EURE

Topic 1. Finance as an economic category

Purpose Studying the topic is the development of the general foundations of the theory of finance, entities, the specifics and functions of the main categories of finance.

The achievement of the goal provides for the decision of the following tasks :

  • study of the essence and signs of public finances and finances in a broad sense;
  • study of the functions of finance and views on this issue of leading Russian economists;
  • ensuring an understanding of the role of finance in the reproduction process;
  • study of the essence and structure of the financial system of the country;
  • Exploring the fundamentals of financial policy.

Table of contents

1.1. General Characteristics of Finance as an Economic Category

1.1.1. Entity and signs of finance

It is believed that historically the term "finances" occurred from the Latin word " Finis. "- End, ending, finish. Later from Finis. The concept of Finansia was formed, which in the shopping cities of Italy XIII-XV centuries. Dignified any money payment, i.e., cash relations between the subjects.

It is difficult to contact the author, who introduced the term " finance " The authorship of this term is usually attributed to the French scientist J. Boden, which in 1577 issued a job " Six republic books " In the future, from the French language, the term "finances" switched to all languages ​​of the world.

There is still a discussion on the entity, functions and links of finance, as well as their role in public reproduction.

Initially, the concept " finance "Was considered only in connection with the formation, and in the future and the use of cash funds to meet state needs. Later this economic category was called " Public Finance ", Which currently includes public and local finance (finance of local government bodies).

By definition of M. V. Romanovsky State (public) finances This is "a system of monetary relations on the formation and use of funds necessary to the state to fulfill its functions."

Public Finance Categories are inherent in the following three features, valid only in aggregate:

  • monetary nature of relationships;
  • monetary relations caused by the factor in the presence of a state as a management authority;
  • Relationships of the redistribution of an already distributed aggregate social product.

In addition, category Finance It can be considered in a broad sense as a system of relations in society about the education and use of cash funds (Fig. 1). Functions and the role of each of the categories shown in the figure will be considered in the future.

Fig. 1. The set of monetary relations included in the category "Finance"

in a broad sense In this way, Finance as a whole (in a broad sense) as an economic category

There are a system of distributional monetary relations arising during the formation and use of funds funds in the subjects involved in the creation of an aggregate social product.

  • Characteristic signs of finance in a broad sense are:
  • distribution nature of relationships;
  • one-sided (unidirectional), as a rule, the nature of the cash flow;

Formation of centralized and decentralized funds of funds.

The main material source of monetary incomes of the population, business entities, states and local governments is the national income. The possibilities of economic development, meeting the needs of members of society depend on its size and distribution nature.

  • Financial relations are associated with monetary relations arising between:
  • economic entities in the process of selling products, the provision of services, the acquisition of commodity and material values;
  • business entities and higher organizations in creating joint funds of funds and their use;
  • economic entities and the state, local governments in the formation of budgets and extrabudgetary funds;
  • within economic entities in the formation and use of target funds funds;
  • separate budgets, extrabudgetary funds;

Citizens and state, local governments in the formation of budgets and extrabudgetary funds. Financial resources

- These are monetary incomes, accumulation and receipts, formed in the hands of business entities and the state and intended for the purpose of expanded reproduction, material stimulation of working, meeting social needs, the needs of defense and government. The use of financial resources is carried out mainly through the monetary funds of the special purpose, although the nephond form of their use is possible. Financial resources are material carriers of financial relations.

  • Sources of financial resources are:
  • For business entities: profits, depreciation, sale of securities, bank loan, interest, etc.;
  • For the population: wages, prizes, social payments carried out by the employer, income from business activities, from operations with personal property, from credit and financial transactions, social transfers (including pensions, benefits, scholarships), consumer credit, etc. d.;

For the state, local governments: revenues from state and municipal enterprises, income from the privatization of state and municipal property, tax revenues, etc. Finance as a scientific direction

He studies public relations arising in the process of education, distribution or use of financial resources, determines the patterns of development of financial relations. Socio-economic essence of finance

It is a study, at the expense of someone or what is a business entity, a citizen, a state, local government forms its financial resources and how and in whose interests these funds are used in whose interests.

1.1.2. Finance functions. The role of finances in the system of monetary relations of market economy

The discussion remains the question of the finances of finance. Many authors identify and argue the existence of two finance functions: distribution and control.

Some economists deny the possibility of simultaneously action of various functions of such an economic category as finance, explaining this fact with the function of money, each of which can act apart from others.

Other authors, for example, E. Voznesensky and B. Sabanti, rightly believe that to allocate finances from the whole set of cost categories, it is necessary to identify those specific features that are inherent in this economic category. In their opinion, it is impossible to mix the function of an economic category as the form of manifestation of its public appointment, with the role of the category, as the result of its practical use in reproduction. The role of an economic category is significantly wider than its function.

  1. As a result, supporters of this approach (E. Voznesensky and B. Sabanti) believe that the following functions are inherent in finance:
  2. Formation of state funds and

The use of these funds to fulfill its functions.

  1. M. Romanovsky and a number of other authors allocate a slightly different list of functions:
  2. The formation of centralized (public) and decentralized funds funds (income).
  3. The use of centralized (public) and decentralized funds funds (income).

Control.

According to the classical definition, the function is the main purpose of the object (category), the purpose of its existence.

  1. Thus, it is advisable to allocate the following 2 finally functions in accordance with two forms of their public appointment:
  2. Formation of cash funds both centralized and decentralized.

Use of funds funds (centralized and decentralized).

The first and second functions are immanently inherent in monetary motion control.

1.1.3. Basics of use of finance in public reproduction

  1. The public reproduction process implements three main directions of financial impact on the processes of social development:
  2. Financial provision of extended reproduction needs.
  3. Financial regulation of economic and social processes.

Financial stimulation of the best performance results.

Without finance, it is impossible to provide an individual and public circulation of production assets on an extended basis, regulate the sectoral and territorial structure of the economy, to stimulate the rapid introduction of scientific and technical achievements, satisfy other social needs.

  1. The reproduction process consists of the following stages:
  2. production;
  3. distribution;
  4. exchange;

consumption.

Financial relations arise and operate during the second stage of reproduction of the aggregate social product (SOP), where its value in cash on the intended purpose and the subjects of economic relations occurs (Table 1).

Table 1

Movement of value in the process of reproduction

ICharacteristics and Stages Indicators

- production process

Impact of production factors: capital (main and working capital) and labor II.

- Distribution and redistribution of product value in its monetary form III

- Exchange, change of valuation forms (with commodity for money and vice versa) as a result of purchase and sale IV

- Finite consumption

Satisfying personal, public and industrial needs

The incomes of subjects of economic relations in the reproduction process are divided into primary and finite. GDP is a source of primary income and savings. With the formation of primary incomes of economic entities and workers, the process of redistributing these income through the tax mechanism (for employees in the form of social deductions) and the accumulation of funds in centralized state funds. As a result of the redistribution, final revenues are formed - own financial resources.

Funds of personal savings and personal consumption funds create conditions for the operation of the commodity mechanism. Individual demand forms prerequisites for the development of trading production. The relationship between consumption and accumulation funds and their physical values ​​largely determined the pace of state development in a market economy.

It is believed that if the state is withdrawn in the form of taxes more than 30% of national income, it does not leave the economy of domestic reserves for growth and upgrades. The share of tax seizures may be higher, but the state in this case should take on the cost of reproduction of labor.

1.2. Financial system of the country, its essence, subsystems, spheres and links

1.2.1. General characteristics of the country's financial system Financial system

It is a combination of various links of financial relations, each of which is characterized by features in the formation and use of funds funds, various roles in public reproduction.

  • The finance system includes two enlarged subsystems:
  • state and municipal finances;

Finance of business or economic entities.

These enlarged subsystems depending on the specific forms and methods for the formation of income and cash funds in turn are divided into more private subsystems or links represented by Fig. 2.

Fig. 2. Country Finance System

We first consider the collection of subsystems (links) forming government finances.

As can be seen from the drawing, public finances are represented by the budget system of the country and the state loan.

National centralized funds of cash resources are formed by the distribution and redistribution of national income established in the industrial production and services sectors. Forms of use of financial resources are budgetary and extrabudgetary funds that ensure the needs of the state in solving economic, political and social problems.

  1. The budget system of the Russian Federation has three levels:
  2. Federal budget and budgets of state extrabudgetary funds.
  3. Budgets of the subjects of the Russian Federation and the budgets of territorial state extrabudgetary funds.

Local budgets.

Modern budget system of the Russian Federation is close to budget systems of Western countries having a federal device. The state budget

He is the main link of the financial system. It is a system of monetary relations arising from the state with legal entities and individuals related to the formation and use of a centralized fund of funds. The state budget

- The main tool for the redistribution of national income, which makes it possible to maneuver cash and purposefully influence the pace and the level of development of social production. This allows one to exercise a single economic and financial policy throughout the country. The state budget is the most important financial regulator, a tool of state financial policy, which through the financial lever system (taxes, government, Goskredit, etc.) provides a targeted impact on socio-economic processes in society, forming finite indicators of the country's development.

The state budget is associated with all the links of the country's financial system and has its own impact. Extrabudgetary funds

Included now in the fiscal system of the Russian Federation, have a strictly targeted purpose. They constitute the funds of the central government and local authorities designed to finance the costs not included in the budget. The formation of extrabudgetary funds occurs due to mandatory target deductions.

Organizational extrabudgetary funds are separated from budgets and have a certain independence. The special functioning of extrabudgetary funds allows you to quickly finance the most important social events. Unlike the state budget, the expenditure of extrabudgetary funds is subject to less control by the legislative bodies. This, on the one hand, simplifies their use, and on the other, it makes it possible to spend funds not in full. State Credit

Reflects credit relations on the mobilization of temporarily free cash of enterprises, organizations and the public at the beginning of the payability and repayment to finance government spending. The lender is the physical and legal entities, the borrower - the state represented by its bodies. Additional financial resources The state attracts through sales in the financial market of bonds, treasury commitments and other types of government securities. This shape of the loan allows the borrower to send mobilized additional financial resources to cover the budget deficit without implementation for these purposes of emission. The national loan is also used in order to stabilize the cash circulation in the country. In the context of inflation, state loans temporarily reduce paying demand from the population. Money mass is withdrawn from circulation, i.e., there is an outflow of money from the appeal to a predetermined period. The need to use a state loan is due to the impossibility of meeting the needs of society through budget revenues. Mobilized temporarily free funds of the population and legal entities are used to finance economic and social programs, i.e., the state loan is a means of increasing the financial capabilities of the state. Mobilization of huge financial resources as a result gives greater state debt. The size of the state loan is included in the amount of public debt of the country. State debt

- This is the entire amount of issued, but outstanding government loans with interest accrued on a certain date or for a certain period. Service of public debt -

The implementation of operations on the placement of debt obligations, their repayment and interest on them. These functions are carried out by the Central Bank of the Russian Federation. The costs of servicing public debt are made at the expense of the federal budget. Control over the state of public debt and the use of credit resources is carried out by the Accounts Chamber of the Russian Federation. If there is practically no disclosures with the release of units of state finance of discussions, then the second sphere (finances of economic entities and the population) sometimes causes objections, for example, in terms of the finances of the population, or households. Although households include not only individual families, but also prisons, houses of disabled, army, etc.

  • Finance of economic entities
  • Or finances of organizations and enterprises of various forms of ownership - relative to the independent link of the state of state. It is in this link that the main part of revenues is formed, which is subsequent, as a result of redistribution on the rules established by the State, forms budget revenues of all levels, as well as extrabudgetary funds. At the same time, a substantial part of the budget (financial) funds in the form of direct budget financing, budget loans, state guarantees are sent to finance both the current and investment activities of enterprises. In the field of finance of economic entities, more private spheres should be allocated:

Finance of commercial enterprises and organizations;

Finance of non-commercial organizations. The financial relations of these groups of business entities have their own specifics associated with the form of an entrepreneurial activity, the formation of income and expenses, property ownership, fulfilling obligations. The first link of this sphere -

non-financial corporate and quasi-corporate enterprises

, i.e., enterprises that are mainly engaged in the production of goods and non-financial market services. The main resources of these units come from the sale of their products. This institutional units also include enterprises that are fully funded from the budget, but engaged in the production of products (forest and water management). These are also included in those non-profit organizations that are created by enterprises and are on financing the latter. The Financial Institutions sector is represented by such subnectors as "Central Banking Institutions", "Other Financial Institutions", "Other Credit Institutions". It consists of institutional units engaged in financial operations on a commercial basis (commercial credit institutions), regardless of the form of ownership. Subscriber

  • Central banking institutions
  • " comprises:

central bank; Central financial agencies, government inherent (for example, agencies, leading currency exchange; Agencies affecting the bond market or cash supply) that lead a full range of accounts and enjoy autonomy solutions in relations with the central government.

Other financial institutions - include financial and credit institutions, a significant part of the obligations of which in relation to the non-banking sectors has the form of untranslatable deposits, as well as central clearing institutions, i.e. these are banks of non-cash settlement and accounting houses (firms engaged in accounting bills); Deposit banks; folk banks; Regional and local banks; Some savings banks.

Other credit institutions - These are credit institutions that have not been attributed to the two previous subsecutors (savings banks, agencies for the purchase and sale of goods in installments and other institutions of consumer loan, construction companies or other credit institutions of mortgage; agricultural credit agencies; investment companies; construction and loan Associations; stockmarks and commissioners acting as intermediaries when buying and selling securities and speakers as independent participants in operations). Sector

"Insurance enterprises" It is formed by institutional units that are engaged in insurance and translate individual risk to collective usually by creating insurance technical reserves. The main resources of insurance enterprises are formed from insurance premiums (contributions) under contracts. This finance link includes private and state insurance companies; cooperatives and partnerships, enterprises, state-owned enterprises, private non-commercial organizations recognized by independent legal entities that are mainly engaged in insurance; quasi-corporate insurance enterprises; Companies with a controlling stake in companies, most of which are classified as insurance companies. , Private non-commercial public organizations serving households

- This sector covers institutional units related to non-market household services, i.e. these are public organizations that meet the individual needs of the population in the field of education, health, culture and art, recreation and entertainment, social services, etc. and collective needs - political parties, trade union organizations , societies, associations, etc. This includes organizations that are not controlled and not funded by government agencies. Their income (resources) add up mainly from voluntary contributions and donations of the population (households) and from income from property.

Households

- This link covers the population or population group as consumers of products and services, whose fundamental resources are: wage, income from property, transfers from other sectors, and the entrepreneurial activity of individuals that cannot be separated from a legal entity or from an economic point of view from household. The latter are engaged in the production of goods and non-financial market services, the fundamental resources of which are revenue from the sale of their products.

The structure of the country's finance system described above allows to submit and trace the flow of cash flows and financial resources in a market economy. 1.2.2. Financial Policy

Financial Policy

- This is a set of state activities aimed at achieving effective mobilization of financial resources, their redistribution and use within the Unified Economic System in order to ensure the fulfillment by the state of its functions and creating conditions for the economic stability and progress of society.

Financial policy is an integral part of the state economic policy. It concrete the most important directions of the development of the national economy, the total amount of financial resources, their sources and use directions are determined, the mechanism of regulation and stimulation by financial methods of socio-economic processes is formed. At the same time, financial policies are a relatively independent scope of the state, the most important means of implementing public policy.

  • The implementation of financial policies is based on a number of common and private (specific) principles.
  • The general principles of ensuring effective financial policies include:
  • accounting of actions of objective economic laws;

Accounting for specific historical conditions;

  • Accounting for our own experience of past years and world experience.
  • To private (specific) conditions include the following:
  • ensuring the rational structure of the finance system in society;
  • ensuring the rational construction of the financial mechanism;
  • Balanced income and expenses in all units of the finance system;
  • the formation of financial reserves, which are excess of income over budget expenditures;
  • focusing financial resources at the main directions of economic and social development through the rational constructing of the tax system;

Concentration of basic financial resources in the hands of the state;

Balanced by financial and monetary policy. Depending on the duration of the period and the nature of the tasks of the tasks of the tasks, the financial policy may be divided into financial strategy and financial tactics.

Financial strategy A long-term course of financial policies focusing on the future and providing for the solution of large-scale tasks defined by the economic and social strategy. In the process of its development, the forecasts of the main trends in finance development are being built, the concepts of their use are formed, the principles of organizing financial relations are determined. Formation of long-term goals and the preparation of targeted programs in financial policies is necessary for the concentration of financial resources at the main directions of economic and social development.

Financial tactic

It is aimed at solving the tasks of a particular stage of the development of society by the timely changed of the methods of organizing financial relations, rearrangement of financial resources. With the relative stability of the financial strategy, financial tactics should differ flexibility, which is determined by the mobility of economic conditions, social factors, etc.

The strategy and tactics of financial policies are closely interrelated. The strategy forms favorable opportunities for solving tactical tasks. Tactics, identifying decisive sites and nodal problems of the development of the economy and the social sphere, by timely changed methods, forms of the organization of financial relations makes it possible to solve the tasks planned by the financial strategy in the smallest loss and costs. Financial policy should pursue the goal of increasing the volume and efficiency of the use of financial resources. As the most important

Components of financial policies

States are monetary, budget, tax, investment, social and customs policy. Financial policy is closely related to the monetary policy of the state, which is part of socio-economic policies aimed at combating inflation, unemployment and ensuring the stable economic development rates.

Budget Policy The Russian Federation is based on the Budget Code, other legislative acts that define the form of a budget structure of the country and regulating the entire budget process. Budget policy is expressed primarily in the structure of the expenditure part of the budget, in the distribution of costs between budgets of different levels, in the sources and methods of covering the budget deficit, in forms and methods of public debt management. The socio-economic orientation of budget policy depends on the method of solving these issues, the type of model of budget federalism in states with a federal device.

Tax policy It is expressed in the formation of a tax system. Tax systems in developed countries of the world are characterized by a variety of tax species and taxation facilities, as well as the nature of the relationship between taxpayers with tax authorities. However, the principles and approaches to the rational construct of the tax system also exist.

Investment policy Related to the formation of conditions for attracting domestic and foreign investments primarily in the real sector of the economy. Investment policy as part of financial policies is implemented at different levels of government and financial management of economic entities. The main task of this policy is to ensure the conditions for investors to benefit funds into the country's economy.

Social politics First of all, it is related to the solution of the tasks of financial support of the constitutional rights of citizens of the country and covers the following spheres: pension, migration, financial assistance to individual social groups, etc.

Customs policy

It is a symbiosis of tax and pricing policies, limiting or expanding access to the domestic market of goods and services and encouraging or restraining the export and import of goods and services from the country. Thus, the customs policy largely determines the distribution processes not only between business entities and the state, but also between business entities, sectors, regions. The customs policy of Russia is currently largely depends on the budget policy aimed at increasing the collection of customs duties and payments. Financial mechanism is used to successfully implement financial policies.

It is a symbiosis of tax and pricing policies, limiting or expanding access to the domestic market of goods and services and encouraging or restraining the export and import of goods and services from the country. Thus, the customs policy largely determines the distribution processes not only between business entities and the state, but also between business entities, sectors, regions. The customs policy of Russia is currently largely depends on the budget policy aimed at increasing the collection of customs duties and payments. Financial mechanism

- This is a combination of various forms and methods of use by the state of finance in order to ensure the implementation of relevant financial policies within the economic system.

- This is an external finance shell manifested in financial practice. The elements of the financial mechanism include: Forms of financial resources, methods of their formation, system of legislation and standards, which are used in determining the income and expenses of the state, the organization of the budget system, finance of enterprises and the securities market.

The combination of elements of the financial mechanism - forms, species, methods of organizing financial relations forms the "design of the financial mechanism", which is driven by establishing the quantitative parameters of each item, that is, the establishment of rates and the norms of seizures, the volume of funds, the level of expenses. Quantitative parameters and a variety of ways to determine are the most mobile part of the financial mechanism. They are more often subject to adjustment, react to a change in the production conditions and tasks facing society.

  • Thus, the financial mechanism is the most dynamic part of financial policies. Its changes occur in the process of solving various tactical problems, and therefore it reacts sensitively to all the peculiarities of the current socio-economic situation.
  • conclusions
  • The category of finances can be considered in a narrower and broad sense. Finance in a narrow sense or state (public) finances are a system of monetary relations on the formation and use of funds necessary to the state to fulfill their functions. Finance in a broad sense is considered as a system of relations in society on the education and use of cash funds.
    1. The public reproduction process implements three main directions of financial impact on the processes of social development:
    2. Financial provision of extended reproduction needs.
    3. Financial regulation of economic and social processes.
  • There are different points of view on the allocation of finance functions. It is advisable to consider the finance functions in accordance with two forms of their public appointment: the formation of cash funds, the use of funds funds.
    • The finance system includes two enlarged subsystems:
    • Financial relations arise and operate during the second stage of reproduction of the total social product, where its value is the distribution of its value in cash on the intended purpose and the subjects of economic relations. The public reproduction process implements three main directions of financial impact on the processes of social development:
  • The finance system is a combination of various links of financial relations, each of which is characterized by features in the formation and use of funds funds, various roles in public reproduction. The finance system includes two enlarged subsystems:
  • Finance of economic entities.

These enlarged subsystems depending on the specific forms and methods for the formation of income and cash funds, in turn, are divided into more private subsystems or links represented by Fig. 2.

  1. Financial policy is a set of state activities aimed at achieving effective mobilization of financial resources, their redistribution and use within the Unified Economic System, in order to ensure the state of its functions and creating conditions for the economic stability and progress of society. As the most important components of the financial policies of the state, credit and foreign, budgetary, tax, investment, social and customs policy are speaking.
  2. Questions for self-test
  3. What is the difference between financial relations from other types of money relations?
  4. What is the difference between public finances from the finances of enterprises and finance households?
  5. What are the sources of financial resources of the state, business entities, households?
  6. Expand the socio-economic essence of finance.
  7. What functions do finance?
  8. What are the differences in approaches to the definition of the concept of "financial system"?
  9. What criteria are used to classify finances?
  10. Name the links of the financial system.

What is financial policy?

What are the components of financial policies?

  1. Literature
  2. Legislative and instructive materials
  3. Civil Code of the Russian Federation. - M.: 1997.

Budget Code of the Russian Federation. - M.: Etc. "Elite-2000", 2005.

  1. On the financial foundations of local governments: Federal Law of September 25, 1997 No. 126-FZ.
  2. Main literature

General Finance Theory: Textbook / Ed. L. A. Droboxin. - 1995, p.4 - 36.

  1. Finance: textbook / Ed. M. V. Romanovsky, O. V. Vrublevskaya, B. M. Sabanti. - 2002, p. 9 - 80.
  2. additional literature
  3. Alaverdov A. R. Fundamentals of finance theory: studies. Manual / A. R. Alaverov. - 1999.
  4. Bolshakov, S. V. Financial policy of the state and enterprise: course of lectures / S. V. Bolshakov. - 2002.
  5. Budget System of the Russian Federation: Textbook / Ed. O. V. Vrublevskaya, M. V. Romanovsky. - 2003.
  6. Dadashev, A. Z. Financial System of Russia: studies. Manual / A. Z. Dadashev, D. G. Blueberry. - 1997.
  7. Laptev, S.V. Basics of state finance theory: studies. Manual / S. V. Laptev, F. V. Filina. - 2001.

Sabanti B. M. Finance theory: studies. Manual / B. M. Sabanti. - 2000.

Sumarokov, V.N. State Finance in the system of macroeconomic regulation / V. N. Sumarokov. - 1996.

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7.1. Essence of Finance

In the second stage of the reproduction process (at the distribution stage), the economic system objectively arises the need to distribute the monetary expression of the final product of the nation obtained as a result of the sale of goods and services, or gross national product (GNP) (the final product in monetary terms is the amount of sales prices on goods and services for a minus cost of material costs for their production.). Relations that develop in the process of distribution of the GNP between market entities (state, organizations, households) are called financial relations or finances (finances in Latin mean payment.).

Finance - historical category. They are born simultaneously with the onset of the phase of developed commodity and monetary relations and the centralized state and evolve together with the national socio-economic system. In Russia, the main components of the financial system were formed from the middle of the XVI century. As a result of the emergence of the communional monetary system (monetary reform 1535-1538) and the tax system (administrative and financial reform of Ivan Grozny).

Financial relations, reflecting one of the parties actually existing in the society of basic economic relations, have an objective nature and specific public appointment, so they can be considered as one of the economic categories (economic category are homogeneous economic relations presented in a generalized (abstract) form.) . The main hallmarks of finance as an economic category are their cash and distribution. Money is a prerequisite for the existence of finance. They are a material carrier of financial relations, which are mediated by the movement of cash flows. But finance and money are different economic categories. Money in modern market conditions is a fiduciary deccentable (from Lat. Fiducia -

deal

Based on trust. Market entities trust the state and central bank of the country, so they take money issued by them in exchange for goods and services.) Payment tool. Finance is a set of economic relations, expressed by the movement of money.

  • The distribution nature of the finance is due to the fact that the corresponding relations are always accompanied by the distribution of money income, which in the process of financial distribution change either owners or purpose of use. At the same time, the cash flow is not accompanied by the movement of the oncoming flows of goods and services.
  • Financial relations are diverse and arise, in particular, in the following cases:
  • in the formation and use of nationwide funds funds;
  • With the redistribution of temporarily free financial resources between cost-independent owners based on supply and demand;
  • in the process of investment activities;

in connection with the formation and use of insurance funds; In connection with the formation and use of income and savings of organizations and households. As a result of financial relations, all subjects of the market form financial resources (financial resources are

Enlarge imageEnd Revenues of market entities with which they can dispose of and which are used, as a rule, in certain directions) (Fig. 7.1).

