... scope for 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 ... 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 ... European Economy Economic Papers No. 321.[5] Barro, Robert (2007), “Rare Disasters, Asset Prices, and Welfare Costs,” NBER Work-ing Paper No. 13690.13See Darvas and Szapary (2008) for an analysis...