Problems of development of the modern financial system of the Russian Federation. The modern financial system of Russia, characteristics of its spheres and links. Prospects for the development of the Russian financial system Financial system of the modern Russian economy
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 interconnected and interacting parts, links, elements directly involved in financial activities and contributing 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 and systematizing the organization of financial relations in the country, is as follows:
The financial system is a set of different spheres and links of financial relations, characterized by features in the formation, distribution and use of funds, different roles in social reproduction, and a system of state and corporate financial bodies.
Structure of the financial system. The structure of the financial system of the Russian Federation, which emerged as a result of market transformations in the 1990s, includes the following areas of financial relations (see Appendix 2):
State and local finance (centralized finance);
Finance of business entities (decentralized finance);
Household finances.
Levels of state and municipal finance:
Federal budget;
Budgets of the constituent entities of the Russian Federation (regional);
Budgets of municipalities (local).
State extra-budgetary trust funds;
State credit;
State Insurance Fund;
Stock market.
The financial links of economic entities are as follows:
Finance of commercial organizations;
Finance of non-profit organizations;
Finance of individual entrepreneurs.
The financial system is not only a set of spheres and
links of financial relations, in the process of which funds of funds are formed and used, but also the system of financial institutions, i.e. institutional financial system. The set of financial institutions (departments) represents the apparatus for managing the financial system. The structure of the financial system management apparatus in the Russian Federation will be discussed below.
Let’s consider the sphere of financial relations “state and local finance”: concept, essence, links, and trace their relationship.
State and local finance are monetary relations that develop between state authorities and local governments, on the one hand, and legal entities and individuals, on the other, in the process of 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 methods of distribution and redistribution of national income (using taxes, tax breaks, etc.).
The forms of use of centralized 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 at both 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 to Russian citizens within the framework of the Constitution of the Russian Federation.
In terms of economic content, state and local finances of the Russian Federation are heterogeneous and include the following links: federal budget; budgets of the constituent entities of the Russian Federation; municipal budgets; state extra-budgetary trust funds; government loan; state insurance fund; stock market.
The most important role in the financial system of the Russian Federation is played by the federal budget - the monetary fund of the Government of the Russian Federation. With its help, financial resources are mobilized at the disposal of the state, through which state federal and regional target programs (national projects), national defense, state security and law enforcement activities, the social sphere are financed, measures are taken to structurally restructure the economy, its stabilization, the implementation of international and domestic obligations. The federal budget consists of two interrelated parts: revenue and expenditure. The revenue side of the federal budget indicates the sources of funds and their quantitative characteristics; in expenditure - the 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. In the USSR there was a single state budget, which had 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” lost its meaning as a single centralized state budget with the force of law. All budgets of the modern budget system of the Russian Federation function autonomously: budgets of municipalities
with their income 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 income and expenses are not included in the federal budget. Each level of government is vested with certain budgetary powers, budgets at 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 using budget funds.
Consequently, the concept of “state budget” in modern conditions of 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, characterizing aggregated data on income and expenses, sources of funds and areas of their use in the Russian Federation as a whole, is not approved by federal law. Its indicators are widely used in budget planning and forecasting, as well as in calculations characterizing various types of security for residents of the country and individual territories (for example, budget expenditures on medical care, education per capita and other average per capita budget expenditures). The concept of “consolidated budget” was first included in the Law of the RSFSR “On the fundamentals of the budgetary structure and budgetary 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 to financially support the tasks and functions assigned to government bodies of the constituent entities of the Russian Federation.
In modern Russia, the role of regional government bodies in managing the economy and 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 a municipal formation (local budget) is a local fund of funds intended to financially support the tasks and functions assigned to local governments.
The budget of a municipal entity is the basis of the financial resources of local government (municipal district, urban district, urban and rural settlements, other municipal entities determined by the legislation of the constituent entities of the Russian Federation). The budgets of municipalities may include, as an integral part of the budget, the income and expenses of individual settlements and territories that are not municipalities.
State extra-budgetary trust funds (GSTF) are organizationally separated from budgets and operate independently, but are managed by state authorities. State extra-budgetary funds are funds from the federal government and executive authorities of the constituent entities of the Russian Federation.
In the early 1990s, state extra-budgetary economic and social funds were created. To date, only state off-budget social funds have retained their off-budget status. These include the Pension Fund of the Russian Federation; Social Insurance Fund of the Russian Federation; federal compulsory health insurance fund and territorial compulsory health insurance funds. They are formed to financially ensure the implementation of the constitutional rights of citizens to social security for age, illness, disability, loss of a breadwinner, birth of children, as well as to free medical care and health care. The volume of state off-budget social funds (in terms of income and expenses) 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 extra-budgetary social funds together form the budget system of the Russian Federation.
State credit is a specific link in the financial system, reflecting 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 expenditures not covered by budget revenues, as well as for the provision by the state of loans and guarantees to other economic entities. subjects within the country 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, promoting the outflow of money from circulation, it mitigates the severity of problems in the sphere of monetary circulation.
At the same time, the state itself may have temporarily free monetary resources and in this case can function as a creditor.
