Modern financial system of the Russian Federation. Problems of development of the modern financial system of the Russian Federation Financial System of the modern Russian economy

The financial system, considered as a scientific category, is interpreted in training publications is not always unambiguous. More often, the financial system is considered as a set of interrelated and interacting parts, links, elements directly participating in financial activities and contributing to its implementation. The financial system consists of financial institutions (organizations, institutions that implement and regulating financial activities) and financial instrumentsCreated the necessary conditions The flow of financial processes. The scientific determination of the concept of "financial system", which reveals its essence, systematizing the organization of financial relations in the country, the following:

the financial system is a combination of various spheres and links of financial relations characterized by features in the formation, distribution and use of funds money, different roles in public reproduction, and the system of state and corporate financial institutions.

Structure financial system. Structure of the financial system Russian FederationThe resulting in the 1990s market transformations includes the following areas of financial relations (see Appendix 2):

Finance state and local (centralized finance);

Finance of economic entities (decentralized finances);

Finance households.

Links of state and municipal finance:

Federal budget;

Budgets of the subjects of the Russian Federation (regional);

Budgets municipalities (Local).

State extrabudgetary trust funds;

State loan;

Insurance fund state;

Stock market.

The links of financial entities are as follows:

Finance commercial organizations;

Finance of non-profit organizations;

Finance individual entrepreneurs.

Financial system is not only a combination of spheres and

fund of financial relations, in the course of which funds funds are formed and used, but also the system financial institutions. Institutional financial system. A combination of financial institutions (departments) is a financial system management apparatus. The structure of the Financial System Management Apparatus in the Russian Federation will be discussed below.

Consider the scope of financial relations "State and local finances": the concept, essence, links, will result in their relationship.

State and local finances are monetary relations, developing between state authorities and local governments, on the one hand, and legal entities and individuals - on the other in the process of value distribution and redistribution of gross domestic product, primarily national income (partially and national wealth. ), in connection with the formation, distribution and use of centralized cash funds, ensuring the needs of the state and local self-government in solving economic, political and social problems.

Consequently, state and local finances are formed using the methods of distribution and redistribution of national income (with the help of taxes, tax benefits, dr.).

Forms of use of centralized funds of funds are budgetary and extrabudgetary fundsintended for state regulation Economy, meeting the social needs of citizens, the needs of defense and public administration and to solve other economic, political and social problems. The role of state and local finance in public reproduction is to create conditions for expanded reproduction both on the macro- and on micro levels, as well as in real provision of extended reproduction needs at the macroeconomic level (at the level national economy Overall) and the implementation of social guarantees of citizens of Russia within the framework of the Constitution of the Russian Federation.

Economic content of state and local finances of the Russian Federation are heterogeneous and include the following links: federal budget; budgets of the subjects of the Russian Federation; budgets of municipalities; State extrabudgetary trust funds; state loan; insurance fund state; stock market.

The most important role in the financial system of the Russian Federation is played by the federal budget - the fund of funds of the Government of the Russian Federation. With its help, the states are mobilized by financial resources, at the expense of which public federal and regional target programs (national projects), national defense, state security and law enforcement activities, social sphere are funded, activities on structural restructuring of the economy, its stabilization, implementation of international and domestic obligations. The federal budget consists of two interrelated parts: revenue and consumable. The revenue part of the federal budget indicates the sources of cash receipt and their quantitative characteristics; In expenditure - directions, spheres in which money and their quantitative parameters are spent.

In modern Russian scientific and educational literature, the concept of "federal budget" is often rejected with the concept of "state budget", which, in our opinion, is not legitimate. In the USSR, there was a single state budget, having the power of the law, and the budgets included in it were part of it. With the transition of the Russian Federation to the market economy, the concept of "state budget" has lost its importance as a single centralized state budget that has the power of the law. All budgets are modern budget system Of the Russian Federation operate autonomously: budgets of municipalities

its income and expenses are not included in the budgets of the subjects of the Russian Federation, and the budgets of the constituent entities of the Russian Federation are not included in the federal budget. Each level of power is endowed with certain budgetary powers, the budgets of all levels are independent and the budget reform conducted in the country is aimed primarily on improving the independence of budgets and efficiency (effectiveness) of the use of budgetary funds.

Consequently, the concept of "state budget" in modern conditions for the functioning of budgets in Russia is identical to the concept of "Consolidated Budget of the Russian Federation". The main difference between the consolidated budget as an economic category from state budget It is that the budgets that are part of it are operating autonomously and each budget is approved by law. The consolidated budget of the Russian Federation as a statistical arch of budget indicators, which characterizes aggregated data on income and expenses, sources of receipt of funds and areas of their use in general in the Russian Federation are not approved by federal law. Its indicators are widely used in budget planning and forecasting, as well as at the calculations characterizing various types of inhabitants of the country, individual territories (for example, budgetary expenses for medical care, on education per resident and other secondary budgetary costs). The concept of "consolidated budget" is first included in the Law of the RSFSR "On the Foundations budget device and the budget process in the RSFSR "dated October 10, 1991 in connection with the abolition of the state budget of the Russian Federation.

The budget of the subject of the Russian Federation (regional budget) is a regional fund of funds intended for financial support for the tasks and functions assigned to state authorities of the constituent entities of the Russian Federation.

