"Financial system of the Russian Federation"

Introduction

financial market economics

It is believed that the concept of a financial system is a development of a more general definition - finance. In theory, a system is something that solves a problem. 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;

low level of satisfaction of the individual's needs, 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 and 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, carry out foreign economic insurance transactions, participate in the activities of international financial organizations, etc.

The definition is well known: “the financial system is a system of forms and methods of formation, distribution and use of funds from the state and enterprises.” In another work, three interconnected areas are distinguished in the totality of financial relations: finances of economic entities (enterprises, organizations, institutions), insurance, and public finances.

We will consider the financial system as a form of organizing 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 the society and facilitates its daily operations. A market economy operating according to market principles includes many elements, but the most important is to create a sound financial system. Once a sound financial system is in place, money and capital markets, especially primary and secondary markets for national government securities, can develop.

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 the trends of its development.

The course work defines the following tasks:

identification of main functions;

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

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

1.The essence and structure of the financial system

.1 Concept and functions of the financial system

The state governs 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 subject has its own rights and obligations. By entering into relationships with each other, they participate in commodity-money relations, which leads to the creation of the financial system of the state.

By definition, a financial system is a set of financial relations. By their nature, financial relations are distributive, and the distribution of value is carried out primarily among subjects. Subjects form funds for special purposes depending on the role they play in social production: whether they are direct participants, whether they organize insurance protection 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 into the budget and their expenditure;

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

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

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

Analyzing the main function of the financial system, which is the effective distribution 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.

Providing settlement methods that facilitate trade.

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

Providing price information to coordinate decentralized decision-making 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 over time, from one geographic region to another, and from one economic sector to another.

Student loans, home equity loans, retirement savings, and capital investments all result in the movement of resources from one point in time to another. The financial system also plays a very important role in the movement of resources in space. Sometimes the capital needed to implement a particular business project is located very far from the place where it could be used most effectively. So, for example, households in Germany can, by saving money, accumulate capital that, quite possibly, could most effectively be used somewhere in Russia. And the financial system provides a number of mechanisms that facilitate the movement of monetary resources from Germany to Russia. Increasing the efficiency of the economy is greatly facilitated by all kinds of innovations, thanks to which scarce monetary resources flow from where they do not bring high income, and are used where they give greater profit.

Just as financial resources move, risks also move—the second function. There are intermediaries in the financial system, such as insurance companies, that specialize in risk transfer activities. They charge clients who want to reduce their risk special premiums and pass them on to investors who, for a fee, agree to pay the claims and bear the risk.

Often, capital and risks are linked together and transferred through the financial system simultaneously, as a result of which the financial flow also characterizes the flow of risks.

The third function of the financial system makes it possible to make payments in ways that stimulate the exchange of goods, services and assets. It is one of the most important functions of the financial system because it provides people and businesses with efficient ways to make payments when purchasing goods and services.

One example of increasing the efficiency of the payment system is the replacement of a means of payment such as gold with paper money. Today, gold is a scarce resource used in medicine and jewelry, and paper money is the main means of payment. Compared to gold, the authenticity of paper money is easier to verify and is 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 and minting gold coins. The efficiency of payments has increased even more thanks 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 pooling financial resources for the founding of a large-scale enterprise or for dividing the capital of large enterprises into shares among a large number of owners.

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

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 shares of the total investment.

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

Newspapers, radio and television provide daily information about securities 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 stock quotes to make financial decisions.

Solving psychological problems of incentives is the sixth function of the financial system. These problems arise because parties to contracts often do not have the ability to constantly monitor and control each other. There are three types of incentive problems. They received the following names: the “moral hazard” problem, the “adverse choice” problem and the “committee-commissioner” problem.

The problem of moral hazard or irresponsibility arises when ownership of an insurance policy causes the insured party to accept greater 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 to arise. Another problem that arises due to the uneven amount of information between the parties to a transaction is the problem of adverse selection. It lies in the fact that people who purchase insurance against a particular type of risk are usually much more exposed to that risk than the general population. The problem in the relationship between the principal and the commission agent is that the commission agent often makes decisions that are different from those that the principal would have made if he had all the knowledge that the commission agent has and made decisions on his own. As a result, a contradiction often arises between the interests of commission agents and principals.

