EU의 펀드산업 발전요인 분석: 룩셈부르크 사례를 중심으로

This paper analysed the determinants of fund industry development in EU focusing in Luxembourg which has achieved the most successful fund industry development. The main results of this study are as follows. First, Luxembourg has geographical advantages easily accessible to main EU cities and has cultural backgrounds that there are many high educated workers using multi-languages, such as German, French and English. Second, Luxembourg government has provided tax advantages and relaxed regulations in financial sector. There are low income and corporate tax rate, exemption of fund related tax, low fees related fund registration, rigorous secrecy clause of financial transactions, which have motivated foreign financial institutions to open their branches in Luxembourg. Third, Luxembourg government has leaded the back-office specialized fund industry strategy, which could maximize the clustering effects in fund industry. These Luxembourg’s fund industry development experiences suggest that the Korean government should provide the specialized financial sectors more aggressive tax incentives and decisively relax regulations in order to secure competitiveness of the international financial centers in the short-term.