In modern Russia, the role of regional government bodies in the management of economics and social sphere, in coordination of socio-economic processes in the region increases, and therefore the importance of the budget of the subject of the Russian Federation in the socio-economic development of the region increases, its influence and directions for the impact on social production and Material welfare of citizens.

The budget of the municipal entity (local budget) is a local fund of funds intended for financial support for the tasks and functions assigned to local governments.

The budget of the municipality is the basis of the financial resources of local self-government (municipal district, urban district, urban and rural settlement, other municipalities defined by the legislation of the subjects of the Russian Federation). The budgets of municipalities may be provided as part of the estimates of income and expenses of individual settlements and territories that are not municipal entities.

State extrabudgetary trust funds (GVCF) are organized from budgets and function independently, but managed government agencies authorities. State extrabudgetary funds are the funds of the federal government and the executive authorities of the constituent entities of the Russian Federation.

In the early 1990s, state extrabudgetary funds were created economic and social funds. To date, the status of extrabudgetary has retained only state extrabudgetary social funds. These include Pension Fund RF; Social Insurance Fund of the Russian Federation; Federal fund mandatory medical insurance and territorial funds of compulsory medical insurance. They are formed for financial support for the implementation of the constitutional rights of citizens to social security by age, disease, disability, on the occasion of the loss of the breadwinner, the birth of children, as well as free medical care and health care. The volume of state extrabudgetary social funds (for income and expenses) is quite impressive: in recent years, they exceed 60% of the federal budget.

The federal budget, budgets of the subjects of the Russian Federation, the budgets of municipalities and state extrabudgetary social funds in aggregate form the budget system of the Russian Federation.

The state loan is a specific financial system link, reflecting credit relations on the mobilization (borrowing) by the state on a paid and returnative basis of temporarily free funds of various economic entities to finance government spending, not secured budget revenues, as well as to provide the state loans and guarantees to other economic entities within the country and abroad.

Additional financial resources through government borrowing The state attracts through sales in the external and domestic financial markets of bonds, treasury commitments and other types of government securities. In this case, the state functions as a borrower of funds. State loan allows civilized way to cover budget deficit, contributing to the outflow of money from circulation, he softens the acute problems in the field of money circulation.

At the same time, the state itself can have temporarily free monetary resources and in this case can function as a lender.

By virtue of its special socio-legal significance, the state may take responsibility for the repayment of loans taken by various economic entities, i.e. May become a guarantor.

Thus, a state loan as an economic category expresses a set economic relations Between the state (in the face of the authorities), on the one hand, and other economic entities (individuals and legal entities, foreign entities) - on the other on the receipt of loans, providing loans or warranty support. The state as a subject of economic relations functions as a borrower, lender and guarantor.

The Russian Federation uses state loan more often as loans for financing the federal budget deficit (all of the 1990s there was a deep deficit of the federal budget) and budgets of the constituent entities of the Russian Federation, which up to the present experiment are the deficit of cash resources.

The insurance fund of the state is a combination material reserves and financial reserves of a society intended to prevent, localization and compensation for the damage caused by natural disasters and other emergency events.

The insurance fund is an integral part of the reserve fund system and is created in a centralized manner through budgetary resources by insurance, as well as directly legal entities and individuals by self-insurance. IN market economy The role of insurance increases sharply, since all business entities work under risk.

The stock market - the market (organized and over-the-counter), on which securities are sold and bought, and they are defined by supply and suggestion. Russian legislation examines the concepts of the "stock market" and the "securities market" as identical. The organized stock market is the stock exchange.

The main function of the Stock Exchange is to provide the opportunity to engage in public companies and local authorities to attract capital by selling securities to investors, i.e. in this case Stock Exchange performs the function of the primary market.

Stock Exchange also performs a function secondary market, allowing one investors to sell their securities to other investors, providing liquidity and reducing risks associated with investment.

Thus, the stock market is a special type of financial relations arising from the sale of special financial assets - valuable papers. The main task of the stock market is to ensure the process of overflow of capital in the industry with high levels income. The stock market is used to mobilize and efficiently use temporarily free cash. Its peculiarity is that the participants of the stock market are counting on obtaining a higher income compared to the investment in the bank. However, the opposite side of the increased income is an increased risk.

Centralization of financial resources. Due to the different functional purpose of the named links of state and municipal finances, the state can provide a versatile impact on the economic and social processes occurring in society, to achieve an acceptable solution to industry and territorial problems.

The centralization of financial resources gives the state the opportunity:

Carry out a single financial policy;

Ensure the development of industrial and social infrastructures;

Redistribute funds in the interests of regulating the economy to increase its overall efficiency;

To seek aligning the degree of satisfaction of the social needs of citizens within the established social standards.

The main source state revenues Is National Income. But during periods of extraordinary circumstances (wars, large natural disasters, radical economic reforms, global and local economic and financial crises, etc.), the source of the formation of state revenues is the previously accumulated national wealth, some elements of which (gold reserve, currency reserves, insurance reserves, Sale of energy) are involved in the economic turnover.

Government spending arise in connection with the use of financial resources to cover government needs. Since at different stages of the development of the economy, the role of the state, its functions and the scope of activity change, the structure and volume of government spending change.

