neueren Forschungsarbeiten des ZEW. Die Beiträge liegen in alleiniger Verantwortung der Autoren und stellen nicht notwendigerweise die Meinung des ZEW dar. Discussion Papers are intended to make results of ZEW research promptly available to other economists in order to encourage discussion and suggestions for revisions. The authors are solely responsible for the contents which do not necessarily represent the opinion of the ZEW. Non-technical Summary 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. Data on cross-border registration of funds seem to indicate a high level of integration: At least in the big markets there are thousands of registered foreign funds. However, these so called foreign funds are by far dominated by funds domiciled in Luxembourg, Dublin or other tax preference location. Although these funds are cross-border in a formal sense they are mostly designed for a particular national market by suppliers of the same country while the choice of the domicil
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