Table 1 Definition of the selected variables.

From: Urbanization and the excess mortgage risk – an optimal mortgage model

Variable name

Variable notation

Measurement

Risk of excess

mortgage loans

\(\frac{{EK}}{Y}\)

The risk of excessive mortgages in the city i over its income level at time t. Excess mortgages (EK) are measured by subtracting the estimated optimal mortgage from the actual loan

Urbanization

Urbanization

Proportion of urban population to total population

Housing price

p

The logarithm of residential house price

Housing supply

h

The ratio of the built cubic meter sizes of houses to the sold ones of houses

Interest rate

i

Interest rate

Down payment ratio

r

Down payment ratio

  1. Sources: Data on regional urbanization, housing prices, GRDP per capita, and down payment ratios are obtained from the National Bureau of Statistics of China; data on regional house loans and interest rates are obtained from the People’s Bank of China; and data on housing supply are obtained from the China Economic Net Statistics Database.
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