Finance of economic entities is an integral part and the basis of the country's uniform financial system. Finance of economic entities function in the process of creating and distributing gross domestic product and national income.

In accordance with Civil Code RF All organizations are divided into commercial and non-commercial.

Finance of a commercial organization are the cash relations of a commercial organization with state authorities and local governments, other commercial and non-profit organizations (counterparties) related to the formation, distribution and use of cash resources to ensure the process of expanded reproduction and fulfill their obligations to the state, other enterprises and firms, employees, etc.

Finance of commercial organizations serve as the basis of the entire financial relations system. The prevailing part of the primary financial resources in a developed market economy is concentrated in commercial organizations, so the sustainability of their financial situation depends on the sustainability and stability of the financial system of the country as a whole.

The main source of formation of financial resources to ensure the economic independence of the commercial organization, serve their own funds (capital and reserves): authorized capital, mutual contributions, profits, targeted arrival. As a result of operations with securities Additional financial resources can be mobilized in the financial market. The source of replenishment of financial resources is also income in the form of insurance compensation from insurance organizations, borrowed funds, including a bank loan.

Finance of the state (municipal) unitary enterprise is monetary relations arising in the process of formation and use of fixed assets and working capital, production and sales of products, education, distribution and use of the profit of the state (municipal) unitary enterprise.

The specifics of the organization of finance and property of unitary enterprises are due to the fact that their founder are federal state bodies, as well as local governments. The order and sources of the formation of the authorized fund of a unitary enterprise are determined by the federal state authorities and local government bodies. Products and revenues received by a unitary enterprise from the use of property, as well as property acquired due to the profit, are the property of the state (municipalities) and come in economic management Enterprises. Sources of the formation of the property of a unitary enterprise (along with general sources) are: property transferred to the enterprise to solve the federal (local) executive bodies on the management of state (municipal) property; target budget financing; Dotations from the budget.

Unitary enterprise compared with joint-stock companies, limited liability partnerships and other commercial organizations are limited in the field of production (choice of nomenclature), prices (tariffs) for goods and services, in the formation of own and borrowed funds and their use, in distribution and use Profit, remuneration of workers and employees.

Finance of a non-profit organization are income and expenses legal entitythat does not aim to receive and distribute profits. Non-commercial organizations can carry out entrepreneurial activities can only to the extent to which it is to achieve the goals for which they are created, and adequate to these goals, they cannot distribute among the participants (founders). To attract financial resources in these organizations, this method is widely used as self-investigation - voluntary delivery of funds for public needs.

Individual entrepreneurs as business entities in Russia have recently appeared, with the beginning of market transformations in the economy. Under entrepreneurial activities, the Civil Code of the Russian Federation refers to an independent, activities carried out to the systematic profit from the use of the property, sales of goods, work, or providing services to individuals registered in this quality in the manner prescribed by law. Finance of individual entrepreneurs are included in the financial system of the Russian Federation as a separate link of such an important area of \u200b\u200bthe organization of financial relations as finance of economic entities. Individual entrepreneurs may be farmers, citizens who operate in the field of retail and small-pool trade, catering, domestic service, providing other types of services (brokerage, audit), private lawyers, doctors who have a personal license, etc. The financial relations of individual entrepreneurs are specific, since their personal incomes and accumulations are involved in their economic turnover, and therefore entrepreneurial income can be used not only for the conduct and expansion of business activities, but also for personal consumption. Financial resources of individual entrepreneurs are formed mainly at the expense of personal savings and business income, less often - at the expense of bank loans, are used to expand the activities, payments to the budget and extrabudgetary funds, for charitable goals, as personal (family) savings and personal consumption.

Financial System of the Russian Federation, its main links, their relationship

"The Financial System", considered as a scientific category, is interpreted in various training publications is not always unambiguous.

More often, the financial system is considered as a set of interrelated and interacting parts, links, elements directly participating in financial activities and contributing to its implementation. It consists of financial institutions (organizations, institutions that implement and regulating financial activities) and financial instruments that create the necessary conditions for the flow of financial processes. The scientific definition of the concept of "financial system", revealing its essence, systematizing the organization of financial relations in the country, seems to us as follows.

The financial system is a combination of various areas and units of financial relations, each of which is characterized by the features in the formation, distribution and use of funds funds, various roles in public reproduction, and state and corporate financial management bodies.

The structure of the financial system of the Russian Federation, which established as a result of market transformation of the 1990s, includes the following spheres and links for organizing financial relations (Fig. B.M.1.2).

Finance state and local (centralized finance);

Finance of economic entities (decentralized finances).

Links of state and municipal finance:

Federal budget;

Budgets of the constituent entities of the Russian Federation (regional);

Budgets of municipalities (local);

State loan;

Insurance fund state;

Stock market.

Links of finance of economic entities:

Finance of commercial organizations (enterprises);

Finance of non-profit organizations (enterprises);

Finance of individual entrepreneurs.

The financial system is not only a set of spheres and links of financial relations, in the course of which funds funds are formed and used, but also a system of financial institutions, i.e. Institutional financial system. A combination of financial institutions (departments) is a financial system management apparatus. The structure of the Financial System Management Apparatus in the Russian Federation will be considered by us in block 2.

