Housing debt and depressive symptoms: evidence from the China family panel studies

BMC Psychology

Table 5 Robustness check: a validated cut-off of 9 for CES-D8 scores

Variables	(1)	(2)	(3)	(4)
Panel A: Full sample
Housing debt (Yes = 1)	0.017**
	(0.008)
Bank housing loans (Yes = 1)		0.012
		(0.011)
Non-bank housing loans (Yes = 1)		0.018**
		(0.008)
Ln (amount of housing debt)			0.002**
			(0.001)
Ln (amount of bank housing loans)				0.001
				(0.001)
Ln (amount of non-bank housing loans)				0.002**
				(0.001)
Observations	25,232	25,232	25,232	25,232
*Panel B: Sample with only one property (consumption demand)*
Housing debt (Yes = 1)	0.025**
	(0.010)
Bank housing loans (Yes = 1)		-0.0005
		(0.017)
Non-bank housing loans (Yes = 1)		0.034***
		(0.011)
Ln (amount of housing debt)			0.003***
			(0.001)
Ln (amount of bank housing loans)				0.0001
				(0.001)
Ln (amount of non-bank housing loans)				0.003***
				(0.001)
Observations	18,143	18,143	18,143	18,143
*Panel C: Sample with two or more properties (investment demand)*
Housing debt (Yes = 1)	-0.003
	(0.024)
Bank housing loans (Yes = 1)		0.039
		(0.026)
Non-bank housing loans (Yes = 1)		-0.028
		(0.027)
Ln (amount of housing debt)			-0.0001
			(0.002)
Ln (amount of bank housing loans)				0.003
				(0.002)
Ln (amount of non-bank housing loans)				-0.003
				(0.002)
Observations	4827	4827	4827	4827

Note Control variables, individual and time fixed effects were included in regressions. Robust standard errors are in parentheses. *** p < 0.01, **p < 0.05, * p < 0.1

ISSN: 2050-7283