Uncovering the pathways between house prices and depressive symptoms in Chinese cities: a nationally representative study
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Abstract:
Using data from the 2016 China Labour-force Dynamic Survey (CLDS) and ordinary least square (OLS) analysis with the instrumental variable (IV) method, this study examined causal relationships between house prices (both the level and growth rate) and depressive symptoms, particularly investigating their pathways and the moderating effects of housing tenure, house price trend, and house value appreciation. Results showed that both the level and growth rate of house prices lowered homeowners' levels of depressive symptoms and the effects were strengthened by upward trends of house prices, but the rise in house price growth rate was associated with a higher level of depressive symptoms in renters. There was no evidence to support the idea that the effect of house prices varied in relation to unrealized house value appreciation or depreciation. Results reveal the mediating role of physical activity and house value in the relationship between house prices and depressive symptoms in homeowners, supporting the wealth effect theory. However, the rise in both the level and the growth rate of house prices was related to a lower level of perceived social status, which in turn was correlated with a higher level of depressive symptoms. Contrary to the socioeconomic effect theory, the level of house prices is positively related to the expenditure on urban construction and maintenance, which is correlated with a higher level of depressive symptoms in homeowners. These findings provide important implications for policies to improve mental health and wellbeing in the Chinese context.Keywords:
House price
The aim of this study is to determine the nature of the relationship between house prices of different types of housing across the UK regions. We use an Autoregressive Distributed Lag bounds testing approach to determine the long-run relationships between house prices as well as an error correction model to estimate the short-run dynamics between house prices. The data include house prices across the regions of Great Britain and for new, old and modern houses. The results suggest that house price shocks ripple across regions, although the nature of the relationship varies across housing types. We further simulate the impact of house price shocks and reveal a complex structure whereby a house price shock in region A impacts upon prices in other regions, which in turn feedback into region A in a recursive ripple.
House price
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