Consider the scope of financial relations "State and Municipal Finance": the concept, essence, links, will result in their relationship.

State and municipal finances are monetary relations, developing between government bodies and local governments. On the one hand, and legal entities and individuals - on the other, in the process of value distribution and redistribution of national income (partially and national wealth) in connection with the formation, distribution and use of centralized cash funds, ensuring the financial needs of the state and local self-government in solving economic, political and social tasks.

Therefore, state and local finances are formed using the methods of distribution and redistribution of national income (with the help of taxes, tax benefits, etc.) forms of use of centralized funds funds are budgetary and extrabudgetary funds intended for state regulation of the economy, meeting the social needs of citizens, needs Defense I. government controlled And to solve other economic, political and social problems. The role of state and local finance in public reproduction is to create conditions for expanded reproduction both on the macro- and on micro levels, as well as the real provision of extended reproduction needs at the macroeconomic level (at the level of the national economy as a whole) and the implementation of social guarantees to citizens of Russia in For the Constitution of the Russian Federation.

Economic content of state and local finances of the Russian Federation are heterogeneous and include the following links:

Federal budget;

Budgets of the subjects of the Federation;

Budgets of municipalities;

State extrabudgetary trust funds;

State loan;

Insurance fund state;

Stock market.

Consider every link of state and local finances.

Federal budget. The most important role in the financial system of the Russian Federation is played by the federal budget. With its help, the states are mobilized by financial resources, at the expense of which public federal and regional target programs (national projects), national defense, state security and law enforcement activities, social sphere are funded, activities on structural restructuring of the economy, its stabilization, implementation of international and domestic obligations. The federal budget consists of two interrelated parts: revenue and consumable. In the revenue part of the federal budget, sources of cash receipt and their quantitative characteristics are indicated. In the consumption of part - directions, spheres in which money is spent, and their quantitative parameters.

The federal budget is the fund of funds from the Government of the Russian Federation.

The state budget. In modern Russian scientific and educational economic literature, the concept of "federal budget" is often identified with the concept of "state budget", which, according to the author, is illegally. In the USSR, there was a single state budget, having the power of the law, and the budgets included in it were part of it. With the transition of the Russian Federation to the market economy, the concept of "state budget" has lost the importance of a single centralized state budget that has the power of the law. All budgets of the modern budget system of the Russian Federation function autonomously: the budgets of municipal entities with their incomes and expenses are not included in the budgets of the subjects of the Russian Federation, and the budgets of the subjects of the Russian Federation are not included in their income and expenses into the federal budget. Each level of power is endowed with certain budgetary powers, the budgets of all levels are independent, and the budget reform conducted in the country is aimed primarily to increase the independence of budgets and effective (effective) use of budgetary funds.

Consequently, the concept of "state budget" in modern conditions The functioning of budgets in Russia is identical to the concept of "Consolidated Budget of the Russian Federation". The main difference between the consolidated budget of the Russian Federation as economic category The state budget is that the budgets in it are functioning autonomously and each budget is approved in the form of a relevant law (Federal Law, the law of the constituent entity of the Russian Federation, the regulatory act of the representative body of the municipality). The consolidated budget of the Russian Federation as a statistical arch of budgetary indicators characterizing aggregated data on income and expenses, sources of receipt of funds and areas of their use in the Russian Federation, are not approved in the form of federal law. Its indicators are widely used in budget planning and forecasting, as well as at the calculations characterizing various types of inhabitants of the country, individual territories (for example, budgetary expenses for medical care, education per resident and other secondary budget expenditures). The concept of "consolidated budget" is first included in the RSFSR law "On the basics of the budget device and the budget process in the RSFSR" of October 10, 1991 in connection with the abolition of the state budget of the Russian Federation, which included all budgets of the budget system of Russia.

The budget of the subject of the Russian Federation (regional budget) is a regional fund of funds intended for financial support for the tasks and functions assigned to the state authorities of the constituent entities of the Russian Federation.

In modern Russia, the role of regional government bodies in the management of economics and the social sphere, in coordinating socio-economic processes in the relevant territory increases, and therefore the importance of the budget of the subject of the federation in the socio-economic development of the region increases, its influence and directions for social proceedings and Material welfare of citizens.

The budget of the municipal entity (local budget) is a local fund of funds intended for financial support for the tasks and functions assigned to local governments.

The budget of the municipality is the basis of the financial resources of local self-government (municipal district, urban district, urban and rural settlement, other municipalities defined by the legislation of the subjects of the Russian Federation). The budgets of municipalities may be provided for as an integral part of the estimates of income and expenses of individual settlements and territories that are not municipalities.

State extrabudgetary trust funds (GVF)

These funds are organizationally separated from budgets and function independently, but are managed by government agencies Kirctn.

State extrabudgetary funds are the funds of the federal government and the executive authorities of the constituent entities of the Russian Federation.

State extrabudgetary target funds include, first of all, state extrabudgetary social funds:

· Pension fund of the Russian Federation;

· Social insurance fund of the Russian Federation;

· Federal fund of compulsory medical insurance;

· Territorial compulsory health insurance funds.

They are formed for financial support for the implementation of the constitutional rights of citizens to social security by age, disease, disability, loss of the breadwinner, for the birth and raising of children, as well as free medical care and health care. The volume of state extrabudgetary social funds (for income and expenses) is quite impressive: in recent years, they exceed 60% of the federal budget.