1.2 Characteristics of spheres and links of the financial system

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

Links of the first sphere: 1. State budget (huge financial resources are concentrated in it). 2. Extra-budgetary funds (money that is concentrated in the hands of non-governmental but government organizations).3. State loan.

Links of the II sphere (enterprise finance): 1) finance 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) Insurance of business risks.

1.3 General government finances

Let's take a closer look at national finances. They include the budget system (state budget), state extra-budgetary 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 government bodies. It is the main financial plan of the country, approved every year as law. The state budget concentrates a significant share of national income to finance the main directions of the national economy, socio-cultural events, defense of the country, maintenance of the state apparatus, etc. With its help, the redistribution of national income is carried out, which makes it possible to purposefully influence the pace and development of social production and society in in general.

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

Pension Fund of the Russian Federation;

Social Insurance Fund of the Russian Federation;

State Employment Fund;

compulsory health insurance funds.

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

The insurance system provides compensation for possible losses from natural disasters and accidents, and also helps to prevent them.

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, forms of ownership, nature of activity, etc. The interrelations of the financial system are based on the finances of economic entities (enterprises), financial support for reproduction costs, carried out in three forms:

self-financing;

lending;

government funding.

1.4 Finance of business entities

Finances of business entities are an integral part of a unified financial system. An economic entity is an artificial entity 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. Typically, 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 allows the creation of such forms of association as a general partnership. Its participants (general partners), in accordance with the agreement concluded between them, engage in entrepreneurial activities on behalf of the partnership and are liable for its obligations with all the property belonging to them. Moreover, one person can be a participant in only one general 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 scientists believe that financial relations that arise during the purchase and sale of goods, as well as monetary remuneration of labor, which affects the financial relations of the enterprise, but does not itself serve as an element of these relations, cannot be classified as finance. However, scientists who support the reproductive concept of finance classify the mentioned relations as financial, since they recognize the existence of financial relations in production and exchange. Thus, during the exchange, income is generated, from the sale of products from which the supplying enterprise forms consumption and accumulation funds. The implementation process may be accompanied by the application of financial sanctions for non-compliance with the requirements of supply contracts, the formation of mutual types of debt between the supplier and the buyer. Monetary relations that arise when paying wages and paying bonuses are accompanied by the formation and expenditure of special funds: wages, consumption, working capital (in terms of costs of work in progress, stable liabilities). Supporters of the reproduction concept believe that financial relations are present at all stages of the circulation of enterprises' production assets.

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

Based on the results of their activities, economic entities are divided into two groups. 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 extract 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), and the service sector.

Non-profits include religious organizations, political parties and movements, charities and other foundations. They can engage in entrepreneurial activity only if it contributes to achieving the statutory goals.

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

Of the economic entities, the most regulated are banks, which are required to prepare, in particular, daily balance sheets. A completely justified measure, given that the bankruptcy 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 confidence in the entire industry.

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

Cash fund

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

There may be a mistaken impression that the company has another cash fund, the income of which includes proceeds for work performed and the sale of property, and the expenses include all expenses. It can be called the “company budget”. But this cash fund does not belong to the company, since the company cannot dispose of it as arbitrarily as the profit fund. In particular, the revenue part 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 company’s monetary fund. The funds of the management company are the property of the founders.

Liabilities

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 goods already received. Therefore, a company with a large amount of obligations may, all other factors being equal, look preferable to a company with a small amount of obligations.

In addition, a large volume 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 goes 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.

Debt owed to a 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 whose term has exceeded three months.

The difference between the obligations of business entities and other entities of society is the completeness of accounting for obligations. Thus, 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 period of the loan.

Strict regulation of business entities also extends to influence. In any case, if shareholders make the appropriate efforts, they can make the application of “Influence...” relatively objective and 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 affiliates. This means, in particular, intervention in the expenditure of funds, the formation of tariff policy, the implementation of procurement policy, and the policy of tax optimization.

At the same time, if the insolvency or bankruptcy of a 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 opportunity to determine its actions, such persons, in the event of insufficiency of the company’s property, may be subject to subsidiary liability for his obligations.

Criterion for assessing finances

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 the sale or liquidation of the company.

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

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

.1 Modern problems of the 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 innovation support for social reproduction. Also, the development of financial markets is accompanied by a sharp increase in new derivative instruments and speculative transactions, which, given the global nature of financial capital, creates large-scale threats to social development.

