Indicators of the transition from the gold standard to a stable currency in the context of an international transformational crisis

Valeria E. Gavrilova and Tatiana A. Zhuravleva
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Valeria E. Gavrilova: Lomonosov Moscow State University
Tatiana A. Zhuravleva: OSCO Group Services

Economic Consultant, 2025, issue 1, 32-47

Abstract: Introduction. The institution of money, being a system-forming element, serves the functions of a universal indicator of the effectiveness of economic practices and an instrument for ensuring a country’s financial security. Modern state money, having moved beyond commodity and symbolic forms, has transformed into information, which is distorted to accommodate the interests of major economic actors. In this regard, an urgent task arises to define the essence and form of money that, on the other hand, should meet the objectives of economic development amidst a global transformational crisis.

Materials and methods. Materials from scientific journals and proceedings of international conferences were used in the study. Methods employed in the study, included historical analysis of documents and data from past transitions, study of other countries’ experiences, analysis of expert opinions on prospects and risks, and investigation of contemporary initiatives to create new currency mechanisms, such as CBDCs and blockchain.

Results. The study concludes that a return to a stable national currency, backed by both gold and those non-precious metals that have every reason to elevate their status as a means of backing money due to advancements in scientific and technological progress and a revision of international currency agreements of the past 20th century, is justified.

Conclusion. The study describes the historical role of gold as the foundation of financial systems and highlights the current crisis associated with the dollar-centric system, inequality, and resource depletion.

Keywords: money; institution of money; gold standard; transformational crisis; currency stability (search for similar items in EconPapers)
JEL-codes: E39 E42 N10 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:ris:statec:021531

DOI: 10.46224/ecoc.2025.1.3

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