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 collection various areas and links of financial relations, each of which is characterized by features in the formation, distribution and use of funds Money, different roles in social reproduction, and public and corporate financial management.
Structure financial system The Russian Federation, which emerged 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 economic entities (decentralized finance).
Links of state and municipal finance:
Federal budget;
Budgets of subjects of the Russian Federation (regional);
Budgets municipalities(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);
Finance 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 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, both legal and individuals- on the other hand, in the process of cost 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 problems.
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.) Forms of use of centralized funds of funds are budgetary and off-budget funds designed 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 Russian citizens 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 (productive) use of budget 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 an economic category and 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, law of a constituent entity of the Russian Federation, normative legal act of a representative authority of a municipal formation). 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 tasks and functions assigned to the state authorities of the constituent entities of the Russian Federation.
AT modern Russia the role of regional government bodies 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 .
The budget of the municipality (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, urban district, urban and rural settlements, 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;
· RF Social Insurance Fund;
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: for last years they exceed 60% of the federal budget.
State non-budgetary funds also include economic non-budgetary funds of federal and regional significance, through which the state needs to address economic tasks. 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.
In this way, government loan is a system economic relations states, on the one hand, legal,
The state attracts additional financial resources through government borrowing by selling bonds, treasury bills and other types of government securities on external and internal financial markets. 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 an integral part of the reserve fund system. 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. In a 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.
The stock exchange also functions 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 stock market– ensuring 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:
To pursue a unified 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 acts as a source of state income, some elements of which (gold reserves, foreign exchange reserves, insurance reserves, sales of energy carriers) are involved in economic activity.
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 on financial market, in particular, over the formation of debts 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.
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 aspects of functioning Russian market securities, which are associated with the need to strengthen market institutions, improve legal regulation, further develop 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 you to refinance transactions with securities 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 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" on the initiative of 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 imperfection 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:
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 norms 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 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.
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.
Fin. system is a set of spheres and links of financial relations and their management bodies.
There are 2 areas of the RF FS:
The sphere of centralized finance- this is a set of FS links involved in the process of formation, distribution and use of budgetary and extrabudgetary funds. cash funds; and municipal government cash funds. This is a budget system; state and municipal credit.
The realm of decentralized finance- this is a set of FS links involved in the process of formation, distribution and use of separate funds of funds of individual business entities and individuals. These are the finances of state and municipal enterprises, organizations, corporations and agencies that are self-financing; business finance; finance non-profit enterprises; finances of individual entrepreneurs; household finance.
Links of the financial system of the Russian Federation:
- budget system (c). The current RF BS is three-level. This is the federal, the budget of the subjects of the Russian Federation, local. For the purposes of planning budgetary resources, a consolidated budget is compiled - statistical consolidated budget, which unites the financial resources of all levels of the budget system. The budget system plays a decisive role in the inter-sectoral and inter-territorial redistribution of funds to equalize the levels of economic and social development regions. The federal budget and the consolidated budgets of the constituent entities of the Russian Federation form the consolidated budget of the Russian Federation, and the budget of the constituent entity of the Russian Federation and the budgets of municipalities on its territory form the consolidated budget of the constituent entities of the Russian Federation. As an independent link in the system of centralized finance, special off-budget funds are allocated, these include: a pension fund; social insurance fund; compulsory health insurance fund. The federal budget and the budgets of social off-budget funds are developed and approved as federal laws;
- state and municipal credit (c). The main tasks of the state loan include: financing the budget deficit; implementation of international and regional financial and credit policy; support for social priority sectors and activities;
- finances of state and municipal enterprises (e);
- finance of commercial enterprises (e). This is a system of economic relations associated with the formation, distribution and use of monetary resources of individual economic entities in the process of carrying out economic activities aimed at making a profit as the main goal of the activity.
- finances of non-commercial enterprises (e). These are relations associated with the formation, distribution and use of financial resources in the process of implementing social, public, educational, religious and other tasks not related to making a profit. Them financial resources formed through voluntary contributions and donations, proceeds from the founders, budgetary funds and others;
- IP finance (d) combine the features of the finance of commercial organizations and personal finance, while the emphasis is shifting towards commercial finance, since the activities of individual entrepreneurs are primarily related to commercial activities aimed at making a profit at your own peril and risk;
- household finance (e). Formation and use system cash income separate groups of people living in the same room and leading common household for the purpose of joint consumption and accumulation, is the least regulated by the state.
Prospects for the development of links
In the field of business finance: improvement of bankruptcy legislation (accelerating the restructuring of uncompetitive enterprises), antimonopoly law, tax legislation (reducing the tax burden, reducing the number of taxes, reducing social insurance contribution rates, reducing the tax debt of enterprises), lowering barriers to investment in the economy, reducing administrative intervention in the household. activities, improving the efficiency of state. regulation, it is necessary to refuse lending to enterprises and provide guarantees at the expense of the federal budget - transfer this to special agencies, insurance companies, banks.
Finance budget. institutional : setting strict cost estimates, monitoring the obligations of budgetary institutions.
Budget: liquidation of expenditure obligations of the federal budget, not provided with sources of financing, the allocation of budget funds to solve priority tasks, the reform of pensions. systems, liquidation of credit. debt feder. budget, optimization of the list of budget organizations and recipients of budget funds, completion of the formation of a system of support for the regions, restructuring of public debt, ensuring the openness of all budgets and the progress of their use.
14. Financial policy of the state: its content, structural elements, significance and tasks for present stage. Financial mechanism, its role in the implementation financial policy.
The financial policy of the state is a set of state measures for the use of financial relations for the fulfillment by the state of its functions.
