Since the emergence of the financial system in Russia, there have been discussions about the problems of determining its fundamental points. In the aggregate of all problems, a discussion about the degree of social orientation of the financial system, a problem related to the limits and methods, stands out. government intervention in the financial processes of private and public financial institutions, the extent of their transparency, importance and the need for control of their activities by society.
The main steps in this area may be the tightening of control over operations in the financial market, in particular, over the formation of debt of state corporations, over the cross-border movement of capital, over the issue 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 to the real sector of the economy from financial institutions, corruption costs and administrative barriers. The implementation of such measures should help expand the availability of loans and increase specific gravity long-term lending, in addition to raising the efficiency of using budget sources financing.
The Russian financial market due to the impact of the global economic crisis going through one of the most difficult periods of its development. The crisis revealed problematic aspects of functioning Russian market valuable papers which are associated with the need to strengthen market institutions, improve legal regulation, further development judicial system. It should be noted that the country's leadership promptly set the task for the financial market regulators on the need to develop instruments for regulating the financial market. One of the options for solving this problem is the creation of an International Financial Center in Moscow.
The development of the securities market in Russia has received a powerful impetus in recent years with the advent of the REPO market, the importance of which can hardly be overestimated. Operations in the REPO market allow refinancing transactions with securities, and contribute to increasing the liquidity of the Russian stock and bond market. A well-functioning repo market is a special element money market, with the help of which the Bank of Russia can effectively carry out refinancing operations as part of its monetary policy.
plays an important role in the regulation of transactions in the financial market central bank Russia. Recently, amendments have been made to the Federal Law “On the Securities Market” at the initiative of the Central Bank.
The development of the financial market in Russia, the ultimate goal of which is to attract investment, is impossible without the modernization of the judicial system. Currently, there are serious difficulties in resolving disputes in the financial market. This is due to the imperfection of the legislative framework, the lack of necessary professional knowledge of judges and significant bureaucracy in the consideration of cases.
So the solution actual problems regulation of the Russian financial market will bring it closer to European standards.
Other problems of the Russian financial system are problems in the public sector:
High degree of concentration financial resources in the federal budget of the country, which reduces the importance of regional and local budgets;
The current practice of formation of territorial budgets, in which the mechanism of centrally established standards for deductions to local budgets is preserved;
A downward trend in spending without adequate revenue support, resulting in subsidies to previously balanced local budgets;
Adoption federal authorities the power of such decisions that are addressed to lower management structures, but are not accompanied by sufficient financial resources;
The dominant role of regulatory revenues in the structure of revenues to regional and local budgets and the low share of tax payments assigned to the territories.
Shortfall in tax payments, the main reasons for which were: the deterioration of macroeconomic and financial indicators compared to those adopted in the budget; growth of non-payments in the national economy; direct tax evasion, concealment by many taxpayers of their income (the impossibility of controlling all small and medium-sized enterprises).
These problems are solved by:
Theoretical development and justification of the principles of building a budget system Russian Federation.
Creation of a real budgetary mechanism that would make it possible to put the developed principles into practice.
Development and adoption of regulations on the delimitation of powers and functions between authorities at different levels, the distribution of costs between the links of the budget system and types of budgets in accordance with the powers and functions of authorities at different levels.
creations new system interbudgetary reallocation of financial resources based on the use of various forms of financial assistance subjects of the Federation and local governments.
Development of new principles for the preparation, 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 integrated approach to the problem of improving and stabilizing the financial system of Russia, it is possible to achieve the desired results, i.e. to form a modern socially oriented financial system that functions properly in the conditions of market relations.
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Since the emergence of the financial system in Russia, there have been discussions about the problems of determining its fundamental points. In the aggregate of all problems, there is a discussion about the degree of social orientation of the financial system, a problem related to the limits and methods of state intervention in the financial processes of private and public financial institutions, the extent of their transparency, the importance and need for control of their activities by society.
The main steps in this area may be the tightening of control over operations in the financial market, in particular, over the formation of debt of state corporations, over the cross-border movement of capital, over the issue 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 to the real sector of the economy from financial institutions, corruption costs and administrative barriers. The implementation of such measures should help expand the availability of loans and increase the share of long-term lending, in addition to raising the efficiency of using budgetary sources of financing.
