Holm-Hadulla, Fédéric; Thürwächter, Claire - 2020
find that: bond finance dampens the overall response of firm credit to monetary policy shocks in economies with a high … initial share of bond- relative to bank-based finance; this effect weakens, and may even reverse, in economies with a low … share of bond financing; and the dampening effect of a larger bond financing share also attenuates the ultimate impact of …