In the context of increasing involvement of the Russian financial market in the global financial system, the problem of developing a well-founded strategy for its development has become urgent, allowing to ensure the necessary stability of the market in the face of negative external and internal influences.

The peculiarities of the Russian financial market include the significant asymmetry of its structural and functional organization. This is expressed primarily in the undiversified 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 too disconnected 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 capital is about 10%.

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

In 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 state bodies. Indirect consists in the implementation of tax and monetary policies, management of state property, etc.

Recently, the issue of improving the regulation of the financial market has been increasingly raised, which is especially important during the period of overcoming the consequences of the crisis and the decline in the rate of development of the domestic economy. In addition, solving the problems defined by the strategy for the development of the financial market of the Russian Federation for the period until 2020 also requires improving the quality of government regulation and bringing into circulation the entire investment potential,

2.2 Problems of implementing project financing in Russia

One of the most effective ways to implement 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 defining the term “project financing”. Moreover, it is necessary to recognize the fact that within our country the project financing method itself, used to organize the financing of investment projects, is periodically understood and interpreted insufficiently correctly. Project financing is very often confused with the concept of “investment loan” or “project financing”.

For example, project financing is understood as a modern form of long-term international lending. We are not talking 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 to a company for the implementation of an investment project in the form of borrowed funds and equity participation of investors in the activities of the project company, when the collateral is the result of the project, and repayment of borrowings is carried out at the expense of cash flows from the project.

Project financing is still a rather 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 can make an exception. In 2010, the scale of bank project financing continues to grow, as natural resource projects, energy projects, large infrastructure projects and projects in telecommunication networks are most often financed. Examples of the implementation of project financing are the projects “Blue Stream”, “Western High-Speed ​​Diameter”, Sakhalin-1,2,3, etc.

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

Firstly, this is the volume and mechanisms for financing energy and infrastructure projects. Financing should be provided to stabilize the labor market and solve the problems of energy shortages in the economy.

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

Thirdly, during the financial crisis, the share of the private sector in project financing decreased slightly, and the share of government guarantees increased.

Fourthly, it is important to create an incentive and guarantee mechanism for investors and owners. Such a policy should lead to an increase in various preferential conditions for attracting resources to Russia and improving the investment climate.

During 2008-2010, certain steps were taken to solve these problems. In 2008 an anti-corruption plan was adopted, and the Foreign Investment Law came into force, clarifying the legal regime in key sectors.

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

2.3 Current trends in the development of national banking systems

At the end of the 20th - beginning of the 21st centuries. There was a rapid and deep globalization of the world economy, in particular, the process of globalization developed at an accelerated pace in the financial sector. As a result, thanks to the decisions taken at the Jamaican Currency Conference, a global financial system was formed, characterized by the absence of strict control and regulation over liquid and huge financial flows moving around the world, directed by economic entities to the most profitable sectors of different countries.

In the new global financial system, banks in developed countries began to play a significant role. The main trend of the past decades has been to strengthen and improve the activities of banking institutions in developed countries through expansion, diversification 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 loss of the global financial system amounted to 2.2 trillion. US dollars,

The main 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.

Firstly, strengthening state control and regulation not only over the reliable and high-quality activities of banking institutions, but also over the systemic stability of the national banking sector. At the national level, many countries have already adopted a set of legislative acts establishing 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 crisis demonstrated the resilience of the national economies of developing countries. This means that their financial institutions did not reduce the scale of their activities during the crisis, but, on the contrary, strengthened their influence and continued to develop. Accordingly, there is a risk that banks in developed countries may be forced out of the global financial arena.

Thirdly, currently in the world there is a balance 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. Banks in developing countries are overflowing with deposits, while banks in developed countries are experiencing a shortage of depositors' funds and rely on unstable financial markets to raise resources.

The inevitable increase in government spending and capital needs by developing countries 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 displacing banks from developed countries. However, this threatens the global economy with new financial shocks.

