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The modern financial system of Russia

financial russia state

Introduction

The financial system of Russia - the totality financial institutions, each of which contributes to the formation and use of appropriate monetary funds, and state 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 with its influence.

The financial system today is the subject of debate and discussion. The problems of modern society, which the financial system is designed to solve, include: insufficient rates of economic development, disproportions in the development of the economic system, a lag in adapting to changes in external commodity and financial markets, excessive social tension that negatively affects the reproduction process, a low level of satisfaction of the needs of the individual, etc.

The financial system is a financial relationship grouped according to a certain attribute. Financial relationships, as such, are present almost everywhere in our lives. So, they are formed between the state, on the one hand, individuals and legal entities, on the other; between two legal entities, as well as between individuals. It follows that our personal finances, household finances (public finances) and family budget constitute a certain area of ​​financial relations, i.e. part of the financial system.

That is why, today, more than ever, it is important to have an understanding of the financial system. Russian Federation, know its structure and follow its changes in order to be competent in this matter.

1. The 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 funds Money state and enterprises.

The financial system is a combination 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 a different role in social reproduction.

The role of the state in the socio-economic development of society determines the need for centralization at its disposal of a significant part of the financial resources. Therefore, the basis of centralized (or nationwide) finances are the budgets of the corresponding levels (in the Russian Federation, federal, regional and local budgets).

In addition, public finances also include state non-budgetary funds and state lending.

Federal, regional and local budgets are 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 the economic conditions for ensuring national security, maintenance of public administration bodies, holding fundamental research, ensuring environmental protection maintenance and development of social and cultural spheres, as well as enterprises of various forms of ownership.

An important link in national finances are also state off-budget funds - funds of funds generated outside the budget and intended, as a rule, to exercise the rights of citizens in the field of social and medical security.

State credit reflects credit relations associated with the mobilization by the state of temporarily free funds of enterprises, organizations and individuals on the terms of repayment, payment and urgency to finance public expenditures. The borrowers in the state loan are legal entities and individuals, and the creditor is the state represented by its executive authorities.

State debt is formed as a result of credit relations in which the state acts as a borrower, and citizens, enterprises and organizations, including foreign ones, act as creditors. Public debt is used, as a rule, to cover the budget deficit, as well as to stabilize the money circulation in the country.

Distinguish state domestic debt- debt obligations of the Government of the Russian Federation to legal entities and individuals, denominated in national currency, as well as public external debt - government borrowings from various foreign sources, denominated 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 self-government bodies.

Decentralized finance is finance on credit banking sector, insurance companies, commercial enterprises and non-profit organizations.

By attracting free funds from economic entities and individuals, the finances of the credit banking system and insurance are formed.

Finance of the credit and banking system (or loan funds) serve as the main source of meeting the demand of business entities and individuals for additional monetary resources. Even with very high level self-financing for doing business, as a rule, is not enough only own funds.

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 obtain a loan for the purchase of household appliances and furniture, vehicles and real estate, payment for educational services, etc.

The financial market is also part of the credit and banking system. We note in particular that the financial market is one of the mechanisms by which the finances of the credit and banking system participate in lending to the state - by acquiring government securities.

The finance of insurance companies is a link in the financial system that provides coverage for possible losses in the event of adverse events - insured events.

Insurance funds are 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, contains stocks 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 is the replenishment of state stocks and reserves.

Self-insurance funds are formed by economic entities in order to ensure their own activities in the event of adverse situations and are used to cover losses, redeem bonds and buy back 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 (ie, insurance companies) are created by a wide range of participants, which may include both enterprises and individuals. Such insurance funds have a targeted use: for example, an insurance fund real estate against fire, insurance fund for civil liability of car owners resulting from traffic accidents, etc.

Insurers (participants of the insurance fund of insurers) contribute relatively small sums of money (compared to 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 insurers, the insurer covers all the losses of the insured at the expense of the total collected insurance premiums.

Until 1990, there was a state monopoly on insurance in the USSR; 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 the savings of these enterprises. The basis of the unified financial system of the country is the finance of commercial enterprises that serve the reproduction and distribution of the gross domestic product and form the predominant part of the financial resources. national economy.

The main source of functioning and development of commercial enterprises is profit. At the same time, enterprises have real financial independence, independently managing financial results its 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 financial resources with financial resources significantly depends on the state of the finances of commercial enterprises. In turn, various enterprises can use a bank loan, insurance funds, budgetary resources, and sometimes a state loan in their activities.

The finances of non-profit organizations are indirectly involved 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 whole society and each specific member of it. These services include, first of all, the sphere of national security, education, healthcare, etc.

The state, by adopting relevant laws and regulations, influences through the financial system the formation of both centralized and decentralized financial resources. 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 revenues is the gross domestic product created in the sphere of production, then the budget and social non-budgetary funds are formed through taxation. 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 involvement of direct appropriations from the budget or state credit.

In addition, the finances of enterprises are connected with the credit system. With a lack of own funds, especially to replenish 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 issuance 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 a conscious impact of government bodies on the finances of the country, territories and economic entities, aimed at achieving and maintaining a balance and stability of the financial system. Financial management includes the management of budgets, state non-budgetary funds, state credit and other parts of the financial system.

State 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 economic policy states. 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 spending policies and public debt management policies. Monetary policy includes an accounting policy (managing interest rates on loans) and a reserve policy (managing bank reserve requirements).

The priority of budget policy at the present stage of social economic development of our country is to ensure its own solvency of the state, for which it is necessary to bring the obligations of the state in line with the financial resources available to it. Excessive obligations must be reduced, and those that cannot be canceled must be fulfilled. To this end, a list of enterprises will be determined that must be provided with the services of natural monopolies at the state expense, while the rest of the 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 covered by the households' own incomes or their family budgets.

Budgetary funds provided to the budget of another level of the budgetary system of the Russian Federation, to an individual or legal entity on the terms of shared financing of targeted expenses, are called subsidies. Subsidies are a fairly common phenomenon both in 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 price of specific goods and services, such as fuel and mineral fertilizers for agriculture.

Investment subsidies compensate for part of the investor's investment in an object that is part of the state economic program. Such an object can be an industry, a developing area, Scientific research, development of new foreign markets, etc.

In the near future, state subsidies to support housing and communal services 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 decrease.

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 deficit from their current activities every year, but also allocates subsidies for the modernization and expansion of such enterprises. For example, in countries Western Europe especially large budget subsidies were paid to the state railways, post and telegraph.

The problem of the functioning of unprofitable state-owned enterprises has come close in our country. It is also expected to continue reducing excess federal liabilities. Thus, most of the categorical benefits have recently been canceled, this measure should be compensated by an increase in real wages and monetary allowance.

