The article explores the plot of the rejection of mass government bonds in the USSR. The author studies the reasons why this decision was made, a discussion in the government about the implementation of this political step, its information support and public reaction. The author suggests understanding this event as a technical default since the presence of a large number of bonds of various mass loans among Soviet citizens could lead to large-scale financial problems in the late 1960s. On the basis of archival documents, the scholar proves that the main reason for the refusal of loans was an expanded domestic public debt, a further increase of which would negatively affect the Union budget. Closer attention to this issue allows us to fill in some of the gaps available in domestic historical knowledge, and also contributes to a deeper understanding of Soviet financial policy of the late 1950s.
|Translated title of the contribution||The abolition of domestic mass bonds in the USSR in 1957: decision-making, information campaign and public attitude|
|Number of pages||7|
|Issue number||2 (158)|
|Publication status||Published - Feb 2020|