2.4 The role of plastic cards in Russian payment turnover

Nowadays, the formation of the plastic card “industry” is taking place in Russia. All over the world, millions of trade, hotel and service enterprises are involved in the circulation of plastic cards; 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 a system based on settlement and payment relations, i.e. non-cash payments carried out on a modern technical and technological basis. The resource base of banks also plays an important role, allowing them to constantly develop and improve their technological and technical base. This, in turn, enables banks to constantly improve and expand the range of services provided to their clients. As is known, the dominant settlement and payment systems have become Europe, VISA and America Express, which are transnational corporations. Payment instruments of these systems are used in many countries of the world - both in domestic and external payment circulation.

The goal of developing card circulation is to reduce the volume of cash circulation through various forms and methods of non-cash payments and ensuring 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; These same payment instruments in rubles can be used in domestic payment transactions, which, by the way, is already actively used by leading Russian commercial banks. This could become an essential technical element in the practical implementation of full convertibility of the Russian ruble.

There remains a difficult question 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 pre-deposited money will be recorded on the card), without resorting to authorization in different modes. The breakthrough of a large volume of plastic cards into 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 and reduce the costs associated with servicing retail settlement and payment turnover only by using a variety of payment methods in this turnover. These are, first of all, advance payments, debit and credit cards, credit checks (in particular Eurocheckcard), bank and traveler's checks. At the same time, you always need to clearly understand what space can be effectively filled by a particular means of payment. The system of pre-notified payments, like plastic cards, is associated with the circulation of personal income. It consists in the fact that the bank automatically credits the client’s current account or debits from it amounts under a pre-concluded agreement.

A big problem in creating an “industry” of plastic cards is 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 VISA and European standards. For these purposes, an investment company with the participation of Western banks and firms is needed to select from numerous conversion enterprises those that could produce the appropriate equipment and communications. The market for the sale of such equipment in Russia is guaranteed for many years to come.

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

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

As a result of the financial crisis, the Russian banking system suffered significant losses. The crisis led to a decrease in the number of credit institutions and the concentration of bank capital. 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 for 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 precisely on this basis. Sustainable development, understood as the desire to ensure the successful functioning of an organizational system (including a 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 banking business practices to the realities of the Russian banking system.

Conclusion

Financial systems arose with the emergence 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 increasing social tension, the role of the state and public finance in social and economic transformations increases.

A broad and narrow interpretation of the subject of finance is possible, associated with the use of systems theory principles, known as aggregation and decomposition procedures in research.

An argument in favor of the fact that finance covers all stages of the reproduction process may be that the movement of funds is both spatial and temporal in nature. 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 price, salary, and credit with the possibility and intensity of sources of financial resources and the time value of financial flows. The presence of such a close relationship may make it possible to classify price, salary, and credit as relatively independent categories, but within the scope of financial relations.

Taxes are a system-forming financial instrument that formally and directly ensures the inclusion of prices, wages, credit, and insurance in the sphere of finance.

In addition to monetary relations that mediate the circulation of enterprises' funds, decentralized finance may 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 .

Finance plays a different role in the activities of organizational and production systems operating in the product market as part of a sales strategy or marketing strategy.

There is an increasingly close connection between financial relations and property relations, which is reflected, in particular, in the development of privatization procedures, financial leasing, collateral, conversion of debt securities, etc.

Thus, having become familiar with the general issues of the structure of the financial system of the Russian Federation, we can say that finance is the monetary relations that arise in the process of distribution and redistribution of the value of the gross social product and part of the national wealth in connection with the formation of monetary income and savings among business entities and the state and using them for expanded reproduction, material incentives for workers, and 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, distinguishing it from other distribution categories, is that financial relations are always associated with the formation of cash income and savings, which take the form of financial resources.

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The standard of living of a country depends entirely on the state of the financial system. In macroeconomics it occupies one of the most important places. For this reason, you should study the financial concept of Russia in detail and understand the importance of this system. It is necessary to delve deeply into the principle of its functioning and mechanisms.

General information

Currently, the financial system of the Russian Federation is the object of ongoing controversy and debate. There are many modern problems that it must cope with. For example, an insufficient level of satisfaction of the needs of each individual person, great social tension, disproportionate development of economic elements, a negative impact on the reproduction process, a noticeable lag in adapting to changes in financial and external commodity markets and a slow pace of development. The financial system of the Russian Federation is economic relations that are grouped together according to a certain criterion. This relationship affects almost every aspect of modern human life. These relationships can arise between individuals, multiple legal entities, as well as different states. Thus, one of the spheres of economic interactions is represented by the following elements: family budget, personal and household finances. Simply put - the capital of the population.