Nevertheless, regional budgets, if they have such opportunities, can introduce their own benefits, including those that replace 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, which provides a system of social protection for the population and investments in human capital. To this end, the state is taking measures to increase wages for public sector employees, primarily doctors and teachers, and increases pensions, social benefits and scholarships. Implemented and whole line other financial measures aimed at combating poverty.

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 the conditions of taxation for all categories of taxpayers by abolishing existing unreasonable tax breaks, the abolition of inefficient taxes (primarily the sales tax), adjustments to the procedure for determining tax base for separate taxes.

It is also expected to significantly simplify the procedure for appealing against decisions and actions of tax authorities, including through the creation of specialized collegiums of lawyers for tax disputes in courts. general jurisdiction and arbitration courts.

An important direction of tax policy is the further reduction of the tax burden. This problem can be solved by reducing tax burden on the wage fund and lowering the value added tax rate. The priority direction of the tax policy is also the simplification of the tax system, the reduction of the number of taxes and fees, the unification of the rules for calculating individual taxes and the procedure for their payment.

3. Bodies of state financial management

The state financial management involves legislative and executive authorities with appropriate powers in terms of regulation financial activities states.

The President of the Russian Federation as head of state:

Provides coordinated work and interaction of public authorities 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 off-budget funds, and the tax system;

Defines the system of financial and economic relations between the Center, subjects of the Russian Federation, local governments, etc.

The Federal Assembly of the Russian Federation is a parliament consisting of two chambers: the Federation Council and 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 state loans;

On changing the financial obligations of the state;

On the federal budget;

About the state off-budget funds.

The overall 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:

budgetary activities;

tax activity;

insurance activities;

Monetary activity;

banking activities;

public 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 the labor pension;

Organization and holding of lotteries, gambling and betting;

Production and circulation of security printed products;

Financial provision of public service;

Counteracting the legalization of proceeds from crime 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 Service insurance supervision;

Federal Service for Financial and Budgetary Supervision;

Federal Financial Monitoring Service;

Federal Treasury, as well as control over the execution by the Federal Customs Service (which is under the jurisdiction of the Ministry of Economic Development and Trade of the Russian Federation) of regulatory legal acts on the calculation and collection of customs payments, determining 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 the calculation, completeness and timeliness of the payment of taxes and fees to the relevant budget, in cases provided for by the legislation of the Russian Federation;

Control and supervision over the correctness of the calculation, completeness and timeliness of making other mandatory payments to the relevant budget;

Control and supervision of the production and circulation of ethyl alcohol, alcohol-containing, alcoholic and tobacco products;

Control and supervision over 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) households;

Representation in bankruptcy cases and in bankruptcy proceedings of claims for the payment of mandatory payments and claims of the Russian Federation for monetary obligations.

The Federal Insurance Supervision Service performs the functions of control and supervision 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 performs the functions of combating the legalization of proceeds from crime and the financing of terrorism and coordinating the activities of other federal executive bodies in this area.

The Federal Treasury performs the following law enforcement functions:

Ensuring the execution of the federal budget;

Cash services for the execution of budgets of the budgetary system of the Russian Federation;

Preliminary and current control over the conduct of operations with these funds by the main administrators, 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 fees;

Control of correctness of calculation and timeliness of payment of the specified duties, taxes and charges;

Implementation of enforcement measures.

The securities market is managed by the Federal Service for Financial Markets, which is managed by the Government of the Russian Federation. The main functions of the Federal Service for Financial Markets are as follows:

Implementation state registration issues of securities and reports on the results of the issue of securities, as well as registration of prospectuses of securities;

Ensuring the disclosure of information on the securities market in accordance with the legislation of the Russian Federation;

Control and supervision of the activities of issuers, professional participants securities market and self-regulatory organizations, stock investment funds, their management companies and specialized depositories, mutual investment funds, non-state pension funds and their self-regulatory organizations, mortgage agents, managers of mortgage coverage, specialized depositories of mortgage coverage, the Pension Fund of the Russian Federation, the state management company, as well as for activities commodity exchanges and credit bureaus.

A special place in the financial management system on the part of the 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 income and expenditure items of the federal budget and the budgets of federal extra-budgetary funds;

Determining the efficiency and expediency of spending public funds and using federal property;

Assessment of the validity of revenue and expenditure items of draft federal budgets and budgets of federal extra-budgetary funds;

Financial expertise 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 course of execution of the federal budget, obtained in the course of ongoing control measures, to the Federation Council and the State Duma of the Russian Federation.

The sphere of exercising the powers of the Accounts Chamber of the Russian Federation includes:

State bodies of the Russian Federation, federal extra-budgetary funds;

Local governments, enterprises, organizations (including financial and credit organizations and Insurance companies), if they receive, transfer or use funds from the federal budget, or if they use federal property or have tax and customs benefits.

The main form of control by the Accounts Chamber of the Russian Federation is audits and thematic audits, the results of which are reported to the Federation Council and the State Duma of the Russian Federation. When a violation of laws that provide for criminal liability is revealed, the Accounts Chamber sends the materials of inspections to law enforcement agencies.

In order to take measures to eliminate the violations identified by the Accounts Chamber, a submission is sent to the head of the audited organization, which must be considered within the period specified in it.

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 an independent financial control body.

Conclusion

Summing up, we can say that the financial system is a combination of various areas of financial relations, in the process of which funds of funds are formed and used.

The 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, covers 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 the corresponding monetary funds;

A set of state bodies and institutions that carry out financial activities within their competence.

The role of the financial system is reduced to the legal regulation of financial relations, i.e. with the help of the financial system, it is possible to control the effectiveness and compliance of the legal form with the economic content.

So, we can conclude that the financial system plays such an important role in the life of society that a violation 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 such a state of it that corresponds to the interests of the development of the entire economy, the effective solution of constantly emerging economic problems.

The financial system is a concept that transcends concrete financial legislation. Rather, it is 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 effective the financial legislation will be, the more confidence will be caused 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., Soloviev V.I. Finance and credit. - M.: NI-VSHU, 2006. - 186 p.

6. Neshitoy A.S. Finance and Credit: Textbook. - M.: Dashkov i K, 2010. -575 p.

7. Romanovsky M.V., Vrublevskaya O.V. Finance, money turnover and credit. - M.: Finance and statistics, 2006. - 544 p.

8. Fetisov V.D., Fetisova T.V. Finance and credit. - M.: Unity, 2008. - 399s.

9. Shevchuk D.A., Shevchuk V.A. Finance and credit: textbook. - M.: RIOR, 2007. - 288 p.

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"Financial system of the Russian Federation"

Introduction

financial market economy

It is believed that the concept of the financial system is the development of a more general definition - finance. In theory, a system is what solves a problem. As problems of modern society, which the financial system is designed to solve, we can name:

insufficient pace of economic development;

disproportions in the development of the economic system;

lagging behind in adapting to changes in external commodity and financial markets;

low level of satisfaction of the needs of the individual, etc.

