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In this volume, specialists from traditionally separate areas in economics and finance investigate issues at the conjunction of their fields. They argue that financial decisions of the firm can affect real economic activity—and this is true for enough firms and consumers to have significant aggregate economic effects. They demonstrate that important differences—asymmetries—in access to information between "borrowers" and "lenders" ("insiders" and "outsiders") in financial transactions affect investment decisions of firms and the organization of financial markets. The original research emphasizes the role of information problems in explaining empirically important links between internal finance and investment, as well as their role in accounting for observed variations in mechanisms for corporate control.

How are human capital investments allocated between women and men? What are the returns to investments in women's nutrition, health care, education, mobility, and training? In thirteen wide-ranging and innovative empirical analyses, Investment in Women's Human Capital explores the nature of human capital distributions to women and their effect on outcomes within the family.

Section I considers the experiences of high-income countries, examining the limitations of industrialization for the advancement of women; returns to secondary education for women; and state control of women's education and labor market productivity through the design of tax systems and the public subsidy of children.

The remaining four sections investigate health, education, household structure and labor markets, and measurement issues in low-income countries, including the effect of technological change on transfers of wealth to and from children in India; women's and men's responses to the costs of medical care in Kenya; the effects of birth order and sex on educational attainment in Taiwan; wage returns to schooling in Indonesia and in Cote d'Ivoire; and the increasing prevalence of female-headed households and the correlates of gender differences in wages in Brazil.

The economy of the Roman Empire was dominated by the business of agriculture. It employed the vast majority of the Empire's labor force and provided the wealth on which the upper classes depended for their social privileges. Consequently, the way in which upper-class Romans maintained and profited from their agricultural investments played a crucial role in shaping the basic relationships characterizing the Roman economy.
In Investment, Profit, and Tenancy Dennis P. Kehoe defines the economic mentality of upper-class Romans by analyzing the assumptions that Roman jurists in the Digest of Justinian made about investment and profit in agriculture as they addressed legal issues involving private property. In particular the author analyzes the duties of guardians in managing the property of their wards, and the bequeathing of agricultural property. He bases his analysis on Roman legal sources, which offer a comprehensive picture of the economic interests of upper-class Romans. Farm tenancy was crucial to these interests, and Kehoe carefully examines how Roman landowners contended with the legal, social, and economic institutions surrounding farm tenancy as they pursued security from their agricultural investments.
Kehoe argues that Roman jurists offer a consistent picture of agriculture as a form of investment that was grounded in upper-class conceptions of the Roman economy. In the eyes of the jurists, agriculture represented the only form of investment capable of providing upper-class Romans with economic security, and this situation had important implications for the relationship between landowners and tenants. Landowners who sought economic stability from their agricultural holdings preferred to simplify the task of managing their estates by delegating the work and costs to their tenants. This tended to make landowners depend on the expertise and resources of tenants, which in turn gave the tenants significant bargaining power. This dynamic relationship is traced in the jurists' regulation of farm tenancy, as the jurists adapted Roman law to the economic realities of the Roman empire.
Investment, Profit, and Tenancy will be of interest to classicists as well as to scholars of preindustrial comparative economics.
Dennis P. Kehoe is Professor of Classical Studies, Tulane University.

The move to encourage trade with Canada and Mexico during the 1990s, culminating with the negotiation of the North American Free Trade Agreement (NAFTA), has had a long background extending as far back as the late eighteenth century. American trade with both Canada and Latin America rapidly increased during the last third of the nineteenth century as a result of burgeoning industry and agriculture in the United States. The Diplomacy of Trade and Investment is the first detailed examination of the economic and political forces behind this rapid growth and their effect on government policy.

Based on a thorough examination of government documents, congressional debates and reports, private papers of government and business leaders, and newspapers, David M. Pletcher begins this monumental study with a comprehensive survey of U.S. trade following the Civil War. He goes on to outline the problems of building a coherent trade policy toward Canada, Mexico, Central America, the Caribbean, and South America. The study concludes by analyzing a series of abortive trade reform efforts and examining the effects of the Spanish-American War.

Pletcher rejects the long-held belief that American business and government engaged in a deliberate, consistent drive for economic hegemony in the hemisphere during the late 1800s. Instead he finds that the American government improvised and experimented with ways to further trade expansion. But American businessmen were often more interested in domestic trade than in trade with foreign markets. In fact, many of them resisted efforts to lower the American tariff or otherwise encourage American trade abroad.

The combination of traditionalist and revisionist insight with Pletcher's own deep knowledge and research provides the reader with a comprehensive new interpretation of hemispheric trade expansion at the end of the nineteenth century.

There is probably no concept other than saving for which U.S. official agencies issue annual estimates that differ by more than a third, as they have done for net household saving, or for which reputable scholars claim that the correct measure is close to ten times the officially published one. Yet despite agreement among economists and policymakers on the importance of this measure, huge inconsistencies persist.

Contributors to this volume investigate ways to improve aggregate and sectoral saving and investment estimates and analyze microdata from recent household wealth surveys. They provide analyses of National Income and Product Account (NIPA) and Flow-of-Funds measures and of saving and survey-based wealth estimates. Conceptual and methodological questions are discussed regarding long-term trends in the U.S. wealth inequality, age-wealth profiles, pensions and wealth distribution, and biases in inferences about life-cycle changes in saving and wealth. Some new assessments are offered for investment in human and nonhuman capital, the government contribution to national wealth, NIPA personal and corporate saving, and banking imputation.