This paper estimates the impact of the Golden Quadrilateral and North-South-East-West Highways in India on welfare, social inclusion, and environmental quality. The analysis uses district-level data for 1994-2011 and the difference-in-difference method. The results suggest that the highways...

Drawing on the lessons from the global financial crisis and especially from its impact on the banking systems of Eastern Europe, the paper proposes a new practical approach to macroprudential stress testing. The proposed approach incorporates: (i) macroeconomic stress scenarios generated from...

Stress tests are the main practical tools of macroprudential oversight. This paper reviews the stress-testing practices of central banks in Central and South Eastern Europe (CSEECBs) and outlines the challenges in the area of stress testing going forward. The authors discuss good practice and...