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The novel coronavirus pandemic is the biggest shock hitting the global economy in generations. Both demand and supply have been disrupted and millions of people lost their jobs. In a time of high debt and low interest rates, policymakers across the world have scrambled to put together unprecedented fiscal and monetary policy measures to contain the economic fallout. Measures implemented include massive health care investments, suspension of taxes, loan guarantees, cash transfers to citizen, nationalization of strategic industries, unlimited purchases of debt instruments and direct lending to firms by the central bank.

Using economic theory and empirical evidence from past pandemics and natural disasters (SARS, H1N1 flu, Fukushima tsunami and others), the goal of this course is two-fold: (i) to discuss the principles that should guide these stimulus measures, and (ii) to take note of what the authorities in different countries have done, and to assess how they measure up against these principles

  • Understand the transmission channels of the COVID crisis to the real economy
  • Recognize the rationale of the different policies undertaken and the expected outcomes
  • Comprehend the macroeconomic and financial stability risks associated with these policies
  • Apprehend the needs and merits of international policy coordination

Prof. Eli Remolona sits on the Board of Directors of the Bank of the Philippine Islands and is an Adviser to the Academy of Finance in Hong Kong. Prior to joining ASB, he had long careers at the Bank for International Settlements and the Federal Reserve Bank of New York. He has taught at Williams College, Columbia University and New York University and has been an Associate Editor of the International Journal of Central Banking since 2005. Eli holds a Ph. D in Economics from Stanford University.


Professor of Finance
Director of Central Banking

Prof. Hans Genberg is a Professor of Finance at the Asia School of Business and is the Associate Director of the Master in Central Banking Program. He has published extensively on issues related to exchange rate regimes, reserve management and capital markets development, having worked in senior roles at the South East Asian Central Bank (SEACEN) Research and Training Centre, the Hong Kong Monetary Authority (HKMA) and at the International Monetary Fund (IMF).

Hans also has extensive academic experience, having been Professor of International Economics from 1979 to 2008 and Head of the International Economics Department from 1989 to 1998 at the Graduate Institute of International Studies in Geneva, Switzerland.

Hans holds a Ph.D. in Economics from the University of Chicago.


Professor of Economics
Senior Director of Banking and Finance Programs

Dr. Triwit Ariyathugun joined ASB as an Assistant Professor of Economics. His research interests are in the areas of central banking and asset pricing. One of his recent projects explores the implications of the interest-on-reserves policy on asset prices and macroeconomic outcomes.

Prior to joining ASB, Dr. Ariyathugun was an Instructor in the Department of Economics of the University of Chicago and a postdoctoral associate at MIT Sloan. Dr. Ariyathugun is International Faculty Fellow at MIT Sloan. Dr. Ariyathugun holds M.S. in Financial Mathematics from Stanford University and Ph.D. in Economics from the University of Chicago.


Assistant Professor of Economics


Staff from investment funds, investment banks and other financial institutions; Political consultants; Business people from industries directly linked to the government.

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April 19 – 22

9.00am – 12.15pm

This course will be offered digitally during 2021, with an option for in-classroom sessions if and when allowed.

Program Fee

RM 4,800 / USD 1,235

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