Due to its special socio-legal significance, the state can assume responsibility for repaying loans taken by various economic entities, i.e. may become a guarantor.
Thus, 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, regarding the receipt of loans, the provision of loans or guarantees. provision. The state as a subject of economic relations functions as a borrower, lender and guarantor.
The Russian Federation uses state credit more often as loans to finance the federal budget deficit (throughout the 1990s there was a deep federal budget deficit) and the budgets of the constituent entities of the Russian Federation, which are still experiencing a shortage of monetary resources.
The state insurance fund is a set of material reserves and financial reserves of society intended to prevent, localize and compensate 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 insurance method, as well as directly by legal entities and individuals through self-insurance. In a market economy, the role of insurance increases sharply, since all economic entities operate under risk conditions.
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, the 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 investors 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 that arises as a result of the purchase and sale of special financial assets - securities. The main task of the stock market is to ensure the process of capital flow into industries with a high level of income. The stock market serves to mobilize and effectively use temporarily free funds. Its peculiarity is that stock market participants expect to receive a higher income compared to investing money in a bank. However, the flip side of increased income is increased risk.
Centralization of financial resources. Thanks to the different functional purposes of the above-mentioned links of state and municipal finance, the state can exert a diverse influence on the economic and social processes occurring in society and achieve acceptable solutions to sectoral and territorial problems.
Centralization of financial resources gives the state the opportunity to:
Pursue a unified financial policy;
Ensure the development of production 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 national income. But in times of emergency (wars, major natural disasters, radical economic reforms, global and local economic and financial crises, etc.), the source of state income is previously accumulated national wealth, some elements of which (gold reserves, foreign exchange reserves, insurance reserves, sale of energy resources) are involved in economic turnover.
Government expenditures arise in connection with the use of financial resources to cover government needs. Since at different stages of economic development the role of the state, its functions and scope of activity change, the structure and volume of government spending changes.
Finance of economic entities is an integral part and basis of the country’s unified financial system. 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-profit.
The finances of a commercial organization are the monetary relations of a commercial organization with state authorities and local governments, other commercial and non-profit organizations (counterparties), associated with the formation, distribution and use of monetary resources to ensure the process of expanded reproduction and fulfillment of its obligations to the state and 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 are its own funds (capital and reserves): authorized capital, shares, profits, target revenues. As a result of transactions with securities on the financial market, additional financial resources can be mobilized. The source of replenishment of financial resources is also proceeds in the form of insurance compensations from insurance organizations, borrowed funds, including bank loans.
The finances of a state (municipal) unitary enterprise are monetary relations that arise 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 specificity of the organization of finances 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 authorized capital of a unitary enterprise are determined by federal government bodies and local government bodies. Products and income received by a unitary enterprise from the use of property, as well as property acquired from the profit received, are the property of the state (municipalities) and come under the economic control 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; targeted budget financing; subsidies from the budget.
A unitary enterprise, in comparison with joint stock companies, limited liability partnerships and other commercial organizations, is limited in the field of production (choice of product range), setting prices (tariffs) for goods and services, in the formation of own and borrowed funds and their use, in distribution and use profits, wages of workers and employees.
The finances of a non-profit organization are the income and expenses of a legal entity that does not aim to receive and distribute profits. Non-profit organizations can carry out entrepreneurial activities only to the extent that this serves the achievement of the goals for which they were created, and they cannot distribute the resulting profit adequate to these goals among the participants (founders). To attract financial resources, these organizations widely use a method such as self-taxation - voluntary donation of funds for public needs.
Individual entrepreneurs as economic entities in Russia appeared recently, with the beginning of market transformations in the economy. The Civil Code of the Russian Federation understands entrepreneurial activity as independent activity carried out at one’s own risk, aimed at systematically obtaining profit from the use of property, sale of goods, performance of work or 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 sphere of organizing financial relations as the finances of business entities. Individual entrepreneurs can be farmers, citizens operating in the field of retail and small wholesale trade, catering, consumer services, providing other types of services (brokerage, auditing), privately practicing lawyers, doctors with a personal license, etc. The financial relations of individual entrepreneurs are specific, since their personal income and savings are involved in their economic turnover, and therefore business income can be used not only for conducting and expanding business activities, but also for personal consumption. The financial resources of individual entrepreneurs are formed mainly from personal savings and business income, less often from bank loans, and are used to expand activities, payments to the budget and extra-budgetary funds, for charitable purposes, as personal (family) savings and for personal consumption.
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Modern financial system of Russia
financial russia state
Introduction
The financial system of Russia is a set of financial institutions, each of which contributes to the formation and use of appropriate monetary funds, and government bodies and institutions that carry out financial activities within their competence. The presence of various institutions within the financial system is due to the fact that finance covers the entire economy of the country and the social sphere.
The financial system today is the subject of debate and discussion. The problems of modern society that the financial system is designed to solve include: insufficient rates of economic development, disproportions in the development of the economic system, lag in adaptation to changes in external commodity and financial markets, excessive social tension that negatively affects the reproduction process, low level of satisfaction needs of the individual, etc.