There are two main types of systems: closed and open. A closed system has rigid fixed boundaries, its actions are independent of the environment surrounding the system. An open financial system is characterized by fairly frequent and intense interaction with the external environment. Financial resources, information are objects of exchange with the external environment through the permeable boundaries of an open system. The openness of the financial system in market conditions is due to the variety of forms of ownership, in particular, joint-stock ownership.

The variety of forms of ownership opens up the possibility of creating a number of financial instruments: leasing, franchising, pledge, mortgage, etc. This openness is determined by the ability to freely sell and buy currency, securities, make foreign economic insurance transactions, participate in the activities of international financial institutions etc.

The definition is known: "the financial system is a system of forms and methods of formation, distribution and use of funds of the state and enterprises." In another work, three interrelated areas are distinguished in the total set of financial relations: the finances of economic entities (enterprises, organizations, institutions), insurance, and public finances.

We will consider the financial system as a form of organization of monetary relations between all subjects of the reproduction process for the distribution and redistribution of the total social product.

The topic of the course work is very relevant for today, since a reliable financial system is the core in the development and functioning of a market economy and a necessary prerequisite for the growth and stability of the economy in the state. This system is the basis that mobilizes and distributes the savings of society and facilitates its daily operations. A market economy that operates according to market principles includes many elements, but the most important thing is to create a sound financial system. Once a sound financial system is in place, money and capital markets can develop, especially primary and secondary markets for national government securities.

The purpose of the course work is to reveal the essence and structure of the modern financial system in the market economy of the Russian Federation and its development trends.

Course work defines the following tasks:

identification of the main functions;

disclosure of the main areas and links of the financial system;

consideration of the state and development of the financial system in recent years.

1. Essence and structure of the financial system

.1 Concept and functions of the financial system

The state controls society and consists of a number of structures: political, economic, social, religious, etc.

The basis of the economic structure is the relations that have arisen in the state, in which four subjects participate: the state, the region, the economic entity, and the citizen. Each entity has its own rights and obligations. Entering into relations with each other, they participate in commodity-money relations, which leads to the creation of the financial system of the state.

By definition, the financial system is a set of financial relations. By their nature, financial relations are distributive, and the distribution of value is carried out, first of all, by subjects. Subjects form special-purpose funds depending on what role they play in social production: whether they are direct participants in it, whether they organize insurance coverage or carry out government regulation. It is the role of the subject in social production that acts as the first objective criterion for the classification of financial relations.

The financial system within a particular country includes:

the state financial subsystem, which ensures the receipt of funds in the budget and their spending;

the banking subsystem, which contains financial institutions that provide settlements, loans, investments, cash transactions;

a subsystem for the circulation of government securities, which serves to raise funds in the secondary securities markets.

There are a number of reasons why, in different countries ah financial institutions differ significantly from each other. These include the level of accessibility and complexity of technology and different sizes, as well as the difference in the historical, cultural and political development of a particular state. The functions of the financial system are also transformed over time, that is, they are subject to change. Functions in financial institutions can change significantly, as well as expand.

Analyzing the main function of the financial system, which is the efficient allocation of financial resources, at the most general level, we can talk about six basic or key functions of this system:

Providing ways to move economic resources over time, across state borders and from one sector of the economy to another.

Provide ways to manage risk.

Provide settlement methods that facilitate trade.

Providing a mechanism for pooling financial resources and separating ownership in different enterprises.

Provision of price information to coordinate the decentralized decision-making process in different sectors of the economy.

Providing ways to solve the incentive problem.

The first function, the movement of resources in time and space, means that the financial system provides ways to move economic resources in time, from one geographical region to another, as well as from one sector of the economy to another.

Student loans, home loan, retirement savings and investment in production capacity- all these operations lead to the movement of resources from one point in time to another. The financial system plays a very important role in the movement of resources in space. Sometimes the capital needed to carry out a business project is very far from the place where it could be used with the greatest efficiency. Thus, for example, households in Germany can raise capital by saving money, which, quite possibly, could be most effectively used somewhere in Russia. And the financial system provides a number of mechanisms that facilitate the movement of monetary resources from Germany to Russia. The efficiency of the economy is greatly enhanced by all sorts of innovations, thanks to which scarce monetary resources flow from where they do not bring high income, and are used where they give high profit.

Like the movement of monetary resources, risks also move - the second function. There are intermediaries in the financial system, such as insurance companies, that specialize in risk transfer activities. They collect special insurance premiums from clients who want to reduce their risks and transfer them to investors who, for a certain fee, agree to pay insurance claims and bear the risk.

Often, capitals and risks are linked together and transferred through the financial system at the same time, as a result of which the financial flow also characterizes the flow of risks.

The third function of the financial system is to enable payments to be made in ways that encourage the exchange of goods, services, and assets. This is one of the most important functions of the financial system, as it provides people and firms with efficient ways to make payments in the process of purchasing goods and services.

One example of efficiency gains payment system can serve as a replacement for such a means of payment as gold, paper money. Today, gold is a scarce resource that is used in medicine and jewelry, and paper money is the main means of payment. Authenticity compared to gold paper money easier to check and they are much more convenient to use in everyday life, for example, to carry in your pocket. In addition, printing money is a much less expensive process than mining, melting down and minting gold coins. The efficiency of settlements has increased even more due to the subsequent emergence of alternative means of making payments: checks, credit cards and electronic payment systems.

The fourth function of the financial system provides a mechanism for unifying financial resources for the establishment of a large-scale enterprise or for the division of capital large enterprises shares among a large number of owners.

IN modern economy the minimum investment required to run a full-fledged business often exceeds the financial resources of an individual and even a large family. The financial system provides an opportunity (for example, through stock markets or banks) to pool household funds into larger capital, which is then used by firms in need of them.

Through the financial system, individual households are able to participate in investments that require large sums of money by pooling their resources and then subdividing their shares in the total investment.

For its fifth function, the financial system provides price information that helps to harmonize independent decisions made in various sectors of the economy.

Newspapers, radio and television provide daily information on stock prices and interest rates. Of the millions of people who receive this information, relatively few are professional securities traders. However, very often people who are very far from the stock market use information based on securities quotes to make financial decisions.

Solving the psychological problems of incentives is the sixth function of the financial system. These problems arise because the parties to contracts often do not have the ability to constantly monitor each other and control each other. There are three types of problems associated with incentives. They have received the following names: the problem of "moral hazard", the problem of "bad choice" and the problem of "principal-commission agent".

The problem of moral hazard or irresponsibility arises when the possession of an insurance policy causes the insured party to take more risk or be less willing to prevent an event leading to a loss. It is the irresponsibility of one of the parties that often causes such problems. Another problem that arises due to the uneven amount of information of the parties to the transaction is the problem of adverse selection. It lies in the fact that people who buy insurance against a particular type of risk are usually much more exposed to this risk than the general population. The problem of the relationship between the committent and the commission agent is that the commission agent often makes decisions that are different from those that the committent would have made if he had all the knowledge that the commission agent has and would make decisions on his own. As a result, a contradiction often arises between the interests of commission agents and committents.

