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This work is a comprehensive treatment of recent developments in the study of elliptic curves and their moduli spaces. The arithmetic study of the moduli spaces began with Jacobi's "Fundamenta Nova" in 1829, and the modern theory was erected by Eichler-Shimura, Igusa, and Deligne-Rapoport. In the past decade mathematicians have made further substantial progress in the field. This book gives a complete account of that progress, including not only the work of the authors, but also that of Deligne and Drinfeld.