Financial policy plays an important role in the development of productive forces and their rational distribution throughout the country. It helps to provide financial resources for targeted programs, to concentrate funds on key areas of economic development, to stimulate the growth of production efficiency; increasing the interest of all regions in the development of the economy, the use of local raw materials. Financial policy contributes to the strengthening and development economic ties with all countries of the world, providing conditions for the implementation of joint activities.
1. Development of a general concept of financial policy, determination of its main directions, goals, main tasks.
2. Creation of an adequate financial mechanism.
3. Management of the financial activities of the state and other economic entities.
The financial policy consists of the following main components:
1) tax policy- the principles of building tax systems: horizontal and vertical equality, tax neutrality, convenience of tax collection for the government, minimal disincentive effect from the introduction of a particular tax, the difficulty of tax evasion;
2) budget policy- expressed in the structure of the expenditure part of the budget, in the distribution of expenditures between budgets of different levels, in the sources and methods of covering the budget deficit;
3) monetary policy - part of the socio-economic policy aimed at combating inflation, unemployment and ensuring a stable pace economic development;
4) pricing policy - is reduced to the regulation of prices and tariffs for monopoly goods and services;
5) customs policy - a symbiosis of tax and pricing policies, limiting or expanding access to the domestic market and services from the country;
6) social policy related to solving the problems of financial support for the rights of citizens of the Russian Federation, covers the following areas: pension, migration financial assistance to certain social groups of the population;
7) investment policy related to the creation of conditions for attracting domestic and foreign investment primarily to the real sector of the economy;
8) policies in the field of international finance.
The objectives of the financial policy are:
1. providing conditions for the formation of the maximum possible financial resources;
2. establishing a rational distribution and use of financial resources from the point of view of the state;
3. organization of regulation and stimulation of economic and social processes by financial methods;
4. development of a financial mechanism and its development in accordance with the changing goals and objectives of the strategy;
5. Creation of an effective and maximally business-like financial management system.
The implementation of the goals and objectives of the financial policy is carried out through the use of various methods of organizing financial relations at the centralized and decentralized levels, which together determine the content of the mechanism for achieving the goals and objectives of the financial policy or the financial mechanism.
financial mechanism- a set of ways to manage financial relations.
There are two types of financial mechanisms:
1. directive - is developed for financial relations in which the state is directly involved: taxation, state credit, budget expenditures, financial planning;
2. regulatory - they will determine the basic rules of conduct in such an area of \u200b\u200bfinance, where the interests of the state are not directly affected, this only establishes general order use of financial resources remaining after the payment of taxes and other obligatory payments.
Generally, financial mechanism The enterprise contains the following hierarchically subordinate blocks:
1) legal regulation of the finances of the enterprise;
2) established at the enterprise internal system regulation;
3) methods financial management;
4) financial instruments;
5) financial leverage and incentives;
6) financial indicators, standards and elements;
7) information base of financial management.
The main financial methods are:
1) financial planning;
2) financial and management accounting;
3) financial regulation;
4) financial analysis and control.
Financial system of the Russian Federation
Introduction
Chapter 1. The history of the development of the financial system in Russia
1 formation of the Russian financial system
2 Essence and structure of the Russian financial system
Chapter 2. The modern financial system of Russia
1 Management of the financial system in Russia
2 Dynamics of the financial system of Russia for 2009-2014
3 Problems of development of the modern financial system of the Russian Federation
Conclusion
List of sources used
Application
At a time when market relations are developing, finance plays a particularly important role. Such a union of financial relations contains the state budget system, off-budget funds, state credit and insurance funds. The functional and regulatory role of such systems is a single part of economic relations in the state, the most important tool in the implementation of its policy. Financial issues are discussed by the general public, while solving various problems associated with it, they cause clashes in parliaments, confrontation between political power and the population, i.e. today they are of great importance in the life of modern society. The spheres of influence of finance include the following: the pace of development of production, investments, the state of financial markets and banking systems, savings, unemployment, the standard of living of the population, etc. With the help of all of the above, on the one hand, such large-scale tasks as the development one or another sector of the national economy, but on the other, narrower ones, for example, the amount of pensions for pensioners. It is this awareness of finance in all spheres of society that is due to the fact that there are huge scales of national and planetary production, the deepening of the social division of labor, there are leaps in scientific and technological development, the growth of public consciousness, and there is a need to protect the environment.
The relevance of the topic is that a reliable financial system is the core in the development and best functioning market economy and a necessary condition for the growth and stability of the economy as a whole. Such a system is the foundation that mobilizes and distributes the savings of society and facilitates its daily operations. It follows that while the structural transition from a largely centrally planned and controlled economy to a market economy involves many elements, the most important thing is to create a sound financial system. Only after such a process, the creation of such a reliable financial system, can the money and capital markets develop successfully, especially the primary and secondary markets for national government securities.
object term paper is the financial system of the Russian Federation.
The subject of the course work is the financial and economic relations that arise in the process of functioning of the financial system of the Russian Federation between the state, municipalities, business entities and the population.
The purpose of this work is to study the development of the Russian financial system, based on the goal, the following tasks were identified:
consider the formation of the financial system of Russia;
explore the essence and structure of the Russian financial system;
study the governing bodies of the financial system in Russia;
analyze the dynamics of the Russian financial system in 2012-2014;
identify the problems of the modern financial system of Russia.
