Are there any asymmetric Responses of Oil Price Shocks to GDP Growth? Evidences from Literature Survey

This study focuses on the well-established fact about the relationship between volatility of oil prices and economic growth in sample oil exporting and importing countries. A systematic literature review is used to explore the related scientific studies and the collected metadata has been analyzed systematically to disclose the asymmetric responses of oil price shocks to GDP growth. It is revealed that the impact of oil price shocks on growth varies from short to long-run, from one country to another depending on economic characters. Sometimes found symmetric but often asymmetric responses of oil price shocks to GDP growth has been observed by scientific researchers in both oil exporting and importing countries. Therefore, the ambiguity of the relationship demands international oil price stabilization polices.