world's three largest oil consumers. The main objective of this study is to see whether these economies are still reactive …

the shock. In particular, we find that adverse shocks to Iranian oil output are neutralized in terms of their effects on … contrast, a negative shock to oil supply in Saudi Arabia leads to an immediate and permanent increase in oil prices, given that … supply shock has significant adverse effects for the global economy with real GDP falling in both advanced and emerging …

, and Turkey). The results showed that all these countries importing oil face a negative supply shock, except Turkey which … benefits directly from an oil price shock. Furthermore, the indirect effect coefficient received through trade for all these …