In the early years of the reign of Alexander I, the issue of banknotes intensified especially noticeably. The wars with Turkey (1806-1812) and Sweden (1808-1809) required large expenditures. The inflationary process in Russia depreciated the money savings of the propertied strata. Under these conditions, the government of Alexander I took certain measures that contributed to the stabilization of monetary circulation, which were based on the “Plan of Finance”, prepared in 1809 by the famous statesman of this era M.M. Speransky with the assistance of Professor N.S. Mordvinova.
In accordance with the "Finance Plan", the monetary reform was supposed to be carried out by withdrawing and destroying all previously issued banknotes, as well as establishing a new issuing bank, which was supposed to have a sufficient supply of silver to secure the banknotes planned to be put into circulation. In addition, according to the "Plan" it was supposed to improve the organization of the monetary system of Russia, the basis of which was to be the silver ruble. Speransky had a negative attitude towards fiat money and considered it necessary to eliminate their circulation in the country. Speransky proposed measures to improve the organization of the internal state credit system, which were based on the idea of transforming (consolidating) part of the current interest-free debt in the form of banknotes issued into circulation into long-term debt with the state paying interest to creditors. To do this, Speransky proposed to issue interest-bearing debt obligations - bonds of a long-term state loan and sell them to everyone for banknotes. From the "Finance Plan" only a few provisions were put into practice.
Ideas M.M. Speransky were forgotten, and the government could not complete the reforms due to the outbreak of war in 1812. The government's policy in the field of finance, state credit and money circulation took a new course. It was decided to keep banknotes in circulation and prevent them from being replaced by coins. Banknotes were declared legal tender, having circulation throughout the empire.
In addition, in 1831, in accordance with the Manifesto, the government decided to issue tickets of the State Treasury (series) to accelerate the receipt of state revenues. Tickets were put into circulation in large quantities and gave the right to receive income at the rate of 4.32% per annum. The maturity date was 4 years. Issues of tickets followed one after another, and expired tickets were exchanged for new ones. In reality, the notes of the State Treasury have turned into a long-term state loan.
July 1839 with the adoption of the Manifesto "On the device monetary system» Its reform began, the purpose of which was to introduce new principles for organizing this system, to eliminate depreciated state banknotes from circulation. On July 1, 1839, the Decree “On the Establishment of the Silver Coin Depository under the State Commercial Bank”, which declared the tickets of the Depository as legal tender, circulating throughout the country on a par with silver coins.
The First World War interrupted the development banking system. Russia experienced a huge need for funds to finance the war. In 1914-1916. The Russian government produced massive annual issues of State Treasury tickets. An inflationary process developed in the country, it was seized by devastation, famine, accompanied by mass rallies, strikes, and demonstrations.
Financial system<#"813836.files/image001.gif">
Figure 1.1 The financial system of the Russian Federation.
In its structure, public finances include: the state budget and off-budget funds.
The state budget is an annual plan of state revenues and expenditures. Namely, it is money that allows the state to carry out economic and social functions. The state budget includes the budgets of the government and local budgets. Hence it follows that the approval of state budgets for the next year is always stormy. The government seeks to reduce the rights of the regions, and the latter are trying to leave more funds at their disposal. Extra-budgetary funds are those funds that have a strictly designated purpose: a pension fund, a social insurance fund, etc., and are accumulated outside the state budget system.
The budget is income and expenditure. The income part of 80-90% is formed at the expense of taxes from enterprises and the population. The other part comes from using state property, foreign economic activity. The structure of the expenditure part of the budget includes expenditures for social and cultural needs, expenditures for the development of the national economy, for defense, and public administration. In a socially oriented economy, taxation is based on the principles of obligation to pay, social justice and links with the receipt of benefits.
Spheres of the financial system<#"813836.files/image002.gif">
Figure 2.1 Dynamics of federal budget revenues in 2009-2013
In 2010, there is a decrease in revenues by 1.0% of GDP compared to 2009, including non-oil and gas revenues decreased by 1.6% of GDP, while oil and gas revenues increased by 0.6% of GDP. The increase in oil and gas revenues was due to an increase in the world price of Urals crude oil (by $17.1 per barrel), as well as an increase in gas and oil production by 12.1% and 1.6%, respectively, and in the volume of exports of goods produced from oil and crude oil by 6.9% and 1.2%, respectively. The decrease in non-oil and gas revenues is mainly due to changes in tax legislation (replacement of the unified social tax by insurance premiums coming directly to off-budget funds).
Since 2011, there has been an upward trend in federal budget revenues. post-crisis recovery Russian economy in 2011-2012 was largely determined by the favorable external economic situation (growth in world prices and the main indicators of foreign trade).
In 2012, federal budget revenues increased compared to 2010 (the year of the largest decline in revenues over the past 5 years) by 2.9% of GDP, including oil and gas revenues - by 2.1%, non-oil and gas revenues - by 0.8% to GDP. The increase in oil and gas revenues was influenced by: growth in world prices for Urals oil (from 78.2 to 110.5 USD/bbl), natural gas prices (from 271.2 to 345.5 USD/thousand cubic meters) and the exchange rate of the US dollar against the ruble (from 30.4 to 31.1 rubles), as well as the indexation of severance tax rates for combustible natural gas. The increase in non-oil and gas revenues is due to changes in tax legislation (indexation of specific excise rates for excisable goods and the establishment of a standard for crediting excises to the federal budget for oil products (30% in 2011, 23% in 2012) and alcoholic beverages with a volume share of ethyl alcohol over 9% in the amount of 60%), as well as growth in GDP and imports.