Detailed information

The concept of the financial system of the Russian Federation is considered as a set of economic relations. In its structure, separate spheres and links are distinguished. At any level of economic management, finance represents elements of social production, without which the existence and functioning of the system is simply impossible. It is also not possible without them:

1) the speedy introduction of new achievements of science and technology;

2) maintaining an expanded circulation of production funds (both public and individual);

3) regulation of territorial and sectoral economic structures;

4) satisfaction of other needs of the population.

The state and economic entities have certain types of needs. This explains the emergence of various types of relationships that the Russian financial system includes. Now some experts in this field do not recognize the interaction of two individuals as an economic relationship. However, there are a variety of publications that cover the organization of the financial system. The literature is devoted to family and personal expenditure and income plans, household assets.

Composition and structural elements

Russia consists of several interrelated bodies and institutions. The main goal of the economy is to satisfy a great variety of social needs. The interaction of finance covers the entire system of the country and the sphere of social activity. The commonality of these phenomena explains the existence of special institutions within the financial structure. Based on all of the above, several concepts of the economy of the Russian Federation can be distinguished. The country's financial system is:

1. A set of various institutions, each of which participates in the formation and subsequent use of its corresponding monetary funds.

2. A community of special institutions and bodies that carry out financial activities within their competence.

The economy is formed from the interconnection of various institutions that are responsible for regulating the creation, redistribution and use of monetary funds. The peculiarities of the country's development during the period of transition to market conditions strongly affect the financial system. Thus, the economic structure of Russia includes the following monetary funds and legal institutions corresponding to them:

1. countries. It includes the budgets of local governments, subjects of the Federation and the Federal itself.

2. Stock market.

3. State credit.

4. Extra-budgetary funds of the country.

5. Finances of business entities.

6. Insurance funds.

National finances. Concept, structure and purpose

The basis of national finances are the various budgets of the corresponding levels. This group also includes such concepts as government lending and social extra-budgetary funds of the country. In regulating various economic transactions and distribution relations at the macro level, the main role belongs to this type of finance. Their formation and distribution are centralized. This element of the system is at the disposal of local governments and the state itself. At the micro level, the financial elements of enterprises, insurance and the credit and banking system are responsible for the settlement of economic transactions. However, we cannot assume that these links of the economy are connected only at the level of economic entities in their broad sense. This is due to the existence of a tight relationship between all components of the financial system. The state influences the formation of centralized and decentralized resources through the economy. To carry out such activities, various regulations and relevant laws are used. Its tools also include pricing mechanisms, a lending system, taxes and much more. Russia's national finances are inextricably linked with other elements of the economy. However, there is some duality here. GDP is the main source of replenishing budget revenues at all levels. It is formed in the sphere of material production. Then, through taxation, the Russian Federation budget and social funds are created. At the same time, the process of expanded reproduction is carried out by enterprises not only at their own expense. They use government loans or direct allocations from the budget.

The role of raised funds

The company's own finances are inextricably linked with the lending system. If you lack funds, you can use the services of banks. Most often, borrowed capital is involved in replenishing working capital. Also, to solve their economic problems, enterprises can resort to funds from other economic entities. For example, such as various organizations, companies and others. Such activities can be carried out in different ways. For example, in order to increase equity capital, they resort to corporatization. In turn, bills and bonds are issued to make loans. Ultimately, the interconnection of the various elements of the financial system is explained by their single essence. The state plays a vital role in the development of society, both economically and socially. For this reason, most of the financial resources are concentrated at his disposal. It uses them through the budget of the Russian Federation, state credit and various funds. Assets of various banking structures and insurance are formed by attracting free capital. The own funds of commercial organizations are their savings.

Characteristics of the financial system of the Russian Federation. Peculiarities

Management of the economy and finances of the state is carried out using the most important tool - a multi-level structure. At all stages of this configuration, a key task is solved nationwide: the formation and expenditure of a general fund of funds. The entire structure includes local, regional and Federal budgets. In the conditions of modern globalization of economic activity, the assets of each country become the basis of its economic security. It depends on their size and properties:

Conducting social programs;

Providing management bodies at all levels;

Development of knowledge-intensive and strategically important industries;

Support for the economy and its subjects within the state, and much more.

