The Benefits of Creating an Integrated EU Market for Investment Funds


Heinemann, Friedrich


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URL: http://ub-madoc.bib.uni-mannheim.de/417
URN: urn:nbn:de:bsz:180-madoc-4176
Document Type: Working paper
Year of publication: 2002
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: G23 G38 ,
Subject headings (SWD): Europäische Union , Europäische Integration , Investmentfonds
Abstract: The fast growing EU market for investment funds is still characterised by a continuing relevance of national borders. This papers assesses this market’s degree of integration, the potential benefits from more integration and the obstacles to cross-border sales of funds. The analysis shows that markets of small member countries are particularly isolated since for suppliers of funds the market potential is too small to compensate for the fixed costs of market entry. But also in the big markets foreign funds lack market success. A better integrated European market for investment funds would provide three kinds of benefits: It increases choice of products, it allows to realise economies of scale and it intensifies competition for the benefit of private investors. It is argued that the present characteristics of fund distribution channels are mainly responsible for fragmentation besides regulatory and tax issues.
Additional information:

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Heinemann, Friedrich (2002) The Benefits of Creating an Integrated EU Market for Investment Funds. Open Access [Working paper]
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