A Federal Reserve paper published on Tuesday says although the decline in demand experienced during the crisis adversely affected the sales of all firms, they declined by less for firms with better pre-crisis financial conditions.  

The paper’s authors, Brahima Coulibaly, Horacio Sapriza and Andrei Zlate, use micro data from six emerging market economies to explore the extent to which financial conditions contributed to the decline in firm sales at the height of the global financial crisis while