Analysis of decade-long growth rates in all countries shows a striking regularity: episodes of rapid growth are limited largely to a middle range of initial income; neither very poor nor very rich countries experienced rapid growth. Episodes of negative growth are limited to low and middle-income countries. This paper develops a simple model that sheds light on this experience. The model has two familiar elements from the growth literature: (1) a...
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INFORMATION
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1991/10/31
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Document de travail de recherche sur les politiques
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WPS795
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1
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1
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2010/07/01
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Economic stagnation, fixed factors, and policy thresholds
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black market exchange rate premium