{'fraction_non_alphanumeric': 0.01744186046511628, 'fraction_numerical': 0.015116279069767442, 'mean_word_length': 5.239130434782608, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
CORPORATE FINANCE WHEN MONETARY POLICY TIGHTENS: HOW DO BANKS AND NON-BANKS AFFECT ACCESS TO CREDIT?

The evolving financial environment facing the corporate sector provides many non-bank external finance options as an alternative to bank finance and this paper examines the relationship between UK firms’ choices over bank versus non-bank finance under different monetary conditions. We look at the external finance 'mix' using a panel of 16,000 UK firm records taken from the FAME database for the years 1990 through 1999 taking into account firm-specific characteristics. The paper provides support for a credit channel by demonstrating evidence consistent with a bank lending channel, accelerator effects and a broad credit channel for small, risky and young firms that shows all types of lending are reduced for these groups when monetary policy tightens.