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.

中文翻译：

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货币政策、企业流动性和生存：来自再融资渠道的证据

我们研究了货币政策再融资渠道对中小企业的影响。使用涵盖这些企业近范围的数据，我们发现增加家庭再融资会降低企业在日历年以及首次曝光后 6 年内退出或耗尽其债务能力的可能性。它还可以帮助年轻的企业维持信用关系。金融因素，如企业流动性，以及对当地需求的依赖，会放大这些影响，尤其是对非常小的企业而言。这些结果表明，货币政策的再融资渠道会对当地经济产生巨大的长期影响。