Asymmetric Effects of long term and short term of crude Oil on it's Demand in Selected OPEC Countries with Price Decomposition and Dynamic Panel Method(GMM)

In this paper we survey hypothesis of reversibility of price on crude oil demand in selected oil countries. Aim of this paper is surveying asymmetric relation between oil price and it's demand in selected oil countries with Panel data in 2003 to 2013. Model of this paper is dynamic Panel. Results of this paper with price decomposition and Wald test, reveals that effects of oil price on it's demand is asymmetric in selected countries (Iran, Saudi Arabia, Iraq, Kuwait). According to estimation results shortrun and longrun elasticites respect to Pmax, Prec , Pcut are -4.376519, 0.08469 , 0.054713 and -19.65, 0.38, 0.245. Shortrun and longrun income elasticity of oil demand are 0.30, 1.38.