ISSN (print) - 0131-7652

ISSN (online) - 2686-7605

Vol. 56 No. 4 (2026)
FINANCIAL ECONOMY

The Transformation of the Gold Standard and the Centralization of Gold and Foreign Exchange Reserves, 1930–1945

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  • A.K. Kirsanov,
  • P.S. Grebenyuk,
  • A.A. Surkov
A.K. Kirsanov
Siberian Federal University
P.S. Grebenyuk
North-East Interdisciplinary Scientific Research Institute n.a. N.A.Shilo of Far East Branch of the RAS
A.A. Surkov
Institute of Economics of the RAS
DOI: https://doi.org/10.30680/ECO0131-7652-2026-4-200-229

Published 2026-08-03

Keywords

  • gold; international economy; gold standard; Great Depression; monetary policy; gold and foreign exchange reserves; World War II

How to Cite

1.
Kirsanov А, Grebenyuk П, Surkov А. The Transformation of the Gold Standard and the Centralization of Gold and Foreign Exchange Reserves, 1930–1945. ECO [Internet]. 2026 Aug. 3 [cited 2026 Aug. 6];56(4):200-29. Available from: https://ecotrends.ru/index.php/eco/article/view/4993

Abstract

Between 1930 and 1945, the gold standard gave way to the Bretton Woods gold-exchange standard, in which the U.S. dollar played a dominant role. Based on archival and statistical materials, as well as documents from the Bretton Woods Conference, a comprehensive analysis of this transformation has been conducted. It has been established that the abandonment of the classical principles of the gold standard occurred in waves and resulted from a conflict between rigid mechanisms for regulating balance of payments and the political necessity of expansionary monetary policy. A comparative analysis of central bank actions showed that countries that promptly devalued their currencies recovered faster than those that persisted in maintaining gold parity. It is also shown that 77.3% of mined gold entered the official reserves of central banks, and the U.S. share of global gold reserves rose from 38.6% in 1930 to 63.0% in 1945. This was due to a combination of government policies for managing gold reserves, capital inflows, and the strengthening of the United States’ industrial and financial positions. The Bretton Woods system is presented in the article as a reconfiguration of the classical gold standard in the form of a managed gold-exchange standard.
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