State extrabudgetary funds also include economic extrabudgetary funds of federal and regional importance, due to which the state needs in solving economic problems are ensured. To date, most of them are legally abolished, the remaining consolidated in the relevant budgets while maintaining the target orientation of consolidated funds, the so-called target budget funds.

The federal budget, budgets of the constituent entities of the Russian Federation, the budgets of municipalities and state extrabudgetary target social funds in aggregate form the budget system of the Russian Federation, which we will consider in detail in block 4, the structural unit 4.3.

State Credit

The state loan is a specific financial system link, reflecting credit relations on the mobilization of (borrowing) by the state on a paid and returnable basis of temporarily free funds of various economic entities for financing government spending, not secured by budget income, as well as the provision of loans and guarantees to other economic entities. Inside the country and abroad.

Thus, the state loan is a system of economic relations of the state, on the one hand, legal,

Additional financial resources through government borrowing The state is attracted by selling bonds, treasury commitments and other types of government securities in external and domestic financial markets. In this role, the state acts as a cash borrower. The state loan allows a civilized way to cover the budget deficit, contributing to the outflow of money from circulation, it mitigates the severity of problems in the field of money circulation.

At the same time, the state can itself have temporarily free cash resources and in this case may act as a creditor.

By virtue of its special socio-legal significance, the state may take responsibility for the repayment of loans taken by various economic entities, i.e. May act as a guarantor.

The Russian Federation uses the state loan of the cup as loans to finance the deficit of the federal budget (all the 90s of the last century there was a deep deficit of the federal budget) and budgets of the constituent entities of the Russian Federation, which up to the present experience the shortage of monetary resources.

Thus, the state loan is a system of economic relations of the state, on the one hand, legal, individuals, foreign economic Subjects, on the other hand, about the formation of the state loan fund.

Let us consider the concept of "state loan" above in more detail.

The state insurance fund is a combination of material reserves and financial reserves of a society intended to prevent, localization and compensation for the damage caused by natural disasters and other emergency events.

The insurance fund is an integral part of the reserve fund system. The insurance fund is created in a centralized manner at the expense of budgetary resources by insurance, as well as directly legal entities and individuals by self-insurance. In a market economy, the role of insurance increases sharply, since all business entities work under risk. Yes, and each person should now hope mainly on his own insurance stock, its savings. During the time you need to purchase medical Policy, medical insurance, earn a decent pension size, etc.

Stock market

The stock market - the market (organized and over-the-counter), on which securities are sold and bought, and they are defined by supply and suggestion.

Russian legislation Considers as identical concepts "stock market" and "securities market". The organized stock market is the stock exchange.

The main function of the Stock Exchange is to provide the opportunity to engage in public companies and local authorities to attract capital by selling securities to investors, i.e. In this case, the stock exchange performs the function of the primary market.

The stock exchange also performs the function of the secondary market, allowing one investors to sell their securities to other investors, providing liquidity and reducing risks associated with investment.

Thus, the stock market is a special type of financial relations arising from the purchase and sale of special financial assets - securities. The main task of the stock market is to ensure the process of overflow of capital in the industry with a high level of income. The stock market is used to mobilize and efficiently use temporarily free de gentle funds. Its peculiarity is that the participants of the stock market are counting on obtaining a higher income compared to the investment in the bank. However, the opposite side of the increased income is an increased risk.

What gives the state to the centralization of financial resources? Thanks to different ways functional purpose Named states of state and municipal finance, the state can provide a versatile influence on the economic and social processes occurring in society, to achieve an acceptable solution to sectoral and territorial problems.

The centralization of financial resources gives the state the opportunity:

Carry out a single financial policy;

Ensure the development of industrial and social infrastructures;

Redistribute funds in the interests of economic regulation in order to increase the total effectiveness;

To seek aligning the degree of satisfaction of the social needs of citizens within the established social standards.

The main source of state revenues is national income. But during the periods of emergency circumstances and events (war, major natural disaster, radical economic reforms, etc.) as a source of formation of state revenues, there is a previously accumulated national wealth, some elements of which (gold reserve, currency reserves, insurance reserves, energy sales) Engaged in the economic turnover.

  • A. Yes, legitimate, since this is the basis for debt collection, that is, civil liability. 4 Page
  • A. Yes, legitimate, since this is the basis for debt collection, that is, civil liability. 5 Page

  • 2.3 Problems of development of the modern financial system of the Russian Federation

    From the moment the financial system appeared in Russia, there were discussions about the problems to determine its fundamental moments. In the aggregate of all problems, a discussion is allocated for the measure of social orientation of the financial system, the problem associated with the limits and methods of state intervention in financial processes private and government financial institutions, extent of their transparency, importance and need to control their activities by society.

    The main steps in this area may be tightening control over the operations in the financial market, in particular, on the formation of debt of state corporations, over the transboundary movement of capital, over the issuance of financial instruments.

    It is required to carry out a whole range of measures that should affect the reduction of the shadow element in the movement of financial and credit resources into the real sector of the economy from financial institutions, corruption costs and administrative barriers. The implementation of such measures should contribute to the expansion of the availability of loans and an increase in the specific gravity of long-term lending, besides, raising the efficiency of the use of budget sources of financing.

