Economic policy instruments. Instruments of state economic policy Monetary policy of the Bank of Russia

19.04.2024

Economic regulation system

The implementation of economic policy is possible only by using a set of measures and instruments that form the mechanism of government influence on the economy. To be able to use them rationally, knowledge of the structure of these measures is required. Depending on the selected criteria, there are several options for their classification. In particular, according to the method of functioning, methods of direct and indirect influence on the economy differ.

Methods of direct influence involve such regulation by the state, in which economic entities are forced to come to decisions based not on independent economic choice, but on state regulations.

As an example, let us cite tax legislation, legal rules in the field of depreciation, and budgetary procedures for public investments. Direct methods often have a high degree of effect due to the rapid achievement of economic results. However, they have a serious drawback - they interfere with the market process.

Methods of indirect influence are manifested in the fact that the state does not directly influence the decisions made by economic entities. It only creates the prerequisites for subjects to gravitate towards those options that correspond to the goals of economic policy when independently choosing economic decisions.

The advantages of these methods of influencing the economy are that they do not disrupt the market situation and do not introduce an unexpected imbalance into a state of dynamic equilibrium. The disadvantage is a certain time lag observed between the adoption of measures by the state, their perception by the economy and the resulting changes in economic results.

Let us now turn to another, very important classification of the methods considered. The criterion of the approach is organizational and institutional. This list includes: administrative, economic, institutional methods (Fig. 18.5).

Administrative measures

The set of administrative levers covers those regulatory actions that are associated with the provision of legal infrastructure. The goal of the measures taken is to create the most reasonable legal framework conditions for the private sector. Their function is to ensure a stable legal environment for business life, protect the competitive environment, preserve property rights and the ability to freely make economic decisions.

Rice. 18.5. System of economic policy instruments

Administrative measures, in turn, are divided into measures of prohibition, permission, and coercion.

The degree of activity in the application of administrative measures may vary depending on the area of the economy. They are most persistently manifested now in the field of environmental protection, as well as in the field of social protection of poorer segments of the population.

In the Russian economy, two trends can be traced in relation to administrative methods:

As a result of the intensified political confrontation between power structures, the effectiveness of administrative measures has significantly decreased;

The legacy of the command economy era has led to a certain set of teeth in relation to administrative levers. The turn of the economy towards a market system gave rise to a natural desire to renounce them. As a result of the pendulum effect, the withdrawal was excessively strong.

Economic measures

Economic instruments include those government actions that are not so much prescriptive as they influence certain aspects of the market process. We can talk about methods of influencing aggregate demand, aggregate supply, the degree of centralization of capital, social and structural aspects of the economy. Economic measures include:

Financial (budgetary, fiscal) policy;

Monetary policy;

Programming;

Forecasting.

The concept of “financial policy” is a capacious category. It reflects two approaches. On the one hand, it represents a mechanism for implementing economic policy goals. On the other hand, the implementation of financial measures is one of the constituent elements of the general economic policy as such.

The category “monetary policy” has a similar multifaceted nature. Compared to financial measures, monetary measures exhibit more of an indirect effect. This is due, for example, to the fact that financial policy is carried out primarily by the Ministry of Finance, an integral part of the government. Monetary policy is implemented by the Central Bank, which, as a rule, has relative independence from the legislative and executive authorities.

In the current market economy, it is customary, as a rule, to first consider the possibility of monetary measures, and then financial ones. This is due to the fact that the use of monetary policy largely reflects the typical relationship between market and government principles in the economy. A mature national economy mainly involves the indirect influence of the state on economic entities. This preserves freedom to make private economic decisions.

In a transforming economy (or in the event of a crisis), the ratio of methods may be different. The financial (i.e. direct) aspect of regulation sometimes comes to the fore.

The preparation of programs and forecasts reflects mainly an indirect version of government regulation. The programs are advisory in nature for the private sector. This process is focused mainly on providing the business community with important economic information. In both cases (when drawing up programs - in a more active form), the state can indirectly prompt and encourage entrepreneurs to take action. However, businessmen make decisions about them themselves.

Institutional measures

When characterizing methods of state influence, one can also emphasize their organizational and institutional form.

