Dr. Reza Siregar







Personal Data



Dr. Reza Yamora Siregar


Current office mailing address


E-mail:  reza.siregar@adelaide.edu.au  or   rezasiregar@yahoo.com



PhD (Economics), Brown University, Providence, Rhode Island, USA (1994)

MA (Economics), Brown University, Providence, Rhode Island, USA (1992)

BA (Economics & Mathematics) with Cum Laude, Boston University, Boston,

Massachusetts, USA (1989)

Research Interests:

Open and Development Macroeconomics; Monetary Economics; International

Finance & Trade; and Applied Time-Series Econometrics

Present Positions

– Lead Economist and Group HeadASEAN+3 Macroeconomic Research Office (AMRO), Singapore

– Affiliate Associate Professor, School of Economics, University of Adelaide, Australia, since 2009

 International Advisor, Journal of Southeast Asian Economies, Institute of Southeast Asian Studies, Singapore, since June 2013

– Associate EditorSingapore Economic Review, since May 2002.

– Member of International Board of Referees, Journal Ekonomi & Bisnis Indonesia (Journal of Indonesian Economy and Business), Faculty of Economic and Business, University of Gadjah Mada, Indonesia, since October 2008.

– Council Fellowthe East Asian Economic Association, since April 2005.

– Research Associatethe Centre for Applied Macroeconomic Analysis (CAMA), the Australian National University, since November 2005.


Undergraduate (School of Economics):

1). Macroeconomics I and II;

2). International Finance III;
3). Money and Banking;


Honours (School of Economics):

1). International Finance;
2). International Trade; and

3). Topics in Time-Series Econometrics.


Graduate (School of Economics and Graduate Business School):

1). Money and Banking;

2). Managerial Economics for MBA program;

3). East Asian Economies; and

4). Challenges Facing Economic Policy Makers.


Teaching Award

Nominated by the Faculty of Arts and Social Sciences of the National University of Singapore for the Outstanding Educator’s Award of 2000-2001.


Ph.D Supervision :

1). Si Wei Goo: Issues on the Monetary Policy and the Exchange Rate Policy of East Asian Countries during the post-1997 financial and currency crisis, awarded in August 2008. Present position: Economist at the Australian Chamber of Commerce and Industry, Canberra, Australia.

2). Victor C. Pontines, Currency Crises, Exchange Rate Regimes and Contagion, awarded in February 2006. Present position: Lecturer, Carnegie Mellon University, H. John Heinz III School of Public Policy and Economic, Adelaide, Australia


Full-Time Position:


– Director of the Centre for International Economic Studies (CIES), School of

Economics, the University of Adelaide, October 2004-July 2006.



– Member of Executive Committee (Associate Head) at the School of

Economics, University of Adelaide, Australia, January 2005-July 2006.


– Member of Post-Graduate Coursework Program Committee at the Faculty of

Professions, University of Adelaide, February 2006-July 2006.


– Coordinator for Master of Applied Economics (and International) at the

School of Economics, University of Adelaide, Australia, October 2002-July



– Member of International Committee at the Faculty of the Professions,

University of Adelaide, Australia, March 2004 – July 2005.


– Lecturer at School of Economics, University of Adelaide, July 2002 –

November 2004.


– Assistant Professor, Department of Economics, National University of

Singapore, May 1999 – May 2002.


– Deputy Director of the Econometrics Study Unit, Department of Economics,

National University of Singapore, May 2001 – May 2002.


– A member of Graduate Programme Committee, Department of Economics,

National University of Singapore, May 2001 – May 2002.


– Economist, the Economic Development & Resource Centre, the Asian

Development Bank (ADB), Manila, Philippines, June-1997 – February 1999.


– Fellow, the Institute of Southeast Asian Studies (ISEAS), Singapore,

April 1994 – April 1996.



-Visiting Positions and Short-Term Appointments:


– Advisor for the Exchange Rate Policy Evaluation Project, the Independent

Evaluation Office (IEO) of the International Monetary Fund (IMF),

Washington, D.C., May 2006 to July 2006.


– Visiting Scholar, the Asia Pacific Division of the International Monetary Fund

(IMF), Washington, D.C., September 2005 to January 2006. Last update: September 2007



– Visiting Scholar, the Centre for Central Banking Studies at Bank Indonesia,

Jakarta, in August 2005.


