... Elias Papaionnou and Marco Lo Duca (2007),“The Role of Financial Markets and Innovation in Productivity and Growth in Eu-rope,” ECB Occasional Paper No. 72.[41] Honohan, Patrick and Anthony ... of Political Economy 115(4), 665-703.[39] Guiso, Luigi, Tullio Jappelli, Mario Padula and Marco Pagano (2004), Financial Market Integration and Economic Growth in the EU,” Economic Policy 19(40), ... the bail out of non-financial firms.11The non-EMU group consist of Australia, Canada, Denmark, Iceland, Israel, Japan, New Zealand,Norway, Sweden, Switzerland, United Kingdom and the United States.18the...