The concept of “institutionality” is used relatively little in domestic scientific circulation. Unfortunately, it is even less perceived by the economic thinking of the population. Meanwhile, the development of the economy in a market-legal version puts forward the need for a much more active use of this term. It reflects the fact that the phenomena of economic life in a developed state governed by the rule of law lose their random nature. A network of certain legal, ethical, psychological, organizational norms and customs seems to be superimposed on the surface of economic reality. Economic policy itself is a system of organizationally formalized actions and traditions.

Such actions associated with a relatively long-standing phenomenon create the concept of “institution.” According to W. Hamilton, institutions are a verbal symbol to better describe a group of social customs. They mean a predominant and permanent way of thinking or acting that has become a habit for a social group or a custom for a people. As an example, let’s name: “the institution of law”, “the institution of property”.

Among the options for the spread of institutional forms in modern conditions, we note:

Formation of executive structures of state power, the immediate task of which is the practical implementation of government goals;

Creation and maintenance of state property, i.e. public sector;

Preparation of economic programs and economic forecasts;

Support for economic research centers (with different forms of ownership), economic information institutes, chambers of commerce and industry, various economic councils and unions;

Ensuring the functioning of institutions of advisers, consultants, expert councils on economic problems;

Legal and information support for business and trade unions, rational forms of their interaction;

Participation in the creation of forms of economic integration, organization of regular international meetings on economic issues (for example, representatives of the G7 group).

The institutional aspect of state regulation in Russia has always manifested itself with a certain specificity. It was implemented in domestic practice mainly in the form of creating a large number of institutions themselves and, to a lesser extent, legal institutions. Suffice it to remember that in the USSR there were about 900 ministries, departments, and departments. Currently, changes are taking place in the previous emphasis of the institutional approach.

Financial mechanism of economic policy

Finance is one of the most complex categories in economics. In general, this is a set of cost flows associated with the distribution and use of monetary resources. In the traditional course of domestic economic science, “finance” was usually understood as a system of industrial relations, rather than the movement of funds itself.

The process of operating the financial system to achieve certain goals at the state level is financial policy. This concept is multifaceted. Regulation of macroeconomic equilibrium, achieving stabilization with the help of income and expenses is usually called “fiscal policy”. Using financial resources, the state also participates in solving other problems, for example, social distribution ones. The full range of all tasks carried out through public finance forms the category of “financial policy” (of which fiscal policy is therefore one element).

What is government spending? This term is usually understood as the state’s expenditures on the acquisition of material goods and services related to the satisfaction of social needs. The main objective of spending policy is to influence aggregate demand. This influence is quite direct.

Economic theory poses the question: what goods should the state spend on producing and delivering goods? Before answering, we should once again emphasize the socio-political idea on which economics is based. The optimal production of goods is mainly ensured by the market system itself. And only if the mechanism of the market system fails does the state intervene in the process. At the same time, the development of a market economy has formed the following pattern: the state spends funds on creating mainly only public goods (primarily of a social nature) and eliminates the negative external effects that arise from the consumption of a number of private goods (for example, by implementing measures to restore the environment) .

“Government revenues” are usually understood as current cash and property transfers (transfers) from the private sector to the state. The transfer of funds may be made on a consideration basis or without any consideration. The challenges facing income policy can be summarized into two groups:

Raising funds for the formation of a financial fund, with the help of which it is possible to influence the macroeconomic balance;

Achieving a regulatory effect through the technique of resource extraction itself (for example, manipulating tax rates).

The practice of a developed market economy shows that income policy has a stronger regulatory effect compared to expenditure policy. The explanation is to a large extent socio-psychological in nature. A person perceives the fact of withdrawal more emotionally than the case of shortfall. The stick is more powerful than the carrot!

Forms of receiving government revenues

There are various forms and methods of accumulating government revenues. In the most general form, the collection of financial resources is usually divided into tax and non-tax revenues. The latter includes fees and charges. The most developed form of forced withdrawal of funds (without counter-service) is taxes. This is the most important source of state funds. Through taxes, developed countries mobilize from 18-21% of GDP in Japan and the USA, up to 37% in Sweden and up to 50% in Denmark.