The financial system represents financial relations grouped according to certain characteristics. Financial relationships, as such, are present almost everywhere in our lives. Thus, they are formed between the state, on the one hand, and individuals and legal entities, on the other; between two legal entities, as well as between individuals. It follows that our personal finances, household finances (finances of the population) and the family budget constitute a certain sphere of financial relations, i.e. are part of one of the links in the financial system.
That is why, today, more than ever, it is important to have an idea of the financial system of the Russian Federation, to know its structure and to monitor its changes in order to be competent in this matter.
1. Main links of the financial system of the Russian Federation
The financial system is a system of forms and methods of formation, distribution and use of state and enterprise funds.
The financial system is a collection of various spheres (links) of financial relations. These links are characterized by the peculiarities of the formation and use of funds of funds, as well as their different roles in social reproduction.
The role of the state in the socio-economic development of society determines the need to centralize a significant part of financial resources at its disposal. Therefore, the basis of centralized (or national) finances are the budgets of the corresponding levels (in the Russian Federation, federal, regional and local budgets are allocated).
In addition, public finances also include state extra-budgetary funds and government lending.
Federal, regional and local budgets represent a form of formation and use of centralized funds of funds necessary to ensure the functions of the state and local governments. The budget plays a leading role in creating economic conditions for ensuring national security, maintaining government bodies, conducting fundamental research, ensuring environmental protection, maintaining and developing the social and cultural sphere, as well as enterprises of various forms of ownership.
An important link in national finances are also state extra-budgetary funds - funds of funds formed outside the budget and intended, as a rule, to realize the rights of citizens in the field of social and medical security.
State credit reflects credit relations associated with the state's mobilization of temporarily free funds of enterprises, organizations and individuals on the terms of repayment, payment and urgency to finance government expenditures. The borrowers in a state loan are legal entities and individuals, and the creditor is the state represented by its executive authorities.
Public debt is formed as a result of credit relations in which the borrower is the state, and the creditors are citizens, enterprises and organizations, including foreign ones. Public debt is used, as a rule, to cover the budget deficit, as well as to stabilize money circulation in the country.
There are public internal debt - debt obligations of the Government of the Russian Federation to legal entities and individuals, expressed in national currency, as well as public external debt - borrowings of the Government from various foreign sources, expressed in foreign currency.
National finance plays a leading role in regulating economic processes and distribution relations at the macro level. The formation and distribution of national finances are centralized; national finances are accumulated at the disposal of the state and local governments.
Decentralized finance is the finance of the credit banking sector, insurance companies, commercial enterprises and non-profit organizations.
By attracting free funds from business entities and individuals, the finances of the credit banking system and insurance are formed.
The finances of the credit and banking system (or credit funds) serve as the main source of satisfying the demand of business entities and individuals for additional monetary resources. Even with a very high level of self-financing, as a rule, only one’s own funds are not enough to conduct business.
Credit funds serve not only the current needs of enterprises, but also their investment activities.
The consumer lending market is currently growing very dynamically; individuals have the opportunity to get a loan to purchase household appliances and furniture, vehicles and real estate, pay for educational services, etc.
The credit banking system also includes the financial market. We especially note that the financial market serves as one of the mechanisms through which the finances of the credit banking system participate in lending to the state - through the acquisition of government securities.
The finances of insurance companies represent a link in the financial system that provides coverage for possible losses in the event of unfavorable events - insured events.
Insurance funds are provided by insurance funds, which can be organized in the following organizational forms:
Centralized insurance (reserve) fund;
Self-insurance funds;
Insurance funds of insurers (insurance companies).
The centralized insurance fund is formed at the expense of national resources, has a natural form and contains reserves of products, materials, raw materials, food, which are constantly updated. The purpose of this fund is to compensate for damage and eliminate the consequences of natural disasters and major accidents that caused great destruction and casualties. The sources of formation of the centralized insurance fund are the replenishment of state stocks and reserves.
Self-insurance funds are formed by business entities in order to ensure their own activities in the event of unfavorable situations and are used to cover losses, repay bonds and repurchase shares (in the absence of other funds), as well as to purchase fixed assets. The size of self-insurance funds is not regulated by law.
Insurance funds of insurers (i.e., insurance companies) are created by a large circle of participants, which may include enterprises and individuals. Such insurance funds have a targeted use: for example, a fire insurance fund for real estate, a fund for insurance of civil liability of car owners resulting from road accidents, etc.
Policyholders (participants in the insurance fund of insurers) contribute relatively small amounts of money (in comparison with the possible amount of damage in the event of an insured event) to the fund - insurance premiums, and since insured events are relatively rare and occur, as a rule, only for a small number of policyholders , at the expense of the total collected insurance premiums, the insurer covers all losses incurred by the policyholders.
Until 1990, the USSR had a state monopoly on insurance; now, along with state insurance organizations, there are many non-state insurance companies that have licenses to carry out insurance activities.
The finances of commercial enterprises are formed from their own cash income and savings of these enterprises. The basis of the country’s unified financial system is the finances of commercial enterprises, which serve the reproduction and distribution of the gross domestic product and form the predominant part of the financial resources of the national economy.
The main source of operation and development of commercial enterprises is making a profit. At the same time, enterprises have real financial independence, independently managing the financial results of their activities, forming production and social funds, seeking the necessary funds for investment, including using the financial resources of other parts of the financial system.
