Before revision:  Specifically, the empirical and exponential random graph model results provided that (a) the guarantee network became small due to the huge number of bankruptcies of small and medium firms during financial crisis, and (b) the loose monetary policy along with the stimulus programincreased the mutual guarantee behavior among firms that resulted in a highly reciprocal and interconnected network.
After revision:  Specifically, the guarantee network became small due to the huge number of bankruptcies of small and medium firms during financial crisis, and (b) the loose monetary policy along with the stimulus programincreased the mutual guarantee behavior among firms that resulted in a highly reciprocal and interconnected network.