I formulate and estimate a model of externalities within countries and technological interdependence across countries. I find that external returns to scale to physical capital within countries are 8 percent; that a 10 percent increase of total factor productivity of a country's neighbors raises...

Demographic pressures urge authorities to find solutions for their public pension systems. Supplementary (capital market based) pension schemes have become a prerequisite mechanism for avoiding poverty of nations. In this contribution we stress the need for the Slovenian government to reform the...