Enlarge image

Fig. 7.1. finance Formation of own financial resources in market subjects in the process of financial distribution and redistribution of GNP So, As an economic category, these are relations arising in the process of distributing a monetary expression of the value of the gross national product (in some cases - parts of national wealth (national wealth - cash

expression (As of a specific date) of the entire combination of consumer values ​​accumulated by the Company for the entire period of its production activities)) in connection with the formation of financial resources in market subjects and their use in the production, accumulation and consumption. Relationships about the distribution of the final product is customary to divide into two stages: primary distribution and redistribution. At the stage of the primary distribution of the GNP disintegrates on wages, profit , indirect taxes and

depreciation deductions profit . During the redistribution with the help of tax, budgetary mechanisms and the financial market, the process of formation of finite financial resources of all market entities is carried out. As a result of their use on the macro level, consumption and accumulation funds are formed (Fig. 7.2). (As of a specific date) of the entire combination of consumer values ​​accumulated by the Company for the entire period of its production activities)) in connection with the formation of financial resources in market subjects and their use in the production, accumulation and consumption. Features of finance are also a form of use of financial resources through the formation and expenditure of target funds funds. The stock nature of the consumption of financial resources allows you to balance them with the volume of use, concentrate on the most priorities, as well as to ensure a combination of public, collective and personal interests in the distribution of GNP. However, financial resources can be used in nephrontic form (now in the Russian Federation in nephond form are used, in particular,

, clean ). As a feature of finance should be noted by their

, i.e., the immediate dependence on the legal norms approved by the state regulating the distribution of the final product. Financial legislation as a superstructural factor can contribute to the improvement of basic financial relations, and may inhibit their development if objective economic processes are consciously or unconsciously ignored (Fig. 7.3).Imperativeness

, i.e., the immediate dependence on the legal norms approved by the state regulating the distribution of the final product. Financial legislation as a superstructural factor can contribute to the improvement of basic financial relations, and may inhibit their development if objective economic processes are consciously or unconsciously ignored (Fig. 7.3).

Fig. 7.3.

The essence and function of finance

2. Finance as an economic category

The term "finances" occurred from the Latin word "Finansia", which means "cash payment". The long-term process of developing commodity relations has changed the content of the financial phenomenon.

Today, finance is economic public relations, the subject of which are the processes of accumulation, distribution and use of funds in the process of using social product and income. On the one hand, this phenomenon acts as an economic category, and on the other hand, a subjective value tool of activity.

Finance directly related to money. Money is a prerequisite for the existence of finance. Finance perform in cash, but not any money relations are financial. Monetary relations are transformed into financial when the funds of cash are created as a result of the production of goods and providing services in their implementation. Cash funds created at the level of the state, local governments are called centralized funds, and cash funds created at the level of economic entities, households - decentralized.

Finance as a subjective value tool for the functioning of economic entities form a specific mechanism for making decisions on the processes of formation and use of cash funds.

The object of finance is financial resources, which are a combination of funds funds that are at the disposal of business entities, states, households, i.e. is money that serves financial relations. They are formed in the process of material production, where new cost is created and GDP and ND arise. Consequently, the amount of financial resources depends on the value of GDP and ND. Financial resources, their formation and use are reflected in the consolidated financial balance of the Russian Federation. Sources of financial resources are:

- at the level of economic entities - profits, depreciation, income from the sale of securities, bank loan, interest, dividends on securities produced by other issuers;

- at the level of the population - wages, premiums, payouts for wages, social payments carried out by the employer, travel expenses, income from entrepreneurial activities, from participation in profit from operations with personal property, from credit and financial transactions; social transfers, including pensions, benefits, scholarships; consumer credit;

- at the level of the state, local governments - revenues from state and municipal enterprises, revenues from the privatization of state and municipal property, revenues from foreign economic activity, tax revenues, state and municipal credit, money emissions and income from securities emissions.

Thus, finance is a set of monetary relations arising in the process of formation, distribution and use of centralized and decentralized funds funds in order to fulfill the functions and objectives of the state and ensuring the conditions of expanded reproduction.

3. Functions of Finance

The essence of finance, as well as any economic category, is manifested in their functions. Finance performs basic functions - distribution and control. These functions are carried out in parallel in time, since each financial operation includes, on the one hand, the distribution of social product and national income, and on the other - control over this distribution.

1. The distribution function of finance is that:

- through the distribution and redistribution of the newly created value, the national needs are provided, the sources of financing the public sector of the economy are formed, a balancedness of budgets and extrabudgetary funds is achieved within the framework of the Unified Budget System of the Russian Federation;

- The newly created value is subject to distribution in order to fulfill the monetary obligations of enterprises to budget, banks, counterparties. Its result is the formation and use of centralized funds of funds, the maintenance of the non-productive sector of the economy.

The main objects of the implementation of the distribution function of finance are mandatory payments to the budget and extrabudgetary funds, as well as sources of funding budget deficit. A special role is played by the process of redistribution of income between different levels of budgets.

2. The control function of finance is to implement the control of the ruble for real monetary turnover, the participant of which is the state, the formation of centralized funds funds. Controlling a ruble has two forms:

- control over the change in financial indicators, the state of payments and settlements;

- Control over the implementation of the financing strategy.

In the first case, a system of sanctions and promotions is applied, using a force of a compulsory or stimulating nature. In the second case, we are talking about the implementation of a long-term financial policy, which focuses on the foresight of the changes and the advance adaptation to the order and financing conditions.

The control function of state and municipal finances is implemented in the following main areas:

1) control over the right and timely transfer of funds to centralized funds;

2) monitoring the observance of the specified parameters of centralized funds of funds, taking into account the needs of industrial and social development;

3) control over the purposeful and efficient use of financial resources. The control function of finance always has a specific form of manifestation. It can be aimed at the budget of a certain level, extrabudgetary fund, enterprise or institution, etc.

Many modern economists allocate other finance functions. They are subjective and fulfill the role of management tools.

The regulatory function is closely related to the state intervention by finance in the reproduction process.

The stimulating function of state and municipal finances is to ensure the development of various spheres of social life through the system of benefits and economic programs.

The fiscal function of finance is associated with maintaining unprofitable, but necessary industries.

4. The role of finances in the market of market economy

In a market economy, the role of finances has increased significantly: its position on the market, its competitiveness, its survival, prospects depends on the financial position of the enterprise. Enterprises are endowed with greater independence when distributing revenues from sales, use of financial resources. With primary distribution with the help of finance, funds refunds consumed in the production process of production facilities are created. At the same time, enterprises can choose one of several depreciation methods, the form of non-cash payments when paying raw materials, calculate the optimal margin of working capital, choose a strategy for funding for the main activity.

After deducting from the cash revenue of the expense compensation fund, paying certain tax payments at the enterprises are created a wage fund, and the remaining part of the revenue is the net income of the enterprise. After paying tax payments levied to the budget, enterprises can distribute the remaining net profit at their discretion. With the help of finance, enterprises create target funds funds used on social and economic development.

During the secondary distribution or redistribution, the state budget and extrabudgetary funds are formed. With the help of these funds, financial regulation and stimulation of production are carried out, nationwide programs, the maintenance of the non-productive sphere, defense and management, is achieved, the concentration of monetary resources on the main directions of scientific and technological progress. Serving the process of distribution of national income, finances act as an important economic lever of improving the proportions between the accumulation fund and the consumption fund, as well as inside them. With the help of finance, the redistribution of financial resources between the territories of the country, sectors of the economy, public production departments. Exercising redistribution between production sectors, finances contribute to the accelerated development of priority industries. The redistribution of funds between the territories contributes to the leveling of their economic and social development.

Without the participation of finance, the social development of society is impossible, since funds for financing all social events are obtained in the distribution of national income through the budget and social extrabudgetary funds. The entire non-production sphere is funded from the budget, funds are allocated for social security.

In modern conditions, the role of finances in the socio-economic development of society is manifested in the following main areas:

- activation of the policies of the accumulation of domestic capital;

- the use of fiscal and tax policies for the development of the economy and its strengthening;

- state support for production investments and financing of investment programs that ensure the preservation and development of the country's scientific and technical potential;

- use for the objectives of the production investment of the financial market opportunities;

- strengthening the social orientation of the state budget;

- Achieving social justice towards various categories, layers and social groups of citizens.

5. The concept and role of financial resources

The concept of "financial resources" various authors invest different meaning.

Financial resources are a combination of funds funds that are at the disposal of economic entities, states, households, i.e. it is money serving financial relations.

Financial resources are the most important source of extended reproduction, socio-economic development of society. Extension of financial resources is one of the most important tasks of the financial policy of the state. The decline in financial resources adversely affects the development of society, leads to a reduction in investment, reducing consumption funds, generates imbalances in the distribution of social product and national income. The composition and scope of financial resources depends on the level of economic development of the state, on the efficiency of production. Economic growth serves as the basis for increasing financial resources, and the magnitude of financial resources directed to the expansion and development of production contributes to an increase in its effectiveness.

Centralized financial resources of the state and decentralized financial resources of enterprises should be distinguished. Decentralized financial resources are formed in the form of various national funds, primarily the budget and extrabudgetary funds, the funds of which are used to implement the most important functions of the state, such as the development of national economy, financing of socio-cultural events, ensuring the needs of the defense and the content of the political suggestion of society. Sources of centralized financial resources are national income and partially national in case of involving it in economic turnover and efficient use, borrowed and attracted funds.

The main sources of financial resources of enterprises are profit and depreciation, borrowed and attracted funds. The volume of decentralized financial resources depends on the same factors as the volume of centralized, but the degree of centralization also affects their magnitude. The emergence and development of the financial market gives business entities new opportunities for expanding the composition of financial resources and increase their volume through the issuance of securities, the use of borrowed various credit institutions and a commercial loan, placement of temporarily free cash on deposits in commercial banks, etc.

The formation and use of financial resources can be carried out not only in the stock, but also in the nephond form. Centralized financial resources are formed and used primarily in the form of funds funds, which include, for example, budget, social insurance fund, road fund, the reproduction fund of the mineral resource base and other extrabudgetary and special funds consolidated in the budget. At the enterprise level, financial resources can be created and used both in stock and nephond form.

The volume of financial resources of the state and enterprises are directly dependent, since the source of the formation of state budget and extrabudgetary funds is the gross domestic product created by economic entities.

6. Financial resources of the state and enterprise, their composition and structure

Financial resources are the material base of the functioning of the state, and most of them are created in the distribution of national income. Financial resources are mobilized in state centralized funds of cash by tax and non-tax methods, and the overwhelming part is accumulated by the state with the help of taxes.

The state financial resources are part of the financial resources of the national economy, which includes the financial resources of industrial and non-productive spheres, as well as the population. The main sources of the formation of state financial resources are the national income, borrowed and attracted funds, revenues from the foreign economic activity of the state, partly - national wealth. Most of the state financial resources focuses in a centralized fund of funds from the state budget, which makes it possible to finance the execution by the state of its functions.

In recent years, the financial resources of the state were largely replenished at the expense of government borrowing in the domestic and foreign financial markets. This method of increasing the amount of financial resources can be considered effective provided that there are opportunities for the timely repayment of public debt.

The structure of financial resources changed along with the development of the economy. In the conditions of the Command-Administrative Economy, the proportion of financial resources of domestic enterprises occupied the funds of the state budget and loans of the USSR State Bank, the enterprises did not have the opportunity to use such sources of financial resources as the issuance of securities, attracting foreign investment, loans of commercial banks. The development of the financial market gives enterprises new opportunities to expand the composition of financial resources and an increase in their volume.

The financial resources of enterprises include their own, borrowed and attracted funds. The own financial resources of enterprises include income depreciation, authorized and additional capital, as well as the so-called sustainable liabilities of the enterprise, including sources of funding that are constantly in the industry's turnover, such as reserves formed in accordance with the constituent documents of the enterprise or legislation. For borrowed funds include loans of commercial banks and other credit institutions, other loans. Attracted financial resources are funds attracted by issuing shares, budget allocations and funds of extrabudgetary funds, as well as funds from other enterprises and organizations attracted for equity participation and for other purposes.

The structure of financial resources of enterprises varies depending on the organizational and legal form of the enterprise, its industry affiliation and other factors.

Despite the differences in the composition and structure of financial resources of individual enterprises, in general, their own funds occupy the greatest share on industrial enterprises.

7. The concept and role of financial intermediaries

In the conditions of a normally developing market economy, when achieving a sufficiently high level of income and under the total volume, and a sustainable supply of money in the form of savings is formed per capita. This is some excess money over current everyday needs. In a market economy, it has a clear economic meaning - investment capital. There are two main directions for using this capital:

- expansion of production, updating the range of manufactured goods and services, including, for example, expansion of education and support for art;

- Common and social insurance.

There is a certain fund of free funds and there are specific social needs that should be covered at the expense of these funds, but their union into a single working system is a very difficult task. Savings are fragmented, and their rational use requires their concentration. The minimum possible investments in any branch of commercial activities are currently large enough.

In turning the scattered savings into working capital, financial intermediaries played the main role. Financial Intermediaries are organizations hosting for a certain interest in storage of money, mainly from the population, or collect them for other reasons and providing them for a higher percentage of those legal entities and individuals who need investment resources, as well as paying insurance policies and pensions. Currently, reliable legislation has been formed in countries with developed economies, the population insurance systems, certain traditions of relationships between financial intermediaries and enormous contingents of depositors and recipients.

The value of the system of financial intermediaries is very large. They provide stable funding of essential public needs, save substantial funds and thereby accelerate the development of production. They provide additional income of the considerable mass of people, eliminating them from the direct risks of production, the organization of a new case, etc. Financial intermediation shows that economic relations are not necessarily related to conflicts and struggle. The activities of financial intermediaries leads to benefits by all Parties participating in this process.

The role of financial intermediaries is not limited to the concentration of money capital and its rational use. They coordinate and fade the interests of the enormous number of economic entities at a particular level. Financial intermediation has become a permanent factor of a developed market economy, especially given the diversity of current financial assets, including securities and currency.

The characteristic feature of the current financial intermediation is that the money provided loans or collected in the order of any mandatory contributions is used in the overwhelming majority of cases in profitable operations. Financial intermediaries in their activities increase the amount of revenues created in society. This is their fundamental difference from usury, which has not improved, and worsened the financial situation of the borrower.

8. Types of financial intermediaries, their role in the financial market

Financial intermediaries include:

1) Credit organizations:

- Banks carrying out the overwhelming share of all credit operations in the economy;

- credit unions, credit cooperatives, savings associations, etc.;

- non-bank credit organizations serving, as a rule, a pre-known circle of persons in a particular area;

2) Insurance organizations, pension funds, mutual investment companies, etc. The distinctive feature of these organizations from banks is that:

- They do not accept deposits and do not affect the amount of money in circulation;

- there is a link between a separate person and the whole set of persons interested in insurance and pension provision;

- these intermediaries, in contrast to banks, do not pay income (interest) for the funds made, but they pay pensions and produce insurance payments in accordance with agreements;

- Payments to insurance and pension funds are partially obligatory (contributions to credit organizations are purely voluntary);

- Commercial activities of insurance and pension funds are rigidly regulated in order to avoid the danger of their bankruptcy.

Financial intermediaries play an active role in the financial market.

In recent years, there has been a tendency to merge previously strictly distinguished powers of various financial intermediaries. In some countries, commercial banks have received the right to carry out insurance operations. Such universalization of the functions of a financial intermediary is quite natural where there is a well-established legal framework and a powerful infrastructure of financial relations. In such conditions, this union of various mediation functions in a single organization can bring profits to all participants in the financial market. In Russia, such an association would be premature due to the instability of economic and political conditions, as well as the underly developed system of legislation in this area.

Within the framework of the money market, not just money is sold, but very important financial services. In terms of insurance, the provision of services to the insured (policy holder) looks more visually. Insurance of something means creating a reserve, in the current conditions this is a cash reserve. To form a major cash reserve with most ordinary citizens, and legal entities are also not under power. A financial intermediary guarantees them compensation for damages from the occurrence of an insured event, subject to payment of relatively small amounts. It is also possible to interpret the situation during life insurance and when receiving a pension. Financial intermediaries in all areas of their activities are not just "collecting money", but sell vital services that are paid by the specific way of providing money from stakeholders.

We are talking about a mutually beneficial transaction between the equal participants of the economic process. Services provide both depositors to banks and other financial intermediaries, keeping money from them. If we are simply about storing money, their owners receive fee for them, provided that the Bank uses this money in their operations. If the contribution is used by the owner by the calculations themselves, the Bank may not pay interest on it. This is a question of a specific agreement.

9. Financial market and its role in mobilizing and redistributing financial resources

The most important structure of the market economy is the financial market, on which the redistribution of temporarily free funds is being redistributed between various actors of the economy by making transactions with financial assets.

The stable functioning of the financial market is a mandatory prerequisite for economic progress, political and social equilibrium in society. The sphere of its influence is very high.

When considering the structure of the financial market, many authors include different components. The most commonly referred to as such sectors of the financial market, as the securities market, credit and foreign exchange markets, for which the general property is the redistribution of temporarily free cash. At the same time, each of these segments has its own characteristics, which highlights them into separate components of the market.

On the securities market there are transactions with such a specific product as securities, by selling them or the implementation of other civil law transactions. The issuer through the emission of papers attracts additional funds, and the investor, acquiring these papers, expects income or has other goals. In this case, the investor can sell these securities on the market.

The credit market does not carry out acts of purchase and sale, and, concluding a loan agreement, nor the lender, nor the borrower cannot sell it. Credit organizations attract temporarily free cash, and then issue them on credit, thus exercising their redistribution. A distinctive feature of this market is the fact that redistribution in this case is carried out on the principles of lending, that is, the repayment, urgency and payability and through intermediaries, mainly through banks. Economic entities can lend each other and directly, bypassing banks, but in this case they must have extensive relations among themselves, and lending is carried out in the supply of goods (commercial credit).

In the foreign exchange market, operations with currency values ​​are carried out to which include: foreign currency and securities expressed in foreign currency. This is the most liquid market. The object of the foreign exchange market is any financial requirements expressed in foreign currency, and in subjects - financial and investment institutions. The subjects of the foreign exchange market are carried out by the following types of operations: hedging (Insurance of open currency positions), interest rate arbitration, purchase and sale of currency by implementing cash (spot) and urgent (forward) transactions, as well as swaps (simultaneous purchase and sale transactions with different times execution).

The financial market and especially the securities market, or the stock market, are not only a means of redistributing financial resources in the economy, but they are in their totality constitute a very important indicator of the state of the entire financial system and the economy as a whole. The meaning of the financial market is not just in the redistribution of financial resources, but primarily in determining the directions of this redistribution. It is in the financial market that the most effective areas of cash resources application are determined.

10. Financial System and its Structure

A combination of financial relations is divided into various groups, depending on the specifics of these relations. The implementation of these relations is carried out through the links of the financial system. Thus, the financial system is a combination of links and elements of financial relations, through which the distribution of social product, the formation, distribution and use of funds funds, cash income and the accumulations of the state, business entities and the population.

The financial system of Russia includes the following links of financial relations: 1) nationwide finances (state budget, extrabudgetary funds, state loan);

2) insurance funds;

3) Finance of enterprises of various forms of ownership.

The above links are taken to divide into a centralized and decentralized sphere of financial relations.

National Finance is centralized funds for cash resources, which are created by the distribution and redistribution of national income established in the material production sectors.

In general official finances, the main role is played by the state budget, which is a centralized monetary fund and ensures the state of functions inherent in it. The main and main source of formation of the state budget are taxes from enterprises and the population.

In addition to the state budget, extrabudgetary funds are formed in any economy, where funds of the federal government and local authorities are concentrated, related to financing expenses not included in the budget. For economic content, extrabudgetary funds are divided into two groups - social and economic extrabudgetary funds. The formation of extrabudgetary funds is carried out at the expense of mandatory target deductions.

An important element of nationwide finance is a state loan. The state loan is a special form of monetary relations between the state, individual citizens, legal entities and individuals, as well as foreign states, international organizations about the formation and use of a loan fund.

The public debt is the whole amount of issued, but not redeemed state loans with interest accrued on them for a specific date or for a certain period.

Insurance funds, formed by contributions from interested legal entities and individuals, provide social protection of society, compensation for losses from natural disasters and accidents, and also contribute to their prevention. Insurance is also an important means of forming the investment potential of the country.

Finance of enterprises are also represented by decentralized funds for cash funds of economic entities of various forms of ownership generated from cash income and the accumulation of enterprises themselves. Finance of enterprises are unifying the basis of the financial system. They serve the process of creating and distributing a social product and national income. Their economic condition determines the degree of security of centralized funds of funds by financial resources.

11. Content of financial policies, its goals and objectives

The state is developing financial policies as a means of successful implementation of its goals and objectives in the financial sector. The effectiveness of the impact of finances on the socio-economic development of society largely depends on the selected directions of financial policies and the process of its implementation.

Financial policy content covers a wide range of activities:

1) the development of the general concept of financial policy, determining its main directions, goals, main tasks;

2) the creation of an adequate financial mechanism;

3) Managing the financial activities of the state and other economic entities.

Financial policy tasks are aimed:

1) to ensure the conditions for the formation of the maximum possible financial resources;

2) the establishment of the rational state of the distribution and use of financial resources;

3) the organization of regulation and stimulating economic and social processes with financial methods;

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

5) creating an effective and maximum business management system of finance.

The main goal of state financial policy is the most complete mobilization of financial resources and improving the efficiency of their use for socio-economic development of society.

An important part of financial policies is the establishment of a financial mechanism.

As the most important areas of state financial policies, are the budgetary, tax, investment, social, customs policy.

The budget policy of the state is primarily necessary to be considered as a set of measures to implement the interaction of budgets of different levels. The main task in budget policy was and remains of strengthening public finances, a decrease in budget deficit, the creation of favorable financial conditions for the development of the sectors of the national economy.

The tax policy is the activities of state authorities and local self-government for the forced seizure of the income received by economic entities and the population, in order to form a profitable part of the relevant budgets.

The investment policy is a set of activities to create conditions for attracting domestic and foreign investments, primarily in the real sector of the economy. The main task of this policy is to create conditions so that investors benefit from investing funds in the Russian economy.

Social financial policy is primarily related to the solution of the tasks of financial support for the rights of citizens of Russia established in the Constitution of the Russian Federation. Currently, social financial policy covers pension policy, immigration policies, policies of financial assistance to individual social groups and others.

Customs policy is a symbiosis of tax and pricing policies, limiting or expanding access to the domestic market of goods and services and encouraging or restraining the export of goods and services from the country.

The company's financial policy is a targeted activity of financial managers to achieve business goals.

12. Types of Financial Policy

Allocate three main types of financial policy:

1) classic;

2) regulating;

3) Planning-directive.

Until the end of the 20s. The last century was the main type of financial policy of most countries was its classic option. Such financial policy was founded on the writings of the classics of Politheconomy A. Smith and D. Ricardo. The main direction is its non-interference of the state in the economy, the preservation of free competition, the use of a market mechanism as the main regulator of economic processes. The state sought to reduce budget expenditures that were supported mainly to military expenditures, interest on public debt and its repayment and management. The tax system was mainly based on indirect and property taxes, which made it possible to create the necessary receipt of funds to ensure a balanced state budget. The financial management system has focused, as a rule, in the Ministry of Finance.

The transition to regulatory financial policy in Western countries was carried out at the end of the 20s. The last century, when the entire complex of the economic, political and social problems of most states aggravated. In its foundation, the economic theory of J. Keynes and his followers were first. Financial policy Along with its traditional tasks began to pursue the goal to use the financial mechanism for regulating the economy and social relations in order to ensure full employment. The main instruments of interference in the economy are government spending. The main mechanism of regulation is income tax. Much attention is paid to the state loan system, on the basis of the policy of scarce financing. Instead of a single control body, several independent specialized authorities arise.

In the 70s. The financial policy was based on a neoconservative strategy associated with the neoclassical direction of economic theory. This type of financial policy limits the state intervention in the economy and the social area. The regulation of the economy becomes multipurpose. The financial mechanism under these conditions proceeds from the need to reduce the amount of redistribution of national income through the financial system. There is a task of reducing taxes and reduce the degree of progressiveness of the taxation.

Planning-policy financial policy is applied in countries using an administrative and command system of economic management. The purpose of financial policies under these conditions is to ensure the maximum concentration of financial resources from the state for their subsequent redistribution in accordance with the main directions of the state plan.

The main task of the financial mechanism was the creation of tools, with which the withdrawal of all not used in accordance with the state plan of financial resources is made. The withdrawal of funds was made from state enterprises, the population and local authorities.

Financial management was carried out from the Unified Center - the Ministry of Finance, which was engaged in all issues of using the financial mechanism in the national economy.

13. Financial mechanism and its role in the implementation of financial policies

For the implementation of financial policies, a financial mechanism is used, which is a set of ways to organize financial relations used by society in order to ensure favorable conditions for economic and social development. The financial mechanism includes species, forms and methods of organizing financial relations, methods for their quantitative determination.

Forming a financial mechanism, the state seeks to ensure its fullest compliance with the requirements of the financial policy of one or another period, while the constant desire to fully link the financial mechanism and its interests, which is the key to the effectiveness of financial policies.

The structure of the financial mechanism is quite complex. The elements of the financial mechanism include financial resources, methods of their formation, the system of legislation and standards, which are used in determining the income and expenses of the state, the organization of the budget system, enterprises' finances and the securities market. The combination of elements of the financial mechanism forms the design of the financial mechanism, which is driven by setting the quantitative parameters of each element.

The financial mechanism is divided into a directive and regulating.

The policy financial mechanism is usually developed for financial relations in which the state directly participates. Its scope includes taxes, national credit, budget expenditures, budget financing, organizing a budget device and a budget process, financial planning.

In this case, the state is developed in detail the entire system of organizing financial relations, mandatory for all its participants. In some cases, the policy financial mechanism may also apply to other types of financial relations in which the state is not directly involved. Such relationships are either of great importance for the implementation of all financial policies (the market of corporate securities), or one of the parties of these relations is the state agent (finance of state enterprises).

The regulatory financial mechanism determines the basic rules of the game in a specific segment of finance that does not affect the direct interests of the state. Such a kind of financial mechanism is characteristic of organizing intra-economic financial relations in private enterprises. In this case, the state establishes the general procedure for the use of financial resources remaining at the enterprise after paying taxes and other mandatory payments, and the company independently develops forms, types of cash funds, directions for their use.

