{"id":1629,"date":"2026-06-25T22:34:25","date_gmt":"2026-06-25T17:34:25","guid":{"rendered":"https:\/\/fintech.tsue.uz\/?p=1629"},"modified":"2026-06-25T22:34:26","modified_gmt":"2026-06-25T17:34:26","slug":"moliyaviy-bozorlardagi-volatillik-dinamikasining-garch-modellari-asosida-empirik-tahlili","status":"publish","type":"post","link":"https:\/\/fintech.tsue.uz\/?p=1629","title":{"rendered":"MOLIYAVIY BOZORLARDAGI VOLATILLIK DINAMIKASINING GARCH MODELLARI ASOSIDA EMPIRIK TAHLILI"},"content":{"rendered":"\n<p><strong>Narziyev Abror Baxtiyorovich<\/strong><\/p>\n\n\n\n<p><em>&nbsp;\u201cJahon iqtisodiyoti va xalqaro iqtisodiy munosabatlar\u201d<\/em><\/p>\n\n\n\n<p><em>ta\u2019lim yo\u2018nalishi bakalavri<\/em><\/p>\n\n\n\n<p><em>Toshkent davlat iqtisodiyot universiteti<\/em><\/p>\n\n\n\n<p><em>E-mail: <\/em><a href=\"mailto:narziyev.abror2007@gmail.com\"><em>narziyev.abror2007@gmail.com<\/em><\/a><em><\/em><\/p>\n\n\n\n<p><em>ORCID: 0009-0002-7241-5312<\/em><\/p>\n\n\n\n<p><strong><em>Annotatsiya. <\/em><\/strong><em>Ushbu tadqiqot S&amp;P 500 indeksining 2000-yil yanvar oyidan 2026-yil may oyigacha bo\u2018lgan kundalik narx ma\u2019lumotlari asosida moliyaviy bozorlardagi volatillik dinamikasini empirik jihatdan o\u2018rganadi. Avtoregressiv shartli geteroskedastislik (ARCH), umumlashtirilgan ARCH, ya\u2019ni GARCH(1,1), ekspotensial GARCH (EGARCH) va asimmetrik GJR-GARCH modellari og\u2018ma Student t-taqsimoti farazida maksimal ehtimollik usuli yordamida baholandi. Stasionarlik kengaytirilgan Dickey\u2013Fuller (ADF) testi, shartli geteroskedastislik esa ARCH-LM sinovi orqali tasdiqlandi. Model sifatini baholashda Akaike va Bayescha axborot mezonlari, shuningdek RMSE va MAE ko\u2018rsatkichlaridan foydalanildi. Tahlil natijalari shuni ko\u2018rsatadiki, GJR-GARCH modeli barcha raqib spesifikatsiyalarga nisbatan ustunlik qiladi va richag ta\u2019sirini yuqori aniqlik bilan qayd etadi, ya\u2019ni salbiy bozor shoklari dispersiyani musbat shoklarga nisbatan sezilarli darajada kuchliroq oshiradi. COVID-19 pandemiyasi davrida yillik shartli volatillik tarix rekordini yangilab, moliyaviy inqiroz va dot-kom inqirozi davrlarini ham oshib ketdi. Tadqiqot natijalari portfel xavfini boshqarish, qiymat-xavf hisob-kitobi va optsion narxlash sohalari uchun muhim amaliy ahamiyat kasb etadi.<\/em><\/p>\n\n\n\n<p><strong><em>Kalit so\u2018zlar:<\/em><\/strong><em> ARCH, GARCH, EGARCH, GJR-GARCH, shartli dispersiya, volatillik klasterlashuvi, moliyaviy tavakkalchilik<\/em><\/p>\n\n\n\n<p><strong>\u042d\u041c\u041f\u0418\u0420\u0418\u0427\u0415\u0421\u041a\u0418\u0419 \u0410\u041d\u0410\u041b\u0418\u0417 \u0414\u0418\u041d\u0410\u041c\u0418\u041a\u0418 \u0412\u041e\u041b\u0410\u0422\u0418\u041b\u042c\u041d\u041e\u0421\u0422\u0418 \u0424\u0418\u041d\u0410\u041d\u0421\u041e\u0412\u042b\u0425 \u0420\u042b\u041d\u041a\u041e\u0412 \u041d\u0410 \u041e\u0421\u041d\u041e\u0412\u0415 \u041c\u041e\u0414\u0415\u041b\u0415\u0419 GARCH<\/strong><\/p>\n\n\n\n<p><strong>\u041d\u0430\u0440\u0437\u0438\u0435\u0432 \u0410\u0431\u0440\u043e\u0440 \u0411\u0430\u0445\u0442\u0438\u0451\u0440\u043e\u0432\u0438\u0447<\/strong><\/p>\n\n\n\n<p><em>\u0421\u0442\u0443\u0434\u0435\u043d\u0442 \u0431\u0430\u043a\u0430\u043b\u0430\u0432\u0440\u0438\u0430\u0442\u0430, \u043d\u0430\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u0435<\/em><\/p>\n\n\n\n<p><em>\u00ab\u041c\u0438\u0440\u043e\u0432\u0430\u044f \u044d\u043a\u043e\u043d\u043e\u043c\u0438\u043a\u0430 \u0438<\/em><\/p>\n\n\n\n<p><em>\u043c\u0435\u0436\u0434\u0443\u043d\u0430\u0440\u043e\u0434\u043d\u044b\u0435 \u044d\u043a\u043e\u043d\u043e\u043c\u0438\u0447\u0435\u0441\u043a\u0438\u0435 \u043e\u0442\u043d\u043e\u0448\u0435\u043d\u0438\u044f\u00bb<\/em><\/p>\n\n\n\n<p><em>\u0422\u0430\u0448\u043a\u0435\u043d\u0442\u0441\u043a\u0438\u0439 \u0433\u043e\u0441\u0443\u0434\u0430\u0440\u0441\u0442\u0432\u0435\u043d\u043d\u044b\u0439<\/em><\/p>\n\n\n\n<p><em>\u044d\u043a\u043e\u043d\u043e\u043c\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u0443\u043d\u0438\u0432\u0435\u0440\u0441\u0438\u0442\u0435\u0442<\/em><\/p>\n\n\n\n<p><em>E-mail: narziyev.abror2007@gmail.com<\/em><\/p>\n\n\n\n<p><em>ORCID: 0009-0002-7241-5312<\/em><\/p>\n\n\n\n<p><strong><em>\u0410\u043d\u043d\u043e\u0442\u0430\u0446\u0438\u044f.<\/em><\/strong><em> \u0412 \u0434\u0430\u043d\u043d\u043e\u0439 \u0440\u0430\u0431\u043e\u0442\u0435 \u0438\u0441\u0441\u043b\u0435\u0434\u0443\u0435\u0442\u0441\u044f \u0434\u0438\u043d\u0430\u043c\u0438\u043a\u0430 \u0432\u043e\u043b\u0430\u0442\u0438\u043b\u044c\u043d\u043e\u0441\u0442\u0438 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u044b\u0445 \u0440\u044b\u043d\u043a\u043e\u0432 \u043d\u0430 \u043e\u0441\u043d\u043e\u0432\u0435 \u0434\u043d\u0435\u0432\u043d\u044b\u0445 \u0434\u0430\u043d\u043d\u044b\u0445 \u043f\u043e \u0438\u043d\u0434\u0435\u043a\u0441\u0443 S&amp;P 500 \u0437\u0430 \u043f\u0435\u0440\u0438\u043e\u0434 \u0441 \u044f\u043d\u0432\u0430\u0440\u044f 2000 \u043f\u043e \u043c\u0430\u0439 2026 \u0433\u043e\u0434\u0430. \u0427\u0435\u0442\u044b\u0440\u0435 \u043c\u043e\u0434\u0435\u043b\u0438, \u0430 \u0438\u043c\u0435\u043d\u043d\u043e \u0430\u0432\u0442\u043e\u0440\u0435\u0433\u0440\u0435\u0441\u0441\u0438\u043e\u043d\u043d\u0430\u044f \u0443\u0441\u043b\u043e\u0432\u043d\u0430\u044f \u0433\u0435\u0442\u0435\u0440\u043e\u0441\u043a\u0435\u0434\u0430\u0441\u0442\u0438\u0447\u043d\u043e\u0441\u0442\u044c (ARCH), \u043e\u0431\u043e\u0431\u0449\u0451\u043d\u043d\u0430\u044f ARCH \u0438\u043b\u0438 GARCH(1,1), \u044d\u043a\u0441\u043f\u043e\u043d\u0435\u043d\u0446\u0438\u0430\u043b\u044c\u043d\u0430\u044f GARCH (EGARCH) \u0438 \u0430\u0441\u0438\u043c\u043c\u0435\u0442\u0440\u0438\u0447\u043d\u0430\u044f GJR-GARCH, \u043e\u0446\u0435\u043d\u0438\u0432\u0430\u043b\u0438\u0441\u044c \u043c\u0435\u0442\u043e\u0434\u043e\u043c \u043c\u0430\u043a\u0441\u0438\u043c\u0430\u043b\u044c\u043d\u043e\u0433\u043e \u043f\u0440\u0430\u0432\u0434\u043e\u043f\u043e\u0434\u043e\u0431\u0438\u044f \u043f\u0440\u0438 \u0434\u043e\u043f\u0443\u0449\u0435\u043d\u0438\u0438 \u043e \u0441\u043a\u043e\u0448\u0435\u043d\u043d\u043e\u043c \u0440\u0430\u0441\u043f\u0440\u0435\u0434\u0435\u043b\u0435\u043d\u0438\u0438 \u0421\u0442\u044c\u044e\u0434\u0435\u043d\u0442\u0430. \u0421\u0442\u0430\u0446\u0438\u043e\u043d\u0430\u0440\u043d\u043e\u0441\u0442\u044c \u0440\u044f\u0434\u0430 \u043f\u043e\u0434\u0442\u0432\u0435\u0440\u0436\u0434\u0435\u043d\u0430 \u0440\u0430\u0441\u0448\u0438\u0440\u0435\u043d\u043d\u044b\u043c \u0442\u0435\u0441\u0442\u043e\u043c \u0414\u0438\u043a\u0438\u2013\u0424\u0443\u043b\u043b\u0435\u0440\u0430 (ADF), \u043d\u0430\u043b\u0438\u0447\u0438\u0435 \u0443\u0441\u043b\u043e\u0432\u043d\u043e\u0439 \u0433\u0435\u0442\u0435\u0440\u043e\u0441\u043a\u0435\u0434\u0430\u0441\u0442\u0438\u0447\u043d\u043e\u0441\u0442\u0438 \u0443\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u043e \u0441 \u043f\u043e\u043c\u043e\u0449\u044c\u044e \u0442\u0435\u0441\u0442\u0430 ARCH-LM. \u0414\u043b\u044f \u043e\u0446\u0435\u043d\u043a\u0438 \u043a\u0430\u0447\u0435\u0441\u0442\u0432\u0430 \u043c\u043e\u0434\u0435\u043b\u0435\u0439 \u0438\u0441\u043f\u043e\u043b\u044c\u0437\u043e\u0432\u0430\u043b\u0438\u0441\u044c \u0438\u043d\u0444\u043e\u0440\u043c\u0430\u0446\u0438\u043e\u043d\u043d\u044b\u0435 \u043a\u0440\u0438\u0442\u0435\u0440\u0438\u0438 \u0410\u043a\u0430\u0438\u043a\u0435 \u0438 \u0411\u0430\u0439\u0435\u0441\u0430, \u0430 \u0442\u0430\u043a\u0436\u0435 \u043f\u043e\u043a\u0430\u0437\u0430\u0442\u0435\u043b\u0438 \u0442\u043e\u0447\u043d\u043e\u0441\u0442\u0438 \u043f\u0440\u043e\u0433\u043d\u043e\u0437\u0430 RMSE \u0438 MAE. \u0420\u0435\u0437\u0443\u043b\u044c\u0442\u0430\u0442\u044b \u0430\u043d\u0430\u043b\u0438\u0437\u0430 \u0441\u0432\u0438\u0434\u0435\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0443\u044e\u0442 \u043e \u043f\u0440\u0435\u0432\u043e\u0441\u0445\u043e\u0434\u0441\u0442\u0432\u0435 \u043c\u043e\u0434\u0435\u043b\u0438 GJR-GARCH \u043f\u043e \u0432\u0441\u0435\u043c \u043a\u0440\u0438\u0442\u0435\u0440\u0438\u044f\u043c \u043e\u0442\u0431\u043e\u0440\u0430, \u043f\u043e\u0441\u043a\u043e\u043b\u044c\u043a\u0443 \u043e\u043d\u0430 \u0442\u043e\u0447\u043d\u043e \u0444\u0438\u043a\u0441\u0438\u0440\u0443\u0435\u0442 \u044d\u0444\u0444\u0435\u043a\u0442 \u0440\u044b\u0447\u0430\u0433\u0430: \u043e\u0442\u0440\u0438\u0446\u0430\u0442\u0435\u043b\u044c\u043d\u044b\u0435 \u0440\u044b\u043d\u043e\u0447\u043d\u044b\u0435 \u0448\u043e\u043a\u0438 \u0432\u044b\u0437\u044b\u0432\u0430\u044e\u0442 \u0437\u043d\u0430\u0447\u0438\u0442\u0435\u043b\u044c\u043d\u043e \u0431\u043e\u043b\u0435\u0435 \u0441\u0438\u043b\u044c\u043d\u044b\u0439 \u0440\u043e\u0441\u0442 \u0443\u0441\u043b\u043e\u0432\u043d\u043e\u0439 \u0434\u0438\u0441\u043f\u0435\u0440\u0441\u0438\u0438 \u043f\u043e \u0441\u0440\u0430\u0432\u043d\u0435\u043d\u0438\u044e \u0441 \u043f\u043e\u043b\u043e\u0436\u0438\u0442\u0435\u043b\u044c\u043d\u044b\u043c\u0438 \u0448\u043e\u043a\u0430\u043c\u0438 \u0442\u043e\u0439 \u0436\u0435 \u0432\u0435\u043b\u0438\u0447\u0438\u043d\u044b. \u0412 \u043f\u0435\u0440\u0438\u043e\u0434 \u043f\u0430\u043d\u0434\u0435\u043c\u0438\u0438 COVID-19 \u0433\u043e\u0434\u043e\u0432\u0430\u044f \u0443\u0441\u043b\u043e\u0432\u043d\u0430\u044f \u0432\u043e\u043b\u0430\u0442\u0438\u043b\u044c\u043d\u043e\u0441\u0442\u044c \u043e\u0431\u043d\u043e\u0432\u0438\u043b\u0430 \u0438\u0441\u0442\u043e\u0440\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u0440\u0435\u043a\u043e\u0440\u0434, \u043f\u0440\u0435\u0432\u044b\u0441\u0438\u0432 \u043f\u0438\u043a\u043e\u0432\u044b\u0435 \u0437\u043d\u0430\u0447\u0435\u043d\u0438\u044f \u043a\u0430\u043a \u043c\u0438\u0440\u043e\u0432\u043e\u0433\u043e \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u043e\u0433\u043e \u043a\u0440\u0438\u0437\u0438\u0441\u0430, \u0442\u0430\u043a \u0438 \u043a\u0440\u0430\u0445\u0430 \u0434\u043e\u0442\u043a\u043e\u043c\u043e\u0432. \u041f\u043e\u043b\u0443\u0447\u0435\u043d\u043d\u044b\u0435 \u0440\u0435\u0437\u0443\u043b\u044c\u0442\u0430\u0442\u044b \u0438\u043c\u0435\u044e\u0442 \u043f\u0440\u0430\u043a\u0442\u0438\u0447\u0435\u0441\u043a\u043e\u0435 \u0437\u043d\u0430\u0447\u0435\u043d\u0438\u0435 \u0434\u043b\u044f \u0443\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u044f \u043f\u043e\u0440\u0442\u0444\u0435\u043b\u044c\u043d\u044b\u043c\u0438 \u0440\u0438\u0441\u043a\u0430\u043c\u0438, \u0440\u0430\u0441\u0447\u0451\u0442\u0430 \u0441\u0442\u043e\u0438\u043c\u043e\u0441\u0442\u0438 \u043f\u043e\u0434 \u0440\u0438\u0441\u043a\u043e\u043c (VaR) \u0438 \u0446\u0435\u043d\u043e\u043e\u0431\u0440\u0430\u0437\u043e\u0432\u0430\u043d\u0438\u044f \u043e\u043f\u0446\u0438\u043e\u043d\u043e\u0432.<\/em><\/p>\n\n\n\n<p><strong><em>\u041a\u043b\u044e\u0447\u0435\u0432\u044b\u0435 \u0441\u043b\u043e\u0432\u0430:<\/em><\/strong><em> ARCH, GARCH, EGARCH, GJR-GARCH, \u0443\u0441\u043b\u043e\u0432\u043d\u0430\u044f \u0434\u0438\u0441\u043f\u0435\u0440\u0441\u0438\u044f, \u043a\u043b\u0430\u0441\u0442\u0435\u0440\u0438\u0437\u0430\u0446\u0438\u044f \u0432\u043e\u043b\u0430\u0442\u0438\u043b\u044c\u043d\u043e\u0441\u0442\u0438, \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u044b\u0439 \u0440\u0438\u0441\u043a<\/em><\/p>\n\n\n\n<p><strong>EMPIRICAL ANALYSIS OF FINANCIAL MARKET VOLATILITY DYNAMICS BASED ON GARCH MODELS<\/strong><\/p>\n\n\n\n<p><strong>Narziyev Abror Baxtiyorovich<\/strong><\/p>\n\n\n\n<p><em>Bachelor\u2019s student, World Economy and<\/em><\/p>\n\n\n\n<p><em>International Economic Relations<\/em><\/p>\n\n\n\n<p><em>Tashkent State University of Economics<\/em><\/p>\n\n\n\n<p><em>E-mail: narziyev.abror2007@gmail.com<\/em><\/p>\n\n\n\n<p><em>ORCID: 0009-0002-7241-5312<\/em><\/p>\n\n\n\n<p><strong><em>Abstract.