Due to the impact of the global economic crisis, the Russian financial market is going through one of the most difficult periods of its development. The crisis revealed problematic moments in the functioning of the Russian securities market, which are associated with the need to strengthen market institutions, improve legal regulation, and further develop the judicial system. It should be noted that the country's leadership promptly set the task for the financial market regulators on the need to develop instruments for regulating the financial market. One of the options for solving this problem is the creation of an International Financial Center in Moscow.
The development of the securities market in Russia has received a powerful impetus in recent years with the advent of the REPO market, the importance of which can hardly be overestimated. Operations in the REPO market allow refinancing transactions with securities, and contribute to increasing the liquidity of the Russian stock and bond market. A well-functioning REPO market is a special element of the money market, with the help of which the Bank of Russia can effectively carry out refinancing operations as part of its monetary policy.
The Central Bank of Russia plays an important role in regulating transactions in the financial market. Recently, amendments have been made to the Federal Law "On the Securities Market" at the initiative of the Central Bank.
The development of the financial market in Russia, the ultimate goal of which is to attract investment, is impossible without the modernization of the judicial system. Currently, there are serious difficulties in resolving disputes in the financial market. This is due to the imperfection of the legislative framework, the lack of necessary professional knowledge of judges and significant bureaucracy in the consideration of cases.
Thus, the solution of urgent problems of regulation of the Russian financial market will bring it closer to European standards.
Other problems of the Russian financial system are problems in the public sector:
A 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 formation of territorial budgets, in which the mechanism of centrally established standards for deductions to local budgets is preserved;
A downward trend in spending without adequate revenue support, resulting in subsidies to previously balanced local budgets;
The adoption by federal authorities of such decisions that are addressed to lower management structures, but are not accompanied by sufficient financial resources;
The dominant role of regulatory revenues in the structure of revenues to regional and local budgets and the low share of tax payments assigned to the territories.
Shortfalls in tax payments, the main reasons for which were: deterioration of macroeconomic and financial indicators compared to those adopted in the budget; growth of non-payments in the national economy; direct tax evasion, concealment by many taxpayers of their income (the impossibility of controlling all small and medium-sized 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 budgetary mechanism that would make it possible to put the developed principles into practice.
Development and adoption of regulations on the delimitation of powers and functions between authorities at different levels, the distribution of costs between the links of the budget system and types of budgets in accordance with the powers and functions of authorities at different levels.
Creation of a new system of interbudgetary redistribution of financial resources based on the use of various forms of financial assistance to the subjects of the Federation and local governments.
Development of new principles for the preparation, 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 an integrated approach to the problem of improving and stabilizing the financial system of Russia, it is possible to achieve the desired results, i.e. to form a modern socially oriented financial system that functions properly in the conditions of market relations.
Financial system represents in a certain way an ordered set of financial relations, as well as bodies (institutions) that implement these relations. The links of the financial system can be grouped into three blocks, each of which has its own internal structure:
1) Centralized finance -
The state budget;
off-budget funds;
State loan;
Property and personal insurance;
Stock market;
2) Decentralized finance -
Commercial enterprises and organizations;
Financial intermediaries (credit institutions, pension funds, investment funds, insurance organizations);
3) households.
Each link performs its functions in social reproduction.
Thus, centralized finance is a tool for regulating the national economy as a whole. With their help, financial resources are mobilized in budget system, where there is a further distribution between industries, regions, individual groups of the population. Decentralized finance is the regulator of economic relations within individual economic entities and form the basis of finance. Household finances are personal finances, i.e. financial relationship between individuals living together and running a common household.(*)
The basis of the centralized finance of the Russian Federation is a three-level budget system, including the federal budget and budgets of federal off-budget funds - first level, budgets of subjects of the federation and budgets of territorial off-budget funds - second level, and local budgets (budgets municipalities) – third level. The budgets of the top two levels (excluding WBF budgets) make up the state budget.
Extrabudgetary funds- these are funds accumulated for targeted financing of expenditures not included in the state budget. These are a special kind of expenses, primarily related to pensions, medical and social insurance, and specially separated in order to exclude their misuse.
State loan- this is a special form of financial relations between the state, individuals and legal entities, combining two types of monetary relations - finance and credit - and having the properties of both. As a link in the financial system, it serves the formation and use of centralized cash funds state and performs two functions - fiscal and regulatory. At the same time, the state more often acts as a borrower, and individuals and legal entities as creditors. The state attracts additional financial resources by selling government securities.
Property and personal insurance funds are intended to compensate for damage caused to enterprises and the population, as well as to pay the insured person and his family material support upon the onset insured event. Main function insurance is the formation of a fund Money, carried out as a payment for the risks assumed by specialized commercial organizations - insurance companies. Insurance is divided into voluntary and compulsory. The main types of insurance are social, property and personal.
