Arisyi Raz

Essays on Financial Regulations, Bank Opacity, and Bank Risks

: Dr Danny McGowan and Dr Tianshu Zhao

Starting date: September 2019



Arisyi is a PhD Finance student at Birmingham Business School. His research interests lie in understanding the behaviour of banks and other financial intermediaries.

Arisyi has presented his research at various universities and international finance and economics conference such as European Economic Association Conference (2021), Macro Money Finance PhD Conference (2021), University of Zurich (2021), University of Birmingham (2022) and Essex Finance Centre Conference (2022). He won a Peter Sinclair Prize from the Macro Money Finance PhD Conference in 2021 and Second Best Paper Prize from the University of Birmingham 2022. One of his research chapters has been accepted at the Journal of Financial Intermediation (ABS 4).

Previously Arisyi has worked at financial institutions such as Fitch Ratings and Central Bank of Indonesia. He also holds a Financial Risk Manager (FRM) Designation since 2019.

Research Interests

  • Financial intermediation

  • Financial regulation

  • Bank risk

  • Bank transparency

Professional Memberships 

Financial Risk Manager Designation (by GARP) 


  • BBA - Finance (Ritsumeikan APU)
  • MSc - Economics (University of Manchester)

Teaching responsibilities

  • PG Financial Econometrics (Seminar Teacher), 2021-2022
  • UG Business Strategies in Emerging Economies (Workshop Lead), 2021-2022
  • UG Economics for Business (Seminar Teacher), 2021-2022
  • PG Dissertation Workshop (Workshop Teacher), 2019-2022


  • 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​, forthcoming.