A country's financial system consists of many elements. Some of them are financed within the accepted framework, others are not. For example, extra-budgetary funds are created to implement programs with a social or medical focus. The state, as a participant in the internal market system, can act as a borrower of funds from other market entities. In this case, creditors will be legal entities and individuals who have free monetary assets at their disposal. The need for loans occurs when there is a budget deficit. Lending is also used for a short-term injection of funds into certain sectors of the economy in order to maintain the financial stability of the country. When the state resorts to borrowing from third-party organizations or individuals, public debt arises. According to its characteristics, it is divided into two types: internal and external (depending on the place of registration of the lender). In their form, assumed by the state, can be presented as:

Credits;

Government loans carried out using the release of securities to the market;

Other debts.

Changes made after the collapse of the USSR

The development of the financial system of the Russian Federation has noticeably slowed down in recent years. In some sectors of the state economy there is an increase in indicators, but most industries are experiencing a period of stagnation and slight growth. After a year, the banking system was able to almost completely restore its functionality. The lending sector is actively developing, thereby having a significant impact on the economic situation in the country. At the same time, the share of loans issued to the private sector is constantly increasing, which indicates an improvement in the well-being of the population as a whole. In the last decade, stock indices have grown, and international ratings of Russia's financial stability have increased. However, the share of attracted foreign capital in the country's financial system, compared with the economies of developed countries (Germany, USA, France), remains at a relatively low level. However, the stable growth of indices and ratings creates a favorable environment for foreign and domestic investors. In recent years, there has been a positive trend in the growth of financial resources and a fall in interest rates on loans. The prerequisites for the occurrence of these phenomena should be considered an increase in foreign trade volumes, an increase in sales of raw materials in the currencies of foreign countries, as well as the general foreign economic policy of the state. The availability of funds as a result of lower lending rates had a beneficial effect on the work of the country's largest enterprises, which stimulated economic growth with increased financial activity. The modern financial system of the Russian Federation, after a series of transformations, began to fulfill its main task - ensuring the growth of the country's economy.

Reforms in this area

The management of the financial system in Russia has not undergone significant changes for a long time. In 2006, radical reforms took place in the legislation. They affected, first of all, the formation and expenditure of funds from the budget of the Russian Federation. New structural units have appeared. In particular, the budgets of individual municipalities and urban settlements were formed. Subsequently, the legislative framework of these projects underwent significant revision. One of the main risks to which the financial system of the Russian Federation is exposed is overdue debt on bank loan obligations. The amount of this total debt is constantly growing, which has a negative impact on various sectors of the economy. In turn, banks need a constant influx of funds to extend loan obligations. According to economists' calculations, the share of such debts could grow to 10% of the total structure of the loan portfolio, which would negatively affect the entire economic structure. The Russian government is looking for ways to solve this problem. It is proposed to increase the capitalization of the largest banks through government bonds. Options for increasing the insurance portion of the deposit and revoking licenses to conduct financial activities from a number of “unreliable” financial institutions are also being considered.

The origins of modern problems

A number of leading domestic economists believe that the reason for the weakness of the financial system of the Russian Federation is the inability to quickly adapt to dynamically changing market conditions, as well as too much dependence on raw materials and lack of competition in some segments. The government, introducing new economic reforms, is trying to level out the difficult situation in the monetary sphere. There are regular injections of capital from the Reserve Fund, which, in turn, was formed at the time (before 2008). However, most experts agree that his funds are not unlimited and will only last for a few years. Modern Russia is going through a complex process of forming its economic structure. Many negative factors accompanying this action, for example, debts on credit obligations, in the current situation are difficult to analyze and control. In such conditions, it is quite difficult to organize one of the main functions of a stable market - the redistribution of financial (resource) flows within it.

Conclusion

An economy based on a bank financing system has ample opportunities to quickly respond to any changes. The Central Bank is the ultimate participant in this lending structure. In this regard, the development of the financial system in the Russian Federation is expected to begin with the separation of the banking sector, in which the main redistribution of resource flows will take place. To do this, it is necessary to have a stable structure, excluding all weak participants from it. At the same time, it is necessary to simultaneously develop the financial markets of the Russian Federation, which, with the exception of the foreign exchange market, are at the initial stage of their inception. Only under these conditions is it possible to create a healthy economic base. It is she who will in the future be entrusted with the main task of redistributing financial resources within the country.