<\/em><\/strong><em> This paper examines the volatility dynamics of financial markets using daily price data from the S&amp;P 500 index spanning January 2000 through May 2026. Four competing volatility models, namely the Autoregressive Conditional Heteroskedasticity (ARCH) model, Generalized ARCH or GARCH(1,1), Exponential GARCH (EGARCH), and the asymmetric GJR-GARCH, were estimated via Maximum Likelihood under the skewed Student t-distribution assumption. Stationarity was confirmed through the Augmented Dickey\u2013Fuller (ADF) test, while the presence of conditional heteroskedasticity was established using the ARCH-LM test. Model selection relied on the Akaike and Bayesian information criteria alongside the RMSE and MAE forecast accuracy measures. The results consistently favor the GJR-GARCH specification across all evaluation criteria, capturing the leverage effect with high precision, as negative market shocks generate a significantly larger increase in conditional variance than positive shocks of equal magnitude. During the COVID-19 pandemic, annualized conditional volatility surpassed all historical benchmarks, exceeding even the peaks recorded during the Global Financial Crisis and the dot-com collapse. The findings carry practical implications for portfolio risk management, Value-at-Risk estimation, and options pricing.<\/em><\/p>\n\n\n\n<p><strong><em>Keywords:<\/em><\/strong><em> ARCH, GARCH, EGARCH, GJR-GARCH, conditional variance, volatility clustering, financial risk<\/em><\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2026\/06\/13.-Narziyev-Abror-Baxtiyorovich-Moliyaviy-bozorlardagi-volatillik-dinamikasining-GARCH-modellari-asosida-empirik-tahlili.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of 13. Narziyev Abror Baxtiyorovich - Moliyaviy bozorlardagi volatillik dinamikasining GARCH modellari asosida empirik tahlili.\"><\/object><a id=\"wp-block-file--media-8642f502-e31d-47d8-8438-82e122d77a77\" href=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2026\/06\/13.-Narziyev-Abror-Baxtiyorovich-Moliyaviy-bozorlardagi-volatillik-dinamikasining-GARCH-modellari-asosida-empirik-tahlili.pdf\">13. Narziyev Abror Baxtiyorovich &#8211; Moliyaviy bozorlardagi volatillik dinamikasining GARCH modellari asosida empirik tahlili<\/a><a href=\"https:\/\/fintech.tsue.uz\/wp-content\/uploads\/2026\/06\/13.-Narziyev-Abror-Baxtiyorovich-Moliyaviy-bozorlardagi-volatillik-dinamikasining-GARCH-modellari-asosida-empirik-tahlili.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-8642f502-e31d-47d8-8438-82e122d77a77\">Download<\/a><\/div>\n\n\n\n<p><strong>Foydalanilgan adabiyotlar<\/strong><\/p>\n\n\n\n<p>Andersen, T. G., &amp; Bollerslev, T. (1998). Answering the skeptics: Yes, standard volatility models do provide accurate forecasts. International Economic Review, 39(4), 885\u2013905.<\/p>\n\n\n\n<p>Bollerslev, T. (1986). Generalized autoregressive conditional heteroskedasticity. Journal of Econometrics, 31(3), 307\u2013327.<\/p>\n\n\n\n<p>Bollerslev, T., Chou, R. Y., &amp; Kroner, K. F. (1992). ARCH modeling in finance: A review of the theory and empirical evidence. Journal of Econometrics, 52(1\u20132), 5\u201359.