In 2013, compared with 2012, there is a decrease in federal budget revenues by 1.3% of GDP, including oil and gas revenues - by 0.6% of GDP, non-oil and gas revenues - by 0.7% of GDP. The decrease in oil and gas revenues was influenced by: a decrease in world prices for Urals oil (from 110.5 to 107.9 USD/bbl), natural gas prices (from 345.5 to 339.2 USD/thousand cubic meters) and oil export volumes by 1.8%. The decrease in non-oil and gas revenues was due to a decrease in revenues from value added tax and import customs duties, mainly due to a decrease in taxable volumes of imports, as well as income from the transfer of part of the profits of the Central Bank of the Russian Federation in connection with the sale by the Bank of Russia in 2012 of a block of shares in OJSC Sberbank of Russia ".
During the execution of the federal budget in 2013, changes in budget allocations were made by amending the Federal Law “On the Federal Budget for 2013 and the Planning Period of 2014 and 2015”, as well as on the grounds established by the Budget Code of the Russian Federation and the Federal Law “On federal budget for 2013 and for the planning period of 2014 and 2015”.
Cash execution of federal budget expenditures in 2013 amounted to 13,342.9 billion rubles (20.0% of GDP, 99.7% of legally approved budget appropriations, and 99.1% of the updated list) and was carried out in the following main areas:
social sphere - 38.7% of the total volume of federal budget expenditures (7.8% of GDP);
national defense - 15.8% (3.2% of GDP);
national security and law enforcement - 15.5% (3.1% of GDP);
national economy - 13.9% (2.8% of GDP);
service public debt Russian Federation - 2.7% (0.5% of GDP).
The structure of cash expenditures of the federal budget in 2013 in the context of sections of the classification of budget expenditures is shown in the figure (Appendix 1).
The total deficit of the consolidated budgets of the subjects of the Russian Federation in 2013 increased by 2.3 times and amounted to 642 billion rubles in 2013, or 1% of annual GDP. The number of regions that executed their budgets with a deficit increased last year to 77 compared to 67 regions in 2012, while the excess of the deficit limit set by the legislation by the regions has become systemic. As a result, in 2013 there was an increase in the debt burden of the constituent entities of the Russian Federation, primarily due to an increase in the obligations of the constituent entities under bank loans. In 2013, the regional average debt burden increased from 21.2% to 26.4% (Chart 2.2).
In January-July 2014, the consolidated budget of the subjects of the Russian Federation was executed with a surplus of 308.95 billion rubles, while 40 subjects had a budget deficit, the total amount of which amounted to 103.54 billion rubles. A positive fact is the growth of corporate income tax revenues: the amount of revenues for January-July 2014 amounted to 1,227 billion rubles compared to 1,015 billion rubles for the same period last year.
A relatively favorable situation with the balance of regional budgets for the first seven months of 2014 developed mainly due to interbudgetary redistribution measures. Compared to the same period last year, in January-July 2014, subsidies to equalize budgetary security increased (as of August 1, 2014, 72 regions received), subsidies to support measures to ensure budget balance, as well as targeted inter-budget transfers. Overall volume intergovernmental transfers received by the regions from other budgets of the budget system in January-July 2014 amounted to 893.7 billion rubles (780.4 billion rubles in January-July 2013). In addition, the state support of the regions in the form of budget loans increased, the volume of which as of 01.08.2014 amounted to 529.0 billion rubles (480 billion rubles as of 01.04.2014 and 426.2 billion rubles as of 01.01.2013), Fig. 2.3.
In many regions, the surplus was formed due to the advance transfer of budgetary appropriations; after their use, an increase in the deficit of regional budgets is expected. The Ministry of Finance of Russia predicts that the deficit of regional budgets in 2014 may amount to about 530 billion rubles.
Figure 2.3 Structure of the public debt of the constituent entities of the Russian Federation as of 01.08.2014 (%)
In order to fully meet the accepted spending social obligations and fulfill current debt service and repayment obligations in the 4th quarter of 2014, many constituent entities of the Russian Federation will continue to experience the need for market borrowing, while there are risks of not attracting the required amount of resources.
The deficit of regional budgets may necessitate the provision by the Ministry of Finance of Russia to the constituent entities of the Russian Federation of budget loans from the federal budget or the adoption of other support measures for their unconditional fulfillment of obligations under loan agreements (bonds). Currently, possible support measures are limited by the Federal Law of December 2, 2013 No. 349-FZ "On the federal budget for 2014 and the planning period of 2015 and 2016", in accordance with which the provision of budget loans to the budgets of the budget system of the Russian Federation in 2014 80 billion rubles are provided for (this year a decision was made to allocate an additional 100 billion rubles for these purposes), in 2015 - 70 billion rubles and in 2016 - 50 billion rubles.
The growth of own revenues in January-July 2014 and the provision of interbudgetary transfers allowed the regions not to increase the volume of public debt, which contributed to the stabilization of the debt burden of the constituent entities of the Russian Federation. At the same time, the growth of interbudgetary transfers in 2014 testifies to the continued accumulation at the regional level of imbalances between the own incomes of the constituent entities of the Russian Federation and the volumes of expenditure obligations assumed. Nevertheless, despite regional imbalances, the budget system as a whole retains its financial stability: the consolidated budget of the Russian Federation and the budgets of state off-budget funds in January-July 2014 had a positive balance (1387.8 billion rubles).
The financial position of non-financial commercial organizations in the first half of 2014 remained satisfactory, although it slightly worsened compared to the same period of the previous year.
The financial position of enterprises varies considerably depending on the size of the assets they manage. The most favorable, despite the deterioration, was the situation largest enterprises, the most difficult - the financial situation of enterprises with assets of less than 100 million rubles.
In the sectoral context, the financial position of industrial enterprises was the most stable (Table 2.1).