In general, the tax system as a set of forms and methods of collecting financial resources is a complex phenomenon. It contains a deep contradiction: on the one hand, it is necessary to ensure the withdrawal of sufficiently substantial financial resources from economic entities, and on the other hand, to prevent a decrease in their business activity. The solution to this paradox is achieved through a reasonable compromise.

The tax system achieves rationality, according to the German economist H. Haller, if the following conditions are met:

Taxation should be structured so that the state’s costs for its implementation are as low as possible (orientation to the so-called “principle of low-cost taxation”);

The collection of taxes should ensure that the taxpayer's costs associated with the payment procedure are as low as possible (the principle of low-cost tax payment);

Payment of taxes should be as little a tangible burden as possible for the taxpayer so as not to impair his economic activity (the principle of limiting the burden of taxes);

Taxation should not be an obstacle either to the “internal” rational organization of production or to its orientation towards the structure of needs, i.e. “external” rationality;

The process of receiving taxes should be organized so that it can contribute to the greatest extent (through accumulated financial resources) to the implementation of economic and employment policies (market efficiency);

This process should influence the distribution of income in order to make it more fair (distributive efficiency);

In the process of determining the “tax solvency” of individuals and clarifying settlements with them, one should minimally require the presentation of information affecting the personal life of citizens (respect for the private sphere);

It is necessary to ensure that the combination of taxes forms a single system in which each tax has its own specific purpose. At the same time, neither mutual “overlap” of taxes nor the presence of “hatch doors” between them (internal isolation) should be allowed.

The stabilizing role of taxes

In a market economy, taxes automatically play an important stabilizing role. According to the definition of the German economist F. Neumark, the concept of “automatic stabilizer” (or “built-in flexibility”) is a counter-cyclical internal adaptability of the state budget, manifesting itself automatically, without any measures, and arising from the nature of certain income or expenses.

The process of countercyclical adjustment of taxes is as follows. If the market overheats, the volume of national income increases. In the presence of a progressive taxation scale, the size of payments to the budget increases, which has a restraining effect on further economic activity. In addition, the increased volume of the state budget makes it possible, with the help of social policy, to raise the level of consumption of low-income groups and thereby increase aggregate demand, bringing it closer to the increased aggregate supply. In conditions of falling market conditions, the opposite happens.

However, in order for the process of automatic adaptation to take place, a prerequisite is necessary in the form of a high degree of response of the tax system to the market situation. Different taxes have different degrees of market elasticity. In turn, this is due to the methods of constructing tax rates, the basis itself (i.e., the object of taxation), as well as the technique of collecting taxes.

Those taxes that automatically follow the course of the market situation have increased anti-cyclical properties, due to the basis on which they are built (income, turnover, profit, etc.). Since in developed industrial countries the core of the tax system is taxes on income, profit and turnover, these tax systems have an increased degree of market elasticity.

In connection with the above, in financial theory it is customary to use the elasticity of tax revenues. It is calculated as the ratio:

Percentage (or absolute) change in tax revenue/percentage (or absolute) change in national income *100

In the German economy, for example, the degree of tax response is 1.5. This means that a 1% increase or decrease in national income results in a 1.5% increase or decrease in tax revenue.

General conclusion: the degree of response of the entire tax system to the market situation depends on the share of individual types of taxes in it. It is believed that the system has an effective market-stabilizing effect when its elasticity level is equal to 1. This occurs if the value of income and corporate taxes in the tax system is sufficiently high.

The regulatory capabilities of the tax system depend not only on the totality of their types, but also on the rationally determined level of tax rates. Let us give typical examples typical for developed countries (Table 18.1).

Table 18.1 Tax rates in various OECD countries and in Russia (1997,%)

When talking about the impact of tax policy on general economic indicators, one economic aspect should be taken into account. We are talking about the so-called “lag effect”. This phenomenon is reflected in the fact that it takes a certain time for financial policy intervention to cause the expected change in the economy.

