Abstract
Understanding the relationship between energy price dynamics and competitiveness is key to the debate on the transition to environmental and economic sustainability. That is particularly the case in emerging economies, where sectors and firms are less mature and more fragile to external shocks. Using a panel of firms in 12 sectors and 11 high and middle-income countries over the years 2002–2013, this paper provides evidence that growing energy prices do not harm and in some cases can even strengthen economic performance. The results suggest that the size and direction of the impact of growing energy prices depends on firms’ energy intensity, among other characteristics. This should be taken into account in empirical studies focusing solely on average effects.
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