    Russian financial market due to the impact of global economic crisis It takes one of the most difficult periods of its development. The crisis revealed problem moments of operation russian market securities that are associated with the need to strengthen market institutions, improvement legal regulation, further development of the judicial system. It should be noted that the leadership of the country was in a timely manner task before the regulators of the financial market on the need to develop instruments for regulating the financial market. One of the options for solving this problem is the creation in Moscow of the International Financial Center.

    In recent years, the development of the securities market in Russia has received the most powerful impetus with the emergence of the repo market, the value of which is difficult to overestimate. Operations in the repo market allow you to refinance operations with securities, contribute to increasing the liquidity of the Russian stock market and bonds. A reliably functioning repo market is a special element of the money market, through which the Bank of Russia can effectively implement refinancing operations in the framework of monetary policy.

    A large role in regulating transactions in the financial market plays central bank Russia. Recently, amendments to the Federal Law "On the Securities Market" on the initiative of the Central Bank were amended.

    The development of the financial market in Russia, the ultimate goal of which is to attract investments, is impossible without modernizing the judicial system. Currently, serious difficulties in resolving disputes in the financial market are observed. This is explained by the imperfection of the legislative base, the absence of the necessary professional knowledge Judges and a significant bureaucracy when considering cases.

    Thus, the solution to current problems of regulating the financial market of Russia will bring it to closer to European standards.

    Other problems of the financial system of Russia are issues in the public sector:

    High degree of concentration of financial resources in the federal budget of the country, which reduces the importance of regional and local budgets;

    The current practice of the formation of territorial budgets, in which the mechanism of centrally installed standards for deductions to local budgets was preserved;

    The tendency to translate expenses down without reinforcing reinforcement, which leads to the subsidy of previously balanced local budgets;

    Adoption by federal authorities such decisions that are addressed by the lower managerial structures, but are not accompanied by sufficient financial resources;

    The dominant role of regulatory income in the structure of funds in regional and local budgets and low shares of tax payments enshrined behind the territories.

    Incomplevation of tax payments, the main reasons for which were: deterioration of macroeconomic and financial indicators compared to the budget adopted; The growth of non-payment in the national economy; Direct tax evasion, covers with many taxpayers of their income (the inability to control all small and medium enterprises).

    These problems are solved by:

    Theoretical development and substantiation of the principles of building the budget system of the Russian Federation.

    Creation of a real budget mechanism that allows you to implement the developed principles in practice.

    Development and adoption of regulations on the delimitation of powers and functions between authorities of different levels, Distribution of expenses between the links of the budget system and types of budgets in accordance with the powers and functions of the authorities of different levels.

    Creating a new system of intergovernmental redistribution of financial resources based on the use of various forms of rendering financial assistance Subjects of the Federation and local authorities.

    Development of new principles of compilation, consideration, approval and execution of the budget at each level of management.

    Monetary policy should be aimed at stimulating economic growth and investment, taking into account the experience of other countries.

    So, we can say that only with a comprehensive approach to the problem of improving and stabilizing the financial system of Russia, you can achieve the desired results, i.e. To form a modern socially-oriented financial system, which is properly functioning in conditions of market relations.

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    What is Russia's financial system?

    Analysis of regularities of finance development in different conditions public reproduction indicates the presence of general features in their content. This is due to the composition of objective causes and conditions for the functioning of finance. Among these conditions, two are allocated: the development of commodity-monetary relations and the existence of the state as a subject of these relations. Unlike such value categories, such as money, loan, wage fund and others, finance is organically linked by the functioning of the state.

    However, the general signs of all financial relations do not include certain differences between them.

    In this regard, the financial system represents a combination of various spheres (links) of financial relations, each of which is characterized by the features in the formation and use of funds funds, various role in public reproduction.

    The financial system of the Russian Federation includes the following financial lines: state budget, extrabudgetary funds, national credit, insurance funds, stock market and finance enterprise of various forms of ownership.

    All of the above financial relations You can smash two subsystems. These are nationwide finances that ensure the needs of expanded reproduction on the macro-level and finance of economic entities used to ensure the reproduction process with funds in the micro level.

    The separation of the financial system into individual links is due to differences in the tasks of each link, as well as in the methods of formation and use of centralized and decentralized funds funds. National centralized funds of cash resources are created by the distribution and redistribution of national income established in the industrial production sectors.

    The important role that the state in the field of economic and social development is performed leads to the need for centralization at its disposal a significant part of financial resources. Forms of their use are budgetary and extrabudgetary funds, ensuring the needs of the state in solving economic, political and social problems. Other forms and methods of education and use of cash funds are applied by credit and insurance links of the financial system. Decentralized funds of funds are formed from cash income and accumulations of the enterprises themselves.

    Despite the delimitation of the activities and the use of special methods and forms of education and the use of cash funds in each single link, the financial system - one systemSince it is based on a single source of resources of all links.

    The basis of the unified financial system is the finance of enterprises, since they are directly involved in the process of material production. Source of centralized state Funds Cash is the national income created in the field of material production.

