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Kuwait

Page history last edited by Brian D Butler 15 years, 3 months ago

Crisis (history):

 

In the boom in Kuwait between 1977 and 1982, people started to use post-dated cheques to pay for shares and property. According to Kindleberger, the value of these circulating IOUs peaked at some $100 billion, a far larger sum than was kept on deposit in the banks.

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