The provision of national monetary funds with financial resources significantly depends on the state of finances of commercial enterprises. In turn, various enterprises can use bank loans, insurance funds, budget resources, and sometimes government loans in their activities.
The finances of non-profit organizations take an indirect part in reproduction processes, since the goals of the functioning of such organizations are not directly related to making a profit. The activity of non-profit organizations is to provide socially significant services, the consumption of which is accompanied by strong external effects for the entire society and each individual member. Such services include, first of all, the sphere of national security, education, healthcare, etc.
The state, by adopting relevant laws and regulations, influences the formation of both centralized and decentralized financial resources through the financial system. For this, tools such as taxes, a credit system, a pricing mechanism, etc. are used.
National finances are organically connected with other parts of the financial system. On the one hand, the main source of budget revenue is the gross domestic product created in the sphere of production; then, through taxation, the budget and social extra-budgetary funds are formed. On the other hand, the process of expanded reproduction is carried out by enterprises not only at their own expense, but also with the possible attraction of direct allocations from the budget or government credit.
In addition, enterprise finance is also connected with the credit system. If there is a lack of own funds, especially for replenishing working capital, enterprises use bank loans.
To solve their financial and economic problems, enterprises can also attract funds from other economic entities, the most common of which is the issue of securities - shares, bonds, etc.
Thus, the single essence of the financial system determines the interconnection and interdependence of the links of the financial system.
2. Financial management and financial policy
Financial management is the conscious influence of governing bodies on the finances of the country, territories and economic entities, aimed at achieving and maintaining balance and stability of the financial system. Financial management includes the management of budgets, state extra-budgetary funds, state credit and other parts of the financial system.
Public financial management is one of the main functions of any state; the implementation of this function is achieved by creating a financial mechanism adequate to economic conditions.
Financial policy is an independent sphere of state activity, which includes the definition of goals and objectives aimed at the formation, distribution and redistribution of national wealth to ensure the reproduction process.
Financial policy is part of the economic policy of the state. There are also such areas of state policy as foreign, domestic, military, technical, social, etc.
Financial policy includes budgetary and monetary policy. Fiscal policy contains tax and customs policies, as well as government expenditure policies and public debt management policies. Credit and monetary policy includes accounting policy (management of interest rates on loans) and reserve policy (management of required bank reserve standards).
The priority of budget policy at the present stage of socio-economic development of our country is to ensure the state’s own solvency, for which it is necessary to bring the state’s obligations into line with its available financial resources. Excess obligations must be reduced, and those that are not subject to cancellation must be fulfilled. For this purpose, a list of enterprises will be determined that must be provided with the services of natural monopolies at public expense, while the remaining enterprises must independently pay for such services. The same procedure for using the services of natural monopolies should be extended to households, which in the future will be provided with minimal social protection, and all expenses will be made from the households’ own income or their family budgets.
Budget funds provided to the budget of another level of the budget system of the Russian Federation, to an individual or legal entity on the basis of shared financing of targeted expenses, are called subsidies. Subsidies are a fairly common phenomenon in both Russian and foreign practice of state regulation of the economy. The most common are price and investment subsidies.
Price subsidies are provided to reduce the prices of specific goods and services, such as fuel and mineral fertilizers for agriculture.
Investment subsidies compensate for part of the investor’s capital investments in an object included in the state economic program. Such an object can be an industry, a developing area, scientific research, the development of new foreign markets, etc.
In the near future, government subsidies to support housing and communal services enterprises should be significantly reduced, investment subsidies for road construction and targeted comprehensive programs are expected to be reduced, and subsidies allocated to individual industrial enterprises at the regional and local levels will also be reduced.
Another type of subsidy is support for unprofitable business entities, covering their losses or financing regardless of their profitability. In fact, a significant number of state-owned companies chronically do not cover their costs, so the state not only covers the annual deficit from their current activities, but also provides subsidies for the modernization and expansion of such enterprises. For example, in Western European countries, particularly large budget subsidies were paid to state-owned railways, postal services and telegraphs.
Our country has also come to grips with the problem of the functioning of unprofitable state-owned enterprises. It is also expected to continue reducing excess federal liabilities. Thus, most categorical benefits have recently been abolished; this measure should be compensated by an increase in real wages and allowances.
However, regional budgets, if they have such capabilities, can introduce their own benefits, including in replacement of the canceled federal ones.
In accordance with the current budget policy, the state concentrates its efforts on performing basic functions, and, above all, on financing the social sphere, providing a system of social protection for the population and investment in human capital. To achieve this, the state is taking measures to increase wages for public sector workers, primarily doctors and teachers, and increasing pensions, social benefits and scholarships. A number of other financial measures aimed at combating poverty are also being implemented.
In the system of measures for the implementation of tax policy, an important link is to increase the level of fairness and neutrality of the tax system, which involves equalizing tax conditions for all categories of taxpayers by eliminating existing unjustified tax benefits, eliminating ineffective taxes (primarily sales tax), and adjusting the procedure for determining the tax base. for individual taxes.