Stock market, on which capital circulation takes place, ensures the movement of capital to industries with higher profitability and serves to mobilize and effectively use temporarily free cash. Its participants are always focused on obtaining a higher income compared to investing in banks.
The second block of the financial system is decentralized finance, and above all finance of commercial enterprises and organizations. It is largely an independent link in the financial system, serving material production, the creation of GDP, its distribution within enterprises and redistribution through the budget and WBF.
Financial intermediaries create secondary income of economic entities through financial (portfolio) investments.
Non-Profit Organizations play a relatively minor role in the financial system.
The third block of the financial system is finance households which are the material basis of their life. They implement the function of control over future income and expenses within a separate economic unit of society.
The main links of the financial system of the Russian Federation are presented in the diagram.
Ministry of Science and Education of the Russian Federation
Ryazan State University S.A. Yesenina
Faculty of Sociology, Economics and Management
department National economy
abstract
on the topic:
Financial system of the Russian Federation
Performed:
3rd year student of group E32
Boyko S.Yu.
Checked:
Ananiev A.A.
Ryazan, 2008
1. The concept of the financial system. 3
2. Structure of the financial system of the Russian Federation. four
3. a brief description of links of the financial system.. 8
4. State financial policy. eleven
Finance is a rather complex social phenomenon. They cover a wide range of exchange and distribution relations, which are displayed in various cash flows. With a single essence of these relations, separate elements are distinguished in them, which have their own characteristic features and features. The study of finance is based both on an understanding of their necessity, essence and role in society, and on a detailed assimilation of specific forms of financial relations.
The allocation of forms of financial relations characterizes the relative separation of the individual components of finance. The totality of these components is defined by the term "financial system". Like any other system, it is not a simple set of individual elements, but a collection of interrelated elements that have homogeneous features.
The financial system of the state is a reflection of the forms and methods of the specific use of finance in the economy and, accordingly, the model of the economy involved is largely indicated by it.
The financial systems of some states may differ in their structure, but they all have a common feature - these are various funds of financial resources that differ in the methods of mobilization and their use, but are closely related to each other, have a direct and reverse effect on economic and social processes in the state , as well as on the formation and use of funds of financial resources in the context of individual links.
It can be argued that each link of the financial system is its independent element, but this independence is relative in the middle of a single holistic one. The financial system is a set of various types of funds of financial resources concentrated at the disposal of the state, the non-financial sector of the economy (economic entities), individual financial institutions and the population (households) to perform their functions, as well as to meet economic and social needs.
The term "financial system" is used in various meanings. First, as a set financial institutions(institutional structure of the financial system) and, secondly, in terms of economic content as a set of financial relations.
The very concept of "system" implies the presence of certain constituent elements and the relationship between them. The structural organization of the totality of financial relations allows you to streamline and purposefully manage the elements of the system, track and adjust financial ties. The construction of the financial system is based on the following signs:
Functional purpose of a particular group of financial relations;
· Presence of certain specifics in financial relations;
Unity and interaction of subsystems;
Availability of a special service device;
· Presence of own financial base.
So, the financial system is a set various areas(links) of financial relations, each of which is characterized by features in the formation and use of funds of funds, a different role in the life of society.
Depending on the sign underlying the construction of the financial system, one can imagine its different structural understanding. Let's consider the structures of the financial system of the Russian Federation.
1. According to the stock basis, centralized and decentralized finances are distinguished.
Centralized (public) finances include:
state budgets;
state social off-budget funds;
Decentralized finance includes:
· finances of commercial enterprises and organizations;
finance non-profit organizations;
household finances.
Centralized funds of funds are formed, distributed and used by the state. The sources of funds are strictly defined for them, the directions of spending are established on the basis of legislative acts. With regard to decentralized finance, there is no strict control over financial flows: enterprises, organizations operate on the principle of economic independence, self-financing, responsibility, households themselves determine the structure of their income and expenses. And although the normative regulation (taxation, control over the legality financial transactions), social insurance is present, decentralized finance has a certain freedom and independence.
2. In terms of financial relations, the financial system of the Russian Federation includes:
· finances of economic entities: enterprises, organizations by sectors (commercial, non-commercial), by sectors of the economy (industrial, agricultural, transport, etc.); banking and credit organizations; participants stock market;
State finances: federal level; regional level; local (municipal) level;
insurance funds: state, private;
household finances.
