Test the ability to evaluate the relative effectiveness and welfare trade-offs of monetary policy versus macroprudential regulation in preventing credit-driven financial crises in emerging market economies; requires knowledge of transmission mechanisms, common macroprudential tools (e.g., CCyB, LTV, sectoral capital requirements), empirical identification strategies (VARs, panel regressions, DSGE/DSGE-VAR with financial frictions), interaction with exchange rate regimes and capital flows, welfare metrics (consumption volatility, output costs, distributional effects), model-based counterfactuals, and policy coordination constraints; students should compare theoretical predictions, interpret empirical evidence, and propose context-sensitive policy recommendations for EMEs.