It is also planned to significantly simplify the procedure for appealing decisions and actions of tax authorities, including through the creation of specialized colleges of lawyers for tax disputes in courts of general jurisdiction and arbitration courts.
An important direction of tax policy is to further reduce the tax burden. This problem can be solved by reducing the tax burden on the wage fund and reducing the value added tax rate. The priority direction of tax policy is to simplify the tax system, reduce the number of taxes and fees, unify the rules for calculating individual taxes and the procedure for their payment.
3. State financial management bodies
State financial management involves legislative and executive authorities that have the appropriate powers to regulate the financial activities of the state.
The President of the Russian Federation as head of state:
Ensures coordinated work and interaction between government bodies in the field of financial management in accordance with the Constitution of the Russian Federation;
Regulates the functioning of the country's financial system by approving laws on the federal budget, state extra-budgetary funds, and the tax system;
Determines the system of financial and economic relations between the Center, constituent entities of the Russian Federation, local governments, etc.
The Federal Assembly of the Russian Federation - a parliament consisting of two chambers: the Federation Council and the State Duma - considers and approves laws related to the development of the financial system:
On the introduction or abolition of taxes, on exemption from their payment;
On the issue of government loans;
On changes in the financial obligations of the state;
About the federal budget;
On state extra-budgetary funds.
General management of the organization of finance in the country is carried out by the Ministry of Finance of the Russian Federation. Its main functions are the development of public policy and legal regulation in the field of:
Budgetary activities;
Tax activities;
Insurance activities;
Foreign exchange activities;
Banking activities;
Government debt;
Audit activities;
Accounting and financial reporting;
Production, processing and circulation of precious metals and precious stones;
Customs payments, determination of the customs value of goods and vehicles;
Investing funds to finance the funded part of a labor pension;
Organization and conduct of lotteries, gambling and betting;
Production and circulation of security printed products;
Financial support of the public service;
Combating money laundering and the financing of terrorism.
The Ministry of Finance of the Russian Federation coordinates and controls the activities of the Federal services under its jurisdiction:
Federal Tax Service;
Federal Insurance Supervision Service;
Federal Service for Financial and Budgetary Supervision;
Federal Service for Financial Monitoring;
Federal Treasury, as well as control over the implementation by the Federal Customs Service (which is under the jurisdiction of the Ministry of Economic Development and Trade of the Russian Federation) of regulations on the calculation and collection of customs duties, determination of the customs value of goods and vehicles.
The Federal Tax Service performs the following main functions:
Control and supervision of compliance with legislation on taxes and fees;
Control and supervision over the correctness of calculation, completeness and timeliness of taxes and fees entered into the relevant budget, in cases provided for by the legislation of the Russian Federation;
Control and supervision over the correctness of calculation, completeness and timeliness of other obligatory payments being entered into the relevant budget;
Control and supervision of the production and circulation of ethyl alcohol, alcohol-containing, alcoholic and tobacco products;
Control and supervision of compliance with the currency legislation of the Russian Federation within the competence of the tax authorities;
State registration of legal entities, individuals as individual entrepreneurs and peasant (farm) farms;
Representation in bankruptcy cases and in bankruptcy proceedings of claims for payment of obligatory payments and claims of the Russian Federation for monetary obligations.
The Federal Insurance Supervision Service carries out control and supervision functions in the field of insurance activities.
The Federal Service for Financial and Budgetary Supervision performs the following functions:
Control and supervision in the financial and budgetary sphere;
Currency control.
The Federal Financial Monitoring Service carries out the functions of combating money laundering and the financing of terrorism and coordinating the activities of other federal executive authorities in this area.
The Federal Treasury carries out the following law enforcement functions:
Ensuring the execution of the federal budget;
Cash services for the execution of budgets of the budget system of the Russian Federation;
Preliminary and ongoing control over the conduct of operations with these funds by the main managers, administrators and recipients of federal budget funds.
The main functions of the Federal Customs Service in terms of financial management are:
Collection of customs duties, taxes, anti-dumping, special and countervailing duties, customs duties;
Monitoring the correctness of calculation and timely payment of the specified duties, taxes and fees;
Implementation of measures for their forced collection.
The securities market is managed by the Federal Service for Financial Markets, which is headed by the Government of the Russian Federation. The main functions of the Federal Service for Financial Markets are:
Carrying out state registration of securities issues and reports on the results of securities issues, as well as registration of securities prospectuses;
Ensuring the disclosure of information on the securities market in accordance with the legislation of the Russian Federation;
Control and supervision over the activities of issuers, professional participants in the securities market and their self-regulatory organizations, joint-stock investment funds, their management companies and specialized depositories, mutual investment funds, non-state pension funds and their self-regulatory organizations, mortgage agents, mortgage coverage managers, specialized mortgage depositories coverage, the Pension Fund of the Russian Federation, the state management company, as well as the activities of commodity exchanges and credit history bureaus.
A special place in the financial management system of government authorities belongs to the Accounts Chamber of the Russian Federation. The Accounts Chamber of the Russian Federation in its activities does not depend on the Government, is endowed with broad powers - it performs control, expert-analytical and information functions - and is accountable to the Federal Assembly of the Russian Federation.
