A. Abiad, G. Dell-'ariccia, and B. Li, Creditless Recoveries, SSRN Electronic Journal, vol.1158
DOI : 10.2139/ssrn.1787352

]. , P. Mishra, and P. Topalova, How Does Trade Evolve in the Aftermath of Financial Crises ?, IMF Working Paper No. WP, vol.11, issue.23

F. Allen and G. Giovannetti, The effects of the financial crisis on Sub-Saharan Africa, Review of Development Finance, vol.1, issue.1, pp.1-27, 2011.
DOI : 10.1016/j.rdf.2010.10.002

M. Amiti and D. E. Weinstrein, Exports and Financial Shocks, The Quarterly Journal of Economics, vol.126, issue.4, pp.1841-1877, 2011.
DOI : 10.1093/qje/qjr033

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.518.840

J. Anderson and E. Van-wincoop, Gravity with Gravitas: A Solution to the Border Puzzle, American Economic Review, vol.93, issue.1, pp.170-192, 2003.
DOI : 10.1257/000282803321455214

R. Baldwin, The Great Trade Collapse : Causes, Consequences and Pros- pects, 2009.

T. Beck, Financial development and international trade, Journal of International Economics, vol.57, issue.1, pp.107-131, 2002.
DOI : 10.1016/S0022-1996(01)00131-3

F. Bellone, P. Musso, L. Nesta, and S. Schiavo, Financial Constraints and Firm Export Behaviour, World Economy, vol.19, issue.2, pp.347-373, 2010.
DOI : 10.1111/j.1467-9701.2010.01259.x

R. Bems, R. D. Johnson, and K. Yi, Demand Spillovers and the Collapse of Trade in the Global Recession, IMF Economic Review, vol.111, issue.1, pp.347-373, 2010.
DOI : 10.1086/344805

N. Berman, Financial Crises and International Trade : The Long Way to Recovery EUI Working Paper No, p.4, 2009.

P. Martin, The Vulnerability of Sub-Saharan Africa to Financial Crises : The Case of Trade, IMF Economic Review, vol.60, issue.3, pp.329-364, 2012.

A. B. Bernard and J. Wagner, Export, Entry, and Exit by German Firms, Review of World Economics, vol.137, issue.1, pp.105-123, 2001.
DOI : 10.3386/w6538

URL : http://fox.leuphana.de/portal/de/statistics.html

R. W. Blundell and S. R. Bond, Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics, vol.87, issue.1, pp.115-143, 1998.
DOI : 10.1016/S0304-4076(98)00009-8

E. Borensztein and U. Panizza, Do Sovereign Defaults Hurt Exporters?, Open Economies Review, vol.1, issue.1, pp.393-412, 2010.
DOI : 10.1007/s11079-008-9096-2

URL : http://hdl.handle.net/10419/87943

M. Bun and F. Klaassen, The Importance of Dynamics in Panel Gravity Models of Trade, SSRN Electronic Journal, 2002.
DOI : 10.2139/ssrn.306100

J. M. Campa, Exchange rates and trade: How important is hysteresis in trade?, European Economic Review, vol.48, issue.3, pp.527-548, 2004.
DOI : 10.1016/S0014-2921(02)00320-3

L. F. Céspedes, R. Chang, and A. Velasco, Financial Intermediation, Exchange Rates, and Unconventional Policy in an Open Economy, National Bureau of Economic Research, 2012.

T. Chaney, Liquidity Constrained Exporters, Working Paper, 2005.
DOI : 10.1016/j.jedc.2016.03.010

D. Chor and K. Manova, Off the cliff and back? Credit conditions and international trade during the global financial crisis, Journal of International Economics, vol.87, issue.1, pp.117-133, 2012.
DOI : 10.1016/j.jinteco.2011.04.001

G. Dell-'ariccia, E. Detragiache, and R. Rajan, The real effect of banking crises, Journal of Financial Intermediation, vol.17, issue.1, pp.89-112, 2008.
DOI : 10.1016/j.jfi.2007.06.001

A. Demirgüç-kunt and E. Detragiache, The Determinants of Banking Crises in Developing and Developed Countries, Staff Papers - International Monetary Fund, vol.45, issue.1, pp.81-109, 1998.
DOI : 10.2307/3867330

J. Eaton and A. Tamura, Bilateralism and Regionalism in Japanese and U.S. Trade and Direct Foreign Investment Patterns, Journal of the Japanese and International Economies, vol.8, issue.4, pp.478-510, 1994.
DOI : 10.1006/jjie.1994.1025

S. 26-], B. Kortum, J. Neiman, and . Romalis, Trade and the Global Recession, National Bureau of Economic Research, 2011.