– Visiting Scholar, Institute for Social and Economic Research, University of

Indonesia, Jakarta, February1999 – May 1999.


– Visiting Scholar, the Centre for International Economics, Dept of Economics,

University of Maryland at College Park, USA, March 1997 – May 1997.


– Visiting Scholar, the Centre for Pacific Basin Monetary and Economic

Studies, the Federal Reserve Bank of San Francisco, California, USA,

May 1996 – February 1997.


Other Professional Activities:


– Referee for the International Economic Journal; the Journal of Asian

Economic; Singapore Economic Review; ASEAN Economic Bulletin; Asian

Development Review; World Economy; Japan and the World Economy;

Journal of Comparative Economics; Australian Economic Papers; Applied

Economics; International Review of Economics & Finance; Economic Record;

Geneva Papers; and Journal of International Financial Markets, Institutions &



– Consultancy works for international agencies: Asian Development Bank

(Manila, Philippines); Asia Foundation (Jakarta, Indonesia); USAID (Jakarta,

Indonesia); World Bank (Washington, D.C., U.S.A); and International

Monetary Fund (Washington, D.C., U.S.A)).


– Regular contributor of short-articles for newspapers and magazines in

Indonesia (in Bahasa Indonesia: BISNIS INDONESIA, TEMPO, WARTA

EKONOMI, GATRA) and Singapore (in English: BUSINESS TIMES).



Research Experiences :


1. “How Should We Bank with Foreigners? An Empirical Assessment of Lending Behaviour of International Banks to Six East Asian Economies”, Intrenational Review of Economics and Finance, (with V. Pontines), 29, pp.552-568.

2. “Do Asian Countries Fear Appreciation Against Renminbi?” (with V. Pontines) in eds. by J. Corbett and X. Ying, Rebalancing Economies in Financially Integrating East Asia, Routledge. (forthcoming).

3. “International Bank Claims to East Asian Economies: Stabilizers or Destabilizers” (with V. Pontines) in eds. by J. Corbett and X. Ying, Rebalancing Economies in Financially Integrating East Asia, Routledge. (forthcoming).


1. “Managing Global Banks amidst Market Uncertainties”, Bao Review, No. 4, April, pp.50-51.

2. “Inflationary Implication of Gold Price in Vietnam”, (with Thi Kim Cuc Nguyen),CAMA Working Papers 2013-20, Australian National University, Centre for Applied Macroeconomic Analysis, May 2013 (http://cama.anu.edu.au).

3. “Living with Interconnected Banking Sectors during the Period of Global Financial Market Uncertainties: Experiences of East and Southeast Asia”, Journal of Advanced  Studies in Finance, Vol. IV, Issue 1 (7)Summer, pp. 32-61.


1. “Fear of Appreciation in East and Southeast Asia: The Role of the Chineses Renminbi”, Journal of Asian Economics, 23 (2012), pp. 324-334  (with V. Pontines).

2. “Flexible Exchange Rate under Inflation Targeting Regimes: Evidences from Four East and Southeast Asian Countries”, Review of International Economics, (with V. Pontines),Vol. 20, No.5, pp. 893-908.

3. “How Should We Bank with Foreigners? An Empirical Assessment of Lending Behaviour of International Banks to Six East Asian Countries”, (with Victor Pontines),Center for Applied Macroeconomic Analysis (CAMA) Working Paper No.4, the Australian National University, February 2012 (http://cama.anu.edu.au).

4. “Exchange Rate Appreciation, Capital Flows and Excess Liq uidity: Adjustment and Effectiveness of Policy Responses”, edited by V. Pontines and R. Siregar, The South East Asian Central Bank (SEACEN) Research and Training Center, Kuala Lumpur, Malaysia.

5. “Episodes of Large Exchange Rate Appreciations and Reserve Accumulations in Selected Asian Economies: Is Fear of Appreciation Justified?” (with V. Pontines), in eds. by V. Pontines and R. Siregar, Exchange Rate Appreciation, Capital Flows and Excess Liquidity: Adjustment and Effectiveness of Policy Responses, The South East Asian Central Bank (SEACEN) Research and Training Center, Kuala Lumpur, Malaysia.

6. “How Should We Bank with Foreigners? An Empirical Assessment of Lending Behaviour of International Banks to Six East Asian Economies” (with V. Pontines), in eds. by V. Pontines and R. Siregar, Exchange Rate Appreciation, Capital Flows and Excess Liquidity: Adjustment and Effectiveness of Policy Responses,The South East Asian Central Bank (SEACEN) Research and Training Center, Kuala Lumpur, Malaysia.

