Table 4 Heterogeneous impact of housing consumption and investment demand
From: Housing debt and depressive symptoms: evidence from the China family panel studies
Variables | Sample with only one property (Consumption demand) | Â | Sample with two or more properties (Investment demand) | ||||||
|---|---|---|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | Â | (5) | (6) | (7) | (8) | |
Housing debt (Yes = 1) | 0.289*** |  |  |  |  | -0.158 |  |  |  |
| Â | (0.098) | Â | Â | Â | Â | (0.221) | Â | Â | Â |
Bank housing loans (Yes = 1) |  | -0.012 |  |  |  |  | -0.066 |  |  |
| Â | Â | (0.160) | Â | Â | Â | Â | (0.273) | Â | Â |
Non-bank housing loans (Yes = 1) |  | 0.396*** |  |  |  |  | -0.047 |  |  |
| Â | Â | (0.104) | Â | Â | Â | Â | (0.228) | Â | Â |
Ln (amount of housing debt) | Â | Â | 0.028*** | Â | Â | Â | Â | -0.013 | Â |
| Â | Â | Â | (0.009) | Â | Â | Â | Â | (0.019) | Â |
Ln (amount of bank housing loans) | Â | Â | Â | -0.0003 | Â | Â | Â | Â | -0.005 |
| Â | Â | Â | Â | (0.014) | Â | Â | Â | Â | (0.023) |
Ln (amount of non-bank housing loans) | Â | Â | Â | 0.038*** | Â | Â | Â | Â | -0.009 |
| Â | Â | Â | Â | (0.010) | Â | Â | Â | Â | (0.021) |
Control variables | Yes | Yes | Yes | Yes | Â | Yes | Yes | Yes | Yes |
Individual fixed effects | Yes | Yes | Yes | Yes | Â | Yes | Yes | Yes | Yes |
Time fixed effects | Yes | Yes | Yes | Yes | Â | Yes | Yes | Yes | Yes |
Observations | 18,143 | 18,143 | 18,143 | 18,143 | Â | 4827 | 4827 | 4827 | 4827 |