Monetary Policy, Business Liquidity and Survival: Evidence from the Refinancing Channel
研究了货币政策再融资渠道对中小微企业的影响，发现家庭再融资增加会降低企业退出或耗尽债务能力的概率，并帮助年轻企业维持信贷关系，流动性等金融因素会放大这些效应。
Abstract We study the impact of the refinancing channel of monetary policy on very small and medium-sized businesses. Using data covering the near universe of these businesses, we find that increased household refinancing reduces the probability that a business exits or exhausts its debt capacity in the calendar year, as well as 6 years after the first exposure. It also helps younger businesses maintain credit relationships. Financial factors, like business liquidity, as well as local demand dependence, amplify these effects, especially for very small businesses. These results suggest that the refinancing channel of monetary policy can have large long-run effects on local economies. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.