7. “Trade Financing and Export Performance: Experiences of Indonesia, Korea and Thailand”, in eds. Shandre A. Thangavelu and Aekapol Chongvilaivan, Real and Financial Integration in AsiaRoutledge, UK.

8. “Export Credit and Export Performance: The Experience of Indonesia” (with Anton H. Gunawan), in eds. Shandre A. Thangavelu and Aekapol Chongvilaivan, Real and Financial Integration in AsiaRoutledge, UK.


1. “Macro-Prudential Approaches to Banking Regulation: Perspectives of Selected Asian Central Banks”, in Masahiro Kawai and Eswar Prasad (eds.), Asian Perspectives on Financial Sector Reforms and RegulationBrookings Institution Press , pp. 101-137, Washington, D.C., USA.

2. “International and Cross-Border Bank Lending and Implications in SEACEN Economies: Balance Sheet Perspective”,  Reza Y Siregar and Victor Pontines (eds),The South East Asian Central Bank (SEACEN) Research and Training Center, Kuala Lumpur, Malaysia.

3. “Real Sector Propogation of the Recent Global Financial Crisis”, Reza Y Siregar and C.S. Lim, Vincent (eds), The South East Asian Central Bank (SEACEN) Research and Training Center, Kuala Lumpur, Malaysia.


1. “The Role of Central Banks in Sustaining Economic Recovery and in Achieving Financial Stability”, (with Vincent Lim), Journal of Advanced Studies in Finance, Vol.1, Issue 1(1), pp.83-99.

2. “Determinant of International Bank Lending from the Developed World to East Asia”, (with Choy Keen Meng), the IMF Staff Papers, Vol. 57, No.2, pp.484-516.

3. “Effectiveness and Commitment to Inflation Targeting Policy: Evidences from Indonesia and Thailand”, (with Siwei Goo), Journal of Asian Economics, Vol.21, pp.113-128.


1. “In the Midst of Global Financial Slowdown: The Indonesian Experience”, (Willeam Wiranto), the Indonesian Quarterly, Vol.37, No.4, pp. 399-421.

2. “Navigating Policy Responses at the National Level in the Midst of the Global Financial Crisis: The Experience of Indonesia”, (with M.C. Basri), Asian Economic Papers, vol. 8(3), pg.1-35, October.

3. “Sample Period, Heteroscedasticity Assumption, and Contagion Measurement: MS-VAR Application on DCC Procedure”, (with Victor C. Pontines), Applied Financial Economics, vol 19, Issue 9, May, pp. 745-752.

4. “Survey of Recent Development”, (with Anton H. Gunawan), Bulletin of Indonesian Economic Studies, Vol.45, No. 1, April, pp.7-36.

5. “Examining the Case for an Asian Reserve Pool”, (with Graham Bird and Ramkishen S. Rajan), in ed. Ramkishen S. Rajan, Exchange Rates, Currency Crisis and Monetary Cooperation in AsiaPalgrave MacMillan, New York, pp.193-214.


1. “Outward Investment Surge in the Midst of Weak Inward Investment: Perspectives from the Indonesian Experience during the post-1997 Financial Crisis” (with Anton H. Gunawan), in. R. Kumar, R. Rajan and Nicola Virgill (eds), New Dimensions of Economic Globalization: Surge of Outward Foreign Direct Investment from Asia, World Scientific PressMay, pp.285-314.

2. “Fundamental Pitfals of Exchange Market Pressure-Based Approaches to Identification of Currency Crises” (a lead article with Pontines, V), International Review of Economics & Finance, vol.17, no.3, pp.345-365.

3. “Inflation Targeting Policy: The Experiences of Indonesia and Thailand”, (with Siwei Goo), Center for Applied Macroeconomic Analysis (CAMA) Working Paper No.23, the Australian National University, July 2008 (http://cama.anu.edu.au).


1. “The Yen, The US dollar and The Trade-Weighted Basket of Currencies: Does the choice of anchor currencies matter in identifying incidences of speculative attacks against selected key Southeast Asian currencies?” (with Pontines, V), Japan and the World Economy, Vol. 19, Issue 2, March, pp. 214-235.