    National finance owns a leading role: in providing certain paces of development of all sectors of the national economy; Redistribution of financial resources between the sectors of the economy and the regions of the country, production and non-production areas, as well as the forms of ownership, individual groups and layers of the population. Effective use financial resources are possible only on the basis of active financial Policy states.

    Nationwide finances are organically related to enterprises. On the one hand, the main source of budget revenues is the national income created in the field of material production. On the other hand, the process of expanded reproduction is carried out not only at the expense of own funds of enterprises, but also with the involvement of the national fund of funds in the form of budget allocations and the use of bank loans. With a lack of own funds, the company may involve funds from other enterprises on a joint-stock basis, as well as on the basis of securities operations - borrowed funds. Through the conclusion of contracts with insurance companies, entrepreneurial risks are insurance.

    The relationship and interdependence of the composite links of the financial system is due to the uniform entity of finance.

    Through the financial system, the state affects the formation of centralized and decentralized cash funds, funds of accumulation and consumption, using taxes, state budget expenditures, state loan.

    The standard of living of the country completely depends on the state of the financial system. In macroeconomics, she takes one of the most important places. For this reason, it should be studied in detail the financial concept of Russia and to realize the importance of this system. It is necessary to deeply delve into the principle of operation of its functioning and mechanisms.

    General

    Currently, the financial system of the Russian Federation is an object of restless disputes and discussions. There are many modern problemsWith which it should cope. For example, the insufficient level of satisfying the needs of each particular person, the big social tension, the disproportionality of the development of economic elements, the negative impact on the reproduction process, a noticeable lag in the adaptation to changes in financial and external changes commodity markets and a slow pace of development. The financial system of the Russian Federation is economic relations that are grouped together by a certain sign. Such interconnection affects almost all aspects of modern human life. These relationships may arise between individuals, several legal parties, as well as various states. Thus, the following elements are one of the spheres of economic interactions: family budget, finance personal and households. Simply put - capital capital.

    Detailed information

    The concept of the financial system of the Russian Federation is considered as a combination of economic relations. In its structure, individual spheres and links are distinguished. At any level of economic level, finance is elements of social production, without which the existence and functioning of the system is simply impossible. Also without them it is not possible:

    1) the speedy introduction of new achievements of science and technology;

    2) maintaining an expanded circuit of production funds (both public and individual);

    3) regulation of territorial and sectoral economic structures;

    4) Satisfying the other needs of the population.

    There are certain types of needs from states and business entities. This explains the emergence of various types of relations, which includes the financial system of Russia. Now, some specialists in this field do not recognize the interaction of two individuals in economic relationship. Nevertheless, there are a variety of publications in which the organization of the financial system is highlighted. The literature is dedicated to family and personal expenditure plans, household assets.

    Composition and structural elements

    Russia consists of several interrelated bodies and institutions. The main goal of the economy is to satisfy the great multitude of social needs. The interaction of finance covers the entire system of the country and the scope of social activities. The community of these phenomena explains the existence of special institutions within the financial structure. Based on all the above, several concepts of the economy of the Russian Federation can be distinguished. The financial system of the country is:

    1. The set of various institutions, each of which participates in the formation and subsequent use of the relevant cash funds.

    2. The community of special institutions and bodies that implement financial activities within their competence.

    The economy is formed from the relationship of various institutions that are responsible for regulating the creation, redistribution and use of cash funds. Features of the country's development during the transition to market conditions are strongly reflected in the financial system. Thus, the economic structure of Russia includes the following monetary funds and legal institutions corresponding to them:

    1. Countries. It includes budgets of local governments, subjects of the federation and directly federal.

    2. Stock market.

    3. State loan.

    4. extrabudgetary funds of the country.

    5. Finance of economic entities.

    6. Insurance funds.

    National Finance. Concept, structure and appointment

    The basis of nationwide finances are different budgets of the corresponding levels. This group also includes such concepts as government lending and social extrabudgetary funds of the country. In the adjustment of a variety of economic operations and distribution relations of the macro level, the main role belongs to this particular type of finance. Their formation and distribution are centralized. This element of the system is available at local organs self-government and state itself. On the micro level, the financial elements of enterprises, insurance and the credit banking system are responsible for the settlement of economic operations. Nevertheless, it cannot be considered that these units of the economy are connected only at the level of economic entities in their broad sense. This is due to the existence of a dense relationship between all components of the financial system. The state affects the formation of centralized and decentralized resources through the economy. To implement such activities use various regulations and relevant laws. Also, its tools are pricing mechanisms, lending system, taxes and more. National financial finances of Russia are inextricably linked with the rest of the economy. However, there is some duality here. GDP is the main source of revenue revenues of budgets at all levels. It is formed in the field of material production. Then, by taxation, the budget of the Russian Federation and social funds are created. At the same time, the process of extended reproduction is carried out by enterprises not only in their own account. They use state credit or direct appliances from the budget.

    The role of attracted funds

    Own finance enterprises are inextricably linked with the lending system. In case of lack of money, you can use the services of banks. Most often, the borrowed capital is involved in replenishing a turnover. Also to solve their economic problems Enterprises can resort to means of other business entities. For example, to such as various organizations, companies and others. Similar activities can be carried out different ways. For example, in order to increase your own capital, resort to the assistance of the incorporation. In turn, the release of bills and bonds is carried out for loans. Ultimately, the relationship of various elements of the financial system is explained by their uniform entity. The state plays a crucial role in the development of society, both in the economic and social plan. For this reason, most of the money resources are concentrated at his disposal. It carries out their use through the budget of the Russian Federation, the state loan and various funds. Assets of different banking structures and insurance are formed by attracting free capital. Own means Commercial organizations are their accumulations.

