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date: 18 November 2019

(p. v) Series Editor’s Preface

(p. v) Series Editor’s Preface

Recently two series of Oxford Handbooks covering financial topics have been merged into one under a single editorship — those in Finance found under Business and Economics and those in Quantitative Finance found under Mathematics. This is as it should be, for in spite of all the accusations regarding their role in the recent crisis and recession, financial services are both necessary and critical to the successful development of a global economy facing environmental and pension crises on top of the current one. It can also be argued that banking, insurance, and fund management are the last post war industries to go “high tech” and that the esoteric topics involved need exposition to a more general audience than simply that of their creators. The aim of this handbook series is therefore to cover recent developments in financial services, institutions, and markets in an up to date, accurate, and comprehensive manner which is clear and comprehensible to the interested reader. This will be achieved by careful choice of editors for, and exacting selection of contributors to, each handbook.

It is my hope that over time the volumes in this series will help to create a better understanding of financial topics by the educated public, including financial services managers, regulators, and legislators. Such an understanding appeared to be lacking in the run-up to the recent crisis, but it will be crucial to successful management of the global economy in the future.

Michael Dempster