1. “The Yen, The US dollar, and The Speculative Attacks Against the Thailand Baht”, (with Victor Pontines) in ed. Vandana Shajan, Foreign Institutional Investment: Issues and Challenges, the Institute of Chartered Financial Analysts (ICFAI) University Press, India, December, pp. 152-181.

2. “Identifying and Dating the Episodes of Speculative Pressures against the Singapore Dollar”, ( a lead article with Pontines, V.), Singapore Economic Review, Vol. 51, No. 2, pg. 113-133.

3. “Designing Financial Safety Net Structures in Indonesia: Selected Lessons and Challenges”, (with William, E.J.), ASEAN Economic Bulletin, Vol. 23, No.1, April, pp 98-113.


1. “Interest Rate Policy and Its Implication of the Banking Restructuring Programs in Indonesia during the 1997-financial crisis: An Empirical Investigation”, in F. Sjoholm and J. Tongzon (eds), Institutional Change in Southeast Asia, Routledge Press, pp. 72-90.

2. “Sources of Variation Between the Inflation Rates of Korea, Thailand and Indonesia During The Post-1997 Crisis”, (with Rajaguru, G), Journal of Policy Modelling, Vol. 27, Issue. 7, October, pp. 867-884.

3. “Examining the Case for Reserve Pooling in East Asia” (with Bird, G., and Rajan, R), Asia Pacific Journal of Economic and Business, Vol. 9, No.1, June, pp. 21-39.

4. “Base Money and Exchange Rate: Sources of Inflation in Indonesia during the Post-1997 Financial Crisis”, (with Rajaguru, G), Journal of Economic Integration, Vol. 20, No. 1, March, pp.185-215.


1. “Centralized Reserve Pooling For the ASEAN + 3 countries” in Monetary and Financial Integration in East Asia, (with R. Rajan), McMillan Press for the Asian Development Bank, pp. 285-329.

2. “Misalignment of the Baht and its Trade Balance Consequences for Thailand in the 1980s and 1990s”, (with Rajan, R and Sen, R), The World Economy, Vol. 27, Issue.7, July, pp. 985-1012.

3. “Impacts of Exchange Rate Volatility on Indonesia’s Trade Performance in the 1990s”, (with Rajan, R), Journal of the Japanese and International Economies, Vol. 18, Issue 2, pp. 218-240.


1. “Estimating Singapore’s Natural Equilibrium Exchange Rate in the 1990s” in R. Rajan (ed), Sustaining Competitiveness in the New Global Economy: A Case Study of Singapore, (with R. Rajan), Edward Elgar (UK), pp.251-266.

2. “Singapore and The New Regionalism: Bilateral Trade Linkages with Japan and the US”, (with Rajan, R. and Sen, R.), The World Economy, Vol.26, Issue 9, September, pp. 1325 – 1356.

3. “Why Was There A Pre-Crisis Capital Inflow Boom in Southeast Asia?” ( a lead article with Rajan, R and Sugema, I), Journal of International Development, Vol.15, 3, pp 265 – 390.


1. “Private Capital Flows in East Asia: Boom, Bust and Beyond”, in Gordon. De Brouwer ed., Financial Markets and Policies in East Asia, (with R. Rajan), Routledge Press, pp. 47-81.

2. “Sustainable Exchange Rate Policy Management in Singapore: 1983-1998” in Chng Meng Kng, Hui Weng Tat, Koh Ai Tee, Lim Kim Lian and Bhanoji Rao eds., Singapore Economy in the 21st Century: Issues and Strategies, (with D. Lu), McGraw-Hill Book Co, pp. 425-442.

3. “Post Crises Exchange Rate Regime in Southeast Asia: to Peg or Not to Peg”, in M. Ikhsan, C. Manning and H. Soesastro (eds), 80 Tahun Mohamad Sadli; Ekonomi Indonesia di Era Politik Baru , PT Kompas Media Nusantara (June).

4. “Choice of Exchange Rate Regime: Currency Board (Hong Kong) or Monitoring Board (Singapore)?” (with Rajan, R), Australian Economic Papers, Vol.41, No.4, December, pp.538-556. —This paper was the fourth downloaded most frequently from the Australian Economic Papers in 2004.

5. “Exchange Rate Volatility, Trade & “Fixing for Life” in Thailand”, (with Rahmatsyah, T., and Rajaguru, R), Japan and the World Economy, Vol 14, No.4, December, pp.445-470.