The degree of the regulatory role of taxes is influenced - and rather ambiguously - by another circumstance. In the process of paying taxes, there are cases of economic entities avoiding taxation. Underpayment of taxes can occur in two ways: legal and illegal forms. The legal option involves the use by the taxpayer of benefit systems or a certain degree of conventionality of regulatory requirements (real life, as is known, is always more complicated than any prescription made in the form of a certain generalized scheme).

To summarize the characteristics of the financial mechanism, we note that a high degree of built-in flexibility of the financial system is considered desirable for the economy. Built-in financial stabilizers have the positive aspect that they make an accurate diagnosis and forecast of the market situation less necessary. At the same time, the advantages of built-in stabilizers should not lead to an overestimation of their capabilities. These stabilizers, as a rule, soften market fluctuations, but cannot completely prevent them.

Credit mechanism of economic policy

In the process of economic regulation, the state widely uses monetary measures. Like the financial mechanism, they have a dual aspect of expression. On the one hand, this is an integral part of the entire complex of economic policies. At the same time, credit regulation acts as a kind of instrument of government intervention in the economy.

In its content, credit policy is a set of activities of the Central Bank in the field of money circulation and credit to influence the macroeconomic process. The purpose of these measures acts as a partial refraction of the general state line aimed at ensuring balanced and sustainable development of the economy.

The subject of credit policy is the Central Bank (CB). According to the law, it fulfills the government's goals, but at the same time is not, as a rule, a government institution. The Central Bank has a certain degree of independence. Such rights are given to him on the basis of the principle of separation of powers. As the experience of Western countries shows, this institution, which has relative independence, is not a resigned executor of the will of the state. In a difficult economic situation, the government cannot demand that the credit center solve its financial problems by issuing additional money supply.

The set of tasks of the Central Bank in implementing economic policy contains two directions. The first is to provide the national economy with a full-fledged currency system. A stable currency is a critical element of market infrastructure. The second direction is due to the fact that the Central Bank is prescribed the function of influencing the lending activities of private business (commercial) banks in the interests of macroeconomic policy. In the sphere of monetary circulation, the state pursues its policy, thus using cooperation with this regulatory partner. A kind of tandem is formed: “the state - the central bank.” Practice shows the high effectiveness of this cooperation.

Let's make a comparison: in the production sector, the state does not have such an effective lever of influence. And this is no coincidence. This sector must have a high degree of freedom and independence, which is required by market nature itself. The state focuses on indirect ways of influence - through monetary circulation, which is a kind of circulatory system of the economy.

Tools

Operating in the sphere of monetary circulation, the Central Bank uses a number of instruments. Most of them have an indirect impact. This is an analogy to the general principles of state action in the economy. However, some credit center operations can also be carried out in a more direct manner (a similar example is government subsidies).

In general, the structure of measures taken by the Central Bank can be represented by the following diagram (Fig. 18.6).

Rice. 18.6. Credit policy of the Central Bank

The method of limiting the dynamics of lending is that in some countries (England, France, Switzerland, the Netherlands) the Central Bank has the right to limit the degree of growth of credit investments of business banks in the non-banking sector. For this purpose, a percentage rate for expanding credit operations over a certain period of time is introduced. If the conditions are not met, the Central Bank applies sanctions: banks may be required to pay penalty interest or (as is customary in Switzerland) to transfer an amount equal to the amount of the excess loan to an interest-free account of the Central Bank.

Accounting (discount) policy is one of the long-used regulatory methods. The Central Bank acts as a creditor in relation to business banks. Funds are provided subject to rediscounting of bank bills and secured by their securities. Such funds received in the central credit link are called “rediscount” or “pawnshop” loans. Based on the law, the Central Bank has the right to manipulate the interest rate at which it issues loans to banks. The ability to set the “price” of a loan acts as a method of influencing the credit system.

By resorting to this type of regulation as “open market operations,” the Central Bank carries out the purchase and sale of securities (for example, on the stock exchange). By selling them, the bank essentially withdraws the excess balance sheet reserves of commercial banks. In macroeconomic terms, this means the withdrawal of a certain amount of money from circulation. The purchase of securities by the Central Bank contributes to the formation of additional balance sheet reserves by commercial banks. The money supply in circulation increases. As a result, the opportunities for credit operations of business banks are expanding.

