversification is only a free lunch under uncertainty or ignorance, confirming Warren Buffett’s “diversification is protection against ignoran…
View article: Flight-to-quality—Money market mutual funds and stablecoins during the March 2023 banking crisis
Flight-to-quality—Money market mutual funds and stablecoins during the March 2023 banking crisis Open
The March 2023 banking crisis prompted a flight-to-quality, with inflows into money market mutual funds and outflows from stablecoins. Similar flows from riskier to safer categories within both asset classes highlight the important role of…
View article: Big oil in the transition or Green Paradox? A capital market approach
Big oil in the transition or Green Paradox? A capital market approach Open
In an environment of intensifying pressure to decarbonize, firms in the oil and gas industry have announced initiatives to reduce carbon emissions including ambitious net zero goals. Critics argue that such announcements lack substance and…