6. “Hong Kong, Singapore and the East Asian Crisis: How Important Were Trade Spillovers?” (with Rajan, R and Sen, R), The World Economy, Vol 25, No.4, April, pp 503 – 537.


1. “Singapore and Free Trade Agreements: Economic Relations with Japan and the United States”, Institute of Southeast Asian Studies, Singapore, (with R. Rajan and R. Sen).

2. “Survey of Recent Developments”, Bulletin of Indonesian Economic Studies, Vol. 37, No.3, pp. 277-303.

3. “Economic Fundamentals and Managed Floating Exchange Rate Regime in Singapore”, (with Choo, L.Y), Journal of Economic Development, Vol.26, No.1, June, pp.133 – 148.


1. “Monetary Shocks and the Fundamental Determinants of the Real Exchange Rate under the Hong Kong Currency Board”, (a lead article with Walker, C), Asian Economic Journal, Vol. 14 (1), March, pp.1-21.


1. “Management of Macroeconomic Policies in Vietnam” in Rising to the Challenge in Asia: A Study of Financial Markets, Volume 12, Socialist Republic of Viet Nam, Asian Development Bank, pp. 1-17.

2. “Empirical Properties of the Indonesian Rupiah: Testing for Unit-Roots, White-Noise, and Structural Breaks”, Journal of Economic Development, Vol.24, No.2, December, pp.163-176.

3. “Real Exchange Rate Targeting and Inflation in Indonesia: Theory and Empirical Evidence”, Applied Financial Economics, Vol. 9, No. 4, August, pp.329-336.

4. “Social Safety Net Policy in Indonesia: Objectives and Shortcomings”, (with Ananta, A), ASEAN Economic Bulletin, Vol.16, No.3, December, pp.344-359. The paper is listed among the Key Reading List on the Social Safety Net Issues by the World Bank Group:http://www1.worldbank.org/sp/safetynets/publications/search_keyreadings.asp?look_for=Economic+Crises&submit.x=5&submit.y=9


1. “Inflation and Exchange Rate Management in Indonesia”, in Richard Hooley and Zainal Abidin Mahani, eds, Research in Asian Economic Studies, volume 8, JAI Press, Greenwich, Conn, USA, pp.95-112.


1. “ASEAN and KOREA: Trends in Economic and Labour Relations”, (with Singh, D),Institute of Southeast Asian Studies, Singapore.

2. “Stimulating Investment and Export through the Exchange Rate and the Monetary Policy”, in The Indonesian Economic Almanac 1997, PT. Khasanah Ekonomi Indonesia, Jakarta, Indonesia.


1. “The NATREX Approach to Analyse the Real Exchange Rate Movements, a case of Indonesia”, in Richard Hooley, Anwar Nasution and Mari Pangestu, eds, Asia Pacific Economic Cooperation: Theory and Policy, Volume 7 (Part B), JAI Press, Greenwich, Conn, USA, pp.297-321.

2. “Indonesia: Setting the Stage for Soeharto’s Re-election”, (with Sebastian, L),Southeast Asian Affairs 1996, Institute of Southeast Asian Studies, April, Singapore.


1. “ASEAN and KOREA: Emerging Issues in Trade and Investment Relations”, (with Singh, D), Institute of Southeast Asian Studies, Singapore.

2. “Manejo de las tasas de cambio en Indonesia”, ASIA PACIFICO 1995, El Colegio De Mexico, April.

3. “Integrasi Tingkat Bunga Domestik dengan Pasar Internasional: Kebijaksanaan dan Implementasi (Integration of Domestic Interest Rate with the International Market Rate: Policy and Implementation)”, Jurnal Keuangan dan Moneter (Journal of Monetary and Finance), Vol.2, No.2, Ministry of Finance, Republic of Indonesia, Jakarta, April.


1. “APEC and Macroeconomic Policy Coordination”, in Indonesian Perspectives on APEC and Regional Cooperation in Asia Pacific, edited by Hadi Soesastro, Centre for Strategic and International Studies, Jakarta, November.

2. “Sustaining High Economic Growth”, The Economic Bulletin, Singapore International Chamber of Commerce, November.

3. Book Review on Indonesian Assessment 1993 – Labour: Sharing in the benefits of Growth. Edited by Chris Manning and Joan Hardjono. Canberra: Australian National University, 1993, ASEAN Economic Bulletin, Vol. 11, No.2, Institute of Southeast Asian Studies, Singapore, November.

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