1.2 Characteristics of the spheres and links of the financial system

The financial system is the totality of links and spheres; a set of institutions of the financial system that exists in the enterprise, in the state, etc. The first area where finance is needed is the state. The system by which the government collects and spends money is called public finance. In addition to the state, there are various types of enterprises, therefore, the second area is called enterprise finance. It is a tool by which a company raises funds. The third area is other finance (including insurance finance).

Links of the 1st sphere: 1. The state budget (it concentrates huge financial resources). 2. Extra-budgetary funds (funds that are concentrated in the hands of non-governmental, but state-owned organizations).3. State loan.

Links of the II sphere (finances of enterprises): 1) finances of enterprises operating on a commercial basis; 2) finances of institutions and organizations that carry out non-commercial activities; 3) finances of public associations (trade unions, political parties, public funds).

Insurance is a specific area that has its own links: 1) Social insurance (all methods); 2) Personal insurance; 3) Property insurance; 4) Liability insurance; 5) Business risk insurance.

1.3 General government finance

Let's take a closer look at public finance. They include a budget system ( the state budget), state off-budget trust funds, state credit, state insurance fund.

The state budget is a form of formation and use of a centralized fund of funds to ensure the functions of public authorities. It is the main financial plan of the country, approved for each year as a law. A significant share of the national income is concentrated in the state budget to finance the main directions of the national economy, social and cultural events, the defense of the country, the maintenance of the state apparatus, etc. With its help, the national income is redistributed, which makes it possible to purposefully influence the pace and development of social production and society as a whole.

Off-budget funds are funds from the federal government and local authorities associated with the financing of expenses not included in the budget. Extra-budgetary funds have a strictly designated purpose:

Pension Fund of the Russian Federation;

RF Social Insurance Fund;

State fund employment;

mandatory health insurance.

The state credit system reflects credit relations regarding the mobilization by the state of temporarily free funds of enterprises, organizations and the population on the basis of repayment to finance public expenditures.

The insurance system provides compensation for possible losses from natural disasters and accidents, and also contributes to their prevention.

The interaction between the subsystems of the financial system is carried out, as a rule, through the mediation of institutions of the banking system.

Each subsystem, in turn, is divided into links depending on industry affiliation, ownership, nature of activity, etc. The relationship of the financial system is based on the finances of economic entities (enterprises), financial support for reproduction costs, carried out in three forms:

self-financing;

lending;

public funding.

1.4 Business finance

Finances of economic entities - an integral part unified system finance. An economic entity is an artificial formation created by a group of individuals or legal entities. This association allows not only to unite the entrepreneurial efforts of different people in one direction, but also to limit the scope of responsibility for the consequences of the activities of such a team. Usually, the founder is responsible for the results of the company's activities only to the extent of his contribution to the authorized capital.

However, the legislation also allows the creation of such forms of association as a general partnership. Its participants (general partners), in accordance with the agreement concluded between them, are engaged in entrepreneurial activities on behalf of the partnership and are liable for its obligations with all their property. Moreover, one person can be a participant in only one full partnership.

On the issue of economic entities, there is no consensus in the economic literature. What is included in the system of economic relations that determine the finances of business entities. Some scholars believe that finance cannot include monetary relations arising from the sale and purchase of goods, as well as from monetary remuneration, which affects the financial relations of an enterprise, but does not itself serve as an element of these relations. However, scientists - supporters of the reproductive concept of finance refer to the mentioned relationships as financial ones, since they recognize the existence of financial relations in production and exchange. So, during the exchange, income is formed, from the sale of products from which the supplier enterprise forms consumption and accumulation funds. The progress of implementation may be accompanied by the application of financial sanctions in case of non-compliance with the requirements of supply contracts, the formation of mutual types of debts of the supplier and the buyer. Monetary relations arising from wages, payment of bonuses are accompanied by the formation and expenditure of special funds: wages, consumption, working capital(in terms of costs for work in progress, sustainable liabilities). Proponents of the reproductive concept believe that financial relations are present at all stages of the cycle production assets enterprises.

In this regard, we can conclude that the finances of economic entities also perform a reproductive sub-function within the distribution function. Its content is to ensure the correspondence between the movement of material and monetary resources in the process of their circulation with simple and expanded reproduction.

Business entities are divided into two groups according to the results of their activities. The main goal of the first is to make a profit, this is a group of commercial organizations. The main goal of the second is not to make profit and distribute it among the founders, it is a group of non-profit organizations.

Commercial organizations include, in particular, the so-called enterprises of the real sector of the economy (industry, Agriculture…), enterprises of the financial sector (banking, investment, insurance companies), services.

Non-profit organizations include religious organizations, political parties and movements, charitable and other foundations. They can engage in entrepreneurial activities only if this contributes to the achievement of statutory goals.

The finances of economic entities, in comparison with the finances of other subjects of society, are most regulated, since, being artificial formations, they must be completely controlled by the founders, as well as by the authorities. main document financial reporting is the company's balance sheet. However, it should be borne in mind that finance is a category that is constantly developing and becoming more complex, mirroring the development and complexity of the economy. Therefore, with the development of the economy in the field of finance, phenomena will constantly, again and again arise that have not previously been encountered and, accordingly, not subject to regulation.

Of the economic entities, the most overregulated are banks, which are obliged to draw up, in particular, daily balance sheets. A perfectly justified measure, given that the failure of one bank can lead to the bankruptcy of all its clients. Another difference in the banking industry is that the failure of one bank undermines the credibility of the entire industry as a whole.

A high degree of regulation a high degree accountability. Indeed, the authorities tax authorities, statistical authorities…) can collect almost any information from business entities.

cash fund

Commercial organizations have two cash funds - the profit fund, that is, the result economic activity, and depreciation fund, that is, funds officially withdrawn from taxation in order to upgrade fixed assets.

There may be an erroneous impression that the company has another cash fund, in the income of which the proceeds from the work performed and the sale of property, and in the expenses - all expenses. It can be called "company budget". But this fund of money does not belong to the company, since the company cannot dispose of it as arbitrarily as the profit fund. In particular, the revenue side of such a "budget" consists of funds belonging to customers and, if the company does not fulfill its obligations to supply goods, then these funds must be returned to the owners. Also, the authorized capital is not the cash fund of the company. Funds of the Criminal Code are the property of the founders.

Commitments

The presence of obligations is a natural situation for business entities. Moreover, this is not only attracting loans, but also obtaining a deferred payment for already received goods. Therefore, a company with a large amount of liabilities may, ceteris paribus, look preferable to a company with a small amount of liabilities.