The level of self-financing decreased slightly (to 53.9%) as a result of the outstripping growth of liabilities, while the equity capital of enterprises increased by 2.6% (which is slightly higher than in the first half of 2013 - 1.6%).
Table 2.1 Selected indicators of the financial position of enterprises with core activities in the first half of 2013 and 2014 (according to the results of surveys conducted by the Bank of Russia)
Index Agriculture, hunting, forestry industrial production Construction Wholesale and retail trade Transport Debt load (ratio of liabilities to equity)* Current liquidity ratio (excluding overdue accounts receivable)* Absolute liquidity ratio* Coverage of liabilities with revenue (revenue in % of liabilities)** Return on assets,%** Net cash flow, % of revenue** Moderate growth in liabilities of enterprises (by 8.4% in the first half of 2014) did not cause a noticeable increase in the debt burden on equity capital. The level of debt obligations in relation to the equity capital of the non-financial sector as a whole remained moderate (0.85 rubles per 1 ruble of equity), with significant differentiation depending on the type of activity and size of enterprises. One of the key risks is the relatively low return on sales of enterprises (about 9% according to Rosstat). Over the past two years, it has decreased by about a third from the levels of 2004-2007 (13-15%). A positive trend is the stabilization of profitability since July 2013 and some growth in the first half of 2014, although the profitability of sales is still below the level of the 2008-2009 crisis. The provision of liabilities with various types of assets remained quite high, however, there was an increase in overdue accounts receivable - up to 7%. This is the highest value in the last four years, although even higher levels were observed during the 2008-2009 crisis. The revenue coverage of obligations was significantly lower than in the first half of 2013. In Q2 2014, the current liquidity ratio of enterprises continued to decline to 148% from 164% a year earlier (Chart 34). In general, the negative trends in the activities of enterprises have not yet led to a significant deterioration in their ability to service their obligations and, as a result, to a significant increase in the levels of overdue debt. According to statistics, only in 2014 the salary of Russians increased by 11.1%. But this does not mean that the citizens of the Russian Federation began to live better, since the real purchasing power of money has decreased. Inflation is rising, the economic crisis is deepening. The deterioration is noted even by representatives of the banking sector, who have never experienced financial problems before. Now in Russia only civil servants of the federal scale can live well, they don’t care, and their income does not depend on the efficiency of their work. Although Marshak wrote that all professions are important, in reality everything turns out differently. The teachers were in the worst position. When forming the federal budget, they were either forgotten, or they did not consider it necessary to take care of a decent standard of living for teachers. According to official figures, teachers' incomes have increased by 20% or more over the past year. Average in the country - 37,000 rubles. However, in practice, not many people felt the improvement. About 70% - mostly working in the Russian provinces - say that their salary has remained at the same level, and 10% say it has decreased. And these are not unfounded phrases, but information obtained during a survey conducted by the RANEPA. A vivid example of the above is the situation in Smolensk, where the allowance was reduced to 16% (previously it was 25%), and the fund that provided social assistance to teachers was abolished. As a result, each of the employees of the education sector in Smolensk began to receive 10% less. The income of teachers in the Novosibirsk region has decreased from 36,000 rubles to 25,000 rubles. The same is true in the medical field. As of June 8 this year, the average salary of doctors is 43,000 rubles, which is 27% more than in the previous year. The largest increase in income, according to Rosstat, is observed among the capital's doctors, who receive 67,141 rubles (average figure). But doctors in the provinces do not perceive the words about raising the salaries of doctors otherwise than as a mockery. Their income has dropped significantly. In remote regions, doctors write letters of resignation en masse. Only 2% go to a well-deserved retirement, the rest are looking for another job, where the remuneration for their work will be sufficient to feed their families. The Chita maternity hospital lost 10 highly qualified doctors at once. Still would! After all, a doctor with the title of honored one has a salary of 5,000 rubles, an ordinary surgeon - and even less, only 3,000. Office workers also found themselves in a financial trap. In 2014, expenses for bank employees in Russia increased by only 8.1% and exceeded 150 billion rubles. Last year, the growth for the same period was 13%. At the same time, bank managers do not limit themselves in anything, and they intend to solve the decline in economic indicators due to the financial crisis at the expense of ordinary personnel. So, Andrey Kostin, who heads VTB, announced that it is planned to reduce the cost of paying labor remuneration by 15%, partly due to staff reductions. Russian Standard went even further, deciding to fire 10% of its specialists. The fall in wages occurs against the backdrop of stagnation in the industry. Thus, car sales in 2013 decreased significantly - by 5.5%. This year, Russians will buy another 6.5% fewer cars. And do not think that the management of automobile plants will find best option savings, because it is easier to lay off several thousand ordinary workers. The strategy of saving on production is primitive to the point of disgrace: factories from large cities are transferred to the outback, where people are ready to work for less money. At the AvtoVAZ plant, 5,000 employees have already been laid off. In the second half of the year, the enterprise will say goodbye to another 7.7 thousand workers. The situation is similar in the clothing industry and in the agro-industrial complex. However, even in the most difficult times there is a caste, which is unaffected by any economic crises. We are talking about the elite officials of the presidential administration. In the first quarter of this year alone, their wages increased by no less than 35% - up to 224,000 rubles a month. The income of government officials is somewhat less - 164 thousand rubles, the increase compared to last year was only 1.1%. But "servants of the people" from the Federation Council began to receive 48.4% more - about 114 thousand rubles. The largest increase in wages took place in the State Duma (66.8%) - monthly income"chosen ones" is 250 thousand rubles. In parallel with the growth of bureaucratic incomes, ordinary Russians were carried away by a completely different process - they are reducing their expenses. Many are forced to abandon their usual way of life, losing their vacation at sea, travel and entertainment. But not everyone is so lucky: some families have to reduce food consumption, deny children aesthetic education, and reduce education costs. Almost half of the citizens of the Russian Federation admit that they don’t have enough money not to visit casinos or celebrity concerts, but for simple everyday needs. Such in the Russian Federation - 44%. According to experts, significant changes should not be expected in the near future. Mass layoffs will affect only the most vulnerable industries, but those who manage to keep their jobs should not count on a significant increase in wages. In the current economic conditions businesses simply cannot afford it. 