Assess understanding of macroeconomic and financial transmission channels (exchange rates, interest rates, banking-sector and balance-sheet effects, capital flows, trade and confidence channels) during sovereign debt crises in emerging economies, and evaluate policy responses (fiscal adjustment, debt restructuring, monetary policy, capital controls, macroprudential tools, IMF/official financing). Tasks will require analyzing cause–effect links, trade-offs and policy sequencing, contagion risks, and short- and medium-term outcomes using empirical reasoning and policy judgment.