Financial management implies targeted state activities associated with the practical use of the financial mechanism. This activity is carried out by special organizational structures. Management includes a number of functional elements: forecasting, planning, operational management, regulation and control.

All these elements ensure that financial policies in the current activities of state bodies, legal entities and citizens.

14. The main directions and objectives of the financial policy of Russia at the present stage

Creating market relations is unthinkable without a fundamentally new financial policy. During the execution of a new financial policy, many problems have emerged and the beginning of the development reforms on financial and budgetary issues have been formulated on the declarative level, which actually began to be carried out by the method of samples and errors.

To exit the financial crisis, the Government of the Russian Federation developed a number of directions of financial policy of the post-crisis period:

- improving the efficiency of the budget system, reducing budgetary expenses and the budget network, strengthening control over the costs of budget recipients through the federal treasury system;

- rehabilitation of the banking system;

- Improving intergovernmental relations and budget federalism;

- elimination of non-monetary settlements and non-payment;

- development of land reform;

- the adoption of a complex of measures to protect the rights of small investors;

- creation of legislative conditions for attracting foreign investment. The strategic directions of the financial policies of the state should be such events that will lead to the economic growth of the country.

To strengthen the course of the national currency, it is necessary to implement a set of measures to limit speculation in the foreign exchange market and stop the illegal export of capital abroad. It is necessary to increase the commissioning of the ruble by conducting a structural restructuring of the economy.

The task of the coming years is to strengthen the confidence of investors to credit institutions and investment institutions. To do this, it is necessary to create a reliable deposit insurance system, to allow foreign banks to attract funds from the population of Russia under certain conditions, to increase interest rates on deposits, comply with the reasonable limits of the profitability of government securities.

The strategic objective of financial policies is to achieve the balance of budgets of all levels, for which it is necessary to implement a coordinated, unified budget policy of the federal center, the subjects of the Russian Federation of municipalities in order to strengthen public finances and curb the manifestations of regional separatism.

Support the country's economy can reduce tax burden. It is necessary to implement adopted laws to reduce the tax burden, as well as the analysis of their impact on the economy and budget revenues.

An important direction of improving the budget policy is to optimize the structure of budget expenditures and reduce budget expenditures for those items where it is possible. It is necessary to increase budget expenditures on national economy. Further reduction in public debt service costs.

Financial policy should be linked to monetary policy. The directions of the state policy in this area are the intensification of the Bank of Russia in the open market.

In the near future, it requires a solution to such a budget problem as an increase in the efficiency of public-owned use.

The implementation of the activities listed will ensure the strengthening of state and territorial finance, speed up the economic and social development of our country.

15. Concept of Financial Management

Under management means a set of techniques and methods of targeted impact on an object to achieve a certain result. One of the most important areas of management activities is to manage finance. Financial management means impact on financial relations in order to maximize the efficient distribution (redistribution) of financial resources.

In any control system, objects and subjects of management are distinguished, in relation to finance management facilities are a variety of financial relations, and in subjects - financial management bodies. The overwhelming majority of the authors consider the financial relations of economic entities and the public and local authorities about the payment of obligatory payments to budgets and extrabudgetary funds and allocating funds from these funds.

The objects of financial management can also include relationships:

- between economic entities about the distribution of income (joint funds, shared participation, penalties, etc.);

- between the insurance organizations, on the one hand, and the business entities and the population, on the other hand, on the education and use of insurance funds;

- between business entities and higher organizations about the education and distribution of funds funds created by a higher organization;

- within enterprises, institutions, organizations on the distribution of revenue, the formation of money income, savings, funds and their use.

Financial management facilities can also be classified according to the links of the financial system of the Russian Federation. On this basis, the following financial management facilities can be distinguished: state finance, finance of economic entities and local finances.

Financial management entities are legislative and executive bodies and management in accordance with the competence in the financial sector. They are legally classified according to the links of the financial system. Current management of public finance is carried out by the Ministry of Finance of the Russian Federation and its territorial bodies. Local Finance Management is carried out by the financial authorities of municipalities. Large business entities create specialized financial management bodies (finance departments, financial management or departments), in small organizations, financial management functions are included in the official responsibilities of economists, mainly the main accountants.

Financial planning and forecasting, financial analysis, financial control, financial resources accounting for financial resources should be attributed to financial management, and financial management on the basis of using all of these things.

The impact of the subject on the control object can be carried out with the help of both administrative and administrative and economic management methods. Administrative and administrative methods involve the development of orders, orders, other administrative documents, bring them to subordinate and control over the execution. Economic methods are based on the material interest of personnel in increasing the efficiency of their functions.

16. Structure of government finance bodies

Financial management is carried out through the use of the relevant management apparatus. General Financial Management is carried out by higher authorities and management: the President of the Russian Federation and its administration, the Federal Assembly, the Russian government.

The President of the Russian Federation (the Administration of the President of the Russian Federation) regulates the activities of the Financial Bodies, has the right to impose a veto to financial legislation, signs the Federal Law on the Federal Budget of Russia, prepares and sends the federal assembly of the budget message.

The Federal Assembly approves financial laws, considers the draft federal budget of Russia and approves the law on the federal budget.

The Government of the Russian Federation forms the federal budget, is the Unified Finance Management Center, develops the conceptual foundations of financial policies.

The main body carrying out current government finance management is the Ministry of Finance of the Russian Federation.

The main task of the Ministry of Finance of the Russian Federation is the development of a unified state financial, credit, monetary policy, as well as audit policies, accounting and financial statements, production, production, processing of precious metals and precious stones, customs payments, including the definition of customs goods and vehicles . To fulfill its tasks, the ministry carries out the following main functions:

- development of the federal budget project and the forecast of the consolidated budget of the Russian Federation;

- forecasting and cash management planning and federal budget execution, drawing up a report on the execution of the federal budget and the consolidated budget of the Russian Federation;

- Financial control and supervision in the financial and budget sector;

- improving the methods of budget planning and the procedure for budget financing, methodical guidance in this area, as well as in the implementation and execution of the federal budget;

- Management of the state internal and external debt of the Russian Federation;

- implementation of the functions of the issuer of state securities of the Russian Federation;

- Coordination of budget and monetary policies in accordance with the tasks of macroeconomic policies.

An integral part of the Financial Management Process is financial control. In the Russian Federation at the federal level, state financial control bodies are represented by the Accounts Chamber, the General Directorate of the Federal Treasury and its bodies in the constituent entities of the Russian Federation, the Department of State Financial Control and Audit, the Control and Audit Office of the Ministry of Finance of Russia, as well as the Ministry of the Russian Federation for taxes and fees, the Central Bank Of the Russian Federation, the State Customs Committee of the Russian Federation, the Federal Service for Insurance Supervision, the Federal Service for Financial Monitoring, the Federal Service for Financial Markets, the Federal Financial and Budget Supervision Service.

17. Financial planning and forecasting

Financial planning is activities to achieve balanced and proportionality of financial resources. Balanced at the same time means the optimal relationship between financial resources that are at the disposal of the state and income remaining in business entities. Proportionality is a rational relationship between the amount of income prior to the payment of tax and its magnitude after payment of enterprises, branches of the economy, regions, subjects of the Russian Federation. Through an increase or decrease in this relationship, the state may stimulate or limit their development. Financial planning is an integral part of the economy planning.

The movement of financial resources is reflected in the relevant financial plans consisting of income and consumables. An important role in ensuring the proportionality and balance of the development of the economy is played by the balance sheets of financial resources (financial balance sheets). The financial balance is a set of all revenues and budget expenditures and state extrabudgetary funds, it also includes the profit of organizations that remain at their disposal, and depreciation. The financial balance is based on the comparison of income with expenses. Excess costs of income (income over expenses) determines the deficit (surplus) of the financial balance.

The financial balance is the main analytical instrument in the design of the budget of the Russian Federation and forecasting the sources of capital investments that are emerging in the territory of the subject of the Russian Federation. It is drawn up on the basis of the reporting financial balance for the previous year, expected in the current year of the results and the basic parameters of the forecast of the socio-economic development of the Russian Federation.

The most important component of financial planning is budget planning. In the process of budget planning, the distribution and redistribution of budgetary resources are determined in accordance with the goals and objectives set in the budget message of the President of the Russian Federation and specified in budget policy. As part of financial planning, budget planning is one of the most important tools for regulating the economy and is subject to the requirements of the financial policy of the state.

Under financial forecasting, the foresight of the possible financial situation of the state, the substantiation of promising financial plans indicators. Financial forecasting precedes financial planning and is based on the concept of the development of the country's financial policy on medium-term, long-term periods. The purpose of financial forecasting is to determine the real possible amount of financial resources, sources of formation and their use for the long-term period. Financial forecasts allow you to schedule and analyze different options for the development of the country and its regions, forms and methods for implementing financial policies.

Financial forecasting involves the use of various methods: the construction of econometric models describing the dynamics of financial plans depending on the factors determining economic processes; correlation and regressive analysis; Method of direct expert assessment.

18. State regulation of finance

State regulation of finance is a legally enshrined system of impact on financial relations. Financial policies are used to influence the impact. The relevant government agencies are developing and carried out financial policies and implement legislative regulation of finances on macro and micro levels. The basis of state financial regulation is a certain financial concept. In practice, when implementing financial policies, elements of several concepts are applied, which leads to the emergence of interim financial theories that embody the national characteristics of states and the degree of development of the economy.

There is no consensus about the degree of exposure to the state for finance, methods and forms of impact, there are no practical application in Russian economic science. On the one hand, the economic role of the state is represented as a manifestation in regulatory, redistributive, social and control functions. On the other hand, state financial regulation is a priority component of the system of state regulation of socio-economic processes.

The activities of state structures in the field of financial resources management is a combination of fiscal, tax, monetary regulatory measures. Currently, the goal of the state is to build a socially oriented market economy. The objectives of the state are:

- consistent increase in the standard of living of the population;

- reduction of social inequality;

- restoration of the economic and political role of Russia in the world community;

- a combination of regulating the role of the state and free market development of the economy.

To achieve these goals, a variety of financial instruments are used, such as dividends, budget financing limits, subventions, subsidies, transfers. In order to improve public finance management, the Ministry of Finance of the Russian Federation made an official initiator of the regulatory consolidation of the concept of "best practice". This is understood by the third level of regulation and management of regional and municipal finances on the basis of voluntary standards drawn up, taking into account the best experience of financial authorities. When using the best practice code, the main emphasis will be made to strengthen the self-control of the territorial authorities and increase their interest in the economical and targeted use of all funds, and first of all - budgetary resources.

To improve the efficiency of management of regional and local finances, follows:

- ensure the independence and responsibility of public financial management entities;

- Create a competitive environment, which is an absolutely necessary condition for the formation of the power of incentives to increase the transparency and efficiency of public finance management.

The use of the best practice code should contribute to the introduction of honest rules of competition, raising awareness of all interested parties about the best experience of financial work not only on domestic, but also internationally.

19. Management of financial resources

Under the management of financial resources, it is necessary to understand the activities of the management bodies aimed at maximizing financial resources and improving the efficiency of their use. In the financial resource management system, as in another managed system, it is necessary to identify an object and a management subject. The control object is part of financial resources, and subjects are financial management bodies.

Financial management facilities can be classified by groups of financial relations. On this basis, the following control objects can be distinguished: government financial resources; financial resources of economic entities; Local financial resources.

Financial management entities are legislative and executive bodies and management in accordance with their competence in the financial sector. They are legally classified by power levels.

Financial planning and forecasting, financial analysis, financial control, financial resources accounting and other funds, as well as based on the use of all these functions, should be attributed to financial management.

The consolidated balance of Russia is a set of federal financial balance and financial balances of the subjects of the Federation. The financial balance of the constituent entity of the Russian Federation is a set of all incomes and expenses of the consolidated budget of the subject of the Russian Federation, territorial departments of state extrabudgetary funds.

The analysis of financial balances of the constituent entities of the Russian Federation serves as a method that allows the macroeconomic forecast at the stage of the macroeconomic forecast to determine the feasibility of certain proposals and decisions taken by the federal authorities of state power regarding the financial security of the constituent entities of the Russian Federation. The problem in this case is the lack of strategic planning of financial resources, which is one of the most important areas for improving the management of financial resources of the territory.

Another problem of effective financial resource management is the complexity of its assessment. To date, it is rather problematic to evaluate the effectiveness of the financial resources management of the country and its territories, since there are no specific goals for managing them and evaluation indicators of efficiency.

All financial resources of the constituent entity can be divided into three groups: created and used in its territory, leaving for its limits, resources coming from outside. For analysis and management, financial resources created and remaining on the territory of the Federation are important. Despite the fact that in many regions, they do not have a high specific gravity in the total amount of financial resources, this particular part of the regional authorities can really plan to independently and seek their growth opportunities. Therefore, to effectively manage the financial resources of the constituent entity of the Russian Federation, it is important to solve the issue of inter-budgetary relationship between federal and regional authorities, as well as between the authorities of the subject of the Federation and the municipalities located on its territory.

20. Financial control as a form of implementing the control function of finance

Financial control is an integral part of the finance management process, due to the most important functions of finance: distribution and control. The process of distribution and redistribution of GDP should be accompanied by monetary control in the economy.

Financial control - legislatively regulated activities of specially established agencies of control and controllers - auditors for compliance with financial legislation and financial discipline of all economic entities, as well as the expediency and effectiveness of their financial transactions.

Financial control is not limited to the legal and quantitative parties and has an analytical aspect.

Financial control, as well as all other financial categories, was modified as the evolution of financial relations.

In the study of financial control, it is distinguished by its sphere, an object and subject. The scope of financial control is almost all monetary operations, as well as transactions and transactions carried out on the basis of cash settlements.

The object of financial control is monetary distribution and redistribution processes in the formation, distribution and use of financial resources, funds, income and savings funds.

The subject of inspections are financial and other economic indicators.

Financial control shall apply to all four stages of the reproduction process (production, distribution, exchange, consumption), as well as on the non-productive sphere.

The need for financial control existence follows from the peculiarities of commodity-money production, which cannot exist without timely and complete formation, reasonable distribution and efficient use of funds and financial resources.

With the help of financial control, the following tasks are resolved:

- ensuring the optimal proportions of the distribution and redistribution of financial resources between the territories of the country, sectors and the areas of the national economy, the production and non-production areas, economic entities and the population;

- ensuring timeliness and completeness of fulfillment of financial obligations to budget, extrabudgetary funds, counterparties of economic entities;

- identification of intra-economic reserves for increasing financial resources and improving production efficiency;

- Ensuring the economical and efficient use of financial resources and improving the efficiency of financial investments. Financial control is classified depending on the subjects, its carrying out, time and methods of its conduct.

Depending on the subjects carrying it out, the following types of financial control distinguish: state, departmental, independent (audit), intra-economic.

Forms of financial control depends on time (deadlines) of its holding: preliminary, current, subsequent.

Depending on sources of data, the data is distinguished by documentary and actual control.

Financial control methods include checks, revisions, analysis, surveys, supervision.

21. Types and forms of financial control

Depending on the subjects carrying out financial control, distinguish:

1) state financial control;

2) internal financial control;

3) Public Financial Control;

4) independent (audit) financial control. State financial control is implemented through the national and departmental. National financial control is carried out by state authorities and management. It is aimed at objects regardless of their departmental subordination. Departmental financial controls carry out control and audit departments of ministries, concerns, local governments. The objective control facility is the production and financial activities of departmental enterprises and institutions.

Outdoor financial control is carried out by financial services of enterprises, institutions and organizations. The object of control is the production and financial activity of the enterprise itself as a whole, as well as its structural divisions separately.

- Ensuring the economical and efficient use of financial resources and improving the efficiency of financial investments. Financial control is classified depending on the subjects, its carrying out, time and methods of its conduct.

Public financial control was widely used in Soviet times. Currently, public control has acquired new forms (control by commercial banks for the financial condition of client enterprises).

Independent (audit) Financial controls carry out specialized audit firms or services. An independent audit is provided by financial statements to additional confirmation of the accuracy of the company's activities. The condition for conducting audits is the independence of the verifiable enterprise inspected from the leadership and on the results of its financial and economic activities.

Preliminary financial control is carried out at the preparation, consideration and approval of budget projects; estimates income, financial plans of institutions, organizations; Projects of laws.

Current (Operational) Financial Control is carried out at the time of financial transactions in order to prevent abuse when receiving and spending funds.

Subsequent financial control is carried out by analyzing accounting and financial statements. Its purpose is to assess the results of financial and economic activities of economic industry.

According to the methods of financial control distinguish: checks, surveys, analysis, revision.

Checks are conducted on the basis of reporting documentation, balance sheet and expenditure documents. In the process of inspections, separate issues of financial activities are considered and measures are scheduled to eliminate negative consequences.

Surveys cover a broader spectrum of financial and economic indicators of the subject in order to identify its financial condition and development prospects.

Analysis of financial activities involves a detailed study of the periodic or annual financial accounting reporting to the overall assessment of financial results.

The audit is an inspection of the financial and economic activity of the enterprise for the reporting period.

22. State Financial Control in the Russian Federation

In a market economy, as its social orientation enhances, the control and financial functions of the state are complicated and increasing.

Currently, there is no single state financial control body in the Russian Federation.

An important element of public administration, a unified fiscal policy throughout the country, maintaining its integrity is the presidential control over compliance with budgetary and tax discipline. The presidential control is carried out in accordance with the Constitution of the Russian Federation through the publication of decrees on financial budget and tax issues, the signing of federal laws.

The Functions of Financial Controls also maintains the main control department of the President of the Russian Federation.

The functions of the Main Control Department of the President of the Russian Federation are to control the activities:

- supervision organs under federal executive bodies;

- subdivisions of the presidential administration;

- executive authorities of the subjects of the Federation.

The executive authorities of all levels carry out financial control within their powers, as well as send and control the activities of the controls subordinate to them.

The Russian government controls and regulates the financial activities of ministries and departments. Under the Government of the Russian Federation, there is a monitoring and supervisory board that performs a number of control functions in the field of finance.

One of the forms of nationwide financial control is parliamentary control.

In the State Duma - the Committee on Budget, Taxes, Banks and Finance, in the Federation Council - the Committee on Budget, Financial, Currency and Credit Regulation.

Parliament may carry out a selective verification of the activities of ministries, departments and state committees. Data on the state of state finance Parliament receives through the Accounts Chamber, which is a specially created Federation Council and the State Duma by the Control authority.

The next federal executive authority, carrying out financial control, is the Ministry of Finance of the Russian Federation. The Ministry of Finance of the Russian Federation ensures a single financial policy and coordinates activities in this area of ​​other federal executive bodies. Financial control is carried out by all the departments and departments of the Ministry of Finance of Russia within its competence and field of activity, including specially created control and auditing management with its territorial and local authorities.

The structural division of the Ministry of Finance of the Russian Federation is the General Directorate of the Federal Treasury, the main task of which is to monitor the execution of the federal budget of the Russian Federation and budgets of federal extrabudgetary funds.

In addition to the above bodies, state financial controls in the Russian Federation are carried out by the Ministry of Taxes and Claims of the Russian Federation, State Customs Committee of the Russian Federation, the Central Bank of the Russian Federation, the Federal Service for Insurance Supervision, Federal Service for Financial Monitoring, Federal Financial Markets Service, Federal Service Financial and budget supervision.

23. The concept and essence of public finances

Government finances are the most important lever by which the government has an impact on the entire production and distribution process. Government finances can be defined as a set of centralized and decentralized cash funds managed by government agencies in order to provide national and social needs.

State funds are formed mainly due to exemptions through the taxation of the income from other subsystems of the financial system. The public finance includes various separate units.

Inter-budgetary relations play a leading role in the public finance system. They add up at the federal, regional and local levels.

The state, in addition to the formation of financial resources, exercises costs.

State revenues are the financial relations of the state with individuals and legal entities about the formation of centralized funds funds.

Centralized state revenues, except budget, are financial resources of state extrabudgetary funds. Funds are formed by contributions by employers and working citizens, as well as subsidies from the federal budget. Extrabudgetary funds have a strictly targeted purpose.

Extrabudgetary funds in our country are independent financial and credit institutions. Currently, four social extrabudgetary funds are functioning in the Russian Federation: the Pension Fund of the Russian Federation, the Communise Medical Insurance Fund of the Russian Federation, the Employment Fund of the Russian Federation and the Social Insurance Fund of the Russian Federation.

The main source of formation of state revenues is the national income, and with the occurrence of emergency circumstances, part of national wealth.

National income and part of national riches are internal sources of government revenue. Under the external sources of state revenue refers to the national income and in exceptional cases, the national wealth of another country.

The main tasks of the state revenue system are both fiscal and general economic tasks.

Government spending is the financial relations of the state due to the use of centralized and decentralized revenues of the state. Under government expenditures are the direct expenses of the state, which it carries through the system of budget and extrabudgetary funds, as well as state enterprises, institutions and organizations. The content and nature of government spending is determined by the functions of the state.

The basic functions of public finances in the market conditions include:

1) development, adoption, implementation and improvement of legislation forming the institutional frameworks of market economy;

2) maintaining macroeconomic and socio-political stability, effective regulation and industrial policy;

3) financing of major social services, supporting poorly protected populations;

4) regulation of integration into the global economy, taking into account the protection of national interests;

6) Implementation of environmental measures.

24. Concept and function of the budget

In accordance with Art. 6 Budget Budget Code is a form of education and spending fund of funds intended for financial support for the tasks and functions of the state and local self-government.

The essence of any financial and economic category, including the budget, is manifested in its functions.

The budget is inherent in the following functions:

1) redistribution of national income;

2) state regulation and stimulation of the economy;

3) financial support for the social sphere and the implementation of the social policy of the state;

4) control over the formation and use of centralized funds funds. The distribution function of the budget is manifested through the formation and use of centralized funds of funds in the levels of state and territorial power and management. With the help of the budget, the state regulates the economic life of the country, economic relations, sending budget funds to support or develop industries, regions. In this way, economic relations, the state is able to purposefully accelerate or restrain the production rates, the growth of capital and private savings, change the structure of demand and consumption.

The redistribution of national income through the budget has two interrelated, flowing at the same time and continuously: 1) the formation of budget revenues; 2) the use of budget funds (budget expenditures).

In the course of the formation of budget revenues and the use of budgetary funds, the tasks of state regulation of economic and social processes in the country are resolved.

By centralizing in the budget of part of financial resources, the state is able to provide cash to the national needs - the accelerated development of the progressive sectors of the national economy, the reproduction of the qualified labor force, the development of science and technology, the country's defense capability.

Through the budget, the national income is redistributed over the territory, as well as from the production in the non-productive scope, for which cash funds are being created at the expense of the budget to finance health care needs, education, culture, management, defense. Budgets through budget financing are redistributed by financial resources between the industrial sectors in order to proportional to their proportional development. Through the budget, an inter-dertestorial and intersectoral redistribution of national income is performed. Thus, the interests of the country's economic development and interests of the proportional development of regions are observed.

Budget regulation plays a large role in economic and cultural construction. With the help of budget regulation, there is a wide scale of the interlerattorial distribution of funds, entalling the necessary sources of income of regional and local budgets.

The role of the budget in the non-production sector, where it is the main source of financing. It is through the state budget that the financing of socio-cultural events, management and defense comes.

The budgets perform a control function, which involves the possibility and obligation of state control over the admission and use of budgetary funds.

25. Budget legislation

The budget structure of the Russian Federation, the functioning of the budget system, the competence of the authorities of all levels in the field of budget is governed by budget legislation.

Budget legislation is a combination of legislative and other regulatory legal acts adopted at the federal, subfederal and municipal levels that are governed by budgetary legal relations, a hierarchical system of regulatory acts. It is implemented on the basis of their clear structuring, primarily the content of legal norms. In accordance with them, all regulatory acts of Russia are divided into four levels:

1) The first level is the Budget Code of the Russian Federation - a codified act regulating budget offenses and an establishing mechanism for legal liability for budget disorders. The Budget Code establishes: the general principles of the budget legislation of the Russian Federation; Legal basis for the functioning of the budget system; legal status of subjects of budget offenses; the order of regulation of intergovernmental relations; determines the procedure for passing the budget process in Russia, the foundations and types of liability for violation of the budget legislation of the Russian Federation;

2) the second level is federal and subfederal laws, as well as regulatory acts of representative bodies of local self-government;

3) the third level - the ruling and orders of the Government of the Russian Federation and the Government of the constituent entities of the Russian Federation, as well as the regulatory acts of local governments;

4) The fourth level is the legal acts of the Ministry of Finance of the Russian Federation and other federal departments relating to the budget sector, as well as regulatory acts of the subjects of the lower level.

The hierarchically built budget legislation of Russia establishes relevant priorities if the norms of some legislative acts contradict others.

Federal and subfederal laws, as well as regulatory legal acts of local governments, taken respectively on the federal, subfederal and municipal levels, cannot contradict the budget code of the Russian Federation. In the event of their contradiction, legal norms contained in the articles of the Budget Code of the Russian Federation are priority.

If the international treaty of the Russian Federation has established other rules than the rules of the International Treaty provided for by the budget legislation of Russia are applied. Fastening the priority of international treaties compared with domestic budget legislation, the Budget Code of the Russian Federation simultaneously emphasizes that the rules of international contracts in the field of budget relations act directly, except in cases where the content of the International Treaty implies that it requires the publication of a special domestic legal act. . The acts of budget legislation of Russia do not have the inverse force and apply to relations arising from their implementation, unless otherwise provided by the Budget Code of the Russian Federation or federal law.

26. The role of the state budget in socio-economic development of society

The budget needs all states to implement their political and social functions. With the help of the budget, the main task of actual comparison of the needs of the state and means for their satisfaction is carried out. In modern conditions, the state, in addition to the content of all branches of the authorities, governments, law enforcement and external defense, also affects important economic and social processes. With the help of the budget, issues of financial regulation are being decided both on the macro level across the country, total farming and in individual regions and at the level of local self-government.

