Taylor & Francis

Kuwait

Mohammed A Al-Yahya

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Table of contents
  • Cover Pagei
  • Half Title pagei
  • Title Pageiii
  • Copyright Pageiv
  • Dedicationv
  • Contentsvii
  • Prefaceix
  • Dollar-Dinar Exchange Ratex
  • Kuwait: A Historical Perspective1
  • Kuwait's Political Development3
  • Kuwait and the World Oil Market5
  • Population Growth and Social Development7
  • Development of Kuwait's Financial System9
  • Financial Regulation10
  • The Kuwait Stock Market11
  • The Earlier Years in Retrospect12
  • Notes12
  • The Prelude to the Stock Market Collapse13
  • Introduction13
  • Al Manakh – The Stock Market Crisis15
  • The Stock Market – The Early Days16
  • The 1977 Crisis19
  • The Stock Market and the Banking System21
  • The Central Bank21
  • Forward contracts and post-dated cheques23
  • The post-dated cheque and bank credit24
  • Kuwaiti and Gulf Shareholding Companies26
  • Al Manakh29
  • The Rise of Al Manakh29
  • The Final Crash33
  • The Government Acts34
  • The Kuwait Clearing Company35
  • Arbitration Committee36
  • The Storm in Parliament37
  • Government Support to the Boursa and the Banks38
  • The Establishment for the Settlement of Forward Share Transactions39
  • The Main Issue – The Reduction in Premium41
  • The Stock Market After Al Manakh44
  • New Stock Exchange Building45
  • Laws Enacted in 198445
  • Trading and Prices46
  • Al Manakh and its Aftermath49
  • The Commercial Banks49
  • The Effect of Al Manakh on Bank Assets and Interest Rates50
  • The Commercial Banks' Response54
  • Loans to the ‘Establishment’54
  • Loans to KFTCIC and KIC56
  • The discounting of Guarantee Fund bonds56
  • Payments by the Kuwait Clearing Company57
  • Proposed investment holding company to purchase difficult debts58
  • Framework of a plan for the joint settlement of difficult debts61
  • The Central Bank62
  • Maximum lending limit62
  • Loans-to-overdraft ratio and credit quality63
  • Loans against post-dated cheques63
  • Financing public issues of foreign companies and participating in closed companies64
  • Other measures64
  • Post Manakh65
  • Fiscal and monetary measures66
  • Loan classification and provisions68
  • Difficult Debt Settlement Programme69
  • Other Measures73
  • The Four Actors in the Drama75
  • The investor75
  • The Government76
  • The commercial banks76
  • Central Bank of Kuwait77
  • Conclusion79
  • The South Sea Bubble80
  • The Iraqi Invasion and its Aftermath83
  • Pre-August 199083
  • The Invasion and Occupation85
  • The Early Months85
  • Efforts to Destroy the Identity of Kuwait88
  • The World Response93
  • The Air War96
  • The Ground War and the Liberation of Kuwait99
  • Kuwait: The Aftermath of War and the Rebuilding Challenge101
  • The First 90 Days – The Emergency Programme101
  • The Reconstruction Phase102
  • The Oil Inferno103
  • Environmental Catastrophe105
  • The Environment in Kuwait107
  • The Human Tragedy109
  • Our Prisoners of War111
  • Political Polarisation111
  • The Role of the United States112
  • The Question: Why?114
  • The Kuwaiti Economy After Liberation117
  • After Liberation117
  • The banking sector117
  • The real estate sector119
  • Educational sector120
  • The Government budget and the cost of reconstruction120
  • The Future125
  • Kuwait: The Future of the Economy125
  • Economic factors125
  • The political factors126
  • Index129
Book details
  • Vendor Taylor & Francis
  • SKU 9781136158490
  • ISBN-13 9781136158490
  • Author Mohammed A Al-Yahya
  • Edition 1st
  • Category Social Science
  • Subject Regional Studies

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First published in 1993. The recent history of the Kuwait economy has been inextricably bound up with the history of oil. During the past decade Kuwait's economic development has been affected by two severe shocks - a collapse in an unofficial stock market in 1982, and the invasion in 1990 coupled with the subsequent war of liberation in the following year. These shocks occurred during a period in which other adverse economic and political events were impinging on the region: the falling price of oil and the Iran-Iraq war being the most prominent. How these shocks affected Kuwait, and especially its economic future, and how they were managed in order to limit their effects, form the common theme throughout this book.