S. J. Evenett, What Can Be Learned From Crisis-Era Protectionism? An Initial Assessment, Business and Politics, vol.11, issue.03, 2009.
DOI : 10.2202/1469-3569.1287

S. M. Fazzari, R. G. Hubbard, B. C. Petersen, A. S. Blinder, and J. M. Poterba, Financing Constraints and Corporate Investment, Brookings Papers on Economic Activity, vol.1988, issue.1, pp.141-206, 1988.
DOI : 10.2307/2534426

URL : https://www.brookings.edu/wp-content/uploads/2016/12/updated__brookings-institution-press_spring-2017-catalog.pdf

D. Greenaway, A. Guariglia, and R. Kneller, Financial factors and exporting decisions, Journal of International Economics, vol.73, issue.2, pp.377-395, 2007.
DOI : 10.1016/j.jinteco.2007.04.002

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.408.9058

L. Iacovone and V. Zavacka, Banking Crises and Exports : Lessons from the Past, Policy Research Working Paper, issue.5016, 2009.
DOI : 10.1596/1813-9450-5016

G. Kaminsky and C. Reinhart, The Twin Crises: The Causes of Banking and Balance-of-Payments Problems, American Economic Review, vol.89, issue.3, pp.473-500, 2010.
DOI : 10.1257/aer.89.3.473

M. Keen and B. Lockwood, The value added tax: Its causes and consequences, Journal of Development Economics, vol.92, issue.2, pp.138-151, 2010.
DOI : 10.1016/j.jdeveco.2009.01.012

L. Laeven and F. Valencia, Systemic Banking Crises Database: An Update, SSRN Electronic Journal, vol.163, issue.12, 2012.
DOI : 10.2139/ssrn.2096234

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.349.6005

A. Levchenko, Institutional Quality and International Trade, Review of Economic Studies, vol.74, issue.3, pp.791-819, 2007.
DOI : 10.1111/j.1467-937X.2007.00435.x

L. 38-], L. Lewis, and . Tesar, The collapse of international trade during the 2008-09 crisis : In search of the smoking gun, IMF Economic Review, vol.58, issue.2, pp.214-253, 2010.

I. Love, L. A. Preve, and V. Sarria-allende, Trade credit and bank credit: Evidence from recent financial crises, Journal of Financial Economics, vol.83, issue.2, pp.453-469, 2007.
DOI : 10.1016/j.jfineco.2005.11.002

Z. Ma and L. Cheng, The Effects of Financial Crises on International Trade, NBER Conference Volume, 2005.

M. Malouche, Trade and Trade Finance Developments in 14 Developing Countries A World Bank Survey, Policy Research Working Paper No, vol.5138, 2008.

K. Manova, Credit constraints, equity market liberalizations and international trade, Journal of International Economics, vol.76, issue.1, pp.33-47, 2008.
DOI : 10.1016/j.jinteco.2008.03.008

S. 43-], Z. Wei, and . Zhang, Firm Exports and Multinational Activity under Credit Constraints, National Bureau of Economic Research, 2011.

W. Martin and C. S. Pham, Estimating the Gravity Model When Zero Trade Flows are Frequent, Working Paper, pp.2008-2011, 2008.

M. Modigliani and M. H. Miller, The cost of capital, corporation finance and the theory of investment, American Economic Review, vol.48, issue.3, pp.216-297, 1958.

T. Plümper and V. E. Troeger, Efficient Estimation of Time-Invariant and Rarely Changing Variables in Finite Sample Panel Analyses with Unit Fixed Effects, Political Analysis, vol.48, issue.02, pp.124-139, 1969.
DOI : 10.2307/1911060

R. Rajan and L. Zingales, Financial dependence and growth, American Economic Review, vol.88, issue.3, pp.559-586, 1998.
DOI : 10.3386/w5758

J. B. Ramsey, Tests for Specification Errors in Classical Linear Least Squares Regression Analysis, Journal of the Royal Statistical Society, vol.31, issue.2, pp.350-371, 1969.

M. Roberts and J. Tybout, The Decision to Export in Colombia : An Empirical Model of Entry with Sunk Costs, American Economic Review, vol.87, issue.4, pp.545-564, 1997.

M. Ronci, Trade Finance and Trade Flows: Panel Data Evidence From 10 Crises, IMF Working Papers, vol.04, issue.225, 2004.
DOI : 10.5089/9781451875386.001

. Crises, IMF Working Paper No

S. J. Silva and S. Tenreyro, The Log of Gravity, Review of Economics and Statistics, vol.31, issue.02, pp.641-658, 2006.
DOI : 10.1016/S0304-4076(98)00033-5

J. Stiebale, Do Financial Constraints Matter for Foreign Market Entry? A Firm-level Examination, The World Economy, vol.87, issue.56, pp.123-153, 2011.
DOI : 10.1111/j.1467-9701.2010.01306.x

F. Vella and M. Verbeek, Estimating and Interpreting Models with Endogenous Treatment Effects, Journal of Business and Economic Statistics, vol.17, issue.4, pp.473-478, 1999.

J. Wang and M. V. Ronci, Access to Trade Finance in Times of, Crisis, 2006.

L. Windmeijer, A finite sample correction for the variance of linear efficient two-step GMM estimators, Journal of Econometrics, vol.126, issue.1, pp.25-51, 2005.
DOI : 10.1016/j.jeconom.2004.02.005