The minimum reserve policy ensures that certain amounts of money of business banks are required to be kept in the accounts of the Central Bank. By this, banks receive a certain element of insurance from the Central Bank when fulfilling their obligations. This method was first introduced in the US economy in 1933.

The set of regulatory measures is complemented by a system of so-called “voluntary agreements” concluded between the Central Bank and business banks. Such agreements are especially convenient in cases where the Central Bank must make operational decisions, act quickly and without much bureaucracy.

Problems of practical implementation of credit policy

The greatest effectiveness of the regulatory action of the Central Bank is manifested when the entire set of economic instruments is used, and in an appropriate sequence. When influencing macroeconomic regulation, the Central Bank must take into account both the interrelations of the national economy within the global economy (along the currency line) and the interdependence of parts of the national economy. We are talking, in particular, about the following problematic situations.

1. Accounting policies affect not only banks, but also other sectors of the economy. The negative impact of interest rate fluctuations manifests itself in relation to those areas of the national economy that are burdened with debt. These include: the public sector, capital-intensive industries (nuclear power plants, hydroelectric power stations), railway transport, households, and farming.

2. Interest rate policy leads to a growing price effect. Economic entities strive to escape the influence of the growing discount rate by shifting their costs onto the shoulders of clients (raising, accordingly, the price of their securities). As a result, an additional difficulty is created for the state policy in the field of containing inflation.

In the context of the Russian economy, which is currently experiencing significant problems with inflation, such a side effect is especially painful. The private sector seeks to pass on to the buyer any additional burden that is imposed on it as a result of regulatory measures. The possibility of such financial resourcefulness in Russia is higher, since the degree of market saturation and competition is weaker than is the case in developed Western countries.

3. The administrative prescription of the interest level “from above” is not a market-oriented action. The weakening of the market fundamentals of the economy leads to undesirable consequences. For example, the result may be the strengthening of elements of the shadow economy.

Carrying out economic regulation using a financial or credit mechanism raises an important question for economists: in what situation is one or another option more optimal? Another problem is: what balance of financial and credit measures is reasonable to practice in an economy?

The predominance in the regulation of financial measures is usually called the “Keynesian” version of economic policy. Greater emphasis on the monetary mechanism was called “monetarism” in economics. The practice of implementing economic policy in Western countries has shown that the most rational is a combination of both areas of regulation. However, within its framework there is always an alternating fluctuation towards strengthening one or another method, depending on the state of the economic situation

The instruments of the state's economic policy are selected depending on its goals. The macroeconomic goals of modern states are multifaceted, and therefore the state’s influence on the economy is carried out using different instruments. Moreover, such influence of the state can be both direct and indirect. Direct impact implies the participation of the state in the production process, and indirect impact involves the use of the financial system. Thus, the key instruments of state economic policy are fiscal and monetary policy.

In fiscal policy, the main instrument of government influence on the economy is the state budget. Its effectiveness in this regard is based on categories such as income and receipts. Let us take a closer look at the structure of the budget as an instrument of state economic management. The budget includes:

1) taxes, excise taxes, customs duties, etc. (as a rule, this category accounts for about 80–85% of all budget revenues);

2) income from state property (the share is usually 7-10%);

3) an increase in revenues from social insurance funds and the pension fund (or the creation of public debt - about 7%);

4) other income.

Budget expenses include:

1) transfers (payments for healthcare, education, etc.) and subsidies. Moreover, as a rule, this category accounts for about 50% of all expenses;

2) development of market conditions and stimulation of economic growth. This expense item is about 12% and includes investments in the agricultural sector and targeted programs, subsidies to enterprises, etc.;

4) other expenses.

So, from the structure considered, it is clear that the state budget as an instrument for regulating the economy can participate in managing the socio-economic processes of redistribution and centralization of financial resources, stimulating production and monitoring the financial condition of the state.

In general, the fiscal instruments of the state’s economic policy help ensure full employment and the production of non-inflationary GDP. This is done through changes in government spending and taxes.

