01709cas a2200241 a 4500 AALejournalIMF001415 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451859805 1018-5941 BD-DhAAL BD-DhAAL Carranza, Luis. Explaining Economic Growth with Imperfect Credit Markets / Luis Carranza. Washington, D.C. : International Monetary Fund, 2000. 1 online resource (29 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The purpose of this paper is to explain the humped-shaped behavior of the growth rate. Within a dynamic general equilibrium framework, it is found that, in the early stages of development, the source of growth is the reallocation of resources from sectors low-productivity sectors to high-productivity sectors ('extensive growth'), resulting in increasing growth rates. In the middle and mature stages of development, the source of growth is the higher average productivity achieved by the competition among entrepreneurs ('intensive growth'). As a result, the growth rate could be increasing in the middle stage and then displays a decreasing pattern during the mature stage. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2000/193 Full text available on IMF http://elibrary.imf.org/view/journals/001/2000/193/001.2000.issue-193-en.xml IMF e-Library