Table 1 Variable definition and summarized statistics.
Variable | Description | Mean and standard deviation | ||||
|---|---|---|---|---|---|---|
[1] 125 cities | [2] 71 cities | [3] Treatment (40 cities) | [4] Control (31 cities) | |||
HPRi | Binary, 1 for HPR cities in 2007–16, 0 otherwise | 0.352 (0.478) | 0.563 (0.496) | |||
HPRit | Binary, 1 for HPR cities at year t, 0 otherwise | 0.151 (0.358) | 0.244 (0.430) | |||
H_Price | Average housing price (Yuan/square meter) | 5,018 (3,653) | 6,036 (4,110) | 7,979 (4,959) | 4,119 (1,388) | |
Control variable | GDP | Annual GDP (billion Yuan) | 295 (350) | 387 (427) | 539 (484) | 191 (219) |
Population | Population (million) | 5.38 (3.68) | 6.06 (4.33) | 6.14 (3.19) | 5.95 (5.46) | |
Fixed | Fixed asset investment (billion Yuan) | 177 (182) | 224 (215) | 288 (212) | 140 (190) | |
Revenue | Annual municipal revenue (billion Yuan) | 19.14 (54.83) | 41.52 (69.54) | 61.64 (84.19) | 15.56 (27.29) | |
Affordability | Ratio of annual housing expenditure to income | 0.41 (0.20) | 0.50 (0.22) | 0.58 (0.26) | 0.38 (0.08) | |
City classification | Tier 1 | Binary, 1 for four Tier 1 cities, 0 otherwise | 0.032 (0.176) | 0.056 (0.231) | 0.100 (0.300) | 0 (0) |
New Tier 1 | Binary, 1 for 15 new Tier 1 cities, 0 otherwise | 0.120 (0.325) | 0.169 (0.375) | 0.275 (0.447) | 0.032 (0.177) | |
Other Tiers | Binary, 1 for Tiers 2&3 cities, 0 otherwise | 0.848 (0.359) | 0.944 (0.231) | 0.900 (0.300) | 1.000 (0) | |
Family formation indicator | Marriage* | Number of marriages | 100.70 (73.21) | 115.89 (79.09) | 124.48 (71.31) | 107.49 (85.26) |
M_first | Number of first marriages | 87.07 (59.26) | 99.35 (62.73) | 105.65 (58.18) | 93.20 (66.38) | |
M_20_24 | Number of marriages of 20–24 years old | 31.91 (26.42) | 35.00 (28.98) | 30.41 (21.06) | 39.48 (34.46) | |
M_25_29 | Number of marriages of 25–29 years old | 36.97 (27.80) | 42.93 (29.64) | 50.64 (30.99) | 35.40 (26.19) | |
M_30_34 | Number of marriages of 30–34 years old | 11.54 (9.96) | 13.69 (11.06) | 17.02 (11.74) | 10.43 (9.27) | |
M_35_39 | Number of marriages of 35–39 years old | 6.25 (5.79) | 7.31 (6.43) | 8.38 (5.56) | 6.25 (7.02) | |
M_over_40 | Number of marriages of >40 years old | 14.03 (14.26) | 16.96 (16.06) | 18.03 (14.92) | 15.92 (17.05) | |
Divorce | Number of divorces | 11.15 (12.51) | 13.19 (14.44) | 16.27 (13.34) | 10.17 (14.84) | |
Remarriage | Number of remarriages | 13.64 (17.88) | 16.53 (20.56) | 18.82 (18.05) | 14.30 (22.55) | |
Reconciliation | Number of remarriages to original spouse | 1.37 (12.27) | 1.67 (2.68) | 2.26 (3.12) | 1.07 (2.00) | |