The state budget concentrates part of the national income, which is then redistributed, which allows state regulation of the economy and to ensure the necessary social policy. The budget is the form of education and spending fund of funds intended for financial support for the tasks and functions of the state and local self-government.

In view of the special importance of the budget for all areas of public life, its compilation, approval and implementation occur on the basis of laws established by the representative power, and the adopted budget itself is also a law.

The economic importance of the budget is that it forms a significant part of the demand for the final product, due to its funds, a noticeable share of income of the population is formed, large volumes of products are acquired, state material reserves increase and in some cases capital investments are carried out. The budget provides subsidies, guarantees, subsidies, loans to support certain enterprises, it is assisted by other countries. Through the state budget, the funding of scientific institutions carrying out fundamental scientific research, which, in turn, are the basis for the development of applied science and the creation of new techniques. Directuring the necessary funds through the budget into the most promising industries of science, the state thereby ensures the development of the country's productive forces. As part of the budget, public debt is formed and serviced. All this makes it possible to coordinate the economic life of the state, rationally place money and material resources, promotes technical progress and strengthens the economic potential of the state.

Budget takes place significant financial flows, it directly affects the formation of the most important economic and financial indicators: the volume of production, investment, real income, the unemployment rate, the amount of money supply, the level of interest, exchange rate.

The state budget, being the main plan of the state, gives the authorities a real economic possibility of carrying out powerful powers. The budget reflects the size of the financial resources necessary and determines the tax policy in the country. The budget records specific areas of spending of funds, redistribution of national income and internal gross product, which allows it to act as an effective regulator of the economy and social processes in the country.

27. Content of Budget Policy

Budget policy is a combination of decisions made by the legislative (representative) and executive bodies related to the definition of the main directions for the development of budget relations and the development of specific ways of their use in the interests of citizens, society and the state.

The budget policy is part of the financial policy of the state and how such acts as a means of implementing the economic and social policy of the state.

The development of fiscal policies begins with the definition of the conceptual foundations for the development of the budget, establishing its role in public reproduction at the corresponding time stage. Then the goals and objectives of the budget policy, determined on the basis of the main areas of use of budget relations in the interests of citizens, society and the state. At the final stage of the budget policy, concrete ways to solve the goals and objectives should be developed, allowing to implement the main directions of the use of budget relations on a particular time segment.

The functional aspect of the budget policy includes:

- Policy in the field of budget revenues (fiscal);

- Policy in the field of budget expenditures;

- Policy in the field of budget expenditures; Budget Balanced Policy;

- Policy of effective management of state, municipal debt;

- Policy in the field of intergovernmental relations. The temporary aspect of the budget policy consists of a budget strategy designed for perspective and budget tactics focused on conducting activities in a specific financial period.

Budget policy is carried out both on the state and subfederal (regional) and municipal levels. Without independent, thoughtful and effective budget policies, financial and budget independence may not be ensured, nor territorial nor municipal entities.

The basis of budget policies is the strategic directions of the economic and social policy of the state. It is they who determine the size and proportions of the state of financial resources centralized by the state, the prospects for the use of budgetary funds in the interests of solving the main social and economic tasks of the state. In the market conditions, the budget policy is the main lever of determining the main directions of the economic impact of the state for social production.

The main requirement to ensure the effectiveness of budget policy is a scientific approach to its development, taking into account the real state of the economy, finance and budget system of the country.

The effectiveness of fiscal policy largely depends on the compliance with the two conditions:

- political stability in the country;

- High level of professionalism of employees of the budget sector.

Legislative (representative) and executive authorities participate in the development of fiscal policies. The specifics of the constitutional system of modern Russia led to the fact that the priority in the development of budget policy belongs to the President of the Russian Federation.

The tools for the implementation of budget policies are fiscal law and a budgetary mechanism.

28. Budget mechanism and characteristics of his links

The budget mechanism is a set of funds accumulating funds in the budget, methods and forms of allocation from the budget and intergovernmental relations. Three links of the budget mechanism can be distinguished:

1) Methods of accumulation of funds in the budget:

- tax (taxes, tax payments);

- non-tax (revenues from the use of property in state and municipal property, revenues from property sale, revenues from the sale of state reserves, income from foreign economic activity, fines, penalties that have a non-tax);

2) Methods and forms of allocation of funds from the budget:

- Budget financing - allocation of budget allocations on the principles of irrevocability, indefinion and free (grancle);

- Budget lending - allocation of funds from the budget on credit principles, i.e., repayment, urgency, payability;

3) Methods and forms of intergovernmental relations.

The third link of the budget mechanism discusses the methods of distribution of funds between budgets and the form of intergovernmental relations. Intergovernmental relations are part of financial relations arising between the central authorities of the Russian Federation, the authorities of the constituent entities of the Russian Federation and the municipal authorities about the restriction and consolidation of budgetary powers and the redistribution of budget funds.

When the country's transition to market relations arose completely new forms of intergovernmental relations, the old ones were improved. The principles of distribution of funds between budgets have radically changed due to the emergence of interbudgetary relations in 1994 as transfers. Transfers are returned payments from the federal budget to the budgets of the subjects of the Federation, allocated from the Fund of Financial Support Fund specifically created for these purposes. The main criterion for the assignment of the region to the group of regions that need or not needing support was the fiscal income per capita. The introduction of transfers was a very significant step in the reform of intergovernmental relations, as they were a fairly objective form of budget distribution compared to subsidies.

Subsidies and subventions include new forms of intergovernmental relations, subsidies are also preserved. The subvention is the budget funds provided by the budget of another level of the budget system of the Russian Federation or a legal entity on the gratuitous and irretrievable basics for the implementation of certain target expenses. Subsidy - budget funds provided by the budget of another level of the budget system of the Russian Federation, a physical or legal entity on the terms of equity financing of target costs. Dotation - budget funds provided by the budget of another level of the budget system of the Russian Federation at gratuitous and non-refundable basics to cover current spending.

The federal budget creates five special funds for financial assistance to constituent entities of the Russian Federation. These include:

- Fund for financial support of constituent entities of the Russian Federation;

- compensation fund;

- Foundation for co-financing social spending;

- regional development fund;

- Fund of reforming regional finance.

29. Budget system of the Russian Federation

The budget system of the Russian Federation is a combination of budgets of different levels based on socio-economic relations and budget legislation.

The structure of the budget system of the Russian Federation consists of three levels:

1) the federal budget and budget of state extrabudgetary funds;

2) budgets of the subjects of the Federation and the budgets of territorial state extrabudgetary funds;

3) Local budgets (budgets of municipalities).

The construction of the budget system of the Russian Federation is based on the Constitution of the Russian Federation and the constitutions of the republics as part of the Russian Federation.

The budget system is based on the following principles.

1. The principle of unity of the budget system, which is ensured by the unity of budget legislation, the monetary system, budget classification, forms of budget documents and budget reporting, budget policy, etc.

2. The principle of delimitation of income and expenses between the levels of the budget system.

3. The independence of budgets of all levels is in stock its sources of income from each budget, in the right of each budget to independently spend them at its discretion, to determine the sources of funding for the budget deficit, in approval of each budget with relevant representative bodies, performed by each budget with relevant executive authorities; In the inadmissibility of compensation at the expense of the budgets of other levels of income and additional costs.

4. The principle of budget balance means that the volume of expenditures should be equal to the amount of income plus sources of funding for budget deficit (the size of the budget deficit is limited by the budget code). At the same time, the budgets of all levels should be approved without budget surplus. Proticiency is the excess of budget revenues over costs. If there is an excess of income income in the budget, then before approving the budget, the budget surplus is reduced in the following sequence:

- reducing income from the sale of state and municipal property;

- reducing revenues from the sale of state reserves and reserves;

- the direction of budget funds for additional repayment of debt obligations; Transfer of income from the budgets of other levels.

If these measures are inappropriate, the budget tax revenues should be reduced.

5. The principle of efficient and economical use of budget funds.

6. The principle of budget reliability means the reliability of all budget indicators, their adequacy of the existing economic situation. Violation of this principle leads to serious financial consequences. An example is the budget crisis of 1997 and the sequestration of the budget (a proportional reduction in government spending on all budget items, except protected).

7. The principle of completeness of reflection of revenues and budget expenditures means the need for their reflection in the budget in full and necessarily.

8. Principle of publicity, i.e. the need to publish laws on budget and reports on their execution in open printing.

9. The principle of targeted and the target nature of budgetary funds means that budgetary funds are allocated to specific recipients with the designation of their use.

30. The essence of financial and budget federalism

Under budget federalism refers to the autonomous functioning of the budgets of individual levels at all stages of the budget process, based on the following basic principles:

1) Legislative delimitation of powers on the costs between the authorities of all levels of management;

2) providing relevant authorities with the necessary financial resources to perform the functions assigned to them;

3) ensuring the vertical and horizontal leveling of income of all the links of the budget system;

4) the presence of united for each link of the budget system of formalized transparent and all understandable methods of regulating budgets;

5) independence and equality of each budget included in the budget system, which are expressed in the independence of the budget process, including the definition of the use of budgetary funds, controlling the budget execution by relevant representative bodies, etc. The ideal model of budget federalism suggests that the volume of profitable The authority of the subjects of the Federation must fully comply with the amount of expenses on the costs enshrined for this level of state power.

In practice, there is a gap between budget consumables and revenues that need to be covered by increasing sources that are at the disposal of a higher-level budget. There is an uneven distribution of the income base, the potentials of various territories differ significantly.

Budget federalism as a system of intergovernmental relations must meet the requirements of socio-economic efficiency, territorial justice and political stability. The essence of budget federalism as the concept of a budgetary device is to regulate the legislative establishment of the budget rights and responsibilities of two equal parties - federal and regional authorities and management, as well as rules for their interaction at all stages of the budget process.

The Law of the Russian Federation "On the basics of budget rights and the rights to formulate and the use of extrabudgetary funds for representative and executive bodies of state authorities in the Russian Federation, an autonomous region, autonomous districts, edges, regions, autonomous areas, autonomous districts, edges, regions, Moscow cities, was becoming an important stage and St. Petersburg, local governments "from 1993, in which for the first time in the history of the budget of Russia, the most important principle of formation of local budgets was recorded, based on the calculation of the minimum budget. The minimum expenses of local budgets should be calculated on the basis of minimal social and financial norms.

In 1994, in accordance with the Decree of the President of the Russian Federation No. 2268, a new form of redistribution of funds between federal and regional budgets was introduced into the mechanism of financial and fiscal federalism - the transfer of funds from the federal budget to regional budgets by forming the Fund for the Financial Support of Regions and the calculation of the size of the funds allocated Specially developed formula. This method also began to be used in the relationship between regional and local budgets, which contributes to the objectivity of the intergovernmental distribution of funds.

31. Budget planning as an integral part of financial planning

Budget planning is an integral part of financial planning and one of the most important instruments for state regulation of the economy.

The economic essence of budget planning consists in centralized distribution and redistribution of GDP and national income between the links of the financial system on the basis of a national program of socio-economic development of the country. The basis of the budget planning is budget forecasting, under which the process of drawing up forecasts (assumptions) is understood about the possible states of the budget in the future. Budget planning is based on budget forecasting and indicators of the country's socio-economic development and its territories.

The main tasks of the budget planning:

- determination of the total budgetary resources and their distribution on individual ministries and departments, specific budgets;

- determination of the necessary proportions between centralized and decentralized financial resources;

- identification of financial reserves of the state and municipal authorities;

- calculation of incomes and costs of budgets, broken down by articles and temporary periods;

- ensuring the balance of budgets or sources of their deficits (determination of the use of surplus spending);

- budget regulation;

- State financial control over the progress of budget.

Budget planning is carried out by the relevant government bodies and financial authorities: the Ministry of Finance of the Russian Federation, territorial financial bodies, tax authorities, budget-headers.

When implementing the budget planning process, various methods are applied.

The regulatory method is based on the use of such rules and standards as regulatory regulations of regulatory income, the limit dimensions of the budget deficit, minimal socio-economic standards, budget security standards, etc.

In recent years, the program-target method has been widespread. It provides for the preparation of specific programs to solve the tasks with the indication of their sources of funding and the direction of the use of funds under the program.

The index method is based on the use of various indices reflecting the dynamics of prices, the standard of living of the population, income and expenses, the deflator index, etc.

The balance sheet links the income and expenses of budgets, allows you to identify an excess or lack of budget funds.

Analytical method is mandatory for use, since the budget planning process begins with an economic analysis of the execution of income and budget expenditures for the previous period. This method allows you to identify budget dynamics.

The expert assessment method allows to determine the trends in the development of the budget based on knowledge and experience of highly qualified experts.

The method of mathematical modeling is used most often in budget forecasting and allows you to identify the optimal version of the development of the budget, taking into account the influence of various factors and their changes.

The budget planning reform is currently being carried out and the transition from traditional ways to the result-oriented budgeting.

32. The concept and stage of the budget process

The budget process is the legal activities of the authorities for the preparation, consideration and execution of federal, regional and local budgets.

The main document governing the procedure for the budget process is the Budget Code of the Russian Federation.

The budget process consists of five stages: drawing up projects of budgets, their consideration, approval, execution and control.

Budget projects constitute the Ministry of Finance of the Russian Federation (federal budget), relevant financial authorities of the constituent entities of the Russian Federation and municipalities based on forecasts of socio-economic development and consolidated financial balance sheets, as well as the budget Epistle of the President of the Russian Federation. Consideration and approval of budgets for the upcoming financial year is the prerogative of the legislative bodies. Budgets are executed by the executive financial authorities based on budget painting. Budget painting - a document on the quarter-to-the distribution of income and expenditures of the budget and revenues from the sources of funding for budget deficit, which establishes the distribution of budget allocations between budgetary beneficiaries.

The federal budget project is beginning to draw up no later than 10 months before the next fiscal year (in Russia it coincides with the calendar). The draft federal budget is drawn up in three stages: planning the main indicators of the budget and its expenses in accordance with the functional classification; distribution of marginal financing for the next fiscal year on budget recipients; Consideration of the federal budget project and the adoption of the draft federal law on the federal budget to make it for consideration in the State Duma.

The State Duma considers the draft federal budget in four readings.

The federal budget is carried out on revenues and expenses with the relevant executive authorities. The Russian Federation introduced the Treasury execution of the budget based on the reflection of all operations and funds of the federal budget on the balance sheet accounts of the Federal Treasury. The right to open and close accounts belongs to the Treasury, prohibits the implementation of operations with budgetary funds, bypassing the Treasury account.

Currently, in the departments of the Federal Treasury under the subjects of the Russian Federation, the system of a single account of the Federal Treasury (EKS) was introduced. The program of transition to the EX was approved in 2000. It provides for the centralization of accounting and optimization of flow of income and federal budget. The functioning of the EX is a qualitatively new technology for the execution of the federal budget.

Decree of the Government of the Russian Federation of May 22, 2004 No. 249 was approved by the concept of reforming the budget process in the Russian Federation in 2004-2006. The concept is aimed at improving budgetary efficiency and optimize budget management at all levels of the budget system of the Russian Federation.

33. Budget classification

The state authorities of all levels lead daily work associated with obtaining and spending financial resources. The volume and types of such operations are quite numerous and varied. They require a certain systematization and should be reflected in the relevant budgets. To compile and execute budgets of all levels, a unified methodological document is used - budget classification.

The nature of the groups and their principles are determined by the socio-economic content of budget revenues and expenses, the structure of the national economy and the management system. Regulation of sources of income and the definition of budget costs - a prerequisite for the functioning and efficiency of the entire budget process.

The basis of the budget classification is such a grouping of indicators, which gives an idea of ​​a socio-economic, departmental and territorial context of the formation of income and the direction of funds, their composition and structure.

The classification creates the conditions for the combination of estimates and budgets in general vaults, facilitates their consideration and economic analysis, simplifies control over the execution of the budget, for full and timely accumulation of funds, for using them for intended purpose. It makes it possible to compare income and expenses on budget execution reports, which contributes to the compliance with the financial discipline, economical expenditure of funds, monitoring the implementation of financial plans.

In the conditions of independence of all the links of the budget system, the classification gives the basis for a single methodological approach to the preparation and execution of all types of budget for comparability of budgetary indicators in the industry and territorial context.

Changes that occurred in fiscal practices and related changes in the system of government and management, with the independence of all types of budgets, expanding the rights of state and local authorities in the preparation and execution of their budgets, change in the revenue and expenditure parts of the budgets, as well as deciphering individual articles income and expenses, demanded the introduction of a new budget classification.

The current budget classification includes:

1) classification of budget revenues of the Russian Federation;

2) the functional classification of the budget expenditures of the Russian Federation;

3) economic classification of budget expenditures of the Russian Federation;

4) classification of sources of domestic financing of budget deficits of the Russian Federation;

5) classification of sources of external financing of the federal budget deficit;

6) classification of species of state domestic debts of the Russian Federation and the constituent entities of the Russian Federation;

7) classification of species of state foreign debt and external assets of the Russian Federation;

8) departmental classification of federal budget expenditures.

An important task of a new classification was to ensure the international comparability of the composition and structure of indicators of the revenue and expenditure parts of the budget, their true content. The new budget classification belongs to a large organizing role, it facilitates consideration and economic analysis of budgets, simplifies control, ensures the possibility of synthetic and analytical accounting of income and expenses.

34. Essence, functions, types and basic elements of taxes

The legal definition of the tax is given in the Tax Code of the Russian Federation: under the tax it is a mandatory individually gratuitous payment, charged from organizations and individuals in the form of alienation by their funds in order to financial support for the activities of the state and municipalities. "

The main features of the tax: one-sided nature of its establishment; Dividing; Forced fees of payments. Taxes are the most important element of the economic policies of states and perform the following functions: 1) the regulatory - the state can regulate private property only indirectly - through taxes; With the help of taxes, the state regulates the pace of development of the economy: a decrease in the tax burden gives impetus to the development of industries, regions, individual enterprises, the growth of taxes slows down the growth rate of the economy; 2) redistributive - with taxes the state redistributes financial resources between the areas of the economy, industries, regions, etc.; 3) Fiscal - taxes are the most important source of state budget income, their share accounts for more than 90% of income; 4) the control - with the help of taxes, the state monitors the effective use of financial resources; 5) stimulating - through taxes the state stimulates the effective use of all economic resources.

Tax classification:

1. On the subject of the case - direct and indirect. Direct taxes are charged from income or property. Indirect taxes are included in the price of goods and are paid by the consumer. Direct taxes are divided into personal and real. Indirect taxes are divided into individual excise taxes, universal excise taxes (VAT) and customs duties.

2. On the subjects of the subject - laying and quantitative. Landwilling taxes are distributed among taxpayers. Quantitative taxes take into account the property status of the taxpayer.

3. At the place of arrival - fixed and regulating.

4. In terms of management - federal, regional and local.

5. For use goals - General and targeted.

6. In terms of payment - regular and one-time (property tax passing in inheritance and donation).

The main conditions for the establishment of the tax: the categories of taxpayers; Tax object; the tax base; taxable period; tax rate; procedure for calculating tax; deadline and tax payment; Tax breaks.

Taxpayers are organizations and individuals, individual entrepreneurs who are entrusted to pay taxes.

The tax object is what is taxed. Taxation facilities may be property, profit, income, the cost of goods sold, works and services; import (export) of goods to the territory of Russia and others.

Tax base - value, physical or other characteristic of the object of taxation.

The source of tax is income or capital on the micro level, on the macro level - the national income.

The tax rate is the value of tax charges per unit of measurement of the tax base.

The method of taxation is the procedure for changing the tax rate depending on the change in the tax base. The four methods of taxation distinguish: equal (pillow), proportional, progressive and regressive.

35. The essence of the tax system and the principles of its construction

The tax system is a set of currently existing taxation currently in a particular state. The latter include:

- Principles, forms and methods of establishment, changes, cancellation, tax payments;

- types of taxes;

- the rights and obligations of taxpayers, tax authorities and other participants in tax relations;

- forms and methods of tax control;

- responsibility of participants in tax relations;

- Ways to protect the rights and interests of taxpayers.

The Russian Federation establishes federal, regional and local taxes.

Federal taxes are established by the Tax Code of the Russian Federation and are credited to the federal budget or federal extrabudgetary funds. The distribution of federal taxes between the federal budget, the budgets of the subjects of the Federation and local budgets is determined in accordance with the law on the federal budget. The establishment of new federal taxes, the abolition of the current tax and amending the current federal taxes are carried out exclusively by the adoption of the Federal Law on Amendments to the Tax Code. The introduction of regional local taxes, amending the existing or former activities of the previously introduced taxes is carried out by the legislative authorities of the subjects of the Federation and representative bodies of local self-government. Regional taxes are credited to regional budgets, local taxes in local budgets.

The organizational principles of the current Russian tax system include provisions in accordance with which its construction and structural interaction are carried out. In addition, the organizational principles of the tax system determine the main directions of its development and management.

These principles are enshrined mainly in the Constitution of the Russian Federation and the Tax Code of the Russian Federation.

Currently, the tax system of Russia corresponds to the following organizational principles.

The principle of the unity of the tax system. The unity of the tax system is enshrined in a number of articles of the Constitution of the Russian Federation, according to which the Government of the Russian Federation ensures a single financial, credit and monetary policy.

The principle of mobility (plasticity). This principle states that tax and some tax mechanisms can be promptly changed towards a decrease or increase in tax burden in accordance with the objective needs and opportunities of the state.

Principle of stability. According to the principle of stability, the tax system should act for a number of years to the tax reform. At the same time, tax reform should be carried out only in exceptional cases and in a strictly defined order.

The principle of multiplicity of taxes. This principle includes several aspects, the most important of which acts that the tax system of the state should be based on the aggregate of differentiated taxes and objects of taxation. Combinations of various taxes and taxable objects should form such a system that would respond to the reallocation of the tax burden on payers.

The principle of an exhaustive list of taxes.

The United Economic Space of Russia predetermines the state policy to unify tax seizures.

36. Tax policy of the Russian Federation

Tax policy is a set of specific state events in the field of taxation. This policy is an integral part of financial policies. The main tasks of the tax policy are: ensuring the state with financial resources; regulation of the economy; Solving social tasks.

There are various types of tax policies.

The policy of maximum taxes is characterized by the fact that at the beginning of the receipt to the budget they increase, and then begin to decline.

The policy of reasonable taxes contributes to the development of entrepreneurship, but the budget revenues are reduced, which can lead to a reduction in social programs.

Policies characterized by a rather high level of taxation, but with significant social protection of the population.

In Russia, the first type of tax policy is used. It is carried out through the tax mechanism, which includes: tax planning; organization collection tax; stimulating tax collection; Tax control.

The tax system existing in Russia before accepting the Tax Code had a number of shortcomings:

- fiscal approach to taxation;

- high level of taxation;

- a large number of taxes, fees and duties;

- instability of the tax system;

- the complexity of the methods for calculating taxes;

- unreasonably wide rights of tax authorities;

- fuzziness of laws in the field of taxation;

- fuzzy delimitation of powers between central, regional and local authorities in the field of taxation;

- the non-marketability of the legislative issue of tax control;

- the lack of a clear definition of economic incentives, orienting taxpayers on the payment of taxes in full, etc. The main directions of tax reform flow out of the need to eliminate the above disadvantages: the construction of a unified stable tax system; reduction of taxes; consolidation in the federal budget of extrabudgetary funds with the preservation of their target; new conceptual apparatus; Cancellation of "revolving taxes", i.e. taxes calculated from the volume of revenue; facilitating the tax burden; an increase in tax collection; development of tax federalism; reducing the number of benefits; establishment of procedural and procedural norms; revision of the composition of tax violations and fines for them; Amendments to the procedure for calculating individual taxes; transfer of the center of gravity in the payment of taxes from legal on individuals; Refusal to challenge those taxes whose payment is difficult to control; Changing the tax structure. We need a gradual refusal of taxes on income growth, profits, wages, production, investment, employment; The transfer of the severity of the tax burden with less secured segments of the population into a rich part of the population, which will create a basis for a socially oriented economy, creating conditions that make advantageous to pay taxes, and not save on their non-payment.

Attempting to immediately build a tax system in the Russian Federation, which is characteristic of countries with a developed market economy, failed. Further improvement of the tax system of Russia is necessary. Tax policy should be a reflection of the ideology of the stable and confident development of the Russian economy.

37. State Credit as an Economic and Financial Category

A national loan is one of the forms of public finance, along with budgets and extrabudgetary public funds and is among the main ways to attract additional funds to the state and increase its financial capabilities.

The state loan is a special, largely separate part of the financial system. It has its own sources of income, their special purpose and the procedure for use.

The existence of a state loan is quite natural, since the credit financing of the state's costs is due to an objective contradiction between the action of the law of the steady increase in social needs and the limited budget opportunities of the state.

As an economic category, the state loan is at the junction of two types of monetary relations - finance and loan - and bears the features of both those and others. As a link in the financial system, it serves the formation and use of centralized state funds of the state, i.e. and extrabudgetary funds.

As one of the types of loan, a national loan has a number of features that distinguish it from classical financial categories. It has a voluntary character.

The state loan is different from other types of loan. When borrowing funds by the state, the provision of a loan is all property that is in its property, the property of this territorial unit or any of its income.

At the level of the central government, state loans do not have a concrete target.

As a financial category of the State Credit performed three finance functions: distribution, regulatory and control.

1. Through the distribution function of the state loan, the state of centralized cash funds of the state or their use on the principles of urgency, payability and repayment is carried out. Speaking as a borrower, the state provides additional funds to finance its expenses.

The placement of new state loans for repayment of debt on the already issued is called refinancing of public debt.

2. The regulatory function of the state loan is that, entering into credit relations, the state is voluntarily or involuntarily affects the state of money circulation, the level of interest rates in the market of money and capital, production and employment. The state regulates money circulation, placing loans of various groups of investors.

The loans provided at the expense of the budgets of territories or extrabudgetary funds are a major role in stimulating production and employment. With their help, the accelerated development of certain districts or the necessary directions of the economy of a particular territory are ensured.