<\/p>\n\n\n\n<p>Brooks, C. (2019). Introductory Econometrics for Finance (4th ed.). Cambridge University Press.<\/p>\n\n\n\n<p>Engle, R. F. (1982). Autoregressive conditional heteroscedasticity with estimates of the variance of United Kingdom inflation. Econometrica, 50(4), 987\u20131007.<\/p>\n\n\n\n<p>Engle, R. F. (2002). Dynamic conditional correlation: A simple class of multivariate GARCH models. Journal of Business &amp; Economic Statistics, 20(3), 339\u2013350.<\/p>\n\n\n\n<p>Glosten, L. R., Jagannathan, R., &amp; Runkle, D. E. (1993). On the relation between the expected value and the volatility of the nominal excess return on stocks. Journal of Finance, 48(5), 1779\u20131801.<\/p>\n\n\n\n<p>Hamilton, J. D. (1994). Time Series Analysis. Princeton University Press.<\/p>\n\n\n\n<p>Hansen, P. R., &amp; Lunde, A. (2005). A forecast comparison of volatility models: Does anything beat a GARCH(1,1)? Journal of Applied Econometrics, 20(7), 873\u2013889.<\/p>\n\n\n\n<p>Nelson, D. B. (1991). Conditional heteroskedasticity in asset returns: A new approach. Econometrica, 59(2), 347\u2013370.<\/p>\n\n\n\n<p>Poon, S.-H., &amp; Granger, C. W. J. (2003). Forecasting volatility in financial markets: A review. Journal of Economic Literature, 41(2), 478\u2013539.<\/p>\n\n\n\n<p>Schwert, G. W. (2011). Stock volatility during the recent financial crisis. European Financial Management, 17(5), 789\u2013805.<\/p>\n\n\n\n<p>Tsay, R. S. (2005). Analysis of Financial Time Series (2nd ed.). John Wiley &amp; Sons.<\/p>\n\n\n\n<p>Zhang, D., Hu, M., &amp; Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36, 101528.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Narziyev Abror Baxtiyorovich &nbsp;\u201cJahon iqtisodiyoti va xalqaro iqtisodiy munosabatlar\u201d ta\u2019lim yo\u2018nalishi bakalavri Toshkent davlat iqtisodiyot universiteti E-mail: narziyev.abror2007@gmail.com ORCID: 0009-0002-7241-5312 Annotatsiya. Ushbu tadqiqot S&amp;P 500 indeksining 2000-yil yanvar oyidan 2026-yil may oyigacha bo\u2018lgan&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1629","post","type-post","status-publish","format-standard","hentry","category-bolimsiz"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>MOLIYAVIY BOZORLARDAGI VOLATILLIK DINAMIKASINING GARCH MODELLARI ASOSIDA EMPIRIK TAHLILI - \u201cMoliyaviy texnologiyalar\u201d ilmiy elektron jurnali<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fintech.tsue.uz\/?p=1629\" \/>\n<meta property=\"og:locale\" content=\"uz_UZ\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MOLIYAVIY BOZORLARDAGI VOLATILLIK DINAMIKASINING GARCH MODELLARI ASOSIDA EMPIRIK TAHLILI - \u201cMoliyaviy texnologiyalar\u201d ilmiy elektron jurnali\" \/>\n<meta property=\"og:description\" content=\"Narziyev Abror Baxtiyorovich &nbsp;\u201cJahon iqtisodiyoti va xalqaro iqtisodiy munosabatlar\u201d ta\u2019lim yo\u2018nalishi bakalavri Toshkent davlat iqtisodiyot universiteti E-mail: narziyev.abror2007@gmail.com ORCID: 0009-0002-7241-5312 Annotatsiya. 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