IMPACT OF DISPOSABLE INCOME AND INVESTMENTS ON REGIONAL MARKET SERVICE GROWTH IN UZBEKISTAN
Аннотация
This study examines the determinants of regional market service growth in Uzbekistan using annual panel data for 14 regions covering the period 2011–2024. The analysis employs fixed-effects, random-effects, and Driscoll–Kraay estimation techniques to evaluate the impact of disposable income growth and investments in fixed assets on market service growth. The empirical results indicate that disposable income growth had a positive and statistically significant effect, while the contemporaneous effect of investments remained statistically insignificant. However, the dynamic specification revealed positive and statistically significant delayed effects of investments in fixed assets on the service sector. Overall, the findings highlight the importance of household income and delayed investment effects in regional service-sector development in Uzbekistan.