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 aspects of 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; the tendency to shift expenditures down without adequate support by revenues, which leads to 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. 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 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 inter-budgetary 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. Conclusion In the Russian Empire, the Ministry of Finance appeared under Alexander I, Count Alexei Vasilyevich Vasilyev became the first Minister of Finance. Since then, the financial system of our country has undergone many changes, because any state needs a reliable financial system for the successful functioning of the economy, its growth and stability. Istria shows that this system is the basis that mobilizes and distributes the savings of society and facilitates its daily operations. The financial system is a combination of various links, sub-links of financial relations. The financial system consists of such structural elements as: public finances, household finances and enterprise finances. Chief among them are the finances of enterprises, this conclusion comes from the fact that the first two elements are formed on their basis. From the point of view of socio-economic relations, the FS consists of centralized, decentralized finance and household finance. The spheres and links of financial relations are interconnected, forming together a single financial system. At the national level, the financial system management apparatus includes the following bodies: profile committees for the budget, taxes, banks and finances of the State Duma and the Federation Council; Accounts Chamber RF; Ministry of Finance of the Russian Federation and its local authorities; Central Bank of the Russian Federation; Federal Tax Police Service of the Russian Federation; State Customs Committee of the Russian Federation; Federal Commission on the Securities Market; Ministry of State Property; executive directorates of off-budget funds for social purposes. The Russian budget is largely built depending on oil prices. The good news is that Russia is gradually reducing its dependence on the export of "black gold". Thus, the share of oil and gas revenues in the total budget revenues in 2015 will be 51%, and by 2017 it will decrease to 49.6%. Budget revenues received not from oil and gas activities change from year to year under the influence of policy in the field tax legislation, legislation in the field of insurance, changes in exchange rates, volumes of imports and exports, etc. The deficit of the consolidated budget of the constituent entities of the Russian Federation leads to an increase in subsidies from the federal budget, an increase in the debt burden of the regions due to bank loans. Thus, the modern financial system of the Russian Federation requires a set of measures aimed at organizing its more efficient functioning. The main steps in this area may be the tightening of control over operations in the financial market, it is necessary to influence 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. In the field of budgetary policy, it is recommended to create 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. With the help of these measures, such problems will be solved as: a high degree of concentration of financial resources in the federal budget of the country; the tendency to shift expenditures down without adequate support by revenues, which leads to 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. So, we can conclude that the financial system plays such an important role in the life of the state that a violation of its functioning can lead to catastrophic consequences for the entire economy. Therefore, it should be under the strict control of the state. Using various methods, the state needs to achieve such a state of it that corresponds to the interests of the development of the entire economy, the effective solution of constantly emerging economic problems. 1. Agapova T. A. Macroeconomics / T. A. Agapova, S. F. Seregina. - M.: Market DS, 2009. - 416 p. 2. Bocharov V.V. The financial analysis/ V. V. Bocharov. - M.: Piter, 2009. - 240 p. Vasilyeva L. S. Financial analysis / L. S. Vasilyeva, M. V. Petrovskaya. - M.: KnoRus, 2010. - 880 p. Vechkanov G. S. Macroeconomics / G. S. Vechkanov, G. R. Vechkanova. - M.: Piter, 2011. - 448 p. Zubko N. M. Macroeconomics / N. M. Zubko, I. M. Zborina, A. N. Kallaur. - M.: TetraSystems, 2010. - 192 p. Kapkanshchikov S. G. Macroeconomics / S. G. Kapkanshchikov. - M.: KnoRus, 2010. - 398 p. Kaplyuk T. S. Financial analysis / T. S. Kaplyuk. - M.: Exam, 2006. - 96 p. Knushevitskaya N. A. Macroeconomics / N. A. Knushevitskaya. - M.: BSEU, 2009. - 272 p. Kornienko O. V. Macroeconomics / O. V. Kornienko. - M.: Phoenix, 2008. - 368 p. Kuznetsov B. T. Macroeconomics / B. T. Kuznetsov. - M.: Unity-Dana, 2009. - 464 p. Lyubushin N. P. Financial analysis / N. P. Lyubushin, N. E. Babicheva. - M.: Eksmo, 2010. - 336 p. Macroeconomics / Edited by I. V. Novikova, Yu. M. Yasinsky. - M.: TetraSystems, 2010. - 384 p. Macroeconomics / Olivier Blanchard. - M.: Higher School of Economics (State University), 2010. - 672 p. Markaryan E. A. Financial analysis / E. A. Markaryan, G. P. Gerasimenko, S. E. Markaryan. - M.: KnoRus, 2011. - 272 p. Pronchenko L. V. Macroeconomics / L. V. Pronchenko, V. S. Semibratov. - M.: ISEPiM, 2010. - 264 p. Sagittarius I. A. Macroeconomics / I. A. Sagittarius. - M.: Reed Group, 2011. - 192 p. Tarasevich L. S. Macroeconomics / L. S. Tarasevich, P. I. Grebennikov, A. I. Leussky. - M.: Yurayt, 2011. - 686 p. Chernyak V. Z. Financial analysis / V. Z. Chernyak. - M.: Exam, 2007. - 416 p. Execution of the federal budget and budgets of the budgetary system of the Russian Federation for 2013 (preliminary results). Ministry of Finance of the Russian Federation. Moscow, April 2014 - [Electronic resource] - #"813836.files/image005.gif"> Figure - The structure of federal budget expenditures in 2013 in the context of sections of the classification of budget expenditures
2.3 Problems of development of the modern financial system of the Russian Federation
Summing up the above, we can say that the financial system is a combination of various areas of financial relations, in the process of which funds of funds are formed and used.
