depreciation and with quality, leading to more pricing-to-market and to a smaller response of export volumes to a real depreciation … for higher quality goods. We test the proposed theory using a highly disaggregated Argentinean firm-level wine export …

countries but not in others. To close the large gaps between saving and investment, firms reduced investment and cut costs to … boost profits. With much of the cost adjustment falling on firms’ wage bills, employment losses were largest in countries …

€™ investment, sales, and profits, using firm-specific characteristics measured prior to the crisis. The evidence suggests that the … crisis had a larger negative impact on firms with greater reliance on external financing, and firms with higher sensitivity … to aggregate demand and exports. Firms with more foreign currency debt also had larger declines in sales, although their …