In addition, a large amount of liabilities reduces the current size of the cash fund, which can be considered an indirect protection against the fact that the bank servicing the company's accounts will go bankrupt. At the same time, the growth of obligations also has a negative side - an increase in the risks of their non-fulfillment, an increase in the cost of servicing them.

The debt to the company is called accounts receivable. A company's debt to third parties is called accounts payable. It is generally accepted that overdue debt is debt, the term of which exceeded three months.

The difference between the obligations of economic entities and other entities of the company is the completeness of accounting for obligations. So, companies keep records of liabilities not in the amount of current debt (that is, not in the amount of the principal amount of the debt), but in full, that is, the principal amount of the debt plus interest that has not yet been accrued, but will only be accrued for the entire loan period.

Strict regulation of economic entities also applies to influence. In any case, if the shareholders make the appropriate efforts, they can make the use of "Influence ..." relatively objective, amenable to their control. In this case, the traditional disadvantages of "Influence ..." - susceptibility to emotions, arbitrariness - will be minimized.

"Influence..." applies to the finances of subsidiaries and associates. This means, in particular, intervention in the spending of funds, the formation of a tariff policy, the implementation of a procurement policy, a policy tax optimization.

At the same time, if the insolvency or bankruptcy of the company is caused by the founders or other persons who have the right to give instructions binding on this legal entity, or otherwise have the ability to determine its actions, such persons, in the event of insufficient property of the company, may be assigned subsidiary liability for its obligations.

Finance Evaluation Criteria

From the point of view of the owners of commercial organizations, the criterion for assessing finances is data on the amount of profit, as well as information on the amount of funds that they can receive in the event of a sale or liquidation of the company.

In addition, relative indicators are used that characterize the intensity of the use of the initially invested funds and the current financial condition companies, for example, profit per ruble of fixed assets, per share, per ruble authorized capital, for one ruble of revenue.

2. State and trends in the development of the financial system of the Russian Federation

.1 Contemporary Issues development of the financial market in Russia in the context of globalization

Financial markets have always had a significant impact on the level and pace of socio-economic development. In the context of globalization, they are turning into a particularly powerful factor of economic, political and other influence on public life.

By providing external financing resources, the financial market forms investment and innovative support for social reproduction. Also, the development of financial markets is accompanied by a sharp increase in new derivatives and speculative transactions, which, given the global nature of financial capital, creates large-scale threats to social development.

In the context of the growing involvement of the Russian financial market in the global financial system, the problem of developing a sound strategy for its development, which makes it possible to ensure the necessary stability of the market in the face of negative external and internal influences, becomes actual.

The peculiarities of the Russian financial market include a significant asymmetry of its structural and functional organization. This is expressed primarily in the non-diversified nature of the financial market, the low share of freely traded shares, the dominance of companies and banks with state participation, and high dependence on foreign capital.

The asymmetry of the financial market reduces its attractiveness for both Russian and foreign investors. For domestic participants, it is excessively isolated from the real sector, for foreign participants it is too risky and undiversified.

Despite the positive developments, the Russian financial market remains predominantly speculative. Thus, the share of the credit market in investments in fixed assets is about 10%.

Due to the existing structural and functional characteristics, the Russian financial market turned out to be very sensitive to external factors. The high dependence on external conditions allowed the world crisis to quickly spread to the territory of Russia.

In the conditions of economic development, state regulation of the financial market ensures the integrity, balance and stability of the entire financial system of the country. Direct state regulation is carried out through the creation of a system of legal norms, the implementation of which is ensured by government bodies. Indirect is the implementation of tax and monetary policy, management of state property, etc.

Recently, the issue of improving the regulation of the financial market has been increasingly raised, which is especially important in the period of overcoming the consequences of the crisis and the decline in the pace of development. domestic economy. In addition, the solution of the tasks defined by the strategy for the development of the financial market of the Russian Federation for the period up to 2020 also requires improving the quality of state regulation and involving the entire investment potential in circulation,

2.2 Problems in the implementation of project finance in Russia

One of the most effective ways implementation of large-scale long-term projects is the use of project financing, which allows you to optimally distribute risks among numerous project participants. In the works of domestic and foreign authors, there is no single approach to the definition of the term "project financing". Moreover, it is necessary to recognize the fact that within our country the very method of project financing used to organize the financing of investment projects is periodically understood and interpreted insufficiently correctly. Project financing is often confused with the concept of "investment credit", "project financing".

For example, project finance is understood as a modern form of long-term international lending. This is not about irrevocable subsidies, but about lending to investment projects for a certain period.

The most complete interpretation of project financing seems to be the provision of financial resources for the company to implement investment project as borrowed money and equity participation of investors in the activities of the project company, when the result of the project acts as collateral, and the repayment of borrowings is carried out at the expense of cash flows from the project.

Project financing is still quite a rare banking service due to the fact that project financing is a highly costly mechanism and carries increased risks. However, if this is an interesting and profitable project, implemented by a team of professionals who also have experience in creating a successful business from scratch, banks may make an exception. In 2010, the scale of bank project financing continues to grow, as the projects most often financed are natural resources, energy projects, large infrastructure projects and projects in telecommunications networks. Examples of the implementation of project financing are projects - Blue Stream, Western High-Speed ​​Diameter, Sakhalin-1,2,3, etc.

In a crisis, there are a number of problems of project financing.

First, it is the volume and mechanisms of financing energy and infrastructure projects. Financing should be provided to stabilize the labor market and address the energy deficit in the economy.

Secondly, the interaction of public and private structures in the process of implementing existing and initiating new projects.

Thirdly, under the conditions financial crisis the share of the private sector in project financing has slightly decreased, the share of state guarantees has increased.

Fourth, it is important to form a mechanism for stimulating and guaranteeing investors and owners. Such a policy should lead to an increase in various preferential terms to attract resources to Russia and improve the investment climate.

During 2008-2010 certain steps were taken to solve these problems. In 2008 an anti-corruption plan was adopted, and the Law on foreign investment with clarification of the legal regime in key sectors.

The solution of all the problems raised and the borrowing of Western experience in project financing allows us to more actively develop and use the advantages of this form of financing in solving the investment tasks set in Russia.

2.3 Modern tendencies in the development of national banking systems

At the end of XX - beginning of XXI centuries. there was a rapid and deep globalization of the world economy, in particular, the process of globalization developed at a faster pace in the financial sector. As a result, thanks to the decisions taken at the Jamaica Monetary Conference, a global financial system was formed, characterized by the absence of strict control and regulation of liquid and huge financial flows moving around the world, directed by economic entities to the most profitable industries in different countries.

Banks of developed countries began to play a significant role in the new global financial system. The main trend of the past decades has been to strengthen and improve the activities of banking institutions in developed countries by expanding, diversifying and increasing business value.

Shortcomings in the past functioning of national banks were revealed during the global financial crisis of 2007-2009, as a result of which the total volume of losses in the global financial system amounted to 2.2 trillion. US dollars,

The main such drawback was the weakening of control over the activities of banks in different countries, which made it possible to develop and implement financial innovations in the form of highly profitable financial products backed by highly overvalued assets, and, as a result, taking on high risks.

