Before revision:  On the other hand, we present data-driven insights on the association of the topological structure of guarantee networks with economic shock (the 2008 global financial crisis ) and monetary policies (i.e., Chinese economic stimulus program and loose monetary policies and latter adjustment). 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:  On the other hand, we present data-driven insights on the association of the topological structure of guarantee networks with economic shock (the 2008 global financial crisis ) and monetary policies (i.e., Chinese economic stimulus program had a significant influence on the evolution of the guarantee network. In particular, both the growth and connectivity of 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.