Mariana, C. D. and Raz, A. F. (2025). Central banks’ financial stability orientation and bank risk-taking. Journal of Financial Stability, 78:101409.
Raz, A. F. (2023). Bank liquidity creation and religious observance: Evidence from Ramadan fasting. Journal of Corporate Finance, 83:102500.
Raz, A. F., McGowan, D., and Zhao, T. (2022). The dark side of liquidity regulation: Bank opacity and funding liquidity risk. Journal of Financial Intermediation, 52:100990.
Raz, A. F. and Bensassi, S. (2025) Combating trade-based money laundering: Do the Financial Action Task Force Recommendations bite? Economica, 92(365): 322-347. Press: SOCACE UK.
Husodo, Z.A., Raz, A. F., and Danarsari, D.N. (2024). The bind and the slack of Basel III liquidity regulations: Evidence from Indonesia. Journal of International Financial Markets, Institutions and Money, 96: 102046.
Raz, A. F. (2018) Risk and capital in Indonesian large bank. Journal of Financial Economic Policy, 10(1):165-184.
Raz, A. F. (2013). The nexus between bank credit development and economic growth in Indonesia. DLSU Business & Economics Review, 23(1):93–104.
Taxation and bank liquidity risk: The transparency channel (with Danny McGowan).
The dark side of bank digitalization: Bank liquidity creation and digital innovation failure.
The impact of natural disasters on household savings: Evidence from Japanese tropical cyclones.
The state awakens: Bank performance under varying urban and rural governance (with Seyit Gokmen).