As a result, the following main trends in the development of national banking systems have emerged.

First, strengthening state control and regulation not only for reliable and high-quality activities banking institutions but also for the systemic stability of the national banking sector. At the national level, many countries have already adopted a set of legislative acts that establish more stringent requirements for the activities of banking institutions. At the international level, the Basel Committee on Banking Supervision has developed a reform of the global banking sector, called " Basel III».

Secondly, the time of crisis demonstrated the resilience of national economies developing countries. This means that their financial institutions did not reduce the scale of their activities during the crisis, but, on the contrary, increased their influence and continue to develop. Accordingly, there is a risk that the banks of developed countries may be forced out of the global financial arena.

Thirdly, there is currently a balance in the world between the consumption of financial resources and their savings. In the global financial system, the bulk of capital is accumulated in the banking systems of developing countries, which is subsequently used in developed countries. Developing country banks are overflowing with deposits, while developed country banks are short of depositors and rely on volatile financial markets to raise funds.

The inevitable increase in government spending by developing countries and their need for capital will cause high volatility in financial markets and an imbalance in the consumption of financial resources and their savings in the global financial arena.

As a result, it is the banking institutions of developing countries that will continue to strengthen their role in the global financial arena, gradually crowding out the banks of developed countries. However, this threatens the world economy with new financial shocks.

2.4 Role plastic cards in Russian payment turnover

Now in Russia there is a formation of "industry" of plastic cards. All over the world, millions of trade, hotel and various service enterprises are involved in the sphere of plastic cards circulation; the number of users of such cards is approaching 500 million. Almost all banks in developed and developing countries work with cards. An analysis of the development of this "industry" shows that bank plastic cards are developing most successfully. And this is understandable, because the card itself is a payment instrument that crowns the system, which is based on settlement and payment relations, i.e. non-cash payments carried out on a modern technical and technological basis. An important role is played by the resource base of banks, which allows to constantly develop and improve the technological and technical base. This, in turn, enables banks to constantly improve and expand the range of services provided to their customers. As you know, the dominant settlement and payment systems have become "European", "VISA" and "America Express", which are transnational corporations. The payment instruments of these systems are used in many countries of the world - both in internal and external payment transactions.

The purpose of the development of card circulation is to reduce the volume of cash circulation through various forms and methods of non-cash payments and ensure their protection. This can be done by creating a specialized system of settlement and payment relations, integrated into the Western European settlement and payment system. Within the framework of international systems Russian banks can use international payment instruments; the same payment instruments in rubles can be used in the internal payment turnover, which, by the way, is already actively used by leading Russian commercial banks. This can be an essential technical element in the practical implementation of full convertibility. Russian ruble.

A difficult question remains regarding the transition to chip cards (that is, equipped with microprocessors). Undoubtedly, “chip technology” has a future, and most importantly, it allows you to dramatically expand the circle of plastic card users (since the pre-paid money will be fixed on the card), not to resort to authorization in different modes. The breakthrough of a large volume of plastic cards into the settlement and payment turnover does not mean that other payment instruments have become of secondary importance. Our main form of payment is still cash. Cash circulation generates huge costs associated with printing paper money, minting coins, issuing them into circulation, processing, transportation and storage. It is possible to reduce cash circulation, reduce the costs associated with servicing the retail settlement and payment turnover, only when using a variety of payment methods in this turnover. These are, first of all, advance payments, debit and credit cards, credit checks (in particular, Eurochequecard), bank and traveller's checks. At the same time, it is always necessary to clearly understand what space can effectively fill this or that means of payment. The system of advance payments, like plastic cards, is connected with the circulation of personal income. It consists in the fact that the bank automatically credits to the current account of the client or debits from it amounts according to a pre-concluded agreement.

A big problem creating an "industry" of plastic cards - providing it with expensive technological equipment purchased in developed countries. It would be cheaper for Russian consumers to create this equipment in Russia according to the VISA and Europe standards. For these purposes, it is necessary investment company with the participation of Western banks and firms to select from the numerous conversion enterprises those that could manufacture the appropriate equipment and means of communication. The market for the sale of such equipment in Russia is provided for many years to come.

2.5 Priorities in the development of the Russian banking system in the conditions financial globalization

The intensive development of the Russian banking system in recent years was determined by the process of transformation of the planned economy into a market one.

As a result of the financial crisis, the Russian banking system suffered significant losses. The crisis led to a decrease in the number credit institutions and concentration of banking capital. In order to overcome the consequences of the financial difficulties of banks that emerged during the crisis, the Central Bank of the Russian Federation implemented a comprehensive program of restructuring the banking system.

Thus, the priority of the current stage of development of the Russian banking system is to ensure sustainability. Therefore, in my opinion, the next stage of sustainable development will be built on this basis. Sustainable development, understood as the desire to ensure the successful functioning of the organizational system (including the bank) in the long term, is a key component of management both for individual banks and for the Russian banking system as a whole in the medium term. Without solving these problems, ensuring the stability and efficiency of the Russian banking system will be a difficult task.

The successful development of the Russian banking system should be based on positive international experience. The most important aspect in this regard is the adaptation of international standards and best international practice of bank business to the realities of the Russian banking system.

Conclusion

Financial systems arose with the birth of class society and developed as part of the political, social and economic system of the state.

The history of economic development and finance shows that during periods of relative prosperity and sustainable development, states use a liberal approach to revive business activity, and during periods of crises and increased social tension, the role of the state and public finance in social and economic transformations is enhanced.

Broad and narrow interpretations of the subject of finance are possible, associated with the use of the provisions of systems theory, known as aggregation and decomposition procedures in research.

An argument in favor of the fact that finance covers all stages of the reproductive process may be that the movement of funds is both spatial and temporal. At the same time, movement in time exists objectively and always regardless of the will of economic entities. Such movement objectively ensures the redistribution of funds even when there is no spatial movement.

There is a close relationship between prices, wages, loans with the possibility and intensity of sources of financial resources, the time value of financial flows. The presence of such a close relationship can make it possible to classify price, salary, credit as relatively independent categories, but included in the sphere of financial relations.

Taxes are a backbone financial instrument that formally and directly ensures the inclusion of prices, salaries, loans, and insurance in the sphere of finance.

The composition of decentralized finance, in addition to monetary relations that mediate the circulation of the monetary funds of enterprises, can also include monetary distribution and redistribution relations within financial and industrial groups, holdings, as well as the finances of entrepreneurs without forming a legal entity, investment activities of citizens to maintain or change their social status.

Finances play a different role in the activities of organizational and production systems operating in the commodity market as part of a sales strategy or marketing strategy.