FACULTY OF MANAGEMENT

TEST

discipline: FINANCE AND CREDIT

topic: MODERN FINANCIAL SYSTEM OF RUSSIA

Completed by: Babina A.V.

group No. 23-253P

grade book No. 981

Checked:

Saint Petersburg

St. Petersburg Academy 1

management and economics 1

Introduction 3

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. 3

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. 3

1. Main links of the financial system of the Russian Federation 5

2. Financial management and financial policy 10

3. State financial management bodies 14

Conclusion 20

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. So, they develop 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. The main links of the financial system of the Russian Federation

Financial system - is a system of forms and methods of education, distribution and use of state and enterprise funds. 1

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 centralized(or national) finance are the budgets of the corresponding levels (in the Russian Federation there are federal, regional and local budgets). 2

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 is also state extra-budgetary funds - funds of funds formed outside the budget and intended, as a rule, to implement the rights of citizens in the field of social and medical security.

State loan 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.

State 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.

Distinguish 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 - 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 governments.

Decentralized finance- This is the finance of the credit and banking sector, insurance companies, commercial enterprises and non-profit organizations. 1

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. 2

Insurance company finances 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).

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 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 policyholders, from the total collected insurance premiums the insurer covers all losses incurred by the policyholders. 1

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.

Business Finance are formed from the 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. 1

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. 2

Nonprofit Finance 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 purpose, 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. 1

Thus, the single essence of the financial system determines the interconnection and interdependence of the links of the financial system.

Fin. system is a set of spheres and links of financial relations and their management bodies.

There are 2 areas of the Federal Law Service of the Russian Federation:

Sphere of centralized finance- this is a set of FS units involved in the process of formation, distribution and use of budgetary and extra-budgetary funds. cash funds, as well as cash funds of municipal authorities. This is a budget system; state and municipal credit.

The field of decentralized finance- this is a set of FS units involved in the process of formation, distribution and use of separate funds of funds of individual business entities and individuals. These are the finances of state and municipal enterprises, organizations, corporations and self-financing agencies; business finance; finance of non-profit enterprises; finances of individual entrepreneurs; household finances.

Links of the financial system of the Russian Federation:

- budget system (ts). The current RF BS is three-level. These are the federal budget, the budget of the constituent entities of the Russian Federation, and local ones. For the purposes of planning budget resources, a consolidated budget is drawn up - a statistical consolidated budget that combines financial resources of all levels of the budget system. The budget system plays a decisive role in the intersectoral and interterritorial redistribution of funds to equalize the levels of economic and social development of regions. The federal budget and the consolidated budgets of the constituent entities of the Russian Federation form the consolidated budget of the Russian Federation, and the budget of the constituent entity of the Russian Federation and the budgets of municipalities on its territory form the consolidated budget of the constituent entities of the Russian Federation. Special extra-budgetary funds are allocated as an independent link in the system of centralized finance, these include: pension fund; social insurance fund; compulsory health insurance fund. The federal budget and the budgets of social extra-budgetary funds are developed and approved as federal laws;

- state and municipal credit (ts). The main objectives of public credit include: financing the budget deficit; carrying out international and regional financial and credit policies; support for social priority sectors and activities;

- finances of state and municipal enterprises (e);

- finance of commercial enterprises (e). This is a system of economic relations associated with the formation, distribution and use of monetary resources of individual economic entities in the process of carrying out economic activities aimed at making a profit as the main goal of the activity.

- finances of non-profit enterprises (e). These are relationships associated with the formation, distribution and use of financial resources in the process of implementing social, public, educational, religious and other tasks not related to making a profit. Their financial resources are formed from voluntary contributions and donations, proceeds from the founders, budget funds and others;

- finances of individual entrepreneurs (d) combine the features of finance of commercial organizations and personal finance, with the emphasis shifting towards commercial finance, since the activities of individual entrepreneurs are primarily related to commercial activities aimed at making a profit at their own peril and risk;

- household finances (e). The system for the formation and use of monetary income of individual groups of persons living in the same premises and running a common household for the purpose of joint consumption and accumulation is least regulated by the state.