The main subjects of the financial system are public finances, the finances of enterprises and organizations, and the finances of the population.
In Russia, the main financial management structures are the Federal Assembly, the President and the Government. It is these bodies that make the final decision when approving the federal budget and the report on its execution.
It is difficult to make forecasts for the year ahead - anything can happen in 365 days, especially with the Russian economy, and as a result, with the stock market. In general, according to analysts, the economy does not promise strong growth, especially if oil prices go down.
List of sources used
The financial system, considered as a scientific category, is not always interpreted unambiguously in 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. The financial system consists of financial institutions (organizations, institutions that carry out and regulate 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, is as follows:
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 of funds, a different role in social reproduction, and a system of state and corporate financial bodies.
The structure of the financial system. 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 of financial relations (see Appendix 2):
Finance state and local (centralized finance);
Finance of economic entities (decentralized finance);
Household finances.
Links of state and municipal finance:
Federal budget;
Budgets of subjects of the Russian Federation (regional);
Municipal budgets (local).
State off-budget trust funds;
State loan;
State Insurance Fund;
Stock market.
The links of finance of economic entities are as follows:
Finance of commercial organizations;
Finance of non-profit organizations;
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 the 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 discussed below.
Consider the sphere of financial relations "state and local finance": the concept, essence, links, trace their relationship.
State and local finances are monetary relations that develop between public authorities and local governments, on the one hand, and legal entities and individuals, on the other, in the process of cost distribution and redistribution of gross domestic product, primarily national income (partially national wealth ), in connection with the formation, distribution and use of centralized monetary funds that meet the needs of the state and local 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 incentives, etc.).
The forms of use of centralized funds of funds are budgetary and extra-budgetary funds intended for state regulation of the economy, meeting the social needs of citizens, the needs of defense and public administration, and for solving other economic, political and social problems. The role of state and local finance 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 of the national economy as a whole) and the implementation of social guarantees for Russian citizens within the framework of the Russian Constitution.
In terms of economic content, the state and local finances of the Russian Federation are heterogeneous and include the following links: the federal budget; budgets of subjects of the Russian Federation; municipal budgets; state off-budget trust funds; state credit; state insurance fund; 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, 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 part of the federal budget, the sources of cash receipts and their quantitative characteristics are indicated; in expenditure - directions, areas in which money is spent and their quantitative parameters.
In modern Russian scientific and educational literature, the concept of "federal budget" is often identified with the concept of "state budget", which, in our opinion, is not legitimate. 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, having the force of law. All budgets of the modern budget system of the Russian Federation function autonomously: the budgets of municipalities
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 expenses 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 the budget reform being carried out in the country is aimed primarily at increasing the independence of budgets and the efficiency (effectiveness) of the 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 as an economic category and the state budget is that the budgets included in it function autonomously and each budget is approved by law. The consolidated budget of the Russian Federation as a statistical set of budget indicators that characterizes aggregated data on income and expenditure, sources of funds and directions for their use in the whole of the Russian Federation, is not approved federal law. Its indicators are widely used in budget planning and forecasting, as well as in calculations that characterize various types of provision for residents of a country, individual territories (for example, budget expenditures on medical care, education per capita and other per capita budget expenditures). The concept of "consolidated budget" was first included in the Law of the RSFSR "On the Fundamentals of the Budget Structure and 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 a constituent entity 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.
In modern Russia, the role of regional government bodies in managing the economy and the social sphere, in coordinating socio-economic processes in the region is increasing, and therefore the importance of the budget of a constituent entity of the Russian Federation in the socio-economic development of the region is increasing, its influence and directions of influence on social production and material well-being of citizens.
The budget of the municipality (local budget) is a local fund of funds intended for financial support of the tasks and functions assigned to local governments.
The budget of a municipal formation is the basis of the financial resources of local self-government (municipal district, urban district, urban and rural settlement, other municipal formations 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 (SCTF) are organizationally separated from the budgets and function independently, but are managed by state authorities. State non-budgetary funds are the funds of the federal government and executive authorities of the constituent entities of the Russian Federation.
In the early 1990s, state off-budget economic and social funds were created. To date, the status of non-budgetary funds has been retained only by state non-budgetary social funds. These include the Pension Fund of the Russian Federation; RF Social Insurance Fund; federal fund of obligatory medical insurance and territorial funds of obligatory medical insurance. They are formed to financially ensure the exercise of the constitutional rights of citizens to social security in respect of age, illness, disability, loss of a breadwinner, the birth of children, as well as free medical care and health care. 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.
The federal budget, the budgets of the constituent entities of the Russian Federation, the budgets of municipalities and state off-budget social funds together form the budget system of the Russian Federation.
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 public expenditures that are not secured by budget revenues, as well as to provide government loans and guarantees to other economic entities. entities at home and abroad.