    Characteristics of the financial system of the Russian Federation. Features

    The management of the economy and finance of the state is carried out using the most important tool - a multi-level structure. At all steps of this configuration, the country is solved on the scale of the country's key task: the formation and consumption of the general fund of funds. The whole structure includes local, regional and Federal budgets. In modern globalization economic activity The assets of each country become the basis for its economic security. Depends on their size and properties:

    Conducting social programs;

    Provision of management bodies of all levels;

    Development of high-tech and strategically important industries;

    Support for the economy and its subjects within the state, as well as much more.

    The country's financial system consists of a variety of elements. Some of them are funded within the framework of the received others - no. For example, extrabudgetary funds are being created for the implementation of programs that bear social or medical orientation. State as a member of the internal market systemmay act as a cash borrower in other market entities. In such a case, lenders will be legal and individuals who have free cash assets at their disposal. The need for loans occur in the formation of a budget deficit. Lending is used for short-term injections in certain sectors of the economy in order to maintain financial stability countries. In the case when the state resorts to a loan from third-party organizations or individuals, the State Dolg arises. In terms of its characteristics, it is divided into two types: internal and external (depending on the place of registration of the lender). In their form, the state assumed may be represented as:

    Loans;

    State loans conducted using the issuance of securities market;

    Other debts.

    Changes made after the collapse of the USSR

    The development of the financial system of the Russian Federation in recent years has noticeably suspended. In some sectors state economy There is an increase in indicators, but most industries experience the period of stagnation and minor growth. The banking system was able to almost completely restore its functionality after a year. The lending sphere is actively developing, thereby having a significant impact on the economic situation in the country. At the same time, the share of loans issued to the private sector is constantly increasing, which indicates the improvement of the well-being of the population as a whole. In the last decade, stock indices increased, international ratings increased financial Sustainability Russia. Nevertheless, the share of attracted foreign capital The country's financial system, compared with the economies of developed countries (Germany, USA, France), remains at a relatively low level. However, the stable growth of indexes and ratings creates a favorable environment for foreign and domestic investors. In recent years, there has been a positive dynamics of financial resources and fall interest rates on loans. Prerequisites for the occurrence of these phenomena should be considered an increase in the volume of foreign trade, the growth of raw materials in foreign countries currencies, as well as the general foreign economic policy of the state. The availability of cash as a result of lowering credit rates has favorably affected major enterprises Countries that increasing financial activity stimulated the growth of the economy. The modern financial system of the Russian Federation after a series of transformations began to fulfill its main task - ensuring the growth of the country's economy.

    Reforms in this area

    Financial system management in Russia has not been substantially significant in Russia. In 2006, cardinal reforms occur in legislation. They affected, first of all, the formation and consumption of funds of the budget of the Russian Federation. New structural units appeared. In particular, the budgets of individual municipalities and urban settlements were formed. Further the legislative framework These projects were substantially recycling. One of the main risks to which the financial system of the Russian Federation is exposed is an overdue debt on loan banking obligations. The magnitude of this cumulative debt is constantly growing, which has a negative impact on various sectors of the economy. In turn, banks to extend credit obligations need a constant flow of funds. According to economists, the share of such debts may increase to 10% of the general structure of the loan portfolio, which will adversely affect the entire economic structure. The Government of the Russian Federation is looking for ways to solve this problem. It is proposed to increase the capitalization of the largest banks at the expense of government bonds. Also discusses options for increasing the insurance part of the contribution and the review of licenses for financial activities in a number of "unreliable" financial institutions.

    The origins of the emergence of modern problems

    A number of the largest domestic economists believe that the cause of weakness that the financial system of the Russian Federation has, is inability to quickly adapt to a dynamically changing market conjuncture, as well as too large raw materials dependence and lack of competition in some segments. The government, introducing new economic reforms, is trying to align the uneasy state of the monetary sphere. Regular inflows of capital occur from the reserve fund, which, in turn, was formed at the time (until 2008). At the same time, most experts agree that his funds are not limitless and enough for just a few years. Modern Russia He experiences a complex process of forming its economic structure. Many negative factors accompanying this action, for example, debts on loan obligations, in the current situation are difficult to analyze and control. In such conditions, it is rather difficult to establish the work of one of the main functions of the stable market - the redistribution of financial (resource) flows within it.

    Conclusion

    The economy is based on a bank financing system, has ample opportunities to respond to any changes. The Central Bank is a finite participant in this credit structure. In this regard, the development of the financial system in the Russian Federation is intended to begin with allocating the banking sector, in which the basic redistribution of resource flows will occur. To do this, it is necessary to have a stable structure, excluding all weak participants from it. At the same time it is necessary to develop in parallel financial markets Of the Russian Federation, which, with the exception of currency, are at the initial stage of origin. Only under these conditions it is possible to create a healthy economic database. It is for her that later will be entrusted with the main task of the redistribution of financial resources within the country.

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