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The Hong Kong University of Science and Technology

Monetary Policy in the Asia Pacific

The Hong Kong University of Science and Technology via Coursera


Watch the introduction video to the course here:

The Asia-Pacific region contains some of world’s most dynamic economies. Economies around the globe rely on credible monetary policy implemented by central banking institutions. Monetary policy governs the liquidity available to the payment systems that underlie trade and finance. Smooth adjustment of liquidity can minimize instability in money and foreign exchange markets and keep inflation and growth on a secure footing. The industrial giants of China, Japan, and Korea; the Southeast Asian emerging markets of Indonesia, Malaysia, Philippines, and Thailand; and the international entrepots at Hong Kong and Singapore each face unique challenges in implementing liquidity policy.

This course is for learners with some background information on monetary policy. This advanced course will build a foundation for understanding liquidity policy implementation in the Asia-Pacific using standard economic models. The course will discuss the effects of high level discussion of a key element of national level public policy, monetary policy. Modern monetary policy connects macroeconomic conditions and key financial market indicators. It will also analyze the way that central bank goals for macroeconomic stability will determine outcomes in interest rates and exchange rates. The rigorous theoretical foundation should also build analytical skills that might be applied to policy and market analysis in a broad range of economies and even in the Asia-Pacific region as policy-making evolves in the future.

The topics covered each week:

Module 1 - Monetary Policy Implementation
Module 2 - Monetary Policy Strategy
Module 3 - Exchange Rates and Monetary Policy

After taking this course and going through the interactive activities, you will be able to:

(1) Describe Monetary Policy instruments central banks use
(2) Interpret on-going actions of central banks
(3) Apply graphical analysis and calculate basic economic measures used as tools by central banks or analysts
(4) Analyze the way that central bank goals for macroeconomic stability will determine outcomes in interest rates and exchange rates


  • Monetary Policy Implementation
    • Welcome to the first module! This module will focus on the microeconomics of monetary policy implementation. We study how the central bank balances supply against demand in liquidity markets to target the key interest rate on interbank lending and influence money markets.
  • Monetary Policy Strategy
    • Welcome to Module 2! This module will focus on the macroeconomics of monetary policy strategy. We study the how (and why!) the central bank sets monetary policy in response to business cycle conditions in order to achieve a smooth and predictable inflation target.
  • Monetary Policy and Exchange Rates
    • This module will focus on the various interactions between monetary policy and exchange rates. We study how monetary policy affects the balance of supply and demand in foreign exchange markets and policies required to stabilize the relative value of domestic currency
  • Bringing it all together
    • Welcome to the final exam module! This module discusses regional approaches to exchange rate stabilization in Singapore and China. This supplementary material should help you tie together the application of concepts from the previous modules. However, only materials from Modules 1-3 will be directly covered in the final exam.

Taught by

David Cook


4.7 rating, based on 24 Class Central reviews

4.8 rating at Coursera based on 249 ratings

Start your review of Monetary Policy in the Asia Pacific

  • Anonymous
    I am very happy because this coures was useful for me and cleared my doubts
    And it felt so cool and taught in a very simple way and Math problems taught in a very easy way and Studied small things
    And practical knowledge came
  • Anonymous
    This course helped me alot to learn more things
    Everything explained in detail and in simple way.
    This course it best for all the economic students this helps alot with studies and all very nice course everyone should do it its very knowledgeable...
  • Anonymous
    The course, at times, was somewhat challenging. Yet these challenges were not ones that lead to frustration, rather they provided incentive to keep learning. You are presented with a decent amount of theory, actual data and assumptions of future market behavior. The quizzes were rather short and, by giving full attention to each video/section, I found that they were not too difficult. A fun and interesting course…cheers.
  • Anonymous
    Very good course! Helps me understand the implementation of a monetary policy that I hope Western nations observe and follow suit.
  • Anonymous
    Less about APAC, more about monetary policy. Would recommend HKU to add more material on case studies.
  • Anonymous
    The module was paced appropriately. Slides had a clear structure that made it easy to follow what the professor was teaching. Would recommend it to those who have a brief understanding of macroeconomics (exchange rates, inflation) beforehand. This module is of equal breadth and depth, with various case studies and detailed explanations of concepts. Highly recommended!
  • Anonymous
    The material is interesting, but the presentation leaves a lot to be desired. It appears the instructor wrote a paper, compressed the wording so each sentence contains a different idea, then the instructor stands in front of the camera parroting the paper. The impression is not that the instructor is out to teach a course, but to get bonus points for his resume.
  • Anonymous
    Great course for me as an introduction to monetary policy, while its emphasis is on Asia Pacific, the material learned is transferable to other parts of the world. At least, to my knowledge, in the western economies.
    - Phillip A. W. Olsen
  • Anonymous
    The course was a bit of a challenge as someone who has no background in economics, but in the end, it helped me with understanding the world of economics in the Asia-Pacific region.
  • Anonymous
    Very good course that covers the different monetary policy framework in Asian countries, with good explanations.
  • Anonymous

    Anonymous completed this course.

    The course introduced the basic knowledge about monetary policy with very sufficient real-world cases as examples. It is easy to understand and worth taking as the length of the course is perfect.
  • Anonymous
    Monetary policies topic already complicate without the involvement of international economics. Still, in the real world, no country is isolated that why we need to know the impact of the exchange rate and fund flow to country macroeconomics. I admit that I doubt that I could retain this knowledge and use it after this course because of their complicated. This course is good, and these monetary policies make an impact on everyone.
  • Anonymous

    Anonymous completed this course.

    Great course for anyone interested in Monetary Policy in the Asia Pacific region. But a helpful if you already have a basic understanding of economics before attempting the course.
  • Jacky Lo
    The best course I ever attended online and in the real world! I work in FX desk in an investment bank and find this course really helpful, especially the course provides lots of real life examples in addition to theories. The instructor explains difficult concepts very clearly and quiz are provided to enhance student's understanding. Look forward to other courses by Prof David Cook!
  • Anonymous

    Anonymous completed this course.

    This course giving me a lot of time for reading .The course introduced the basic knowledge about monetary policy with very sufficient real-world cases as examples. It is easy to understand and worth taking as the length of the course is perfect.
  • Anonymous

    Anonymous is taking this course right now.

    It is very useful for our studies and also it is very also for learning something new and improve our knowledge and it is very use to follow and complete the task and the video giving more information and knowledge.
  • Anonymous
    I learnt a lot from this course. It has deepened my understanding on Monetary policies. The videos were so explanatory and explicit. I also love the calculation aspect of this course, it has really help that part of me
  • Profile image for Nafeun Alam
    Nafeun Alam
    Please improve it. The course quality is not my expectation. So this part is crucial for us. And Best of luck. Thank you for your coordination and dedication to fill up the better position.
  • Anonymous
    The materials is very well-prepared and the quiz also gives you explanation for each questions. I think if you want to learn about monetary policy as a general, this can also be a huge help!
  • Anonymous
    Wonderful course. Explains indentationwhar should be learned and it’s very interesting Walahi you people should take the course the course makes sense very much.

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