3. The control function of the state loan is organically intertwined into the control function of finance. But it has its own specific features: it is closely related to the activities of the state and the state of the Centralized Fund of Cash; covers the cost of value in both directions, since it implies the return and age of receiving funds; It is carried out not only by financial structures, but also by credit institutions.

38. Public debt: entity, structure and management methods

Under the public debt understands the debt obligations of the Russian Federation in front of individuals and legal entities, foreign states, international organizations and other subjects of international law. The public debt of the Russian Federation is fully and without the conditions ensured by all the property in the federal property constituting the state treasury.

Civil debt can be classified by several features:

- location of debt placement;

- levels of state power;

- the term of attracting funds;

- the nature of the income paid;

- the volume of expenses for the payment of public debt;

- The method of determining income and others.

The most common classification, depending on the placement of the debt, in this case the public debt is divided into external and internal.

The public debt management is to implement the system of activities carried out by the state related to the determination of borrowing, the composition of creditors, forms and conditions for the provision of loans and their repayment.

The organizational structure of the public debt management system includes the authorities and management of the Russian Federation that perform the functions of managing public debt in accordance with their competence and the tasks assigned to them. The President of the Russian Federation establishes the main priorities of the budget policy on the short-term and medium-term perspective. The Federal Assembly of the Russian Federation approves the Federal Budget Law on the next fiscal year the upper limit of state external and domestic debt. The Government of the Russian Federation determines the organizational foundations of the public debt management system and financial assets, approves the main sources and conditions for the implementation of borrowing, including the Government Borrowing Program. The Ministry of Finance of the Russian Federation manages in the prescribed manner by public debt. The Central Bank of the Russian Federation advises the Ministry of Finance of Russia on the schedule of repayment of public debt, taking into account the priorities of the Unified State Monetary Policy. The Ministry of Economic Development and Trade of the Russian Federation takes part in the analysis of the effectiveness of projects funded at the expense of external borrowing funds.

Public debt management is carried out using the following methods:

1) refinancing. Represents the repayment of the principal debt and interest on it at the expense of funds received from the placement of new loans;

2) cancellation. This is the refusal of the state from paying the principal debt and interest on all previously issued loans;

3) conversion. The state's decision to change the return on previously issued loans;

4) NOVATION. Agreement between the lender and the borrower on the termination of obligations and their replacement by other obligations providing for other loan repayment conditions;

5) Unification. Combining several previously assumed by the state with a replacement for new previously issued financial instruments;

6) Consolidation. An increase in the deadlines of the previously issued obligations.

39. Socio-economic essence of extrabudgetary funds

Extrabudgetary funds are a specific form of redistribution and use of the country's financial resources to finance the specific social and economic needs of national or regional importance.

Through the creation of extrabudgetary funds of any level of any level, significant resources are involved in financing targeted measures through special contributions and other sources. Extrabudgetary funds provide strictly targeted funds, they are separated from budgets and have a certain independence.

With the help of extrabudgetary funds, two main tasks are solved: ensuring additional funds of the priority areas of the economy and the expansion of the financing of social services for the population.

Extrabudgetary funds have a number of features that distinguish them from other financial system links:

- have a strictly targeted orientation;

- funds funds are used to finance government spending, as a rule that are not funded from the budget or funded in small volumes;

- the overwhelming part of the funds of funds is formed by the insurance premiums of legal entities;

- All property and funds of funds are in state ownership and are not included in the budgets.

Extrabudgetary funds are one of the elements of such a financial system link, as national finance, are widely developed abroad. Sources of formation of extrabudgetary funds may be special taxes and fees, appropriations from budgets, special loans, voluntary contributions, as well as income from the activities of the Fund itself.

The most often extrabudgetary funds are classified according to the following criteria:

- terms of action - permanent and temporary;

- accessories - state, local, interstate;

- Directions of use - social, credit, economic, scientific, investment, etc. The most developed extrabudgetary social funds. In Russia, the volume of income of these funds is more than half of the federal budget revenues. There are three state social extrabudgetary funds: Pension Fund of the Russian Federation (FIU), Social Insurance Fund (FSS), Federal and Territorial Mandatory Medical Insurance Funds (FOMS). Social extrabudgetary funds accumulate funds for the implementation of the most important social guarantees: state social security by age, for illness, in the event of a loss of the breadwinner, for the birth and raising children, health care and receiving free medical care, etc.

Social extrabudgetary funds are independent financial and credit institutions. The main profitable source of funds is a single social tax. Funds of state federal and territorial extrabudgetary funds are in federal and regional property. The projects of budgets of extrabudgetary funds are considered and approved by the State Duma and the Federal Assembly in the form of federal laws.

Operational management of extrabudgetary funds is carried out by a specially created administrative apparatus that have relevant rights and obligations.

40. State extrabudgetary funds of the Russian Federation

The Pension Fund of the Russian Federation (FIU) was established in order to public administration finances of pension provision of citizens. The main activity of the FIU activities are: 1) the target collection and accumulation of insurance premiums, as well as financing the costs associated with social protection of the population; 2) the organization of work on recovery from employers and citizens the amounts of state pensions for disability due to labor injury, occupational disease or on the occasion of the loss of the breadwinner; 3) capitalization of funds of the Fund, as well as attracting voluntary contributions from individuals and legal entities; 4) control over timely and full admission to the insurance premiums fund, as well as control over the right and rational expenditure of its funds; 5) Conducting research work in the field of state pension insurance. The funds concentrated in the Pension Fund are sent: to pay in accordance with the legislation current on the territory of the Russian Federation, interstate and international treaties of state pensions; payment benefits for child care over one and a half years; Provision by social protection authorities for the elderly and disabled citizens, etc. The funds of the Social Insurance Fund are spent on the following objectives: 1) Payment of temporary disability benefits;

2) Sanatorium-resort service of workers and their families;

3) financing research work on labor protection;

4) insurance against industrial accidents and occupational diseases;

5) additional costs of medical, social and professional rehabilitation;

6) organization and maintenance of a single information system of social insurance;

7) compensation for harm caused by workers by injury, occupational disease or other damage to health associated with the performance of labor duties;

8) improving citizens affected by the accident at the Chernobyl NPP;

9) the payment of benefits for pregnancy and childbirth, at the birth of a child, child care before the age of 1.5 years; to reimburse the value of the guaranteed list of services and social benefits for burial;

10) recovery of children;

11) the cost of the contents of the fund's institutions themselves;

12) Capital investments on the development of the Sanatorium-resort institutions of the Fund.

The funds of the Mandatory Medical Insurance Fund are spent on the following purposes:

1) financing for healthcare facilities;

2) financing of training and retraining of personnel;

3) the creation of a normalized insurance stock (in case of a critical situation with funding for compulsory medical insurance programs);

4) computerization of the system of compulsory health insurance;

5) international cooperation on compulsory medical insurance;

6) financing of scientific research in the field of medicine;

7) the development of the material and technical base of healthcare;

8) leveling of health care levels in a territorial aspect;

9) payment of medicines;

10) provision of medical care for massive diseases, natural disasters, catastrophes;

11) The content of the Fund itself.

41. General characteristics of finance of commercial organizations (enterprises)

Finance of enterprises as part of the financial system include the process of creating, distributing and using an internal gross product in terms of value. During the financial activities of enterprises, certain financial relations arise related to the organization of activities, the sale of products, the formation of financial resources, distribution and use of income.

Financial relations are part of monetary relations, arise only when cash and accompanied by the formation and use of funds funds.

Finance of commercial organizations (enterprises) are financial or cash relations arising in the course of entrepreneurial activities, as a result of which its own capital is formed, targeted centralized and decentralized funds funds, their distribution and use occurs.

In accordance with the Civil Code of the Russian Federation, commercial organizations (enterprises) are created in the form of economic partnerships and societies, production cooperatives, state and municipal unitary enterprises.

Modern commercial organizations (enterprises) are functioning in ever-changing market conditions with tough competition. The main purpose of their entrepreneurial activity is not so much the maximum profit of the profit as the preservation and increase in equity, ensuring the stability of the business.

Finance of commercial organizations (enterprises) are inherent in the same functions as nationwide finances - distribution and control. Both functions are closely interrelated.

By means of the distribution function, the initial capital generates, formed by the deposits of founders, the advancement of it into production, reproduction and increment of capital, the creation of basic proportions in the distribution of income and financial resources that ensure the optimal combination of interests of individual producers, business entities and the state as a whole. With the distribution function of finance, the formation of cash funds and reserves of commercial organizations (enterprises) through the distribution and redistribution of incoming income are connected. These include: authorized capital or authorized capital, reserve fund, additional capital, equity, accumulation fund, consumption fund, and foreign exchange fund, etc.

The objective basis of the control function is the cost accounting for the cost of production and sales of products, the performance of work and the provision of services, the process of forming income and cash funds. Finance as distribution relationships provide sources of financing the reproductive process (distribution function) and thereby bind together all phases of the reproduction process: production, exchange, consumption. From the efficiency of production, cost reduction, the competitiveness of the company, its financial stability depend on the efficiency of financial resources.

Distribution relationships affect the interests of the state, enterprises, employees, shareholders, credit and insurance companies. Therefore, financial control over the activities of the enterprise is comprehensive.

42. Principles of functioning of finance commercial organizations (enterprises)

Finance of the enterprise operate on the basis of a number of principles, without which the use of finances as an effective activity tool is impossible.

The principle of economic independence cannot be implemented without independence in the field of finance. Its implementation is ensured by the fact that business entities independently of the form of ownership independently determine the scope of economic activity, sources of financing, the direction of cash investment in order to extract profits and increments of capital, improving the welfare of the owners of the company.

It is impossible to talk about complete economic independence, since the state regulates individual parties to the activities of commercial organizations (enterprises). Commercial organizations of all forms of ownership in the legislative procedure pay the necessary taxes in accordance with the established rates, participate in the formation of extrabudgetary funds. The state determines both depreciation policies. The need for the formation and exchange of financial reserve for joint-stock companies is legally determined.

The principle of self-financing. Self-financing means full self-sufficiency of costs for the production and implementation of products, work and provision of services, investing in the development of production at the expense of own funds and, if necessary, banking and commercial loans. The implementation of the principle of self-financing is one of the main conditions for entrepreneurship, which ensures the competitiveness of the economic entity.

Currently, not all commercial organizations (enterprises) are capable of implementing this principle. Organizations of a number of industries, releasing products and providing services necessary to the consumer, according to objective reasons, cannot ensure their profitability. Such enterprises as far as possible receive government support in the form of additional funding from the budget on a return and irretrievable basis.

The principle of material interest is determined by the main purpose of entrepreneurial activity - receipt of profit. For the company, this principle can be implemented as a result of the state of optimal tax policy capable of providing financial resources not only by the state of the state, but also not to reduce the incentives for the entrepreneurial activity of the economically informed depreciation policy, creating economic conditions for the development of production.

The principle of material responsibility means the presence of a certain system of responsibility for the conduct and the results of financial and economic activities, the preservation of equity capital. Financial methods for the implementation of this principle are different and are governed by Russian legislation. This principle is currently implemented most fully.

The principle of providing financial reserves is dictated by the terms of entrepreneurial activity associated with certain risks of non-return invested in business. The implementation of this principle is the formation of financial reserves and other similar funds that can strengthen the financial position of the organization (enterprise) into critical moments of management.

43. Financial resources of the enterprise: sources of formation, structure

One of the most important aspects of the company's financial flow movement is to form its financial resources. Financial resources of the enterprise are own and attracted funds that determine the potential opportunities for the development of the enterprise.

Part of the financial resources involved in the enterprise in circulation and income-generating is the capital of the enterprise.

Financial resources of the enterprise are formed by: depreciation; Profits received from all types of economic and financial activities; additional feasy contributions of participants in partnerships; funds received from the issue of bonds; funds mobilized by issuing and posting shares in joint ventures of open and closed types; Long-term loan of the bank and other creditors.

The financial resources of enterprises include their own, borrowed and attracted funds. The proper financial resources of enterprises include profit and depreciation deductions, some authors include in their own financial resources of enterprises with authorized and additional capital, as well as so-called sustainable liabilities of the enterprise, including sources of financing that are constantly in the industry's turnover (for example, reserves formed in accordance With the constituent documents of the enterprise or under legislation). For borrowed funds include loans of commercial banks and other credit institutions, other loans. Attached financial resources include funds attracted by issuing shares, budget allocations and funds of extrabudgetary funds, as well as funds from other enterprises and organizations involved for equity and other purposes.

The structure of financial resources of enterprises varies depending on the organizational and legal form of the enterprise, its industry affiliation and other factors. For example, in the composition of financial resources of agricultural enterprises, there are budget allocations, enterprises with a high level of technical equipment have a large proportion of depreciation, enterprises with seasonal production of production have borrowed funds.

Despite the differences in the composition and structure of the financial resources of individual enterprises in the total volume of production enterprises, the largest share occupy their own funds, they constitute approximately half a total of financial resources. The structure of financial resources changed along with the development of the economy. The development of the financial market gives enterprises new opportunities to expand the composition of financial resources and an increase in their volume.

The main areas of use of financial resources of the enterprise include:

- financing the current needs of the production and trading process to ensure the normal functioning of the production and trade activities of the enterprise through the planned allocation of funds for the main production, production and auxiliary processes, supply, marketing and product distribution;

- financing of administrative and organizational events;

- investment of funds in the main production;

- financial investments;

- Formation of reserves.

44. Finance of non-profit organizations

Institutions and organizations carrying out non-commercial activities (i.e., not aimed at earning their activities), provide a variety of services, including a social character, managerial, for the protection of public order, defense of the country, etc. in the conditions of a market economy And organizations engaged in non-commercial activities have moved to new economic conditions, which led to a significant expansion of their financial sources.

Under the financial resources of institutions and organizations carrying out non-commercial activities, funds mobilizing them from various sources for the implementation and expansion of their activities are understood. Sources of formation of financial resources are formed depending on the type and nature of the services provided. Services can be provided to consumers on a paid, free or mixed basis.

Sources of formation of financial resources of institutions and organizations carrying out non-commercial activities:

1) budget funds allocated on the basis of established standards;

2) cash coming for the paid services provided;

3) revenue from rental of premises, structures, equipment;

4) voluntary contributions and granted material values ​​transferred to institutions and organizations;

5) Excellent receipts.

Institutions and organizations carrying out non-commercial activities that have an independent balance sheet and the current account may involve short and long-term loans for their activities.

Mobilization and use of financial resources in non-commercial institutions and organizations are carried out on the basis of estimated funding and self-financing. The functioning of non-profit institutions and organizations on the basis of self-sufficiency and self-financing means full reimbursement of costs at the expense of revenue from the provision of paid services. The formation and use of their financial resources is reflected in the financial plan on the relevant items of income and expenses.

There are public associations on a non-commercial basis: Creative alliances, public organizations, charitable foundations, associations, etc. Due to the voluntaryness of the creation of public associations, the main source of their financial resources are introductory and membership fees. The use of public associations of budget funds formed on the basis of mandatory payments of taxpayers is unacceptable.

Financial resources in non-commercial institutions and organizations are used: 1) to cover current costs, including for settlements with third-party organizations and interest payments; 2) for the formation of funds for economic stimulation.

Economic incentive funds include:

1) Fund of Industrial and Social Development;

2) Fund of Material Promotion (Fund for Labor);

3) Foundation for currency deductions.

Sources of formation of economic stimulating funds are: 1) the cumulative income of the institution; 2) Specific arrivals.

To compile estimates, control numbers, economic standards and state order are used.

45. Finance of households as an economic category

Household Finance is a set of monetary relations on the creation and use of funds funds in which households and its participants are engaged in the process of their socio-economic activity.

Under the market, households play an extremely important role, as they perform primarily the function of the owners of the production tools that are in private property. Being a link in the financial system at the level of a separate family, they act as a primary element of socio-economic structure of society. The household is not only an accounting and a tissue indicator, which is used to analyze the state of society, but also a special type of farm, which has a serious impact on all economic relations in the country.

In terms of market relations, households:

1) act as buyers of goods and services;

2) provide market subjects of production factors (primarily labor);

3) Perform the function of saving a part of the cumulative income and acquire real and financial assets.

The socio-economic essence of household finances is manifested through their functions.

The most important function of household finance is a distribution function, as household finances, as well as finance, are a tool for value redistribution of the value of the gross social product. Moreover, household finances play a crucial role in the final stage of the redistribution process, directly preceding the stage of consumption.

The second function of households is the control function, as to maintain a specific (achieved) level of consumption, the household is forced to monitor the distribution of the income received by various funds, as well as to track the target use of funds from these funds.

An important function of household in the public reproduction system is the investment function that households are one of the main providers of long-term financial resources for the country's economy.

Household revenues serve as the main source of accomplishing their needs in products and services, as well as accumulation and savings.

Household revenues can be divided into income in monetary and natural forms. Money incomes of households are most often subdivided by the sources of their income:

- wages together with various accruals and surcharges;

- pensions, benefits, scholarships and other insurance and social benefits;

- income from business activities;

- income from operations with personal property and cash savings in the financial and credit sphere.

In general, natural form include products obtained in a personal subsidiary farm, as well as the natural plane of agricultural enterprises.

From the point of view of the periodicity of the implementation, three groups of household expenditures are distinguished:

- short-term;

- medium-term;

- long-term expenses.

Depending on the functional purpose of expenses carried out by households, they are divided into the following main groups:

- personal consumer spending;

- taxes and other mandatory payments;

- cash savings and savings.

46. ​​Economic Insurance Content

Economic insurance category is an integral part of the finance category. However, if finance is generally related to the distribution and redistribution of income, then insurance covers the scope of exclusively redistributive relations.

Insurance is a combination of special closed redistribution relations between their participants about the formation due to the monetary contributions of the Target Insurance Fund, intended to compensate for the likely damage caused to business entities, or leveling income losses due to the consequences of occurrence of insurance cases.

The following essential signs can be distinguished, characterizing the specificity of this category.

1. In case of insuring, cash redistribution relations arise due to the possibility of the onset of sudden unforeseen and irresistible events, i.e., insurance claims.

2. When insuring, the layout of the damage between the insurance participants is carried out, which is always closed. The occurrence of such redistributive or laying relations is due to the fact that the random nature of damage entails material or other losses, which, as a rule, cover not all the economy, not the entire territory, but only their part.

3. Insurance provides for the redistribution of damage both between territorial units and in time, while effective redistribution of insurance fund funds within one year require a sufficiently large territory and a significant number of facilities subject to insurance.

4. A closed layout of damage causes the return of funds mobilized to the Insurance Fund. Insurance payments of any insurance made to the Insurance Fund have only one appointment - reimbursement of the likely amount of damage in a certain territorial scale and within a certain period.

The essence of insurance is manifested in its functions, they allow to identify the features of insurance as a financial system link. The main defining is:

1) a risky function, since the insurance risk as the probability of damage is directly related to the main purpose of insurance for the provision of monetary assistance to victims;

2) insurance also has a preventive function associated with the use of part of the Insurance Fund to reduce the degree and consequences of insurance risk;

3) Saving money through insurance for "Logging" is associated with the need for the insurance protection of the achieved family wealth, i.e. insurance may have a savings function;

4) The control function of insurance expresses the properties of this category to strictly target formation and the use of insurance fund's facilities. This function follows from the above three specific functions and is manifested simultaneously with them in specific insurance relations. The need for insurance is to ensure the safety of public, private and personal property, the continuity of public reproduction, compensation of damage in the case of insurance events, in covering possible losses of legal entities, to ensure financing of preventive events and measures to eliminate the consequences of adverse cases.

47. Insurance classification

Insurance classification There is a systematic grouping of interrelated insurance concepts. Classification components are the coined links. Classifications differ depending on the criterion laid in their foundation. According to current legislation, the following industries are identified (in accordance with the object) in Russia: personal insurance, property insurance, liability insurance.

Personal insurance reflects the interests associated with life, health, disability and pension provision of the policyholder. It, in turn, is divided into life insurance, insurance against accidents and diseases, medical insurance.

Property insurance includes the following types: Insurance of ground transport, air transport insurance, water transport insurance, cargo insurance, other types of property, insurance of financial and business risks.

Liability Insurance includes the following types: insurance of civil liability of motor vehicles, carrier liability insurance, civil liability insurance of enterprises - sources of increased danger, professional liability insurance, liability insurance for non-fulfillment of obligations, insurance of other types of civil liability.

The type of insurance is insurance operations for homogeneous objects in a certain amount of insurance liability at the relevant tariff rates.

Insurance varieties are insurance of homogeneous objects in a certain amount of insurance liability. Specifications of personal insurance are: Children insurance, marriage insurance, mixed life insurance.

The varieties of property insurance are: insurance of buildings, basic and working capital, home property, means of transport, animals, insurance of financial and entrepreneurial risks.

Dimensions of liability insurance are: Insurance in case of harm in the process of economic and professional activities, loss insurance, due to interruptions in production, etc.

Insurance is carried out in mandatory and voluntary forms.

Mandatory insurance is required by the procedure for existing legislation. At the same time, the conditions, conditions and procedure for conducting it are also defined by the relevant laws.

Voluntary insurance assumes that the relationship between the insured and the insurer is based on a contract between them. At the same time, the voluntary insurance rule is established by the insurer independently on the basis of current legislation.

Depending on the system of insurance relations implemented in the insurance process, reinsurance, coordination, double insurance, self-insurance. In the practice of insurance, one risks are only reinsured, others will be exconed. Major risks are comparable: industrial, aviation, cosmic, transport. In mass type of insurance, only reinsurance is appropriate.

48. The concept and structure of the insurance market

The insurance market is defined as a system of economic relations arising over the purchase and sale of a specific product - "Insurance Services". Taking into account market trends, the demand and supply of insurance operations are formed. The objective basis for the development of the insurance market is the need to satisfy social security needs.

The insurance market is an integral part of the country's financial and credit system. All insurance activities are carried out within the framework of relevant legislation.

In the territorial aspect, regional, national and international insurance markets differ.

The emergence of the insurance market is associated with the advent of many insurers.

Insurers are legal entities who have a state license to carry out insurance operations and organizing the education and spending of the insurance fund. As insurers, state insurance organizations, shareholder insurance companies, mutual insurance society and insurance pools may be.

Insureders are legal entities and individuals who have insurance interest and confrontation with the insurer into force of the law or on the basis of the contract.

As intermediaries performing functions on the conclusion of insurance contracts, insurance agents and brokers operating as an intermediate link between the insurer and the insured can act.

The principles of the functioning of the insurance market are determined by the general conditions of development and state of the economy.

One of the fundamental is the principle of demonopolization of the insurance case. The implementation of this principle means that insurance activities in the market can carry out any insurance companies regardless of the form of their property.

An important principle of the formation and development of the insurance market is the competition of insurance organizations to provide insurance services, involvement of policyholders and mobilization of funds in insurance funds.

The principle of competition in organizing insurance should be combined with the principle of cooperation of insurers.

The next principle of market functioning is the principle of freedom of choice for insured conditions for the provision of insurance services, forms and objects of insurance.

An important principle of organization of insurance is the principle of reliability and guarantees of insurance protection.

The principle of publicity allows the insured to consciously decide on the choice of an insurance company.

The goods offered at the insurance market is the insurance service. The insurance service can be provided on the basis of a contract (in voluntary insurance) or on the basis of the law (in compulsory insurance).

The price of the insurance service receives its expression in the insurance factor and develops on a competitive basis when comparing supply and demand, but it is based on the amount of insurance compensation and expenses for doing business.

A list of insurance types that the policyholder can use is an assortment of the insurance market.

The conditions for the implementation of the insurance service, developing in a particular region at a given time, are called the insurance market in the conjuncture.

An objective basis for demand for the insurance service is the need for insurance, which is implemented as insurance interest.

49. The need and the ability of the loan

Credit is a loan in monetary or commodity form on the terms of repayment, payability and urgency.

The loan acts as a support of the modern economy, an integral element of economic development. However, the impact of the loan on the national economy is estimated ambiguous. Some specialists believe that the loan arises from poverty, lack of property and resources in business entities. According to other specialists, the loan destroys the economy, because it needs to pay for it, and this greatly worsens the financial situation of the borrower, leads it to bankruptcy.

The emergence of a loan occurs not in the field of production products for their internal consumption, but in the field of exchange, where owners of goods oppose each other as owners, legally independent persons who are ready to enter into economic relations. The concrete economic basis on which credit relations appear and develop, the circulation and turnover of funds (capital) appear.

Circuit and capital turnover differ in continuity. At the same time, this does not exclude fluctuations in its circuit and turnover. In the process of capital movement, both cash flows are formed, fluctuations in the need for resources and sources of its coverage. They can be observed in connection with the movement of both the main and working capital of enterprises.

A similar situation occurs in the movement of working capital. The oscillations in its circuit and turnover of working capital are manifested more diverse.

On the basis of the unevenness of the circuit and turnover of capital, the appearance of relations, which eliminate the inconsistency between the production time and the time of treatment of funds, are allowed relative contradiction between the temporary settlement of funds and the moment of the need for their use in the national economy. Such an attitude is a loan.

The loan becomes an inevitable attribute of the commercial economy. The loan is taken not because the borrower is poor, but because he has the effect of the circle and turnover of capital to fully lack their own resources.

The society is interested, firstly, in avoiding the defensive resources of the released resources, secondly, that the economy develops continuously in advanced scope.

The non-uniformity of the circuit and turnover only characterizes the fact of release of funds in one link and the availability of need for them on another site; In a circuit and turnover, therefore, the possibility of credit relations is laid.

In order for the credit opportunity to become a reality, certain conditions are needed, at least two:

1) a loan becomes necessary if the interests of the lender and the borrower coincide;

2) Credit transaction participants are the lender and the borrower - must act as legally independent subjects, financially guaranteeing the fulfillment of obligations arising from economic ties.

In order for the credit transaction to take place, it is required that its participants mutually show interest in a loan with certain qualities. Any interest, generating action, is due primarily to objective processes, a specific situation that makes the inevitable emerging mutual interest.

