The Decline of High-Growth (Young) Firms in the U.S.” European Economic Review; and Jorge Guzman and Scott Stern (2016), “The State of American Entrepreneurship: New Estimates of the Quantity and Quality of Entrepreneurship for 15 US States, 1988-2014,” NBER Working Paper Series 22095 (Cambridge, Mass: National Bureau of Economic Research, March). 10.
A need for greater cross-border integration of financial regulation and supervision emerged from the policy debate and motivated the still on-going reform of Basel rules and the creation of the Banking Union in Europe. However, the degree of implementation of the post-crisis global regulatory reform agenda across countries varies significantly, giving rise to regulatory arbitrage.