State finances can be structurally represented as follows (Fig. 1):
Rice. 1. The structure of state and municipal finance.
State and municipal finance are part of the financial system of the Russian Federation, cover part of the monetary relations, in the process of which the formation, distribution and use of state and municipal funds of funds necessary for the performance of public functions and tasks takes place.
The main functions of the state are: creation of a regulatory and legal framework adequate to the requirements of the economy and control over the implementation of laws and regulations; provision of public goods; promotion of free competition and antitrust regulation; protecting producers from unfair competition; stimulation of development of new progressive technologies; environmental Protection; organization of public works; support for the development of fundamental science; support of culture, art, education, healthcare; ensuring social protection of the population, social support for low-income strata; consumer protection, etc.
State and municipal finances play an important role in addressing the social economic tasks. Performing a distributive function, state and municipal finances redistribute financial resources between different regions and municipalities, different sectors of the economy, productive and unproductive areas, and various social groups of the population.
Through state and municipal control, the entire mechanism of financial relations in society is monitored, financial condition links of the financial system of the Russian Federation, the effectiveness of the programs of socio-economic development applied by the government and the efficiency, legality of the activities of the executive power itself.
3. The structure of the financial system of the Russian Federation in terms of management includes (Fig. 2.):
· the main elements of the system (finances of the state, finances of commercial enterprises, organizations, household finances);
· auxiliary elements of the system (finances of banking and credit organizations, insurance groups, finances of participants in the securities market).
Rice. 2. Elements of the financial system of the Russian Federation.
4. The institutional structure of the financial system of the Russian Federation consists of different levels.
At the federal level, the institutional structure includes:
Committees of the State Duma and the Federation Council;
The Ministry of Finance of the Russian Federation and within it: the Federal tax service; Federal Service of Insurance Supervision; Federal Service for Financial and Budgetary Supervision, financial service on financial monitoring, Federal Treasury(service);
· The Central Bank of the Russian Federation;
· Accounts Chamber Russian Federation;
· Federal Customs Service;
· Federal Service for Finance and Markets;
· Executive directorates (boards) of federal off-budget funds.
At the level of subjects of the Russian Federation:
· Commissions on budget and finance in the legislature, corresponding to the federal structures of executive power;
ministries (offices, departments) of finance of a constituent entity of the Russian Federation, including regional offices of the Department of Control of the Ministry of Finance of Russia, the Treasury Department of the Ministry of Finance of the Russian Federation or the Treasury Department of a constituent entity of the Federation, territorial departments of the Federal Service of the Russian Federation for insurance supervision;
· the main departments of the Bank of Russia of the subjects of the Federation;
· Federal tax service (inspectorate) of the subject of the Federation;
· Customs service of the subject of the Russian Federation;
· Territorial bodies of the Federal Service for Financial Markets;
· Regional directorates (boards) of federal off-budget funds.
The financial system of the Russian Federation, its main links, their relationship
The “financial system”, considered as a scientific category, is not always interpreted unambiguously in various educational publications.
More often, the financial system is considered as a set of interrelated and interacting parts, links, elements that are directly involved in financial activities and contribute to its implementation. It consists of financial institutions (organizations, institutions that carry out and regulate financial activity) 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 spheres and links of financial relations, each of which is characterized by features in the formation, distribution and use of funds of funds, a different role in social reproduction, and state and corporate financial management bodies.
The structure of the financial system of the Russian Federation, which was formed as a result of market transformations in the 1990s, includes the following areas and links in the organization of financial relations (Fig. B.M.1.2).
Finance state and local (centralized finance);
Finance of business entities (decentralized finance).
Links of state and municipal finance:
Federal budget;
Budgets of subjects of the Russian Federation (regional);
Municipal budgets (local);
State loan;
State Insurance Fund;
Stock market.
Links of finance of economic entities:
Finances of commercial organizations (enterprises);
Finance of non-profit organizations (enterprises);
Finances of individual entrepreneurs.
The financial system is not only a set of spheres and links of financial relations, in the course of which funds of funds are formed and used, but also a system of financial institutions, i.e. institutional financial system. The totality of financial institutions (departments) is the apparatus for managing the financial system. The structure of the financial system management apparatus in the Russian Federation will be considered by us in block 2.
Consider the sphere of financial relations "state and municipal finance": the concept, essence, links, trace their relationship.
