During crises, governments resort to extraordinary fiscal and financial measures to mitigate the recessionary impacts … of crises. These macroeconomic intervention measures along with aggregate demand and supply shocks and policy choices …

firms that are more dependent on external finance experienced greater export contraction during the crisis. Our regression … analysis suggests that the financial vulnerability of firms, measured by various financial ratios, did not contribute to export … or receivables suffered larger drops in export growth during the crisis. …