The main tasks performed by the Accounts Chamber of the Russian Federation are:
Control over the timely execution of revenue and expenditure items of the federal budget and budgets of federal extra-budgetary funds;
Determining the effectiveness and feasibility of spending public funds and using federal property;
Assessing the validity of income and expenditure items of federal budget projects and budgets of federal extra-budgetary funds;
Financial examination of draft federal laws, as well as regulatory legal acts of federal government bodies that provide for federal budget expenditures or affect the formation and execution of the federal budget and the budgets of federal extra-budgetary funds;
Regular submission of information on the progress of execution of the federal budget, obtained during ongoing control activities, to the Federation Council and the State Duma of the Russian Federation.
The scope of exercise of powers of the Accounts Chamber of the Russian Federation includes:
State bodies of the Russian Federation, federal extra-budgetary funds;
Local government bodies, enterprises, organizations (including financial and credit organizations and insurance companies), if they receive, transfer or use federal budget funds or if they use federal property or have tax and customs benefits.
The main form of control on the part of the Accounts Chamber of the Russian Federation is the conduct of audits and thematic checks, information on the results of which is sent to the Federation Council and the State Duma of the Russian Federation. If a violation of laws that provide for criminal liability is detected, the Accounts Chamber forwards inspection materials to law enforcement agencies.
In order to take measures to eliminate violations identified by the Accounts Chamber, a submission is sent to the head of the organization being inspected, which must be considered within the period specified therein.
In leading foreign countries, the main bodies of state financial management are, as in the Russian Federation, the parliament and the Ministry of Finance, in addition, as a rule, there is also an independent financial control body.
Conclusion
To summarize, we can say that the financial system is a set of various spheres of financial relations, in the process of which funds of funds are formed and used.
The financial system of any state includes several interconnected links (institutions) and bodies. The presence of various institutions within the financial system is explained by the fact that finance serves the diverse needs of society and covers with its influence the entire economy of the country and the entire sphere of social activity as a whole. Based on this, the financial system of the Russian Federation should be understood as:
A set of financial institutions, each of which contributes to the formation and use of appropriate funds;
A set of government bodies and institutions that carry out financial activities within their competence.
The role of the financial system comes down to the legal regulation of financial relations, i.e. With the help of the financial system, it is possible to monitor the effectiveness and compliance of the legal form with the economic content.
So, we can conclude: the financial system plays such an important role in the life of society that disruption of its functioning can lead to catastrophic consequences for the entire economy. Therefore, in all countries it is under strict state control. Using various methods, the state achieves a state that corresponds to the interests of the development of the entire economy and the effective solution of constantly emerging economic problems.
The financial system is a concept that transcends specific financial legislation. It is, rather, an element of the economic and legal culture of society. And the faster the range of relevant concepts and categories becomes a publicly recognized value, the more successful and efficient the legislation on finance will be, the more trust will be generated by financial government measures.
List of used literature
1. Borovka V.A., Murvshova S.V. Finance and credit: Textbook. - M.: Business Press, 2010. - 608 p.
2. Braicheva T.V. State finances of Russia. - St. Petersburg: Peter, 2007.
3. Dyakonova M.L., Kovaleva T.M., Kuzmenko T.N. Finance and credit: Textbook. - M.: KnoRus, 2007. - 376 p.
4. Zagorodnikov S.V. Finance and credit: textbook. - M.: Omega-L, 2009. - 286 p.
5. Litovchenko V.P., Solovyov V.I. Finance and credit. - M.: NI-VShU, 2006. - 186 p.
6. Neshitoy A.S. Finance and credit: Textbook. - M.: Dashkov and K, 2010. -575 p.
7. Romanovsky M.V., Vrublevskaya O.V. Finance, money circulation and credit. - M.: Finance and Statistics, 2006. - 544 p.
8. Fetisov V.D., Fetisova T.V. Finance and credit. - M.: Unity, 2008. - 399 p.
9. Shevchuk D.A., Shevchuk V.A. Finance and credit: textbook. - M.: RIOR, 2007. - 288 p.
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The financial system is a certain ordered set of financial relations, as well as bodies (institutions) that implement these relations. The links of the financial system can be grouped into three blocks, each of which has its own internal structure:
1) Centralized finance –
The state budget;
Off-budget funds;
State credit;
Property and personal insurance funds;
Stock market;
2) Decentralized finance –
Commercial enterprises and organizations;
Financial intermediaries (credit organizations, pension funds, investment funds, insurance organizations);
Non-profit organizations;
3) households.
Each link performs its functions in social reproduction.
Thus, centralized finance is a tool for regulating the national economy as a whole. With their help, monetary resources are mobilized into the budget system, where further distribution occurs between industries, regions, and individual population groups. Decentralized finance is a regulator of economic relations within individual economic entities and forms the basis of finance. Household finance is personal finance, i.e. financial relations between individuals living together and running a common household.(*)
The basis of centralized finance of the Russian Federation is a three-level budget system, including the federal budget and the budgets of federal extra-budgetary funds – first level, budgets of federal subjects and budgets of territorial extra-budgetary funds – second level, and local budgets (budgets of municipalities) – third level. The budgets of the two upper levels (excluding GBF budgets) make up the state budget.
