Real Estate Investment, Loan Preference, and National Happiness: Evidence from China

With two-stage least squares and LS models, this paper investigates the effects of real estate investment loan preference on national happiness with data 31 provinces in China from 2000 to 2018. The conclusions are that a rapid growth has significant adverse modern China. Specifically, negative impacts disposable income, consumption structure, personal development. Moreover, institutions’ leads other inhibitory happiness. intermediary effect model confirms transmission mechanism investment, According our research, we propose conductive suggestions for governments.