1. “Inflows of Portfolio Investment to Indonesia: Anticipating the Challenges Facing the Management of Macroeconomy,” ISEAS Working Paper on Economic and Finance, No. 2, March 1996.

2. “An Empirical Examination of the Stock Market Returns in Selected Asia-Pacific Economies in the Pre- and Post-Financial Reform Period,” ISEAS Working Paper on Economic and Finance, No. 1, March 2001.

3.         “A Survey of Financial Integration in East Asia: How Far? How Much Further To Go?” (with T. Cavoli and R. Rajan), the Center for International Economic Studies Working Paper, 04-01, the School of Economics,University of Adelaide,Australia, January 2004.

4. “Interest Spreads and Mandatory Credit Allocations: Implications on Bank Loans to Small Businesses in Indonesia,” the Center for International Economic Studies Working Paper, 04-02, the School of Economics,University of Adelaide,Australia, January 2004.

5.         “Exchange Rate Policy and Foreign Exchange Reserve Management in Indonesiain the Context of East Asian Monetary Regionalism,” (with R. Rajan), the Center for International Economic Studies Working Paper, 04-03, the School of Economics,University of Adelaide,Australia, August 2004.

7. “Incidences of Speculative Attacks on Rupiah during the Pre and Post-1997 Financial Crisis,” Center for International Economic Studies Working Paper, 05-04, theSchool ofEconomics,University of Adelaide,Australia, May 2005.

8.“Models of Equilibrium Real Exchange Rates Revisited: A Selective Review of the Literature,” (with R. Rajan), Center for International Economic Studies Working Paper, 06-04, the School of Economics,University of Adelaide,Australia, April 2006.

9. “Intervention Index and Post-Crisis Exchange Rate Regimes of Selected East-Asian Economies,” (with V. Pontines), June 2008.

10. “Economic Shocks and the Role of Exchange Rate in Indonesiaand Thailand,” (with S. Goo), The SEACEN Centre Staff Paper,  no. 72, September 2009.

11. “Effectiveness and Commitment To Inflation Targeting Policy: Evidences From Indonesia and Thailand”, (with S. Goo), The SEACEN Centre Staff Paper, no. 73, September 2009.

12. “The Role of Central Banks in Sustaining Economic Recovery and in Achieving Financial Stability”, (with Lim C.S., Vincent), The SEACEN Centre Staff Paper, no. 74, February 2010.

13. “The US Sub-prime Crises and Extreme Market Pressures in Asia,” (with V. Pontines and N. M.Hussain), The SEACEN Centre Staff Paper, no. 75, June 2010.

14. “Flexible Exchange Rate under Inflation Targeting Regimes: Evidences from Four East and Southeast Asian Countries”, ( with V. Pontines), The SEACEN Centre Staff Paper,  no. 77, August 2010.

15. “Asymmetrical Exchange Rate Policies in East and Southeast Asia: The Role of Chinese Reminbi,” (with Victor Pontines), The SEACEN Centre Staff Paper,  no. 78,  October  2010.

16. “Living with Macro-financial Linkages: Policy Perspectives and Challenges for SEACEN Countries (with Lim, C.S. Vincent), The SEACEN Centre Staff Paper, no. 79, January 2011.

17. “Post Global Financial Crisis: Issues and Challenges for Central Banks of Emerging Markets” (with Lim C.S. Vincent and Victor Pontines), The SEACEN Centre Staff Paper, no. 80,  February  2011.

18. “The Concepts of Equilibrium Exchange Rate: A Survey of Literature”, The SEACEN Centre Staff Paper, no. 81, April 2011.

19. “Cross-border Bank Lending to Selected SEACEN Economies: An Integrative Report” (with Victor Pontines),  The SEACEN Centre Staff Paper, no. 82,   June 2011.
20. “Real Sector Propagation of the Recent Global Financial Crisis: An Integrative Report”  (with C.S. Lim, Vincent), The SEACEN Centre Staff Paper, no. 83, July 211.