50. The essence and structure of the loan

Money and loan are economic categories, so ideas about their entity, comparison of their entities can be formed not by the amount of money, but on the basis of their characteristics as economic (value) relations. Credit relations differ from money:

1) the composition of the participants. In cash, the seller and the buyer participate in cash, while the cost of goods in the commodity form goes into cash. In credit relations there are a lender and a borrower, between which relations arise about the movement and return of the cost;

2) functions. Money performs five functions, while the loan functions are completely different;

3) the participation of money and loan in the process of deferred and payments;

4) a consumer value received by participants in relations.

The economic category "Credit" is a certain type of social relationship related to the movement of value (in cash).

The structure is what remains stable, unchanged in the loan. As an object of research, a loan consists of elements in close cooperation with each other. Such elements are: 1) the subject; 2) object; 3) loan percentage.

Subjects of credit relations are a lender and borrower.

The lender is the side of credit relations providing a loan. To issue a loan, the lender must have certain funds. Their source can be their own accumulations, as well as borrowed funds obtained from other business entities. In modern conditions, the creditor bank provides a loan at the expense of its own capital attracted funds stored in the accounts of its clients, as well as mobilized by issuing securities. Locating Cost, the lender provides its productive use both for its purposes and for the purposes of other participants in the reproduction process.

The borrower is the side of credit relations receiving a loan and obliged to return the resulting loan. It uses a loan in production or handling to extract income, and returns a loan after its participation in the circuit and receiving additional profits.

The object of credit relations is a loan capital - cash capital, which has made from an industrial, having a special form of movement and having a certain specificity.

With the development of credit relations, the only source of formation of loan capital is the temporarily free cash of the state, legal entities and on a voluntary basis transmitted by financial intermediaries for subsequent capitalization and profit. Now, such funds are focused on deposit accounts in credit institutions and ensure their owners fixed income in the form of interest on these deposits.

The cost of loan capital is the ability to exchange between the lender and the borrower, and the consumer value is the ability to make a profit, part of which the borrower gives the creditor in the form of a loan percentage.

A loan percentage is a kind of price of a visible value transmitted by the lender by a borrower into temporary use in order to produce its productive consumption.

51. Functions and the role of the loan

The existence of a loan is caused by objective necessity, and it plays a significant role in the process of social production. The place and role of the loan in the economic system of society are determined by the functions performed by them both in common and selective nature.

1. Redistributive function. In a market economy, a loan moves money capital from some areas of economic activity to others, providing the last higher profits. This redistribution process affects not only the cost of gross product and national income, but also of national wealth in certain periods.

The state should regulate credit relations in order to ensure the attraction of credit resources into production.

2. The function of saving costs of circulation. Mobilizing temporarily released funds in the process of circulation of industrial and commercial capital, the loan makes it possible to fill the lack of own financial resources from individual enterprises. The company is often referring to the loan to provide himself with the right amount of working capital. As a result, the turnover of capital is accelerated by an economic entity. In general, the cost savings are ensured.

3. Cash replacement function by credit. The loan speeds up not only the commodity, but also money circulation, displacing cash from it. As a result of cash replacement, non-cash operations simplify the mechanism of economic relations in the market, the monetary turnover is accelerated.

4. The function of accelerating capital concentration. Production development is accompanied by a capital concentration process. The borrowed capital allows an entrepreneur to expand the scale of production and additional profits. Capital concentration even on a small scale brings positive economic results and in Russian conditions.

5. Stimulating function. Credit relations that imply a refund of the temporarily borrowed value with increment in the form of a percentage, encourage the borrower to more rational use of a loan, more rational economic management upon receipt of a loan.

In the economic development of the country, the loan plays a significant role, which is characterized by those results that appear when it is functioning for all participants in the Company: individuals, businessSubjects, states. It is manifested in the implementation of all forms of the loan in different ways:

1) the redistribution of material resources in the interests of the development of production and sales of products in the provision and mobilization of physical and legal entities;

2) the impact on the continuity of production and sales processes;

3) participation in the expansion of production when credit resources are used as a source of increasing fixed assets, capital costs;

4) accelerating the consumer of goods, services, housing at the expense of borrowed funds;

5) the regulation of cash and non-cash money turnover. The Bank of Russia, being a monopolist in the field of cash issuance, organizes their appeal, and also manages non-cash payments committed by the credit system, thus stimulates the entire production process.

52. Essence of credit relations

The essence of credit relations is determined by the loan principles, the most important of which are: repayment, urgency, payability, security, targeted nature, differentiated approach to loans and borrowers.

The principle of repayment expresses the need for a timely refund received from the creditor of financial resources after the completion of their use by the borrower. It finds his practical expression in redeeming a specific loan by transferring the relevant amount of funds to the account provided its credit institution (or another lender), which ensures the renewability of the Bank's credit resources. This is a prerequisite for continuing its functioning.

The urgency of the loan assumes that returning a loan to the borrower should not be at any time any acceptable time, but at exactly a certain period established by the loan agreement. Violation of the loan repayment period is the basis for the creditor to apply economic sanctions to the borrower in the form of an increase in the invasionable interest, and with further delay (in Russia - over three months) - the provision of financial requirements in court. Performance for the borrower is a guarantee of obtaining a loan.

The credit of the loan expresses the need for a borrower of the right to use credit resources. The economic essence of the loan fee is manifested in the actual distribution of the income received during the use of a loan between the borrower and the lender. The payability of the loan is in the form of a loan percentage.

The credit rate of the loan stimulates the borrower to its more efficient use.

The security of a loan is the necessary protection of the property interests of the lender from a possible violation by the borrower adopted in the contract of obligations. This principle in practice finds an expression in such forms as a loan secured by commodity and material values ​​or under financial guarantees in the form of securities. It is especially important in the period of general economic instability.

The target nature of the loan is used for most credit relations and is subject to the need for the purpose of the creditor. Usually in the loan agreement stipulate a specific purpose of using the loan received. With the help of such a condition, the lender not only controls compliance with the loan agreement, but also receives confidence in the return of the loan and interest, that is, the implementation of this principle is an additional credit provision. Violation of this obligation can be the basis for the early review of the loan or the introduction of an increased (fine) loan interest.

The differentiation of the loan is applied by the lender, usually a credit institution, to various categories of borrowers. The lender can split borrowers based on individual interests, depending on the availability, use of loans, etc., applying differentiated terms of the loan agreement to each group.

The basic principles of the loan are used by participants in credit relations (borrowers and creditors) to influence all stages of the production cycle.

53. Basic forms and types of loan

Credit is classified by various basic features. The elements of the loan structure are the creditor, the borrower and a visible cost, so the loan form can be considered depending on the nature:

- creditor and borrower;

- visible value;

- the target needs of the borrower.

Depending on the visible value, the commodity, monetary and mixed (commodity-monetary) form of the loan is distinguished.

Depending on who in a credit transaction is a lender, the following loan forms are allocated: banking, economic (commercial), state, international, civil (private, personal).

The forms of the loan can also be distinguished depending on the target needs of the borrower. In this regard, two forms of the loan are distinguished: productive and consumer. The productive form of the loan is associated with a feature of the use of funds received from the lender. With this form, loan loans are used on the purpose of production and circulation, on productive goals.

The consumer loan form, in contrast to its productive form, is used by the population on the purpose of consumption, such a loan is not directed to the creation of a new value, but must satisfy the consumer needs of the borrower.

In some cases, other forms of the loan are used, in particular:

- direct and indirect;

- explicit and hidden;

- old and new;

- the main (preferential) and additional;

- Developed and undeveloped, etc.

The direct form of the loan reflects the immediate issuance of the loan to its user without mediated links. The indirect form of the loan occurs when the loan is taken to lend other subjects.

Under the explicit form of the loan is understood as a loan for pre-agreed goals.

The hidden loan form arises if the loan is used for the purposes provided for by mutual obligations of the Parties.

An old loan form can be upgraded, acquire modern features.

A leasing loan can be attributed to new loan forms.

The main (preferential) form of a modern loan is a cash loan, while a commodity loan acts as an additional form.

Developed and undeveloped form of a loan characterize the degree of its development.

The type of loan is a more detailed characteristic of organizational and economic signs.

The loan is divided into species depending on the sectoral orientation (industrial, agricultural, trading).

The classification of credit by type depends on its security. By the nature of the security, loans that have direct and indirect security are distinguished. According to the degree of security, you can allocate loans with full (sufficient), incomplete (insufficient) provision.

Credit credit and depending on the urgency of lending. Severe short-term, medium-term and long-term loans.

Credit can be classified by types and depending on its use. Select paid and free, expensive and cheap loans.

In world banking practice uses other criteria for classifying loans. In particular, loans can be divided into loans issued in national and foreign currencies to legal entities and individuals, etc.

54. Loan percentage

The loan percentage is an objective economic category, which is a kind of price for temporary use of the cost. Its occurrence is due to the availability of commodity and money relations, which, in turn, are determined by property relations. The loan percentage arises where one owner transmits to another certain value for temporary use, as a rule, with the aim of its productive consumption.

The development of market relations in Russia has determined the transformation of the functions of a loan interest inherent in the system of administrative and planned economy: the stimulating function and function of the distribution of profits in a widerly interpreted regulatory function.

The transition economy has no prerequisites that would allow the percentage to implement this function in full. At the same time, in the context of the modern economy of Russia, there are separate elements of economic regulation related to the loan percentage. This is manifested in the role that the percentage of the economic sphere is played:

- By the rate of interest, the ratio of the demand and supply of the loan is bated. It facilitates the rational combination of own and borrowed funds;

- by the bank established by the Bank of Russia, the rate of resources for resources along with the norm of mandatory reserves and the conditions for the issue and circulation of state securities gradually becomes an effective means of managing commercial banks;

- through the percentage, the volume of deposits attracted by the Bank is regulated;

- The interest policy of the commercial bank today is aimed at the appropriate liquidity management of its balance. Differentiation of the level of loan interest on active operations, depending on the liquidity of investments, leads to the correspondence of demand for risky loan from the borrowers by the liquidity of bank balance. Similarly, the role of a percentage of deposit operations is traced as an incentive to attract the most sustainable funds into the circulation of a credit institution.

In general, the strengthening of the role of a loan percentage in the economy and turning it into an effective element of economic regulation is directly related to the state of the economic situation in the country and the course of reforms. For modern economic relations, it is characterized by strengthening the role of a loan percent as the result of the manifestation of its regulatory function.

When forming a market level of a loan interest on the deviation of its magnitude from the average rate of profit, both macroeconomic and private factors underlying the percentage policy of individual creditors are affected.

Macroeconomic factors: the ratio of demand and supply of borrowed funds, the level of money markets and securities markets, the international migration of capital, the state of national currencies, the state of the balance of payments, the risk factor, the monetary policy of the Bank of Russia, inflationual impairment, taxation.

Private factors are determined by the specific conditions of the creditor, its position in the credit resource market, the nature of operations and the degree of risk. In addition, has its own characteristics to form a level of individual forms of loan percentage.

55. Bank credit

Bank loan is the most common form. Banks most often provide loans to business entities that temporarily need financial assistance. The creditors are specialized credit and financial organizations that have licenses of the Central Bank to implement such operations. Borrowers are usually legal entities. The credit relations tool is a loan agreement. Income - a loan percentage, the rate of which is determined by the agreement of the parties, taking into account its average norm for this period.

Bank credit always performs in cash, and the object of lending is monetary capital. By virtue of this, in the bank loan, loan capital is finally separated from the industrial and performs its movement regardless of it. Speaking in monetary form, a bank loan overcomes the limited commercial loan in many parameters - sizes, timing, direction.

Bank loan has its own characteristics:

- its source is, as a rule, attracted capital, i.e., received at the expense of banking customers;

- the bank is drawn by the cost, i.e., temporarily free cash of economic entities placed on bank accounts;

- The Bank provides not just money, but cash capital, which, having done a circle process in the production process, returns with increment.

Bank loan performs a different role in the process of public reproduction. If it is used to expand production, for investment in the main and working capital of the borrower, the bank loan is called capital loan. If a bank loan is used to make payments, repaying old debt obligations, the banking loan is called money loan.

The bank loan provided to enterprises and corporations is mediated by the reproductive process as a whole. In terms of granting, it is divided into short-term, medium-term and long-term. The short-term loan is provided for the period up to one year and serves the movement of the working capital of the enterprise, promotes the timely implementation of settlements, increases the solvency of enterprises, strengthens their financial position. Medium-term and long-term loans are intended to ensure investment needs, i.e. the loan serves the movement of fixed capital, is used for the construction and reconstruction, the development of new industries, the introduction of new technologies and other activities related to the enlarged reproduction of fixed assets.

Bank credit to the population is provided in cash on various purposes: the acquisition of expensive goods, housing, overhaul of residential buildings, economic entry, etc.

A special kind of bank loan is a loan provided by another bank another, or interbank credit. Credibly banks provide loans or to maintain their profitability at the necessary level, or to ensure the development of correspondent relationships with other banks. For banking borrowers, interbank loans serve as a means of regulating liquidity, as well as an additional source of cash resources for expanding income investments.

56. Commercial Credit

Commercial (economic) loan is one of the early forms of credit relations. It is based on a delay in the sales company and the provision of a buyer's buyer as its debt obligations to pay the purchase price after a certain period. Mass distribution Commercial loan received in the era of capitalism, which was associated with a frequent shortage of funds to pay for the supply of raw materials, goods and services provided. Two types of bills are most common: a simple borrower's obligations to pay a certain amount directly to the lender, and the translation (Tratta), providing for the creditor's written order by the borrower on the payment of the established amount by a third party or the bill bearer. The appeal of bills extends the possibilities of providing a commercial loan, as it can move from hand to hand. At the same time, a broadcaster is made on the bill - an endorsement. The more endorses on the bill, the wider the circle of his appeal and the greater the guarantees of its payment.

Commercial loan is the basis of the entire credit system. The need for a commercial loan flows out of the process of reproduction: the incompression of the terms of production and implementation. As a result, some manufacturers entered the market with goods, and others had the need to buy goods. However, without realizing their products, they do not have means, and therefore the trading transaction will take place only when selling with installments. Hence the purpose of this form - to accelerate the sale of goods and the entire process of capital circulation and to extract additional profits.

Commercial loan has certain disadvantages:

- limited amount of loan reserve capital. Sale with installments of payment is possible if the entrepreneur has an excess capital in the entrepreneur;

- Depends on the condition of its return tributary. In decline in the production of loans, the chain of credit relations is disrupted, and its dimensions are reduced;

- It has a strictly defined direction, that is, is provided by one enterprise to another associated with the first technological chain. In the opposite direction, the commercial loan is impossible.

Economic loan, regardless of its commodity or cash form, is provided mainly for a short time.

In Russia, a commercial loan until recently had a limited scope of application. The expansion of its use is imperative inflation, the crisis of non-payment, unreliability of partnerships.

In practice, the following varieties of commercial loan are applied:

1) with a fixed maturity;

2) with refund after the actual implementation of goods received in loan;

3) on an open account when the secondary supply of goods on a commercial loan is carried out on repayment of debt on previous delivery.

In the presence of a developed credit system, a commercial loan is intertwined with a bank loan, as the lender, having a bill - the obligation of the borrower, can take into account his bank and get a bank loan under it. But in this case, the essence of a commercial loan does not change.

57. State Credit

A distinctive feature of the state loan is to participate in the credit relations of the state represented by its authorities of various levels as a lender or borrower. Initially, such a national loan began to develop and began to develop, in which the state acted as a debtor. The reason for the state to borrow funds in the loan capital market was a state budget deficit.

The state loan is different from other types of loan. When granting a bank loan as collateral, some specific values ​​are the goods in stock, work in progress, when borrowing funds to the state, the provision of a loan serves all the property in its property, the property of this territorial unit or its income.

At the government level, state loans do not have a specific target. Whereas the borrowing of funds at lower levels often has a clearly pronounced target orientation.

Speaking by the creditor, the state through the Central Bank or the Treasury system produces lending:

1) priority industries, regional or local authorities experiencing the need for financial resources with the impossibility of budget financing by commercial banks due to factors of a conjunctural nature;

2) commercial banks and other credit institutions in the process of direct or auction sale of credit resources in the market of interbank loans.

The characteristic feature of the state loan is the unproductive use of the state mobilized by fund loans. As a borrower, the state places state loans through banks or in the market of state short-term securities. The cause of the growth of such a loan is a budget deficit associated mainly with unproductive military and managerial costs. This is the main form of a state loan. His expansion associated with the chronic budget deficit causes the need to increase the growth of loan service costs - their repayment and payment of interest, which ultimately leads to a huge state debt. As a result, the state loan becomes a regenerator of further growth.

Government loans can be classified as follows.

1. Depending on the subjects of borrowed relations, state loans are divided into posted by the central and local governments.

2. Depending on the placement location - on internal and external.

3. Depending on the management of the market, state loans are divided into market and non-market.

4. Depending on the time to attract funds, they are divided into short-term, medium-term and long-term.

5. Depending on the security of debt obligations, state loans are mortgaged and negligent.

6. Depending on the nature of the income paid, interest, winning, interest-width, winner, win-win and interest-free loans.

7. Depending on the conditions of appeal - loans with the right of early repayment and without it.

8. According to the methods of placement, loans are placed on a voluntary basis, according to subscription and forcibly.

58. Consumer credit

Consumer loan is valid for targeted lending to individuals in commodity or monetary forms. The lender is entrepreneurs at the retail sale of goods in installments, as a rule, long-term goods, and credit organizations that provide cash loans to the population to acquire land and other real estate, paying expensive medical care, etc.

The specifics of a widely understood consumer loan is the fact that the borrower here are individuals who take loans to satisfy their personal needs.

Consumer credit is closely associated with a bank loan, as buyers' debt obligations are used by trading firms and financial companies to obtain bank loans. Thanks to this connection, an extended interpretation of the consumer loan has arisen. In accordance with this, under consumer loan, a combination of commodity and cash loans provided by firms, banks and the state to the population to meet his personal needs are understood. In developed countries, consumer credit has been widespread. In Russia, such a loan is provided both in the commodity and monetary form. The commodity form in the form of installments of payment has a loan provided to the population to buy long-term goods, housing construction, the purchase of apartments. In cash, a loan is issued for the construction and repair of individual houses, garden houses, for urgent needs. At the same time, the loan can be issued in cash or in the form of enumerations.

Consumer credit can be used for investment purposes and on the current needs of borrowers - individuals. In credit relations between citizens and trade firms, banks of direct participation are not accepted. This consumer loan differs from the banking provided by the population in cash.

Lending to the consumer needs of the population is carried out on those principles as lending to legal entities: repayment, urgency, target orientation, payability, security. An important condition for issuing loans is the solvency of the borrower. Consumer loan for current needs is short-term. It is provided for up to two years. Consumer investment loan is long-term. The borrower requires the provision of a report on the use of a loan, documents confirming its purpose.

The use of consumer loan has been widely disseminated abroad, which is associated both with a wide range of goods offered for the sale of goods and with an increase in their cost. The demand for durable goods depends on the level of income, so consumer credit, increasing the possibility of purchasing goods, artificially increases demand for them. Rising income levels can lead to a reduction in lending.

The prospects for the development of consumer loan in Russia depend on many factors, primarily on the degree of stabilization of credit and financial markets, as well as the growth of the regularity of receipt of income by the main part of the population.

59. International Credit

International loan is the latest form of development when economic relations have been released for the National Framework. It operates at the international level, whose participants may be individual legal entities, governments of relevant states, as well as international financial and credit institutions. An important role in the international loan plays the realization of the requirements of the law of value and other economic laws.

International loan is functioning on the principles of repayment, urgency, payability, security, targets due to external and internal sources.

This loan is classified by several basic features:

- by sources - internal and external;

- by appointment - commercial, which are directly related to foreign trade and services; financial, i.e. direct investment, construction of facilities, the acquisition of securities, repayment of external debt, currency intervention; intermediate - loans for maintaining mixed forms of capital export, goods, services, "engineering", or execution of contractors;

- by types - commodities that are provided by exporters importers in the form of a delay of payment for sold goods or services rendered; currency provided by banks in cash;

- according to the loan currency - in the currency of the debtor's country, in the currency of the lender country, in the currency of the third country and in the international counting monetary unit (SDR and Euro);

- by security - provided (commodity documents, promissory, securities, real estate, etc.); Forms, i.e., for the obligations of the debtor (Solo-bill of one signature);

- From the point of view of the form of provision - cash, deposit certificates, bond loans, consortical loans;

- in terms of time - super-staff (daily, weekly, up to three months), short-term (up to one year), medium-term (from year to five years), long-term (over five years). When prolongation, or extension, short-term and medium-term loans, they become long-term, and often with a state guarantee. International credit in the field of international economic relations performs the following functions:

1) the redistribution of loan capital between countries, when the capital overflows in countries with a low rate of profit occurs, contributing to equalization and transformation into the average rate of profit;

2) saving costs of appeal in the field of international economic relations by replacing gold as world money with such instruments of circulation, as a bill, check, bank transfer, deposit certificates, electronic money, as well as SDRs, euros and solid national currencies;

3) acceleration of concentration and centralization of capital: firstly, as a result of the acceleration of the capitalization process, the profits and the receipt of additional profits in connection with the involvement of foreign capital, secondly, with the creation of transnational corporations and transnational banks and, thirdly, by providing preferential international loans to large enterprises;

4) regulation of the country's economy is to attract foreign investment, and primarily the capital of international monetary and regional organizations, which contributes to the growth of the GNP and its distribution.

60. Leasing Credit

Currently, leasing activities in the Russian Federation is governed by the Law on Leasing, in accordance with which leasing is the type of investment activity for the acquisition of property and transferred it on the basis of a lease agreement to individuals or legal entities for a specific fee for a certain period and under certain conditions, due to Treaty with the right to repurchase property by the lessee. In leasing, you can get any inaccessible things except the Earth or other natural objects. Credit relations in the leasing deal arise between the lessor who can be a financial company or a commercial bank, and the lessee - a firm using leasing objects in its activities.

The leasing transaction entities include parties to participate in it.

They can be divided into two groups:

- Direct participating direct participation in the transaction: the leaser, acquiring a leased object and transferring it to the use, the lessee of the property and the supplier (manufacturer or owner of the leased object) that implements it to the lessor;

- Indirects, which include commercial banks, insurance companies, brokerage and other mediation firms that promote the conclusion of a leasing agreement, including through the provision of a loan to the acquisition of leased object. Leasing transactions can be classified according to various features.

1. By granting date:

- Operational leasing, when the lease term of the property is less than the normative service life. Such leasing is used when renting machines, equipment, and due to high risks, leasing payments are prescribed at a higher level than with other types of lease;

- Financial leasing, which is provided for the entire payback period of property. In addition, it provides for the impossibility of early termination of the lease agreement, therefore, as a rule, it is such objects whose cost is high.

Both types of leasing after the end of the contract is allowed to provide the lessee: to acquire leasing at the residual value; conclude a new contract for a preferential rate; Return the object of the transaction to the lessor.

2. By territorial sign:

- internal leasing, when all transaction participants are representatives of one country;

- International leasing, when one or all participants of the transaction represent different countries or one of the parties has the status of a joint venture. At the same time, leasing is considered to be exporting, in which the foreign country represents the lessee, and imported - when a foreign company is the lessor.

3. By the nature of leasing payments:

- cash payments;

- compensation payments when they are manufactured by the supply of goods produced on rented equipment, or in the form of counter-service services;

- Mixed payments.

4. In the composition of the participants of the transaction:

- Direct leasing, in which the owner of the property independently gives it to leasing (bilateral transaction);

- indirect leasing, in which the transfer of property is carried out through intermediaries (three- or multilateral transactions).

A special case of direct leasing is a return leasing, in which the leasing company acquires property from the owner and gives it to him in lease.

61. Essence and structure of the credit system

The credit system is a combination of banking and other credit institutions and relations between them.

In accordance with the Federal Law "On Banks and Banking Activities", the banking system of the Russian Federation is two-level. At the first level is the Central Bank of the Russian Federation, which works mainly with credit institutions, in the second - Russian commercial banks, as well as branches and representative offices of foreign banks.

A credit institution is a legal entity, which to extract profits as the main goal of its activities on the basis of a special permit (license) of the Central Bank has the right to carry out banking operations.

The separated link of the credit system can be considered the Federal Postal Service and the State Corporation "Agency for Restructuring Credit Organizations" (ARKO), whose banking operations are governed by special federal laws.

The Bank is a credit institution that has the exceptional right to exercise the following banking operations in the aggregate: to attract money from individuals and legal entities into deposits, place the specified funds from their own behalf and at their own expense on the terms of repayment, payability, urgency, open and conduct bank accounts individuals and legal entities.

The non-bank credit organization is a credit institution that has the right to carry out separate banking operations. Valid combinations of banking operations for non-bank credit institutions are established by the Central Bank.

Non-bank credit organizations (NPOs) can be divided into two groups.

1. Estimated, which are entitled to carry out the following banking operations: opening and maintaining bank accounts of legal entities; The implementation of settlements on behalf of legal entities, including corresponding banks, according to their bank accounts.

Depending on the functional purpose of NPOs can carry out legal entities, including credit institutions, in the interbank, currency markets and securities market, carry out calculations on plastic cards, collection of funds, bills, payment and settlement documents and cash maintenance of legal entities, Operations for the sale of foreign currency in non-cash form. NPOs are not entitled to attract funds for legal entities and individuals into deposits in order to place them on their own behalf and at their own expense.

2. Organization of collection on the basis of a license issued by the Bank of Russia, has the right to collect money, bills, payment and settlement documents.

The modern banking system of the Russian Federation has already experienced two major crisis. The first - in August 1995, the second - in August 1998

In order to restore the normal functioning of the banking system and its restructuring in 1999, agency for the restructuring of credit institutions was established. Under the restructuring of credit institutions is understood as a set of measures applied to credit institutions aimed at overcoming their financial instability and the restoration of solvency or to implement liquidation procedures.