State and municipal finances are monetary relations that develop 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 national income (partially national wealth) in connection with the formation, distribution and use of centralized monetary funds that meet the financial needs of the state and local government in solving economic, political and social tasks.
Consequently, state and local finances are formed using the methods of distribution and redistribution of national income (with the help of taxes, tax incentives etc.) The forms of use of centralized funds of funds are budgetary and extrabudgetary funds intended for state regulation of the economy, meeting the social needs of citizens, the needs of defense and government controlled and to solve other economic, political and social problems. The role of state and local finances in social reproduction is to create conditions for expanded reproduction both at the macro and micro levels, as well as to actually meet the needs of expanded reproduction at the macroeconomic level (at the level National economy in general) and the implementation of social guarantees for citizens of Russia within the framework of the Constitution of the Russian Federation.
In terms of economic content, the state and local finances of the Russian Federation are heterogeneous and include the following links:
Federal budget;
Budgets of subjects of the Federation;
Budgets of municipalities;
State off-budget trust funds;
State loan;
State Insurance Fund;
Stock market.
Let's consider each link of the state and local finance.
Federal budget. The federal budget plays the most important role in the financial system of the Russian Federation. With its help, financial resources are mobilized at the disposal of the state, at the expense of which state federal and regional targeted programs (national projects), national defense, state security and law enforcement activities, the social sphere are financed, measures are taken to restructure the economy, stabilize it, implement international and domestic obligations. The federal budget consists of two interconnected parts: revenue and expenditure. In the revenue side federal budget the sources of cash receipts and their quantitative characteristics are indicated. In the expenditure part - directions, areas in which money is spent, and their quantitative parameters.
The federal budget is a fund of funds of 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 unlawful. The USSR had a unified state budget with the force of law, and the budgets included in it were part of it. With the transition of the Russian Federation to a market economy, the concept of "state budget" has lost its meaning as a single centralized budget of the state, which has the force of law. All budgets of the modern budget system of the Russian Federation function autonomously: the budgets of municipalities with their incomes and expenses are not included in the budgets of the constituent entities of the Russian Federation, and the budgets of the constituent entities of the Russian Federation with their incomes and expenditures are not included in the federal budget. Each level of government is endowed with certain budgetary powers, the budgets of all levels are independent, and carried out in the country budget reform is aimed primarily at increasing the independence of budgets and the effective (effective) use of budgetary funds.
Consequently, the concept of "state budget" in the current conditions of 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 from state budget consists in the fact that the budgets included in it function autonomously and each budget is approved in the form of an appropriate law ( federal law, the law of the subject of the Russian Federation, the normative legal act of the representative authority of the municipality). The consolidated budget of the Russian Federation as a statistical code budget indicators, which characterizes aggregated data on income and expenses, sources of funds and directions of their use in the whole of the Russian Federation, is not approved in the form of a federal law. Its indicators are widely used in budget planning and forecasting, as well as in calculations characterizing various types of provision for residents of a country, individual territories (for example, budget spending for medical care, education per inhabitant and other per capita budget expenditures). The concept of "consolidated budget" was included for the first time in the Law of the RSFSR "On the Fundamentals budget device and the budgetary process in the RSFSR” dated October 10, 1991 in connection with the abolition of the state budget of the Russian Federation, which included all the budgets of the budgetary system of Russia.
The budget of the subject of the Russian Federation ( regional budget) is a regional fund of funds intended for financial support of the tasks and functions assigned to public authorities of the constituent entities of the Russian Federation.
AT modern Russia the role of regional public authorities in managing the economy and the social sphere, in coordinating socio-economic processes in the relevant territory is increasing, and therefore the importance of the budget of the subject of the Federation in the socio-economic development of the region is increasing, its influence and directions of influence on social production and the material well-being of citizens are growing .
Municipal budget ( local budget) is a local fund of funds intended for financial support of the tasks and functions assigned to local governments.
The budget of the municipality is the basis of the financial resources of local government ( municipal district, city district, city and rural settlement, other municipalities determined by the legislation of the constituent entities of the Russian Federation). In the budgets of municipal formations, they may be provided as an integral part of the estimates of income and expenses of individual settlements and territories that are not municipal formations.
State non-budgetary trust funds (GVF)
These funds are organizationally separated from the budgets and function independently, but are managed by government bodies KIRCTN.
State off-budget funds are the funds of the federal government and executive authorities of the constituent entities of the Russian Federation.
State off-budget trust funds include, first of all, state extra-budgetary social funds:
· Pension Fund RF;
Fund social insurance RF;
the federal fund of obligatory health insurance;
· Territorial funds of obligatory medical insurance.