There is an ever closer connection between financial relations and property relations, which is reflected, in particular, in the development of procedures for privatization, financial leasing, pledge, conversion of debt securities, etc.

Thus, having become familiar with general questions structure of the financial system of the Russian Federation, it can be said that finance is monetary relations that arise in the process of distribution and redistribution of the value of the gross social product and part of national wealth in connection with the formation of cash income and savings from economic entities and the state and their use for expanded reproduction, material incentives for workers, satisfaction of social and other needs of society. The essence of finance is manifested in its functions: distribution, control and regulation. An important specific feature of finance that distinguishes them from other distribution categories is that financial relations are always associated with the formation of cash income and savings that take the form of financial resources.

List of sources used

.Finance: Textbook / Ed. M.V. Romanovsky, B.M. Sabanti. M.: Prospect: Yurayt, 2000.

.Banking: Proc. allowance / Ed. G.N. Beloglazova, L.P. Krolivetskiy. St. Petersburg: Peter, 2002.

.Lomtatidze O.V. The state as a factor influencing the behavior and development of financial markets / finance and credit. 2009. No. 27. - With. 47.

.Gvardin S. Development and regulation of the financial market / Financial newspaper. 2009. Oct. (No. 41). - With. 12.

.Goloshchapov D.N. Globalization of the financial market and inflation / Finance and credit. 2009.№5. - With. 71-74.

.KoksharovA. Where is the weak link. / Expert - 2010, No. 40

.Kulikov A.G. Money, credit, banks. 2009 p. 198 25

.Organization of the Central Bank: Proc. allowance / Ed. G.N. Beloglazova, N.A. Savinsky. St. Petersburg: SPbGUEF, 2000.

.Edited by A.M. KOVALEVOY, Moscow "Finance and statistics", 2005

.Molyakov D.S., Shokhin EZH Theory of enterprise finance. - M.: Finance and statistics, 2000

.en.wikipedia.org/wiki/Financial_system

.Balabanov A., Balabanov I. Finance. St. Petersburg: Peter, 2002.

.Krushvits L. Financing and investment. St. Petersburg: Peter, 2000.

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Ministry of Science and Education of the Russian Federation

Ryazan State University S.A. Yesenina

Faculty of Sociology, Economics and Management

Department of National Economics

Essay

on the topic of:

Financial system of the Russian Federation

Performed:

3rd year student of group E32

Boyko S.Yu.

Checked:

Ananiev A.A.

Ryazan, 2008

1. The concept of the financial system. 3

2. Structure of the financial system of the Russian Federation. 4

3. a brief description of links of the financial system.. 8

4. State financial policy. eleven

1. The concept of the financial system.

Finance is quite complex. social phenomenon. They cover a wide range of exchange and distribution relations, which are displayed in various cash flows. With a single essence of these relations, separate elements are distinguished in them, which have their own characteristic features and features. The study of finance is based both on an understanding of their necessity, essence and role in society, and on a detailed assimilation of specific forms of financial relations.

The allocation of forms of financial relations characterizes the relative separation of the individual components of finance. The totality of these components is defined by the term "financial system". Like any other system, it is not a simple set of individual elements, but a collection of interrelated elements that have homogeneous features.

The financial system of the state is a reflection of the forms and methods of the specific use of finance in the economy and, accordingly, the model of the economy involved is largely indicated by it.

The financial systems of some states may differ in their structure, but they all have a common feature - these are various funds of financial resources that differ in the methods of mobilization and their use, but are closely related to each other, have a direct and reverse effect on economic and social processes in the state, as well as on the formation and use of funds of financial resources in the context of individual links.

It can be argued that each link of the financial system is its independent element, but this independence is relative in the middle of a single holistic one. The financial system is a set of various types of funds of financial resources concentrated at the disposal of the state, the non-financial sector of the economy (economic entities), individual financial institutions and the population (households) to perform their functions, as well as to meet economic and social needs.

2. Structure of the financial system of the Russian Federation.

The term "financial system" is used in various meanings. Firstly, as a set of financial institutions (the institutional structure of the financial system) and, secondly, from the point of view of economic content, as a set of financial relations.

The very concept of "system" implies the presence of certain constituent elements and the relationship between them. The structural organization of the totality of financial relations makes it possible to streamline and purposefully manage the elements of the system, monitor and correct financial ties. The construction of the financial system is based on the following features:

Functional purpose of a particular group of financial relations;

· Presence of certain specifics in financial relations;

Unity and interaction of subsystems;

Availability of a special service device;

· Presence of own financial base.

So, the financial system is a combination of various spheres (links) of financial relations, each of which is characterized by features in the formation and use of funds of funds, a different role in the life of society.

Depending on the sign underlying the construction of the financial system, one can imagine its different structural understanding. Let's consider the structures of the financial system of the Russian Federation.

1. According to the stock basis, centralized and decentralized finances are distinguished.

Centralized (public) finances include:

state budgets;

State social non-budgetary funds;

state credit;

state insurance.

Decentralized finance includes:

· finances of commercial enterprises and organizations;

finances of non-commercial organizations;

household finances.

Centralized funds of funds are formed, distributed and used by the state. For them, the sources of funds are strictly defined, the directions of spending are established on the basis of legislative acts. With regard to decentralized finance, there is no strict control over financial flows: enterprises, organizations operate on the principle of economic independence, self-financing, responsibility, households themselves determine the structure of their income and expenses. And although regulation(taxation, control over the legality of financial transactions), social insurance is present, decentralized finance has a certain freedom and independence.

2. In terms of financial relations, the financial system of the Russian Federation includes:

finance economic entities: enterprises, organizations by sectors (commercial, non-commercial), by sectors of the economy (industrial, agricultural, transport, etc.); banking and credit organizations; stock market participants;

State finances: federal level; regional level; local (municipal) level;

insurance funds: state, private;

household finances.

State finances can be structurally represented as follows (Fig. 1):

Rice. 1. The structure of state and municipal finance.

State and municipal finances are part of the financial system of the Russian Federation, they cover part of the monetary relations in the process of which the formation, distribution and use of state and municipal funds of funds necessary to perform public functions and tasks takes place.

The main functions of the state are: creation of a regulatory and legal framework adequate to the requirements of the economy and control over the implementation of laws and regulations; provision of public goods; encouragement of free competition and antitrust regulation; protecting producers from unfair competition; stimulation of development of new progressive technologies; environment protection; organization of public works; support for the development of fundamental science; support of culture, art, education, healthcare; ensuring social protection of the population, social support for low-income strata; consumer protection, etc.

State and municipal finances play an important role in solving social and economic problems. Performing a distributive function, state and municipal finances redistribute financial resources between different regions and municipalities, different sectors of the economy, productive and unproductive areas, and various social groups of the population.

Through state and municipal control, the entire mechanism of financial relations in society, the financial condition of the links of the financial system of the Russian Federation, the effectiveness of the socio-economic development programs applied by the government and the efficiency and legality of the activities of the executive power itself are monitored.

