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. The following adjustment of monetary policies reduced the interconnection of the network .
After 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 enhanced by the following stimulus program. This research presents data-driven insights on how the topological structure of the guarantee network is associated with economic policies .