Taxation, being an instrument of the state's fiscal policy, affects both the recipient of funds - the state, and citizens, enterprises and institutions of the country, i.e. taxpayers. Therefore, the effect of taxation in the system of state regulation is based on the following principles.

1. The principle of receiving benefits. Economic agents, such as entrepreneurs, can purchase goods and services provided to them by the government, just like other goods. That is, when an entrepreneur receives income from government-provided goods or services, he is obliged to pay taxes that finance the production of these goods and services.

Such goods or services can be raw materials owned by the state, energy, etc. In addition, we are talking about legal services or services of law enforcement agencies, because, using them, economic agents must support their maintenance by paying taxes.

2. The principle of solvency. Taxes should be levied on those who have a certain income and wealth at their disposal. In addition, citizens or entrepreneurs with high incomes must pay higher taxes than economic agents with lower wealth. In this way, the burden of taxes is distributed. This is necessary, since for citizens with a small income, every ruble is more expensive than for those who are better off, i.e., with the help of this principle, a certain moral and ethical balance is maintained in taxation and partly in the redistribution of income.

So, using the considered instruments, fiscal policy can be stimulating, when an increase in government spending and a reduction in taxes helps to overcome a cyclical downturn in the economy, or restrictive, if a reduction in government spending and an increase in taxes determines a decrease in the cyclical recovery.

The action of monetary policy instruments helps to regulate aggregate output, employment and the price level by changing the money supply. Here The main tools of the Central Bank in regulating the supply of money are:

1) refinancing rate- this is the discount interest rate, with an increase in which the volume of loans from the Central Bank decreases, the operations of other (commercial) banks decrease, they receive loans at a higher price and, because of this, increase their own lending rates. Thus, the overall supply of money in the country's economy decreases;

2) norm of required reserves. The state of the economy is regulated by changing it;

3) open market operations. The purchase and sale of government securities by the Central Bank also determines changes in the money supply in the country. For example, if the Central Bank buys securities from a commercial bank, the amount in its reserve account will increase, and then the money supply expansion multiplier will come into play. It is important to remember here that the amount of expansion of the money supply depends on how its growth is distributed among deposits and cash. Accordingly, when the Central Bank sells securities, the reverse process will occur.

Thus, with the help of these monetary policy instruments, the state can control the flow of money supply, regulate inflation and manage demand.

The essence of the state's economic policy

Definition 1

Economic policy represents a set of government measures and actions to select and implement various economic decisions at the macro level. The implementation of state economic policy (ideally) is always aimed at achieving socially significant goals. The very goals of the state’s economic policy are determined by the state of the country’s economy at one time or another.

The implementation of state economic policy is possible only with the use of coordinated and rational instruments and measures, which together form a mechanism of state influence on the national economy.

Methods of direct and indirect influence

There are various options for classifying methods of state economic policy (depending on the selected criteria). Thus, in particular, the methods of economic policy of the state are often divided into measures of direct and indirect influence on the economic system.

Methods of direct influence imply such state regulation in which business entities are forced to resort to decisions that are based not on independent choice, but on instructions from the government and legislative bodies (for example, tax legislation, depreciation rules, budget procedures related to government orders and investments, etc.) d.). An undeniable advantage of direct methods of influencing the economy is the high efficiency of achieving results. However, this kind of method has a rather significant drawback - interference in the natural functioning of the market mechanism, which subsequently often becomes the cause of macroeconomic imbalances.

The essence methods of indirect influence is that the state does not directly influence the decisions made by economic agents, but only creates the foundations and prerequisites for business entities, making completely independent, free choices, to give preference to options that are most consistent with the goals of economic policy.

The main advantage of indirect methods is that they do not fundamentally affect the operation of the market mechanism and, thus, do not create sharp imbalances and disturbances in macroeconomic equilibrium. A significant disadvantage of indirect influence methods can be considered a certain time lag that is observed between the adoption by the government of certain measures, their perception by the economic system and the final results obtained.

Administrative, economic, institutional methods

There is another, no less popular classification of methods of government regulation. So, according to the organizational and institutional criterion, measures of government influence on the economy are divided into:

administrative
economic
institutional.