They are formed to financially support the implementation of the constitutional rights of citizens to social security by age, illness, disability, loss of a breadwinner, to the birth and upbringing of children, as well as to free medical care and health protection. The volume of state off-budget social funds (in terms of revenues and expenditures) is quite impressive: in recent years they have exceeded 60% of the federal budget.
State non-budgetary funds also include economic non-budgetary funds of federal and regional significance, at the expense of which the state's needs in solving economic problems are met. To date, most of them have been legally abolished, the rest have been consolidated into the appropriate budgets while maintaining the target orientation of the consolidated funds, the so-called target budget funds.
The federal budget, the budgets of the constituent entities of the Russian Federation, the budgets of municipalities and state off-budget targeted social funds together form the budget system of the Russian Federation, which we will consider in detail in block 4, structural unit 4.3.
State loan
State credit is a specific link in the financial system that reflects credit relations regarding the mobilization (borrowing) by the state on a paid and repayable basis of temporarily free funds of various economic entities to finance government spending that is not secured budget revenues, as well as the provision of government loans and guarantees to other economic entities within the country and abroad.
Thus, public credit is a system of economic relations of the state, on the one hand, legal,
The state attracts additional financial resources through government borrowing by selling on external and internal financial markets bonds, treasury bills and other types of government securities. In this role, the state acts as a borrower of funds. State credit allows you to cover in a civilized way budget deficit, contributing to the outflow of money from circulation, it alleviates the severity of problems in the sphere of monetary circulation.
At the same time, the state itself can have temporarily free financial resources and in this case can act as a creditor.
Due to its special social and legal significance, the state can assume responsibility for repaying loans taken by various economic entities, i.e. can act as a guarantor.
The Russian Federation uses state credit more often as loans to finance the federal budget deficit (there was a deep federal budget deficit throughout the 1990s) and the budgets of the constituent entities of the Russian Federation, which are still experiencing a shortage of monetary resources.
Thus, a state loan is a system of economic relations between the state, on the one hand, legal entities, individuals, foreign economic entities, on the other hand, regarding the formation of the state loan fund.
In more detail we will consider the concept of "public credit" above.
The state insurance fund is a set of material reserves and financial reserves of the society intended for the prevention, localization and compensation of damage caused by natural disasters and other emergency events.
The insurance fund is integral part systems reserve funds. The insurance fund is created centrally at the expense of budgetary resources by the method of insurance, as well as directly by legal entities and individuals through self-insurance. AT market economy the role of insurance increases dramatically, since all business entities operate under risk. Yes, and every person now has to rely mainly on himself, on his insurance reserve, his savings. During work, you must purchase for yourself medical policy, medical insurance, earn a decent pension, etc.
Stock market
The stock market is a market (organized and over-the-counter) in which securities are bought and sold, and their prices are determined by supply and demand.
Russian legislation considers the concepts of "stock market" and "securities market" as identical. An organized stock market is a stock exchange.
The main function of the stock exchange is to enable public companies, state and local governments to raise capital by selling securities to investors, i.e. in this case, the stock exchange performs the function of the primary market.
Stock Exchange also serves as a secondary market, allowing one investor to sell their securities to other investors, providing liquidity and reducing the risks associated with investing.
Thus, the stock market is a special type of financial relations arising from the sale and purchase of special financial assets- valuable papers. The main task of the stock market is to ensure the process of capital overflow in the industry with high level income. The stock market serves to mobilize and effective use temporarily free cash. Its peculiarity lies in the fact that stock market participants expect to receive a higher income compared to investing money in a bank. However, the downside of increased income is increased risk.
What gives the state the centralization of financial resources? Thanks to different functional purpose of these links of state and municipal finance, the state can exert a versatile influence on the economic and social processes taking place in society, achieve an acceptable solution to sectoral and territorial problems.
Centralization of financial resources enables the state to:
Conduct a single financial policy;
Ensure the development of industrial and social infrastructures;
Redistribute funds in the interests of regulating the economy in order to increase its overall efficiency;
To achieve equalization of the degree of satisfaction of the social needs of citizens within the established social standards.
main source government revenue is the national income. But during periods of emergency and events (war, major natural disaster, radical economic reforms etc.) the previously accumulated national wealth, some elements of which (gold reserves, foreign exchange reserves, insurance reserves, sale of energy carriers) are involved in economic circulation, acts as a source of state income formation.