Off-budget funds– these are funds accumulated for targeted financing of expenses not included in the state budget. These are a special type of expenses associated primarily with pensions, medical and social insurance and specially isolated in order to prevent their misuse.
State loan is a special form of financial relations between the state, individuals and legal entities, combining two types of monetary relations - finance and credit - and having the properties of both. As a link in the financial system, it serves the formation and use of centralized monetary funds of the state and performs two functions - fiscal and regulatory. In this case, the state often acts as a borrower, and individuals and legal entities act as lenders. The state attracts additional financial resources through the sale of government securities.
Property and personal insurance funds are intended to compensate for damage caused to enterprises and the population, as well as to pay material support to the insured and his family upon the occurrence of an insured event. The main function of insurance is the formation of a fund of funds, carried out as payment for risks assumed by specialized commercial organizations - insurance companies. Insurance is divided into voluntary and compulsory. The main types of insurance are social, property and personal.
Stock market, on which the circulation of capital occurs, ensures the movement of capital into industries with higher profitability and serves to mobilize and effectively use temporarily free funds. Its participants always focus on obtaining a higher income compared to investments in banks.
The second block of the financial system consists of decentralized finance, and above all finance of commercial enterprises and organizations. This is in many ways an independent link in the financial system, serving material production, the creation of GDP, its distribution within enterprises and redistribution through the budget and the World Bank Fund.
Financial intermediaries create secondary income of economic entities through financial (portfolio) investments.
Non-profit organizations play a relatively minor role in the financial system.
The third block of the financial system is finance households, which are the material basis of their lives. They implement the function of control over future income and expenses within a separate economic unit of society.
The main links of the financial system of the Russian Federation are presented in the diagram.
From the moment the financial system appeared in Russia, discussions arose about the problems of determining its fundamental points. In the totality of all the problems, there is a discussion about the degree of social orientation of the financial system, a problem related to the limits and methods of government intervention in the financial processes of private and public financial institutions, the degree of their transparency, the importance and need for control of their activities by society.
The main steps in this area could be tightening control over operations in the financial market, in particular, over the formation of debt of state corporations, over cross-border capital flows, and 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 into the real sector of the economy from financial institutions, corruption costs and administrative barriers. The implementation of such measures should contribute to expanding the availability of loans and increasing the share of long-term lending, as well as increasing the efficiency of using budget 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 has 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 financial market regulators about 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 is difficult to overestimate. Operations on the repo market make it possible to refinance transactions with securities and help increase the liquidity of the Russian stock and bond market. A reliably 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 a major 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 modernizing the judicial system. Currently, there are serious difficulties in resolving disputes in the financial market. This is explained by the imperfection of the legislative framework, the lack of necessary professional knowledge among judges and significant bureaucracy when considering cases.
Thus, solving current problems of regulating the Russian financial market will make it possible to bring it closer to European standards.
Other problems of the Russian financial system are problems in the budgetary sphere:
A high degree of concentration of financial resources in the country’s federal budget, which reduces the importance of regional and local budgets;
The current practice of forming territorial budgets, which basically retains the mechanism of centrally established standards for contributions to local budgets;
The tendency to transfer expenses downwards without corresponding 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 territories.
Shortages in tax payments, the main reasons for which were: deterioration of macroeconomic and financial indicators compared to those adopted in the budget; growth of non-payments in the national economy; direct tax evasion, concealment of their income by many taxpayers (impossibility of controlling all small and medium-sized enterprises).
These problems are solved by:
Theoretical development and justification of the principles of constructing the budget system of the Russian Federation.
Creation of a real budget mechanism that allows you to put the developed principles into practice.
Development and adoption of regulations on the delimitation of powers and functions between government bodies at different levels, distribution of expenses between parts of the budget system and types of budgets in accordance with the powers and functions of government bodies at different levels.
Creation of a new system of interbudgetary redistribution of financial resources based on the use of various forms of financial assistance to the constituent entities of the Federation and local governments.
Development of new principles for drawing up, reviewing, approving and executing 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 Russian financial system can the desired results be achieved, i.e. to form a modern socially oriented financial system that functions properly in market conditions.
1.20. The modern financial system of Russia, characteristics of its spheres and links. Prospects for the development of the Russian financial system.
The basis of the state's financial system is centralized public finance (budget system, state credit, financial resources of the Central Bank). Decentralized finance includes:
1) finances of organizations (commercial and non-profit organizations).
2) finances of financial intermediaries (banks, insurance companies).
3)household finances.
Financial system– a set of various spheres of financial relations, in the process of which funds of funds are formed and used; financial system– a system of forms and methods of formation, distribution and use of funds of funds and enterprises.
The financial system of the Russian Federation includes the following links:
Centralized finance: 1) State budget system; 2) Off-budget special funds; 3) State credit; 4) Insurance funds;
Decentralized finance: 5) Finance of enterprises of various forms of ownership.
Budget system The Russian Federation includes 3 links: the federal budget; budgets of national-state and administrative-territorial entities; local budgets. All budgets function autonomously. The budget system is the main link of the financial system (it accounts for more than 40% of all financial resources).