At the heart of the whole administrative measures State regulation of the economy is based on the legal infrastructure. The main function of administrative measures is to ensure a stable, law-based social environment. In particular, administrative measures are aimed at:

protection of the competitive environment
preservation and protection of property rights
providing citizens with the opportunity to freely make economic decisions, etc.

Administrative measures, in turn, can be divided into prohibitive measures, permissive measures, and coercive measures.

TO economic measures we can include those actions of the state that influence market relations with the help of economic levers. In general, they include various methods of influencing aggregate supply and demand, the degree of concentration and centralization of capital, structural and social aspects of the economy, etc.

Economic measures include:

financial policy (in particular, budget-tax or fiscal policy);
monetary (monetary) policy;
macroeconomic planning and forecasting, etc.

Under institutional measures state influence on the economic system implies the creation, development and maintenance of certain public institutions (the most basic of which are the “institution of law”, “institution of property”, etc.).

1. Administrative measures

Methods of direct influence involve such regulation by the state, in which economic entities are forced to come to decisions based not on independent economic choice, but on state regulations.

Administrative measures, in turn, are divided into measures of prohibition, permission, and coercion.

In the Belarusian economy, two trends can be observed in relation to administrative methods:

Strong system of control bodies;

Constantly changing legislation.

2. Economic measures

Financial (budgetary, fiscal) policy;

Monetary policy;

Programming;

Forecasting.

Figure 2.1 - System of economic policy instruments

Note - Source

The category “monetary policy” has a similar multifaceted nature. Compared to financial measures, monetary measures exhibit more of an indirect effect. This is due, for example, to the fact that financial policy is carried out primarily by the Ministry of Finance, an integral part of the government. Monetary policy is implemented by the National Bank, which, as a rule, has relative independence from the legislative and executive authorities (the chairman of the board of the National Bank is appointed by the President).

In a transforming economy (or in the event of a crisis), the ratio of methods may be different. The financial (i.e. direct) aspect of regulation sometimes comes to the fore.

3. Institutional measures

When characterizing methods of state influence, one can also emphasize their organizational and institutional form.

Among the options for the spread of institutional forms in modern conditions, we note:

Formation of executive structures of state power, the immediate task of which is the practical implementation of government goals;

Creation and maintenance of state property, i.e. public sector;

Preparation of economic programs and economic forecasts;

Support for economic research centers (with different forms of ownership), economic information institutes, chambers of commerce and industry, various economic councils and unions;

Ensuring the functioning of institutions of advisers, consultants, expert councils on economic problems;

Legal and information support for business and trade unions, rational forms of their interaction;

Participation in the creation of forms of economic integration, organization of regular international meetings on economic issues (for example, representatives of the G7 group).

The institutional aspect of state regulation in the Republic of Belarus has always manifested itself with a certain specificity. It was implemented in domestic practice mainly in the form of creating a large number of institutions themselves and, to a lesser extent, legal institutions. Suffice it to remember that in the USSR there were about 900 ministries, departments, and departments. Currently, changes are taking place in the previous emphasis of the institutional approach.

4. Financial mechanism of economic policy

Raising funds for the formation of a financial fund, with the help of which it is possible to influence the macroeconomic balance;

Achieving a regulatory effect through the technique of resource extraction itself (for example, manipulating tax rates).

5. Forms of receiving government revenues

The tax system achieves rationality, according to the German economist H. Haller, if the following conditions are met:

Taxation should be structured so that the state’s costs for its implementation are as low as possible (orientation to the so-called “principle of low-cost taxation”);

The collection of taxes should ensure that the taxpayer's costs associated with the payment procedure are as low as possible (the principle of low-cost tax payment);

Payment of taxes should be as little a tangible burden as possible for the taxpayer so as not to impair his economic activity (the principle of limiting the burden of taxes);

Taxation should not be an obstacle either to the “internal” rational organization of production or to its orientation towards the structure of needs, i.e. “external” rationality;

This process should influence the distribution of income in order to make it more fair (distributive efficiency);

It is necessary to ensure that the combination of taxes forms a single system in which each tax has its own specific purpose. At the same time, neither mutual “overlap” of taxes nor the presence of “hatchholes” between them (internal isolation) should be allowed.

