The Impact of Oil Prices on Economic Growth in OECD Countries: Panel Cointegration Application

While oil is a serious cost factor for oil importing countries, it is an important source of income for oil exporting countries. For this purpose, the long-term relationship between the GNP and the crude oil prices, which were taken as the indicators of economic growth, were analyzed using the annual data of 22 OECD countries in 22 exporting petroleum. For this purpose, the long-term relationship between the crude oil barrel export price and the GDP, which is considered as an indicator of economic growth, was analyzed using the annual data in the 22 OECD countries. The presence of long-term relationship was tested by Pedroni (1999), Kao (1999) and Johanser Fisher by cointegration analysis and a statistically significant and positive correlation was found. Then, FMOLS and DOLS management were applied in order to infer the long-term relationship between economic growth and crude oil barrel export price and the coefficient was estimated to be 0.32 and 0.30, respectively, in both methods