Prospects for the development of units

In the field of finance of commercial enterprises: improving bankruptcy legislation (accelerating the restructuring of uncompetitive enterprises), antimonopoly law, tax law (reducing the tax burden, reducing the number of taxes, reducing social insurance contribution rates, reducing the tax debt of enterprises), reducing barriers to investment in the economy, reducing administrative intervention in households. activities, increasing the efficiency of government. regulation, it is necessary to refuse to lend to enterprises and provide guarantees from the federal budget - to transfer this to special agencies, insurance companies, and banks.

Finance budget. institution : establishing strict cost estimates, monitoring the obligations of budgetary institutions.

Budget: elimination of federal budget expenditure obligations that are not covered by sources of financing, allocation of budget funds to solve priority problems, pension reform. systems, liquidation of credit. federal debt budget, optimization of the list of budgetary organizations and recipients of budgetary funds, completion of the formation of a support system for the regions, restructuring of public debt, ensuring openness of all budgets and the progress of their use.

14. Financial policy of the state: its content, structural elements, significance and tasks at the present stage. Financial mechanism, its role in the implementation of financial policy.

The financial policy of the state is a set of government measures to use financial relations for the state to perform its functions.

Financial policy plays an important role in the development of productive forces and their rational distribution throughout the country. It helps to provide financial resources for targeted programs, concentrate funds on key areas of economic development, and stimulate growth in production efficiency; increasing the interest of all regions in economic development and the use of local raw materials. Financial policy contributes to the strengthening and development of economic ties with all countries of the world, providing conditions for the implementation of joint activities.

1. Development of a general concept of financial policy, determination of its main directions, goals, main tasks.

2. Creation of an adequate financial mechanism.

3. Management of the financial activities of the state and other economic entities.

Financial policy consists of the following main components:

1) tax policy - principles of constructing tax systems: horizontal and vertical equality, tax neutrality, convenience of collecting taxes for the government, minimal disincentive effect from the introduction of a particular tax, difficulty of tax evasion;

2) budget policy - expressed in the structure of the budget expenditures, in the distribution of expenses between budgets of different levels, in the sources and methods of covering the budget deficit;

3) monetary policy – ​​part of socio-economic policy aimed at combating inflation, unemployment and ensuring stable rates of economic development;

4) pricing policy - comes down to the regulation of prices and tariffs for monopoly goods and services;

5) customs policy - a symbiosis of tax and pricing policies, limiting or expanding access to the domestic market and services from the country;

6) social policy related to solving the problems of financial provision of the rights of citizens of the Russian Federation, covers the following areas: pension, migration financial assistance to certain social groups of the population;

7) investment policy related to the creation of conditions for attracting domestic and foreign investment, primarily in the real sector of the economy;

8) policies in the field of international finance.

The objectives of financial policy are:

1. providing conditions for the formation of the maximum possible financial resources;

2. establishing a rational, from the state’s point of view, distribution and use of financial resources;

3. organization of regulation and stimulation of economic and social processes using financial methods;

4. development of a financial mechanism and its development in accordance with the changing goals and objectives of the strategy;

5. creation of an effective and business-like financial management system.

The implementation of the goals and objectives of financial policy is carried out through the use of various methods of organizing financial relations at the centralized and decentralized levels, which together determine the content of the mechanism for achieving the goals and objectives of financial policy or the financial mechanism.

Financial mechanism is a set of ways to manage financial relationships.

There are two types of financial mechanisms:

1. directive - developed for financial relations in which the state is directly involved: taxation, state credit, budget expenditures, financial planning;

2. regulating - will determine the basic rules of behavior in the area of ​​finance where the interests of the state are not directly affected; this establishes only the general procedure for the use of financial resources remaining after paying taxes and other obligatory payments.

In general, the financial mechanism of an enterprise contains the following hierarchically subordinate blocks:

1) legal regulation of the finances of the enterprise;

2) the internal regulatory system that has developed at the enterprise;

3) financial management methods;

4) financial instruments;

5) financial leverage and incentives;

6) financial indicators, standards and elements;

7) financial management information base.

The main financial methods are:

1) financial planning;

2) financial and management accounting;

3) financial regulation;

4) financial analysis and control.

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;

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.