The state attracts additional financial resources through government borrowing by selling bonds, treasury bills and other types of government securities on external and domestic financial markets. In this case, the state functions as a borrower of funds. State credit allows you to cover the budget deficit in a civilized way, contributing to the outflow of money from circulation, it alleviates the severity of problems in the field of monetary circulation.
At the same time, the state itself can have temporarily free monetary resources and in this case can function 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 become a guarantor.
Thus, the state credit as an economic category expresses the totality of economic relations between the state (represented by authorities), on the one hand, and other economic entities (individuals and legal entities, foreign entities), on the other hand, regarding obtaining loans, providing loans or guarantees. security. The state as a subject of economic relations functions as a borrower, creditor and 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.
The insurance fund of the state is a set of material reserves and financial reserves of society intended for the prevention, localization and compensation for damage caused by natural disasters and other emergency events.
The insurance fund is an integral part of the system of reserve funds and 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. In a market economy, the role of insurance increases dramatically, since all business entities operate under risk.
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.
The stock exchange also functions 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 relationship resulting from purchase and sale special financial assets - securities. The main task of the stock market is to ensure the process of capital overflow in industries with a high level of income. The stock market serves to mobilize and effectively use temporarily free funds. 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.
Centralization of financial resources. Due to the 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:
To pursue a unified financial policy;
Ensure the development of industrial and social infrastructures;
Redistribute funds in the interests of regulating the economy to improve its overall efficiency;
To achieve equalization of the degree of satisfaction of the social needs of citizens within the established social standards.
The main source of government revenue is the national income. But during periods of emergency (wars, major natural disasters, radical economic reforms, global and local economic and financial crises, etc.) the source of state income is the previously accumulated national wealth, some elements of which (gold reserves, foreign exchange reserves, insurance reserves, energy sales) are involved in economic circulation.
Government spending arises in connection with the use of financial resources to cover government needs. Since the role of the state, its functions and scope of activity change at different stages of economic development, the structure and volume of public expenditures change.
Business finance is component and the basis of the unified financial system of the country. The finances of economic entities function in the process of creating and distributing gross domestic product and national income.
In accordance with the Civil Code of the Russian Federation, all organizations are divided into commercial and non-commercial.
The finances of a commercial organization are monetary relations of a commercial organization with state and local authorities, other commercial and non-profit organizations. commercial organizations(counterparties) associated with the formation, distribution and use of financial resources to ensure the process of expanded reproduction and fulfill their obligations to the state, other enterprises and firms, employees, etc.
The finances of commercial organizations serve as the basis for the entire system of financial relations. The predominant part of primary financial resources in a developed market economy is concentrated in commercial organizations, therefore, the stability and stability of the country's financial system as a whole depends on the stability of their financial situation.
The main source of formation of financial resources that ensure the economic independence of a commercial organization is its own funds (capital and reserves): authorized capital, shares, profits, earmarked revenues. As a result of operations with securities in the financial market, additional financial resources can be mobilized. The source of replenishment of financial resources is also receipts in the form of insurance indemnities from insurance organizations, borrowed funds, including a bank loan.
The finances of a state (municipal) unitary enterprise are monetary relations arising in the process of formation and use of fixed assets and working capital, production and sale of products, formation, distribution and use of profits of a state (municipal) unitary enterprise.
The specifics of the organization of finance and property of unitary enterprises is due to the fact that their founders are federal government bodies, as well as local governments. The procedure and sources for the formation of the statutory fund of a unitary enterprise are determined by federal state authorities and local governments. Products and incomes received by a unitary enterprise from the use of property, as well as property acquired from the profits received, are the property of the state (municipalities) and come under the economic management of the enterprise. The sources of formation of the property of a unitary enterprise (along with general sources) are: property transferred to the enterprise by decision of the federal (local) executive authorities for the management of state (municipal) property; target budget financing; budget subsidies.
A unitary enterprise, in comparison with joint-stock companies, limited liability partnerships and other commercial organizations, is limited in the field of production (selection of nomenclature), setting prices (tariffs) for goods and services, in the formation of own and borrowed funds and their use, in the distribution and use profits, wages of workers and employees.
The finances of a non-profit organization are the income and expenses of that legal entity, which does not aim to receive and distribute profits. Non-profit organizations can carry out entrepreneurial activities only to the extent that it serves to achieve the goals for which they were created, and they cannot distribute the profits adequate to these goals among the participants (founders). To attract financial resources in these organizations, such a method as self-taxation is widely used - voluntary donation of funds for public needs.
Individual entrepreneurs as business entities in Russia appeared recently, with the beginning of market transformations in the economy. Under the Civil Code of the Russian Federation, entrepreneurial activity is understood as an independent activity carried out at one's own risk, aimed at systematically obtaining profit from the use of property, the sale of goods, the performance of work or the provision of services by persons registered in this capacity in the manner prescribed by law. The finances of individual entrepreneurs are included in the financial system of the Russian Federation as a separate link in such an important area of organizing financial relations as the finances of business entities. Individual entrepreneurs can be farmers, citizens carrying out their activities in the field of retail and small-scale wholesale trade, Catering, consumer services, the provision of other types of services (brokerage, audit), private lawyers, doctors with a personal license, etc. The financial relations of individual entrepreneurs are specific, since their economic turnover involves their personal income and savings, and therefore entrepreneurial income can be used not only to maintain and expand entrepreneurial activity but also for personal consumption. The financial resources of individual entrepreneurs are formed mainly from personal savings and entrepreneurial income, less often from bank loans, they are used to expand activities, payments to the budget and extra-budgetary funds, for charitable purposes, as personal (family) savings and for personal consumption.