62. Banking system as part of the credit system

The banking system is part of a credit system, which represents a set of credit relations (functional form) and credit and financial institutions implementing these relationships (institutional form). The institutional form of the banking system includes central (national), emission, reserve, savings, mortgage, investment, specialized and other banks.

The banking system of Russia, relevant to the market economy, began to form in 1990 after the adoption of fundamental laws "On the Central Bank of the RSFSR" and "On Banks and Banking Activities in the RSFSR", as well as regulatory acts of the Central Bank, regulating the activities of commercial banks in Russia.

Currently, a two-level banking system is functioning: the first level covers the establishments of the Central Bank of the Russian Federation, which exercises the issue of money into circulation, its task is to ensure the stability of the ruble, supervision and control over the activities of commercial banks. The second level consists of commercial banks and credit institutions, whose task is to maintain clients of enterprises, organizations, providing them with a variety of services.

The elements of the banking system are banks, some special financial institutions that carry out banking operations, but not having a bank status, as well as some additional institutions that generate banking infrastructure and providing elements of the banking system.

In practice, the diversity of banks is functioning. Depending on this or that criteria, they can be classified as follows.

The form of ownership is allocated - state, joint-stock, cooperative, private and mixed banks.

According to the legal form of the organization, banks can be divided into societies of open and closed types of limited liability.

According to the functional purpose, the banks can be divided into emission, deposit and commercial.

By the nature of the operations performed, banks are divided into universal and specialized.

Types of banks can be classified according to the branches serviced by them. These can be diversified banks and maintaining one of the industries or sub-sectors.

In terms of the number of branches, banks can be divided into infiltrative and multifilia.

In service sector, banks are divided into regional, interregional, national, international.

The scale of activity can be allocated small, medium, large banks, banking consortia, interbank associations.

Also, banks are classified in terms of capital size.

Elements of the banking system include banking infrastructure. It includes various kinds of enterprises, agencies and services that ensure the vital activity of banks.

The special block of the banking system is banking legislation. Currently, in Russia there are three laws directly related to the work of banks: federal laws "On the Central Bank of the Russian Federation (Bank of Russia)", "On banks and banking activities", "On the insolvency (bankruptcy) of credit institutions." The banking system cannot exist without the banking market. It is concentrated by banking resources, and trafficking in the banking product.

63. Central Bank as the main link of the banking system

The central bank of the country is the main link of the banking system of any state. The creation of a central emission bank was due to the processes of concentration and centralization of capital, the transition to unified national monetary systems.

In all developed countries, there are several laws in which the tasks and functions of the Central Bank are formulated and enshrined, and the tools and methods of their implementation are defined.

Typically, the main legal act regulating the activities of the National Bank is the law on the Central Bank of the country. It establishes the organizational and legal status of the Central Bank, the procedure for appointing or election of its leading composition, the order of relationships with the state and the national banking system.

Along with the Law on the Central Bank, the interaction between the Central Bank and the credit institutions is governed by the Banking Law.

To determine the role of the Central Bank in economic and political processes, the degree of independence is very important in the country. Under economic independence, it is usually implied by the possibility of the Central Bank to use the tools at its disposal without significant restrictions. The degree of political independence of the Central Bank is determined by the level of independence in its relations with government bodies when choosing and conducting monetary policy.

Central banks are a regulatory link in the banking system, so the main goal of their activities is to strengthen the monetary circulation, protection and provision of sustainability of the national monetary unit and its course in relation to foreign currencies; Development and strengthening of the banking system of the country, ensuring the effective and uninterrupted settlement implementation.

Traditionally, there are five main tasks in front of the central bank - he is designed to be:

1) the issuing center of the country, i.e., use the monopoly law on the issue of banknotes;

2) an economic regulatory authority by monetary methods, i.e., conduct monetary and currency policy;

3) Bank of banks, i.e., perform operations not with trade and industrial clients, but mainly with banks of this country: to store their cash reserves, the size of which is established by law; provide them with loans (Last Instance Lender), monitor and supervision;

4) Banker Government, i.e. support government economic programs and place state securities; provide loans and execute settlement operations for the government, to store (official) gold reserves;

5) the main settlement center of the country, speaking by the mediator between other banks of the country when performing non-cash settlements.

As the Bank of Banks, the Central Bank provides credit institutions with the possibility of refinancing. At the same time, according to the law, the Central Bank has the right to limit the country's commercial banks in credit funds. Two types of operations of the Central Bank with credit institutions are most common: buying and selling checks and bills; Protectional operations with securities, promissory and payment requirements.

64. Legal status of the Central Bank, its goals and structure

The Central Bank of the Russian Federation (Central Bank of the Russian Federation) is valid on the basis of Federal Law on July 10, 2002 No. 86-FZ "On the Central Bank of the Russian Federation (Bank of Russia)" from. The Bank of Russia is a legal entity, not registered in the tax authorities.

A prerequisite for the effectiveness of the Central Bank's activities is its actual independence, which often confesses with the short-term goals of the government. Its independence is particularly important in terms of limiting government opportunities to take advantage of cash emissions to cover the budget deficit.

At the same time, the independence of the central bank from the government is relative in the sense that economic policy cannot be successful without clear agreement and closely linking its main elements - monetary and financial policy.

The authorized capital and other property of the Central Bank of the Russian Federation are federal property. However, the Central Bank of the Russian Federation is not funded at the expense of the budget, it exercises its expenses at the expense of its own income. At the same time, profit is not the purpose of the Bank of Russia. The Central Bank transfers 50% of the balance sheet profit to the federal budget for the year. The remaining profit of the Central Bank sends to reserves and funds of various purposes.

The Central Bank of the Russian Federation is accountable to the State Duma, which appoints and relieves the Chairman of the Bank and members of the Board of Directors of the Central Bank. She considers the annual report of the Central Bank and the audit conclusion, determines the audit company for checking the annual report of the Central Bank.

Within the constitution and laws permitted by him, the Central Bank of Russia is independent in its activities.

The federal government bodies and other authorities do not have the right to interfere in its activities. Moreover, regulatory acts published by the Central Bank of the Russian Federation within its competence are mandatory for federal authorities.

The activities of the Central Bank of the Russian Federation in modern conditions should be subordinate to the three goals:

- protection and provision of resistance of the ruble, including purchasing power and courses in relation to foreign currency;

- development and strengthening of the banking system of the Russian Federation;

- ensuring the effective and uninterrupted functioning of the calculation system.

The Bank of Russia forms a single centralized system with a vertical structure. The Bank's system includes a central office, territorial institutions, field offices. National banks republics are territorial institutions of the Central Bank of the Russian Federation. Territorial institutions do not have the status of a legal entity and do not have the right to make decisions that are regulatory.

The territorial institution of the Central Bank is a separate division of the Central Bank, which carries out part of its functions on the territory of the constituent entity of the Russian Federation and is part of the Unified Centralized Central Bank.

Operations of the Central Bank of the Russian Federation are divided into two groups: passive and active. Passive includes operations with which the resources of the Central Bank are formed, to active - operations for placement of resources.

The main sources of resources of the Central Bank - emission of banknotes and the means of commercial banks on correspondent accounts, on the account of mandatory reserves, deposits of commercial banks and budget funds.

The bulk of the Central Bank of the Central Bank is invested in securities and in various currency values ​​placed by non-residents.

65. Functions of the Central Bank of the Russian Federation

The Bank of Russia performs the following functions:

- develops and conducts a single monetary policy;

- monopolisy carries out the emission of cash and organizes their appeal;

- is the lender of the last instance for credit institutions, organizes the refinancing system;

- establishes the rules for the implementation of settlements in the Russian Federation;

- establishes the rules for holding banking operations, accounting and reporting for the banking system;

- carries out maintenance of budget accounts of all levels of the budget system of the Russian Federation;

- performs effective management of gold and reserves of the Bank of Russia;

- establishes and publishes official courses of foreign currencies in relation to the ruble;

- establishes the procedure and conditions for the implementation of currency exchanges for organizing operations for the purchase and sale of foreign currency, sells, suspension and feedback from permits to currency exchanges for these operations;

- carries out state registration of credit institutions, issues and recalls the license of credit institutions and auditing organizations;

- supervises the activities of credit institutions;

- registers issuing securities with credit institutions;

- carries out all types of banking operations;

- implements currency regulation, determines the procedure for making calculations with foreign states;

- carries out currency control;

- takes part in the development of a balance of payments, organizes its preparation;

- analyzes and predicting the state of the Russian economy;

- Performs other functions.

The Bank of Russia has the right to carry out the following operations with Russian and foreign credit institutions:

- provide loans for a period of no more than one year under providing securities and other assets;

- buy and sell government securities on the open market;

- buy and sell bonds of the Bank of Russia and deposit certificates;

- buy and sell foreign currency and payment documents in foreign currency;

- buy and sell precious metals and other currency values;

- to conduct settlement, deposit and cash transactions, to be stored and securities and other values;

- issue guarantees and guarantees;

- carry out operations with financial instruments used to manage financial risks;

- open accounts in Russian and foreign credit institutions in Russia and foreign countries;

- exhibit checks and bills in any currency;

- carry out other banking operations. The Bank of Russia has no right: carry out banking operations with legal entities that do not have licenses for credit operations and individuals; acquire shares of credit and other organizations; carry out real estate operations; engage in trade and manufacturing activities; Prolong the loans provided. The Bank of Russia is not entitled to provide loans to the Government of the Russian Federation to finance budget deficit, buy government securities when their primary placement.

66. Monetary policy of the Central Bank of the Russian Federation

Monetary policy is traditionally considered as the most important direction of the economic policy of the state. Monetary policy, being part of the national economic policy, should be "inscribed" into the overall goal of the development of the national economy and contribute to the achievement of macroeconomic equilibrium. In general, the goal of state regulation of the economy is the achievement of macroeconomic equilibrium with optimal economic growth rates for this country.

If the goal of the national economy is to ensure sufficient economic growth, this is the strategic goal of monetary policy. The highest goal of the state monetary policy is to ensure the stability of prices, efficient employment of the population and the growth of the real volume of gross national product. This goal is achieved through the activities within the framework of monetary policy, which are carried out quite slowly and are not a rapid response to changing market conditions. The development of monetary policies is carried out directly by the Bank of Russia.

Interestrial policy of the Bank of Russia is used to influence market interest rates in order to strengthen the national currency.

The Reserve Reserve Policy of the Bank of Russia uses as a method for regulating the overall liquidity of the banking system and monetary controls by reducing the money multiplier. Reserve requirements are established in order to limit bank credit capabilities and maintain at a certain level of money supply in circulation.

Operations on the open market are operations on the purchase and sale of the Bank of Russia of government bonds, treasury bills and other government securities, short-term operations with securities with later a reverse transaction.

Under the refinancing of commercial banks is understood as credit institutions by the Bank of Russia, including accounting and will overcome bills. Currently, the Bank of Russia provides banks that entered into a general loan agreement, the following types of secured loans: intraday loans; loans "Overnight"; Lombard loans. An integral part of the Bank of Russia refinancing policies are its deposit operations with credit institutions.

Currency regulation implies the development and implementation of the Bank of Russia foreign exchange rates.

When implemented by the chosen currency policy, the Bank of Russia uses a wide arsenal of methods that can be conventionally divided into market and administrative.

Market methods include the Bank of Russia for the purchase and sale of foreign currency on the stock exchange and the interbank market (currency interventions) to influence the ruble exchange rate and the total demand and the offer of money.

Administrative methods are based on the coercion of market participants to actions aimed at changing the demand and supply of foreign currency in the market.

Direct quantitative restrictions can be applied by the Bank of Russia in exceptional cases in order to conduct a unified state monetary policy after consulting the Government of the Russian Federation.

67. Essence and functions of a commercial bank

Modern commercial banks - banks directly serving enterprises and organizations, as well as the population - their customers. Commercial banks are the main link of the banking system. Regardless of the property, commercial banks are independent economic entities. Their relationship with customers are commercial. The main purpose of the functioning of commercial banks is to obtain maximum profits.

A commercial bank is a credit institution that has the exclusive right to carry out certain banking operations. Commercial banks carry out comprehensive customer service, which distinguishes them from special credit organizations of non-banking type that fulfill a limited circle of financial transactions and services.

Among the functions of the commercial bank, four, which underlie the determination of the bank and determine its essence:

1) The battery function and mobilization of temporarily free funds is one of the most important functions of the bank. Commercial banks are a leading role in attracting free funds of all economic agents and turn them into capital in order to raise profits. Performing this feature, banks act as borrowers;

2) mediation function on credit. The fulfillment of this function contributes to the expansion of production, financing industry, facilitating the creation of reserves, the expansion of consumer demand, to facilitate the financial activities of the government, reduce the costs of circulation;

3) the mediation function in the implementation of payments and calculations;

4) Function to create payment means.

In addition to four fundamental functions, there is often an additional function of a commercial bank - the function of organizing the issue and placement of securities. It is carried out through investment operations and is of great importance in the elastic credit system, which is a prerequisite for maintaining the sustainable growth rates of the economy. The expansion of the significance of this function led to the fact that banks become direct competitors of the stock exchanges, through which the main part of retail sales of securities is being implemented.

The main operations that perform a commercial bank is to attract capital, its placement on favorable terms, as well as the provision of a number of services to customers.

Commercial Bank operations are a specific manifestation of banking functions in practice. All banking operations and transactions are carried out in rubles, and if there is a relevant license of the Bank of Russia - in foreign currency.

The federal law prohibits commercial banks to engage in manufacturing, insurance and trading activities.

A commercial bank, like any enterprise, an institution, has a specific management structure. The main body is a meeting of shareholders or a meeting of shareholders. The highest authority is a meeting of shareholders. The most operational authority is the Board of Directors of the Bank, who is elected at the meeting of shareholders of the Bank. The Council of the Bank is headed by the Chairman who is elected from among the members of the Bank's Council by secret ballot.

68. Principles of business banks

The first and fundamental principle of the commercial bank is work within the limits of available resources. A commercial bank can carry out non-cash payments in favor of other banks, provide other banks loans and receive money in cash within the balance of funds on their correspondent accounts.

Work within real resources means that the commercial bank should ensure not only quantitative compliance between its resources and credit investments, but also to ensure compliance of the nature of banking assets to the specifics of resource mobilized them. First of all, this refers to the deadlines of the obligations and requirements of banks.

To ensure self-sufficiency and profit, the bank must coordinate the price of attracting resources and profitability of their placement. Attracting expensive resources implies the presence of high-yielding directions of their placement, since otherwise it will have losses from the main activity. The tough dependence of the bank's assets on the nature of its liabilities should be taken into account when determining the economic standards of the activities of banks and when regulating their operations.

Within the resources available among banks, it is free to conduct its active operations. Administrative restrictions may have a one-time, emergency. Work within the limits of actually attracted resources, while ensuring that its liquidity is maintained, the commercial bank can only have a high degree of economic freedom combined with full economic responsibility for the results of its activities.

The second most important principle on which the activities of commercial banks are based, is complete economic independence, implying and economic responsibility of the bank for the results of its activities. Economic independence implies freedom of disposal of the bank's own funds and attracted resources, the free choice of customers and depositors, disposal of income remaining after payment of taxes. Existing banking legislation All commercial banks provided economic freedom to their funds and income. The economic responsibility of the commercial bank is not limited to current incomes, but applies to its capital. The whole risk from their operations commercial bank takes over.

The third principle is that the relationship between a commercial bank with its clients is being built as ordinary market relations. By providing loans, the commercial bank proceeds primarily from market criteria for profitability, risk and liquidity. The orientation on the "National Interests" is incompatible with the commercial nature of the Bank's work and will inevitably turn into a crisis of liquidity and solvency for him.

The fourth principle of the commercial bank is that the regulation of the Bank's activities can be carried out only by indirect economic (and not administrative) methods. The state defines the "Rules of the game" for commercial banks, but cannot give them orders and orders regarding destinations and conditions for the placement and attracting resources.

69. Types of commercial banks

The type of commercial bank is determined along with the content of its operations are also the degree of development of the country's economy, credit relations, monetary and financial markets.

Commercial banks can be classified as follows.

1. According to the nature of economic activity, emission, commercial, specialized banking institutions are allocated. The issuing bank is a bank that exercises the issue of monetary signs - banknotes and being the center and regulator of the banking system (Central Bank). Commercial banks are credit organizations that carry out credit and settlement services for industrial, shopping and other enterprises and organizations, as well as the population. Specialized banking institutions can engage in lending to a certain type of activity. These include mortgage, investment, savings, industry and other banks.

2. Depending on the capital belonging (in the form of ownership), allocate:

- State banks, when the capital of the commercial bank belongs to the state. There are two types of state banks: central banks and state commercial banks;

- Joint-stock banks are the most common form of ownership of banks at the moment. The capital of such banks is formed by the sale of shares. Joint-stock commercial banks are divided into an open joint stock company when the sale of shares occurs, and the closed joint-stock company, whose shares are distributed only among its founders or another predetermined circle of persons;

- Cooperative (mutual) banks whose capital is formed by the implementation of PAEV;

- Municipal banks formed at the expense of municipal (urban) property or in the management of the city. The main task of such banks is the service of the needs of the city in banking services;

- mixed banks, when the bank's own capital unites different forms of ownership;

- Joint banks, or banks involving foreign capital, i.e., their authorized capital belongs to foreign participants or branches of banks of other countries.

3. In terms of volume and variety of operations, banks are divided into universal, carrying out all types of operations and serving various customers, and specialized, which are focused on holding one or two types of operations and maintain a specific clientele (mortgage bank, investment, innovative, consumer loan banks, savings bank).

4. For the economic basis, depending on the industry, which banks serve primarily distinguish industrial banks, trade agricultural banks.

5. In terms of loans issued, banks of short-term and long-term loan are distinguished. Banks of long-term lending, such as mortgage, issue loans for more than five years. Banks of short-term loan issues loans for up to three years, as a rule, these are universal commercial banks.

6. The size of large, medium and small banks are highlighted.

7. The presence of a branch network distinguish banks with branches and without branches.

8. On the territory of banks are divided into local banks, federal, republican and international.

70. Types of banking operations and transactions

Commercial Bank operations are a specific manifestation of banking functions in practice. According to the Law of the Russian Federation of February 3, 1996 No. 17-FZ "On banks and banking activities", bank transactions include:

- attraction of funds of individuals and legal entities in demand deposits and for a certain period;

- provision of loans on their own behalf and at its own expense;

- opening and maintenance of bank accounts of individuals and legal entities;

- the implementation of calculations on behalf of individuals and legal entities, including corresponding banks, according to their bank accounts;

- collection of cash, bills, payment and settlement documents and cash maintenance of individuals and legal entities;

- purchase and sale of foreign currency in cash and non-cash forms;

- attracting into deposits and placement of precious metals;

- issuance of bank guarantees;

- carrying out money transfer on behalf of individuals without opening bank accounts (with the exception of postal transfers). In addition to those listed, banks have the right to carry out the following transactions:

- issuance of guarantees for third parties providing for the fulfillment of obligations in monetary form;

- confidential cash management and other property under a contract with legal entities and individuals;

- implementation of operations with precious metals and precious stones;

- provision of special premises to individuals and legal entities or those who are in them safes for storing documents and values;

- leasing operations;

- provision of consulting and information services. The credit institution has the right to carry out other transactions in accordance with the legislation of the Russian Federation.

All banking operations and other transactions are carried out in rubles, and with the relevant license of the Bank of Russia - and in foreign currency. Rules for carrying out banking operations, their logistical support are established by the Bank of Russia in accordance with federal laws.

A credit organization is prohibited to engage in industrial, trade and insurance activities.

The commercial bank has the right to release, buy, sell, take into account, store securities, carrying out operations with which does not require a special license in accordance with federal laws, and also have the right to confidentially manage the specified securities under the contract with individuals and legal entities.

There are three groups of operations of commercial banks: passive, active and commissional intermediary.

The fission of banking operations on passive and active lies their impact on the formation and placement of banking resources.

Bank resources are the amount of money that is available at its disposal and can be used by them for active operations.

As a result of passive operations, cash balances are increasing on passive bank balance accounts. Active operations lead to an increase in funds on active accounts. There is a close relationship between passive and active operations of the commercial bank. For successful activities, the Bank must ensure the coordination of passive and active operations.

71. Active operations of commercial banks

Active operations - operations through which banks place the resources available at their disposal to produce profit and maintain liquidity. Active operations are divided into two types: credit operations and investments.

Credit operations are the relationship between the lender and the borrower on the provision of the first latter amount of funds. Credit operations are divided into active (the bank issues a loan) and passive (bank takes loans) and can be carried out in two forms - loan and deposit.

Bank lending is carried out with strict observance of lending principles. These include the return of lending, urgency, loan security (Russia uses the following types of securities - pledge, bank guarantee, guarantee, insurance liability of the borrower for repayment of the loan). Bank lending is divided into direct (credit relations of business entities directly with the Bank) and indirect (credit relations arise first between business entities, which subsequently turn to the bank for loans). The main types of indirect bank lending - operations with notes, factoring, leasing.

Direct and indirect lending has its advantages and disadvantages. The advantage of direct lending is the simplicity of the organization of the credit process, which has a positive effect on the organization of bank credit relations with a borrower. Negative factor is a slightly higher risk than with indirect lending.

Credit price is a bank interest rate. Due to this percent, the bank covers its costs and makes a profit. The amount of interest rates is influenced by a number of factors:

- the demand for credit from borrowers;

- the refinancing rate of the Central Bank of the Russian Federation;

- credit term;

- type of loan;

- the average interest rate of attraction in the interbank credit market;

- The state of money circulation in the country (in the period of inflation, the interest rate is growing, during the period of deflation - falls).

Bank loans can be classified according to the following features:

- in terms of loan loan, loans are divided into short-term, medium-term and long-term;

- by types of collateral - provided and unsecured;

- by types of borrowers - agricultural, industrial, utilities, trading, etc.;

- in the areas of use - on the formation of working capital, investment, to eliminate temporary financial difficulties, export, imported, etc.;

- in size - small, medium, large;

- According to the method of granting - notes, with open accounts, seasonal, etc. The credit process consists of four stages.

Stage I. Evaluation of the economic situation in the country, in the region, industry. At its base, the Bank's credit policy is produced.

Stage II. Providing a bank loan. The borrower represents the Bank the necessary documents, between the bank and the borrower there is a loan agreement.

III stage. Control over the use of a loan.

IV stage. Returning a bank loan and interest on it. For issuing loans to customers, loan accounts are opened: a simple loan account, a special account, a contract account.

Investment operations of banks are long-term cash investments in order to profit (investment in securities).

72. Passive operations of commercial banks

Passive operations are operations to attract funds to banks, the formation of their resources.

In the conditions of a market economy, the process of forming bank liabilities, optimization of their structure and in connection with this, the quality of management of all sources of funds generated by the resource potential of a commercial bank is acquired.

Passive operations of the Bank include: 1) attracting funds to settlement and current accounts of legal entities and individuals;

2) the opening of urgent accounts of citizens and organizations;

3) gradual securities;

4) loans derived from other banks.

All passive operations of the bank associated with attracting funds, depending on their economic content are divided as follows:

- deposit, including obtaining interbank loans;

- Emisy (placement of shares or securities of the bank).

Bank resources consist of borrowed funds and equity.

Own capital is the means belonging to the bank directly, in contrast to the borrowed, which the bank attracted on time. The bank's own capital performs a number of important functions: a protective, operational, regulatory.

Own capital management plays an important role in ensuring the sustainability of the liabilities and profitability of the bank. One of the ways to manage own capital bank is dividend policy.

Large banks widely use stock issues as an effective way to attract monetary resources. Commercial banks emit both simple shares and preferred shares.

In foreign practice to increase the volume of equity, the issue of bonds is often applied.

Bank reserves are formed due to its profits and include:

- Reserve Fund - Designed to cover large losses;

- a reserve fund for impairment of securities, the means of which go on covering losses arising from the fall of the Securities Course;

- reserve for loans used to repay possible losses on loans and attributable to expenses of the Bank;

- Economic Development Fund, formed in the amount established by the shareholders meeting, and intended for the development of the bank. Attracted tools occupy the predominant place in the structure of banking resources. The funds attracted by the method of their accumulation are divided into deposits and other funds raised.

Modern banking practice is characterized by a large variety of deposits (deposits) and respectively deposit accounts: demand deposits, urgent deposits, savings deposits, deposits into securities.

Deposits can also be classified by terms, depositor categories, the conditions for making and withdrawing funds paid to interest, the possibility of obtaining benefits on active operations of the bank, etc.

Other funds raised are the resources that the bank receives in the form of loans or by selling on the monetary market of its own debt obligations. Other funds raised differ from deposits by the fact that they are purchased on the market on a competitive basis. These are usually significant amounts, due to the corresponding operations are considered wholesalers.

In modern conditions, the main sources of funds of the Commercial Bank are deposits of organizations and interbank deposits.

73. Characteristics of bank transactions

According to the Federal Law "On Banks and Banking Activities", in addition to the types of operations in it, banks can provide the following services.

1. issuance of guarantees for third parties involving the fulfillment of obligations in cash. Third parties there may be both bank customers, and their customers' business partners, and various public organizations, and individuals. The decision on guarantee or guaranteeing the repayment of obligations is based on the established traditions of relations with debtors, the study of their credit history, the common interests, the presence of a pledge or other collateral, the presence of an insurance certificate on the insurance of the occurrence of the case of non-fulfillment of its obligations, stability in obtaining income and business development prospects.

2. Acquisition of the right demand from third parties to fulfill the fulfillment of monetary form (factoring). The goods supplier credits the buyer on the security of a bill of exchange, which contains an unconditional obligation within the prescribed period to pay off its obligations on the bill. The supplier addresses to the bank in order to purchase them the obligations of the buyer. The bank evaluates and pays for the supplier about 70-80% of the debt immediately, the remaining amount - after the fulfillment of his obligations after the debtor. There are two types of factoring: open (or conventional) and hidden (or confidential).