Off-budget funds– funds from the federal government and local authorities related to the financing of expenses not included in the budget. The formation of extra-budgetary funds is carried out through mandatory target contributions. The main amounts of deductions are included in the cost price and are set as a percentage of the wage fund. Extrabudgetary funds have a strictly designated purpose. The total number of extra-budgetary funds is over 40. The main ones in size and importance are social funds (Pension, Medical Insurance, Social Insurance).
State loan reflects credit relations regarding the state's mobilization of temporarily free funds of enterprises and the population on a repayment basis to finance government spending. The lender is individuals and legal entities, the borrower is the state. The need to use state credit is due to the impossibility of meeting the needs of society at the expense of budget revenues. The mobilization of huge financial resources produces large public debt.
Insurance fund provides compensation for possible losses from natural disasters and accidents, and also contributes to their prevention. Currently, along with state insurance organizations, insurance is provided by non-state insurance companies.
Enterprise finance are the basis of the country’s financial system, because serve the process of creation and distribution of social product and national income. The provision of centralized monetary funds with financial resources depends on the state of the finances of enterprises.
One of the main tasks of the Ministry of Finance in developing the Russian Federal Budget for 2015-2017 was to ensure a margin of safety for the budget in the face of declining revenues and economic growth rates. This dictates the need to maintain a budget surplus or a small deficit. The budget deficit for the three-year period is planned at 0.6% of GDP (for comparison: in the European Union, a budget deficit of 3% of GDP is considered normal).
We need to cut expenses and live within our means. To save money, the government cut some expenses and postponed some to the period after 2017. This primarily affected the costs of rearmament of the army, a significant part of which was shifted by a couple of years. Also, the authorities were forced, for example, to limit the indexation of salaries of public sector employees to the level of inflation. In total, over a three-year period, more than a trillion rubles of expenses will be redistributed.
At the same time, the budget provides for significant expenditures on programs to support new territories - Crimea and Sevastopol. In addition to interbudgetary transfers, they will receive money for infrastructure and stimulation of economic development. First of all, this is the Kerch Bridge, these are roads, new infrastructure that has not been updated there for decades, these are industrial parks, various clusters, and so on. Next year they will spend 104 billion rubles on this, and then expenses will increase to 130 billion rubles. In addition, the authorities supported the regions of the Far East - they increased funding for infrastructure facilities, for which they allocated 7, 15 and 20 billion rubles over the years.
The continuation of sanctions and current oil prices, coupled with the devaluation of the ruble, threatens Russia with sliding into a deep recession in 2015, which may force the Bank of Russia to abandon the free floating of the currency and return to interventions and control over capital flows, experts from the Higher School Development Center write in their next review economy.
The Russian economy has been stagnating since the end of 2013, and the conflict with the West and the sanctions imposed on the Russian Federation over Crimea and interference in the affairs of Ukraine against the backdrop of falling oil prices and the depreciation of the ruble only aggravate the problems.
As of mid-November, the ruble had depreciated by a third compared to the beginning of the year against the dollar and by 23 percent against the euro. In October alone, the Central Bank spent $30 billion to support the exchange rate, and in early November the Bank of Russia announced the transition to free exchange rate formation.
According to the head of the Bank of Russia, in a stress scenario, the Central Bank of Russia is ready to allocate $85 billion to foreign exchange transactions in 2015. The stress macroeconomic scenario of the Central Bank, according to Nabiullina, assumes that the price of oil in 2015-2017 will be equal to 60 dollars per barrel. However, its implementation is unlikely, says the head of the Bank of Russia.
According to her, even in a crisis scenario for the development of the Russian economy, the Central Bank expects the ruble to strengthen in 2015 and inflation to reach 4 percent in 2017. For 2015, the Central Bank forecasts inflation at 8 percent. The total costs to the Russian economy from mutual sanctions could reach 3 percent of GDP in three years, HSE experts calculated, based on estimates from the Bank of Russia.
In 2014, net capital outflow, according to the Bank of Russia, could reach $128 billion, which is $67 billion higher than in 2013.
The head of the Ministry of Finance of the Russian Federation, Anton Siluanov, said that the net outflow of capital from Russia in 2014 could amount to $120-130 billion. At the beginning of October, the ministry expected that by the end of the current year, over $90 billion could be withdrawn from the country, but not more than $100 billion. At the same time, at the beginning of November, the Higher School of Economics reported that since the beginning of the year, capital outflow from the Russian Federation has already exceeded $110 billion.
In an interview with Bloomberg, Finance Minister Anton Siluanov said that our economy will slide into recession only if the price of oil falls to $60 per barrel. “If oil prices drop to $60 a barrel, then growth will be negative,” he said. Siluanov said that the government will take a stricter approach to the budget and use anti-crisis tools. The minister assured that “all social obligations will be fulfilled, no one intends to revise them.” At the same time, “non-essential priorities will be deferred to a later date.”
According to Siluanov, the fall in oil prices and the deterioration of the economic situation will not be as serious as in 2008-2009, and the economy will recover when it manages to adapt to new conditions. “Most likely, the price of oil will fluctuate next year in the range of 80-90 dollars,” the minister predicts.
