Research Article
What are the Effects of Demographic Structures on Housing Consumption?: Evidence from 31 Provinces in China
Table 6
Robustness test: 4 trillion investment plans in 2008.
| | Variable | Nationwide | East | Central | West | | Model 3 | Model 4 | Model 3 | Model 4 | Model 3 | Model 4 | Model 3 | Model 4 |
| | lnINCO | 1.2330 (3.84) | 1.2284 (3.80) | 0.8099(1.89) | 0.8305(1.95) | 1.2705 (2.15) | 1.3056 (2.14) | 0.3189 (0.64) | 0.2666 (0.54) | | lnDEPO | −0.0755 (−0.22) | −0.1125 (−0.33) | −0.0412 (−0.11) | −0.0952 (−0.25) | 0.1404 (0.19) | −0.0427 (−0.06) | 0.6536 (1.47) | 0.6293 (1.44) | | lnHCA | 0.0682 (5.39) | 0.0688 (5.40) | 0.0344 (1.79) | 0.0347 (1.77) | 0.0521 (3.38) | 0.0519 (3.50) | 0.0843 (3.10) | 0.0853 (3.13) | | lnPOPU | −0.9261 (−1.78) | −0.9953 (−1.89) | −1.0826 (−1.05) | −1.0716 (−1.04) | −3.8925 (−2.35) | −3.7550 (−2.36) | −1.4655 (−1.51) | −1.5040 (−1.56) | | URBA | 2.7319 (3.81) | 3.0310 (4.15) | 1.6826 (1.57) | 1.9710 (1.80) | 5.5869 (3.76) | 5.6508 (3.90) | 4.7940 (2.74) | 5.1952 (2.93) | | CDR | −10.5594 (−3.42) | −10.5101 (−3.36) | −23.5904 (−5.72) | −23.5732 (−5.69) | −5.7983 (−0.73) | −7.5467 (−0.96) | −6.7572 (−1.76) | −6.6478 (−1.76) | | ODR | 11.4679 (1.12) | 11.5835 (1.13) | 12.5077 (0.87) | 12.4564 (0.87) | 21.1717 (1.26) | 18.1994 (1.12) | 31.5801 (3.47) | 31.2946 (3.44) | | FS | −0.1427 (−1.19) | −0.1687 (−1.34) | −0.0362 (−0.19) | −0.0651 (−0.33) | −0.6546 (−5.17) | −0.7275 (−4.69) | −0.1598 (−1.34) | −0.1795 (−1.46) | | EDU | −6.2861 (−5.91) | −5.7735 (−5.24) | −4.2519 (−2.08) | −4.0562 (−1.91) | −6.3469 (−1.96) | −5.0787 (−1.59) | −7.9119 (−6.17) | −7.0470 (−5.40) | | lnDEPO_ODR | −1.0201 (−0.90) | −1.0764 (−0.94) | −1.0410 (−0.58) | −1.0631 (−0.59) | −2.5833 (−1.21) | −2.2818 (−1.712) | −3.3660 (−3.54) | −3.4093 (−3.59) | | lnDEPO_CDR | 0.9831 (2.84) | 1.0132 (2.88) | 2.2712 (5.30) | 2.2943 (5.26) | 0.7503 (0.79) | 1.0162 (1.08) | 0.5172 (0.92) | 0.5515 (1.00) | | Stimulus policy | | 0.1523 (5.28) | | 0.1105 (1.89) | | 0.1588 (3.62) | | 0.1821 (4.64) | | Constant | 3.1870 (0.77) | 3.9465 (0.94) | 8.7775 (1.06) | 8.8353 (1.06) | 27.1147 (1.88) | 27.2106 (1.94) | 8.8187 (1.39) | 9.5831 (1.51) | | Hausman | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0006 | 0.0214 | 0.0000 | 0.0000 | | R2 | 0.9132 | 0.9146 | 0.8946 | 0.8956 | 0.9563 | 0.9575 | 0.9249 | 0.9266 | | Sample size | 589 | 589 | 209 | 209 | 152 | 152 | 228 | 228 |
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Note. , , and indicate significance at the 1%, 5%, and 10%. Numbers in parentheses are T statistics. Hausman stands for Hausman test p value. |
