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Abstract
This thesis examines the relationship between household income, investment activity, and regional service-sector development in Uzbekistan during 2011–2024. The study employs annual panel data for 14 regions and applies fixed-effects estimation with Driscoll–Kraay standard errors to evaluate both contemporaneous and delayed economic effects. The empirical findings indicate that disposable income growth positively and significantly affects regional market service growth, while investments in fixed assets demonstrate delayed positive effects over time. The results suggest that household income acts as an important short-run driver of service demand, whereas investment activity contributes to long-run service-sector expansion in Uzbekistan.
References
1. Driscoll, J. C., & Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549–560.
2. Wooldridge, J. M. (2010). Econometric Analysis of Cross Section and Panel Data (2nd ed.). MIT Press.
3. Statistics Agency of Uzbekistan siat.stat.uz