The subject of credit policy is the National Bank (NB). According to the law, it fulfills the government's goals, but at the same time is not, as a rule, a government institution. The National Library has a certain degree of independence. Such rights are given to him on the basis of the principle of separation of powers. As the experience of Western countries shows, this institution, which has relative independence, is not a resigned executor of the will of the state. In a difficult economic situation, the government cannot demand that the credit center solve its financial problems by issuing additional money supply.

The set of tasks of the National Bank in the implementation of economic policy contains two directions. The first is to provide the national economy with a full-fledged currency system. A stable currency is a critical element of market infrastructure. The second direction is due to the fact that the National Bank is prescribed the function of influencing the lending activities of private business (commercial) banks in the interests of macroeconomic policy. In the sphere of monetary circulation, the state pursues its policy, thus using cooperation with this regulatory partner. A kind of tandem is formed: “the state - the National Bank.” Practice shows the high effectiveness of this cooperation.

The greatest effectiveness of the regulatory action of the National Bank is manifested when the entire set of economic instruments is used, and in an appropriate sequence. When influencing macroeconomic regulation, the National Bank must take into account both the interrelations of the national economy within the global economy (along the currency line) and the interdependence of parts of the national economy. We are talking, in particular, about the following problematic situations.

Thus, to summarize the characteristics of the financial mechanism, we note that a high degree of built-in flexibility of the financial system is considered desirable for the economy. Built-in financial stabilizers have the positive aspect that they make an accurate diagnosis and forecast of the market situation less necessary. At the same time, the advantages of built-in stabilizers should not lead to an overestimation of their capabilities. These stabilizers, as a rule, soften market fluctuations, but cannot completely prevent them.

When characterizing methods of state influence, one can also emphasize their organizational and institutional form.

The concept of “institutionality” is used relatively little in domestic scientific circulation.

Unfortunately, it is even less perceived by the economic thinking of the population. Meanwhile, the development of the economy in a market-legal version puts forward the need for a much more active use of this term. It reflects the fact that the phenomena of economic life in a developed state governed by the rule of law lose their random nature. Certain legal, ethical, psychological, organizational norms and customs seem to be layered on the surface of economic reality.

Economic policy itself is a system of organizationally formalized measures and traditions. Such actions related to

a phenomenon that has existed for a long time, they create the concept of “institution”. According to the American economist W. Hamilton, “institutions are a verbal symbol for the best description of a group of social customs. They mean a predominant and permanent way of thinking or acting that has become a habit for a social group or a custom for a people.”

As an example, let’s call “the institution of law” and “the institution of property”. The use of the term in this sense is somewhat different, naturally, from variants designated, for example, as “research institute” or “institute of noble maidens.” It was the last cases of use of this term that were more typical in domestic lexical practice.

The emphasis on the organizational and legal nature allows us to identify some additional features of state regulation methods:

* formation of executive structures of state power, the immediate task of which is the practical implementation of government goals;

* creation and maintenance of state property, i.e. public sector;

* preparation of economic programs and economic forecasts;

* support for research centers in economics (having different forms of ownership), institutes of economic information, chambers of commerce and industry, various economic councils and unions;

* ensuring the functioning of institutions of advisers, consultants, expert councils on economic problems;

* legal, information support for business and trade unions, rational forms of their interaction;

* participation in the creation of forms of economic integration, organization of regular international meetings on economic issues (for example, representatives of the G7 group).

A clear example of the manifestation of the institutional form of government measures is the practice that exists in Germany. This country is characterized by the special importance of legal norms and traditions in the economic sphere. A typical manifestation is, first of all, the punctual degree of development of the system of economic law.

Noteworthy is the state's support for a system of clear and reasonable interaction between the two largest public institutions: associations of entrepreneurs and trade unions. The system of public administration is well developed and operates very effectively - through a combination of a small number of ministries (currently 16 such departments). The experience of relying the state on a system consisting of 6 economic research institutes and a Council of Experts (called by journalists the “Council of Five Wise Men”) has been very successful.