3. The structure of the financial system of the Russian Federation in terms of management includes (Fig. 2.):

· the main elements of the system (finances of the state, finances of commercial enterprises, organizations, household finances);

· auxiliary elements of the system (finances of banking and credit organizations, insurance groups, finances of participants in the securities market).

Rice. 2. Elements of the financial system of the Russian Federation.

4. The institutional structure of the financial system of the Russian Federation consists of different levels.

At the federal level, the institutional structure includes:

Committees of the State Duma and the Federation Council;

The Ministry of Finance of the Russian Federation and within it: the Federal tax service; Federal Service of Insurance Supervision; the Federal Service for Financial and Budgetary Supervision, the Financial Service for Financial Monitoring, the Federal Treasury (service);

· The Central Bank of the Russian Federation;

· Accounts Chamber of the Russian Federation;

· Federal Customs Service;

· Federal Service for Finance and Markets;

· Executive directorates (boards) of federal off-budget funds.

At the level of subjects of the Russian Federation:

budget and finance commissions legislature, corresponding to the federal structures of executive power;

ministries (departments) of finance of a subject of the Russian Federation, including regional offices of the Control Department of the Ministry of Finance of Russia, the Treasury Department of the Ministry of Finance of the Russian Federation or the Treasury Department of a subject of the Federation, territorial departments of the Federal Service of the Russian Federation for Insurance Supervision;

· the main departments of the Bank of Russia of the subjects of the Federation;

· Federal tax service (inspectorate) of the subject of the Federation;

· Customs service of the subject of the Russian Federation;

· Territorial bodies of the Federal Service for Financial Markets;

· Regional directorates (boards) of federal off-budget funds.

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

Since the emergence of the financial system in Russia, there have been discussions about the problems of determining its fundamental points. In the aggregate of all problems, there is a discussion about the degree of social orientation of the financial system, a problem related to the limits and methods of state intervention in the financial processes of private and public financial institutions, the extent of their transparency, the importance and need for control of their activities by society.

The main steps in this area may be the tightening of control over operations in the financial market, in particular, over the formation of debt of state corporations, over the cross-border movement of capital, over the issue of financial instruments.

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

Due to the impact of the global economic crisis, the Russian financial market is going through one of the most difficult periods of its development. The crisis revealed problematic aspects of functioning Russian market securities, which are associated with the need to strengthen market institutions, improve legal regulation, further development of the judicial system. It should be noted that the country's leadership promptly set the task for the financial market regulators on the need to develop instruments for regulating the financial market. One of the options for solving this problem is the creation of an International Financial Center in Moscow.

The development of the securities market in Russia has received a powerful impetus in recent years with the advent of the REPO market, the importance of which can hardly be overestimated. Operations in the REPO market allow refinancing transactions with securities, and contribute to increasing the liquidity of the Russian stock and bond market. A well-functioning repo market is a special element money market, with the help of which the Bank of Russia can effectively carry out refinancing operations as part of its monetary policy.

The Central Bank of Russia plays an important role in regulating transactions in the financial market. Recently, amendments have been made to the Federal Law "On the Securities Market" at the initiative of the Central Bank.

The development of the financial market in Russia, the ultimate goal of which is to attract investment, is impossible without the modernization of the judicial system. Currently, there are serious difficulties in resolving disputes in the financial market. This is due to imperfection legislative framework, the lack of necessary professional knowledge of judges and significant bureaucracy in the consideration of cases.

Thus, the solution of urgent problems of regulation of the Russian financial market will bring it closer to European standards.

Other problems of the Russian financial system are problems in the public sector:

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

The current practice of formation of territorial budgets, in which the mechanism of centrally established norms for deductions to local budgets is preserved;

A downward trend in spending without adequate revenue support, resulting in subsidies to previously balanced local budgets;

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

The dominant role of regulatory revenues in the structure of revenues to regional and local budgets and the low share of tax payments assigned to the territories.

Shortfalls in tax payments, the main reasons for which were: deterioration of macroeconomic and financial indicators compared to those adopted in the budget; growth of non-payments in the national economy; direct tax evasion, concealment by many taxpayers of their income (the impossibility of controlling all small and medium-sized enterprises).

These problems are solved by:

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

Creation of a real budgetary mechanism that allows to translate the developed principles into practice.

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

Creation of a new system of interbudgetary redistribution of financial resources based on the use of various forms of financial assistance to the subjects of the Federation and local governments.

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

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

So, we can say that only with an integrated approach to the problem of improving and stabilizing the financial system of Russia, it is possible to achieve the desired results, i.e. to form a modern socially oriented financial system that functions properly in the conditions of market relations.

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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 loan;

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 between industries, regions and individual groups of the population takes place. Decentralized finance is the regulator of economic relations within individual economic entities and forms the basis of finance. Household finances are personal finances, i.e. financial relations between individuals living together and running a common household.(*)

The basis of the centralized finance of the Russian Federation is a three-level budget system , including federal budget and budgets of federal extra-budgetary funds - first level, budgets of subjects of the federation and budgets of territorial off-budget funds - second level, and local budgets (budgets of municipalities) - third level. The budgets of the top two levels (excluding WBF budgets) constitute the state budget.

Extrabudgetary funds- these are funds accumulated for targeted financing of expenditures not included in the state budget. This is a special kind of expenses associated primarily with pension provision, health and social insurance and specially separated in order to exclude their misuse.

State loan- this is a special form of financial relations between the state, individuals and legal entities, combining two types of monetary relations - finance and credit - and having the properties of both. As a link in the financial system, it serves the formation and use of centralized monetary funds of the state and performs two functions - fiscal and regulatory. At the same time, the state more often acts as a borrower, and individuals and legal entities as creditors. The state attracts additional financial resources by selling government securities.

Property and personal insurance funds are intended to compensate for damage caused to enterprises and the population, as well as to pay material support to the insured and his family in the event of an insured event. The main function of insurance is the formation of a fund of funds, carried out as a payment for the risks assumed by specialized commercial organizations - insurance companies. Insurance is divided into voluntary and compulsory. The main types of insurance are social, property and personal.

Stock market where capital circulation takes place, ensures the movement of capital to industries with higher profitability and serves to mobilize and efficient use temporarily free cash. Its participants are always focused on obtaining a higher income compared to investing in banks.

The second block of the financial system is decentralized finance, and above all finance of commercial enterprises and organizations. This is largely an independent link in the financial system that serves material production, the creation of GDP, its distribution within enterprises and redistribution through the budget and the WBF.

Financial intermediaries create secondary income of economic entities through financial (portfolio) investments.

Non-Profit Organizations play a relatively minor role in the financial system.

The third block of the financial system is finance households which are the material basis of their life. They implement the function of control over future income and expenses within a separate economic unit of society.

The main links of the financial system of the Russian Federation are presented in the diagram.