3. Trust managing money and other property under an agreement with individuals and legal entities (trust). Trust operations are made on behalf of the owner of the subject of trust management or a trusted person. In relations with individuals, the Bank offers the following types of contracts: the management of property of persons who are not eligible to do this; Inheritance management; Acquisition of securities, real estate, etc. For legal entities: management of property of various funds or public organizations; temporary property management of enterprises undergoing the reorganization or bankruptcy procedure; Management of shareholders of enterprises, carrying out conversion operations with securities, etc.

4. Implementation of operations with precious metals and precious stones in accordance with Russian legislation. Banks carry out operations on the acquisition and sale of precious stones, coins from precious metals, gold in ingots, lending to mining of gold in the event of a major debt and percent on it in kind.

5. Providing for rent to individuals and legal entities of special premises or in them safes for storing documents and values.

6. Leasing operations are based on the provision of expensive equipment, cars or tools for rent. By providing loans for leasing transactions, banks receive tax benefits for income received in the form of interest for the use of credit resources.

7. Providing advisory and information services. Consulting customers on various issues helps to deal with the bank in the trends in customer development, seeful possible problems at the initial stage of their development and thereby reduce economic risks.

74. Investment activities of commercial banks

Banks as leading institutions of the modern credit system are actively engaged in investment activities. For most countries with developed market economies, the separation of functions between financial and credit institutions in the investment sphere is characterized. Along with investment banks engaged in the organization of long-term lending to investment projects, there is another type of investment banks operating exclusively with securities in the financial market. It is the second type of operations that received the name of banking investments.

In international banking practice, investments are investment by the Bank in securities in order to ensure the influx of funds for a long time. The initiators of such transactions are customers.

The Bank's interest is that the long-term preservation of bank funds, their diversification, yield and liquidity are ensured.

For Russian banks, such separation of functions is not characteristic. From the point of view of the possibilities of investment operations, they can be universal.

In addition, in a deep economic downturn on credit resources, special hopes are entrusted as the most rational and effective source of investment resources necessary for economic growth in the country.

From positions of elements in the investment structure, real (direct) and portfolio (financial) investments are distinguished. In the first case, investments are carried out in any sector of the economy, the result of which is the increment of real capital in the form of real estate, equipment, inventory and so on.

In Russia, the brightest illustration of real (direct) investments of commercial banks are investments in the construction complex.

In the second case, investments are carried out in various securities. These investments are not characterized by real capital gains, since only the title of property is enshrined or resources are redistributed by industry with the help of a mechanism for changing the title of the owner. It is observed when investing in the purchase of land and real estate.

The entire totality of funds invested in the securities of legal entities and acquired by the Bank is the Bank's investment portfolio.

The securities portfolio can be characterized as a diversified, i.e., containing several names of securities, and as an undeiversify-called, consisting of one type of financial assets.

The portfolio management is an investment policy and a bank strategy to increase the bank's profits, maintaining the permissible level of risk and liquidity of assets.

Bank investments are inherent in the following risk factors: credit, market and interest.

The need for income and liquidity is the main factors that determine the goals of investment policy.

As a rule, the Bank's investment policy is a written document in which the instructions of the Bank's employees regarding the structure of the investment portfolio, types of securities, the Bank's strategies in terms of their purchase and sale, etc. As the Bank's policy changes are changed in relation to the economic situation. investment.

75. Classification of bank loans

Most often in the economic literature there is a classification of loans on the following signs:

- appointment (credit target);

- use;

- Terms of use;

- provision;

- method of issuing and repayment;

- types of interest rates.

By appointment, bank loans can be divided into the following groups: industrial, agricultural, trade, investment, consumer, mortgage.

Industrial loans are provided to enterprises and organizations for the development of production, coverage of the costs of buying materials, etc.

Agricultural loans are provided to farmers, peasant farms in order to facilitate their land processing activities, harvest, etc.

Consumer loans are provided to individuals to cover urgent needs, repair and purchase of apartments, houses, etc.

Mortgage loans are issued secured by real estate for the purpose of construction, acquisition or reconstruction of housing.

Depending on the scope of use, bank loans can be two types: loans for financing the main or working capital. In turn, loans to working capital are divided into loans to the sphere of production and in the sphere of circulation. By terms of use, bank loans are on-school (demand) and urgent.

On-school loans are subject to return to a fixed period after the receipt of official notice from the lender. Urgent loans are made to divide the short-term, medium and long-term.

By providing loans are divided into unsecured (blank) and secured. Depending on the type of ensuring, they are customary to be divided into mortgage, guaranteed and insured. It was accepted by the allocation of secured, insufficiently secured and unsecured loans.

Provided loan - loan, having collateral in the form of a collateral.

The category of secured loans include loans issued under the guarantee of the Government of the Russian Federation, the constituent entities of the Russian Federation, the guarantee of the Bank of Russia.

The not enough loan is a loan, which has a security of a collateral that does not meet at least one of the requirements for mortgage support for a secured loan.

The unsecured loan is a loan that has no support or having a collateral in the form of a collateral that does not meet the requirements for mortgage support for secured loans.

By the method of issuing bank loans can be divided into loans wearing compensatory and payment. A compensation loan involves the direction of loan funds to the borrower's current account in order to reimburse the expenses committed earlier. The essence of the payment loan is that the borrower as needed to provide the bank the payment documents and loan funds entering it directly on the payment of these documents.

According to repayment methods, bank loans are divided into loans redeemed at the same time, and loans redeemed in installments.

By types of interest rates, bank loans can be divided into loans with a fixed or floating interest rate.

76. Cashier service

Estimated operations are operations for enrolling and write-off with customer accounts, including to pay for their commitments to counterparties.

Commercial banks carry out calculations according to the rules, forms and standards established by the Bank of Russia; In the absence of rules for conducting certain types of calculations - by agreement between themselves; When conducting international settlements - in the manner prescribed by federal laws and regulations adopted in international banking practice.

To carry out settlements of the enterprise and the organization, open settlement or current accounts in the bank. These accounts are intended and used to enroll revenue from the sale of products (works and services), accounting for their income from non-revenue operations, amounts of loans received and other revenues, settlements with suppliers, budgets for taxes and equivalent payments, with workers and employees on Wages and other payments, as well as for payments on the decisions and other bodies that have the right to make decisions on the recovery of funds from legal entities in an indisputable manner.

To open the estimated (current) account, it is necessary to conclude a bank account agreement with the bank, according to which the Bank undertakes to accept and credit funds entering into account, fulfill the order of the Client about the transfer and issuance of appropriate amounts from the account and conduct other account operations.

To open the estimated (current account), a set of documents to which include: an application for opening an account, certificate of state registration, copies of constituent documents confirming the status of a legal entity, certificate of registration with the tax authority, etc.

The closing of the estimated (current) account is carried out on the basis of termination of the bank account agreement, which is possible at the request of the client at any time.

Cash operations are operations related to cash flow, as well as with the formation, placement and use of funds on various bank accounts and customer accounts of a commercial bank.

The procedure and deadlines for cash withdrawal are established by the Bank to each enterprise in coordination with his manager on the basis of the need to accelerate the turnover of money and the timely arrival of them at the bank's office.

At the office of the enterprise, cash can be stored within the limits established by banks in coordination with the leaders of enterprises annually. Enterprises are required to rent all cash in excess of the established limits. Exceptions are made only for issuing wages, social payments and scholarships.

Banks at least once every two years check compliance with the procedure for conducting cash transactions by their clients. During the inspection, it is considered: fullness of cash receipt of cash received in the bank; completeness of money in cash banking bank; compliance with the Cash Conditions agreed with the bank; compliance with the established maximum amounts of cash settlements between legal entities; Compliance with the cash limit.

77. The essence and principles of the organization of non-cash settlements

In the process of economic activity between various entities of economic relations, monetary calculations are carried out in the form of cash flow and money in non-cash form.

Non-cash payments are carried out without cash involving through cash flow through bank accounts and by testing mutual divisions.

The organization of the non-cash settlement system is based on the three components:

1) a set of principles for the organization of non-cash settlements, mandatory to comply with all business entities;

2) account system that allows payments and calculations in non-cash form;

3) the system of payment forms, documents and rules of document management.

Non-cash payments should be carried out in such a way that payments are made in the shortest possible time to ensure continuity and acceleration of the reproduction process, the capital circuit and turnover of funds.

For normal operation, the non-cash settlement system should be based on common and mandatory documents for the implementation of principles and regulatory documents. The procedure for maintaining settlements in cashless form should be monotonous for all credit institutions and business entities throughout the country and fit into international settlement relations.

The fundamental principle of the organization of non-cash settlements is the legal regime of the implementation of settlements and payments.

Currently, the main documents regulating the non-cash turnover in the Russian Federation are:

Civil Code of the Russian Federation; Federal Law "On Banks and Banking Activities in the Russian Federation"; Federal Law "On the Central Bank of the Russian Federation". The procedure for conducting non-cash settlements in our country is governed by the Regulations on non-cash settlements.

The system of non-cash settlements should be organized in such a way that the maximum decreased payment period is reduced, so one of the most important principles of non-cash settlements is the principle of urgency. The value of this principle is that funds consumed by enterprises for industrial needs should be reimbursed in a timely manner due to payments from buyers. Failures in compliance with these terms lead to a slowdown in the circuit of funds, which can turn into a payment crisis.

One of the principles of the organization of non-cash settlements is the principle of unconditional fulfillment of obligations by participants in the calculations. Compliance with this principle makes it possible to ensure unconditional fulfillment of contractual obligations and the smoothness of payments in the economy.

Violations of contractual obligations in the field of settlements entail the use of civil liability. The party who violates the terms of the contract should compensate to the other party caused damage, paying a penalty. This is the principle of property responsibility for compliance with contractual obligations.

It should also be denoted the principle of the variety forms of non-cash settlements. The presence of a free choice of forms of non-cash settlements allows enterprises to find the tool that would best respond to the requirements of the transaction.

78. Types of bank accounts

Types of bank accounts that the Bank opens to its customers is determined by their legal status and nature of activity.

Current account is the main account of the enterprise. It is discovered by enterprises regardless of the forms of ownership, which has the rights of a legal entity, it is intended for making calculations, primarily its main activity.

At the current account, the results of all banking operations on the main activity are concentrated. The balance on the account indicates the free cash, which has its owner.

Employed enterprises that have different non-aggregate units can be opened by settlement subaccounts in banks at their location.

For the calculated maintenance of legal entities, most Russian banks fee charges.

Current accounts are open to enterprises that do not have signs that give the right to have a current account. The following operations are carried out on this account: enrollment of funds from the accounting account of the parent company for issuing wages and travel expenses; their issuance; Non-cash transfers to the contributions of citizens, as well as retaining from wages.

Budget accounts are opened to organizations (enterprises) financed by the federal budget (extrabudgetary funds). Depending on the nature of the operations taken into account, they are divided into profitable, expendable, current accounts of local budgets and current accounts of extrabudgetary funds.

Means entering accounts are subject to strictly targeted use on behalf of the financial authorities in accordance with the objectives of these enterprises. As part of the parties, the fee may be charged, charged to balances on the specified accounts.

Deposit accounts of legal (physical) persons are opening for storage for a certain time of a part of the funds of the enterprise for his desire in the serving bank or in any other bank. These funds are credited by transferring appropriate amounts from settlement and current accounts.

In accordance with the laws "On banks and banking activities" and "On insurance of deposits of individuals in banks of the Russian Federation", operations related to the deposit account can only produce banks with a special license to attract personal funds into deposits in rubles or foreign currency. Responsibilities for the payment of received amounts and accrued interest on the deposit report lie on a commercial bank.

Loan accounts can be opened to legal entities to reflect the amounts issued by the Bank. The issuance of the loan is carried out by transferring the amount from loan accounts to settlement (current) accounts to the Bank's customers. These operations are issued by the conclusion of loan agreements.

The loan agreement is bilateral. At the same time, the borrower assumes the obligations of certain actions to return the received, and the Bank has the right to demand the fulfillment of the loan agreement.

Banking Rules are governed by the opening of other types of accounts, such as currency, accounts for operations with securities, on the provision of bank cards, etc., in accordance with the types of banking operations.

79. Domestic forms of non-cash settlements

Forms of non-cash payments carried out in Russia, differ depending on the estimated document used (excluding a letter of credit).

With non-cash calculations, the following forms of calculations between the payer and the recipient of the funds can be used: payment orders; payment requirements; collection orders; letters of credit; Checks.

The payment order is a disposal of the account holder (payer) to the banks serving its settlement document, translate a certain amount of money to the recipient's recipient, open in this or other bank. With the help of payment orders, settlements are made in the economy both by commodity and on non-universal operations.

Calculations of payment orders have a number of advantages compared to other forms of calculations: relatively simple document proof, acceleration of cash flow, the possibility of the payer to pre-check the quality of paid goods and services, the ability to use this form of calculations with universal payments.

The payment request is a settlement document containing the requirement of the creditor - the recipient of funds for the main contract for the debtor (payer) on the payment of a certain amount of money through the bank.

Accasso settlements are a banking operation through which the bank (bank-issuer) on behalf of and at the expense of the client on the basis of the settlement documents acts on behalf of the payer.

Calculations in the order of collection are carried out on the basis of payment requirements, the payment of which can be carried out by order of the payer (with acceptance) or without its disposal (in disassembly order), and the collection orders, the payment of which is carried out without the payer (in indisputable).

Calculations of checks were not widespread in Russia. A check is a security containing an uncommonled disposal of the check of the bank to make the payment of the amount specified in it by the check holder. The credit is the person (legal or physical), which has funds in the bank, which he has the right to dispose by issuing checks, a check holder - a person (legal or physical), in whose favor of which a check is issued, a payer - a bank in which the monetary cash holder is issued.

In contrast to the calculations of payment orders, the check is transmitted by the payer (in the credit), bypassing the bank directly to the payer of the payment (the check holder) at the time of the commission of the economic operation, which imposes a check in the bank for payment.

The letter of credit is a conditional monetary obligation taken by the Bank (bank-issuer) on behalf of the payer, make payments in favor of the recipient of funds upon presentation of the latest documents corresponding to the conditions of the letter of credit, or provide authority to another bank (executing bank) to make such payments. Unlike other forms of non-cash settlements, the accreditation form guarantees the payment to the Supplier or at the expense of its own funds of the buyer, or at the expense of its bank.

Banks can open covered (deposited) and uncovered (guaranteed), as well as revitalized and irrevocable letters of credit.

80. Content and principles of the organization of interbank settlements

Interbank calculations are a combination of settlements between credit institutions and between their branches.

Interbank calculations arise when the payer and the recipient of funds are serviced by different banks, as well as with mutual lending to banks.

The organization of interbank settlements is based on specific relations arising between banks - correspondent relations. When conducting interbank calculations, three basic methods are used:

- write-off and enrollment of funds in accounts, open banks in the Central Bank;

- Maintaining interbank payments on the accounts of Nost-RO and LORO, which are opening with banks from each other on a bilateral basis;

- Calculations between banks are carried out through accounts opened either at the correspondent bank, which is a third party or in a specialized estimated or clearing organization. Interbank calculations are carried out according to the principles that are characteristic of a non-cash settlement system as a whole, but their manifestation in calculations between banks has a certain specificity.

Since banks are the initial and final link in the calculation chains between various economic entities, they could not be completed if there were no calculation system between the banks themselves. In this regard, the principle of maintaining the banks of its liquidity on the level, providing uninterrupted and in full, calculations with other banks is of great importance for the organization of interbank settlements.

Compliance with the considered principle of interbank settlements is the key to preventing payment risks that are most dangerous to the economy if they develop into systemic risks.

The principle of control over the correctness of the commission of interbank calculations is of great importance. Its specifics and a special role are to constantly monitor the synchronicity and the complete identity of the amounts carried out on customer accounts in banks and on the corschets of banks in the RCC, on accounts and balances of the participants themselves. As the interbank settlements were developing, especially the widespread dissemination of interbank clearing, the importance of the principle of controlling technological risks, which also reflects the specifics of these calculations.

The general principle of the organization of interbank settlements is the principle of unconditional payment on interbank obligations.

The most important principle of interbank settlements is the payment within the limits of the correspondent account. This principle is to maintain the optimal balance of funds on the Credit Organization Correspondent Account and compliance with the Bank's Balance Liquidity Regulations.

The existing principles of interbank settlements help credit organizations in a timely manner and fully implement settlement operations, transfers of payments on the system of correspondent accounts.

In the Russian Federation, calculations between banks are carried out through settlement and cash centers created by the Central Bank of the Russian Federation in the republics, the edges, regions, cities and districts. In addition, banking operations on calculations can be carried out on correspondent accounts of banks opened by them from each other on the basis of interbank agreements.

81. Calculations on export-import operations

If necessary, to quickly make a payment for the goods or services rendered in settlements with foreign partners, Russian enterprises can use checks. Clean payments have a high degree of execution. The greatest distribution is an order of an order, which can be transmitted from one owner to another with the help of an endorsement, which, like a bill of exchange, has various types. With the blank endorsement, the check turns into a bearer document. Less distribution has a personal check. In the practice of checking circulation, cross and certified checks are used, differing from conventional checks with additional details introduced in order to protect them against fraud.

With the help of a check, a non-cash transmission of funds is made, as well as on it, a check holder can get cash, for which the corresponding marks are made on the check. In addition to checks, foreign practice has developed other ways to receive cash with a private person at the moment and in this place: credit letters and travelers.

Credit letter - a document issued by the Bank to his client and confirming its creditworthiness. Consider this letter in any bank with correspondent relationships with his bank, the client can get cash. The payment is carried out at the expense of the Bank's funds issued a credit letter. These letters are convenient for customers, but require close ties between banks, which narrows the scope of their use. In addition, letters may be lost, stolen, forged.

A more convenient way to receive cash is a traveler, which can be characterized as a specific form of a unified sample credit letter, like a cash currency hybrid and a payment document.

The development of the check form of non-cash settlements using computer technologies led to the creation of plastic cards. The essence of these settlement tools is enclosed in replacing the paper of the check information on electronic signals. Depending on the type of accounts used and the Card calculation mechanisms are divided into debit and credit. The greatest distribution in Russia has a debit card. It is also called cash card, asset card.

A significant proportion of payments between Russian and foreign counterparties is carried out with the help of collection and letter of credit.

The collection is a calculation operation at which the supplier's bank on behalf of his client undertakes to receive payment from the buyer and (or) its acceptance. There are a clean and documentary inkasso.

Exporters often require presentation of payment guarantees of first-class banks. For issuing such guarantees, banks charge a significant fee with importers. Therefore, in settlements with Russian importers, foreign suppliers often refuse to collection in favor of the letter of credit.

Calculations of payment orders used in the domestic Russian non-cash payment turnover, in international calculations, the bank transfer corresponds to the bank transfer.

The transfer of information between banks associated with cashless payments is currently being carried out most often using the Swift system (society of international interbank financial telecommunications).

82. Securities Market: Essence, Functions and Types

An important element of the functioning market economy is the securities market, which, as an element enters the financial market system.

The financial market disintegrates into two parts: the market of own capital and the borrowed capital market submitted by the credit and banking system.

The market of own capital is a securities market, that is, that part of the financial market that provides the possibility of operational overflow of funds in various sectors of the economy and contributes to the activation of investments. The securities market is one of the most important tools of state budget policy.

The securities market performs a number of functions that can be divided into two groups: 1) General functions inherent in any market; 2) Specific functions that distinguish it from other markets.

Non-aging include:

- a commercial function associated with profit from operations in this market;

- price function, with which the process of forming market prices is ensured, their constant motion, and so on;

- information function, on the basis of which the market produces and communicates to its participants information about trade facilities;

- a regulatory function associated with the creation of trade rules and participation in it, the procedure for resolving disputes between participants, the establishment of priorities and the formation of management and control bodies.

Specific can be attributed to:

- a redistribution function that transfers cash between sectors and areas of activity and financing budget deficit;

- The function of insurance price and financial risks, or hedging, which is carried out on the basis of a new class of derivative securities: futures and option contracts. The securities market is a complex structure that has a lot of characteristics, and therefore it can be viewed from different sides.

Depending on the stage of circulation of the security, the primary and secondary markets are distinguished.

The primary market is the acquisition of securities by their first owners. The secondary market is the appeal of previously issued securities, i.e., the collection of all acts of purchase and sale or other forms of the transition of securities.

Depending on the level of adjustability, securities markets consist of organized and unorganized.

The organized securities market is an appeal based on the rules established by the management authorities between licensed professional intermediaries. The inorganized market is the appeal of securities without complying with the rules for all participants.

Depending on the place of trading, the stock exchange and outdoor securities markets are distinguished.

The stock exchange market is based on securities trading on stock exchanges, therefore it is always an organized securities market. The over-the-counter market is trade in securities, bypassing the stock exchange. It can be organized or unorganized.

Depending on the deadlines, which are concluded, the securities market is divided into cash and urgent.

The cash market of securities is a market with immediate execution of transactions within one or two business days.

Urgent is the market on which transactions are concluded with a period of execution exceeding two working days.

83. The concept of securities and their classification

The economic and legal concept of securities are distinguished. The legal concept of securities is a document of the established form and details, certifying the property rights, the implementation or transfer of which is possible only upon its presentation.

Economic concept is a special form of capital existence. Capital in the form of a security can be transmitted, contact the market as a product, replace money in the calculations and, most importantly, to generate income.

Security has a number of properties that bring it closer with money. The main property is the possibility of exchanging money in various forms.

Securrative paper performs a number of functions:

- redesses funds between the sectors of the economy, territories and countries, groups and layers of the population, economic entities and the state, etc.;

- Provides certain additional rights to its owners, in addition to the right to capital;

- Provides income to capital and (or) return of capital.

Existing securities in modern world practice are divided into two large classes: 1) the main (promotions, bonds, bills, mortgages); 2) derivatives (warrants, depository receipts, futures contracts, options, etc.) Securities.

Distinguish registered, presenters and order securities.

Personal securities, in contrast to the presenter, has two important properties: 1) its owner is always known; 2) All operations with this paper are available for control and taxation by the state, as subject to registration. Therefore, in the developed market there is a tendency to increase the production of registered papers, as they are interested in, on the one hand, issuers, because it allows the transfer of property rights, and on the other - the state, as it expands its taxable base.

Depending on the form of property relations expressed by the valuable paper, the equity and debt securities are distinguished.

Each type of securities is a certain set, for which all signs inherent in securities are common.

For the security, a specific set of features is characterized:

1) the term of the existence of a security - the release time in appeal, for what period of circulation or indefinitely;

2) the form of existence is a documentary or non-documentary;

3) National Affiliation - Domestic or Foreign;

4) territorial affiliation - the region of the country in which this securine paper is issued;

5) the type of asset underlying the security, or its original base;

6) the order of ownership is a presenter value or a specific person;

7) the release form is the emission, i.e., produced by individual series, within which all securities are completely the same in their characteristics, or non-emission (individual);

8) Form of ownership and type of element;

9) the nature of the appeal - freely drawn on the market or there are restrictions;

10) economic essence from the point of view of the type of rights that provides securities;

11) Risk level is high, low, etc.;

12) the presence of income - is paid on the valuable paper for some income or not;

13) Form of investment of funds - investing money in debt or to acquire property rights.

84. Main types of securities

Promotion - Em session securities, fixing the rights of its owner to receive a part of the profit of AO in the form of dividends, to participate in management and part of the property remaining after its liquidation.

In full, all rights on shares are implemented in ordinary shares, which give the right to holdholders in the authorized capital of the Company, to participate in the management of society by voting when making decisions by the General Meeting of Shareholders, to receive a share of profits from the Company's activities after paying preferred shares.

The holder of preferred shares has an advantage over the holder of ordinary shares in the distribution of dividends and the property of society in the event of its liquidation. Unlike ordinary shares, the dividend on privileged is usually installed at a fixed rate.

For the adoption of investment solutions, various value estimates of shares are used in the process of analyzing securities. In practical activity, the following types are distinguished: 1) nominal value; 2) accounting value; 3) Market value.

The bond certifies its cash holder and confirms the obligations to reimburse him the nominal value of this security within the provisted period with the payment of a fixed interest. The principal difference between the bond from the action lies in the fact that the owners of bonds are not co-owners of the joint-stock company, and its creditors.

The current price of the bond is the cost of the expected cash flow given to the current time.

An important valuable paper is a bill. Currently, financial markets operate with two main types of bills: simple and transferable.

A simple bill (solo bill) is an unconditional debt obligation of the established form, which expresses the obligation to pay a certain amount of money to the creditor (promissory holder) within a certain period of time and in a certain place. A simple bill is discharged by a borrower.

The translated bill (Tratta) is a written order of the ladder (trassant) of the track (payer) on payment of the last determined amount of money to a third party.

Another type of securities is deposit and savings certificates, which are a written certificate of the issuer's bank-issuer on the contribution of funds, certifying the right of the depositor (Beneficiary) or its successor to receive an established amount of the deposit amount (contribution) and percent on it.

Only banks can protrude issuers of deposit and savings certificates. Deposit certificates are intended exclusively for legal entities, and savings - for physical. Certificates should be urgent.

The valuable paper is also a check containing a written requirement of the payer's check-in to pay the amount specified in it.

Also, the securities include: 1) warehouse certificate - a document certifying a storage contract concluded between the parties; 2) Covenant - a commodity-based document, certifying the right of its holder to dispose of the cargo specified in the Covenant and get the goods after the transportation is completed.

85. Organization of the securities market

The issue of securities is carried out under tight control by the authorities regulating the securities market. The appeal of securities is carried out at market prices. Emitted securities enter the securities market, where their further appeal occurs. The primary and secondary securities markets are distinguished.

The primary market is the acquisition of securities by their first owners. Speaking of the primary market, the term accommodation for securities should be applied.

The primary market is the market for the first and repeated emissions of securities, on which their initial placement among investors is carried out.

As a result, the sale of shares and bonds on the primary market the issuer receives the financial resources they need, and the papers settle in the hands of the initial buyers.

The most important feature of the primary market is the full disclosure of information for investors, which makes it possible to make a reasonable choice of security for cash investment.

The mechanism of sale (securities placement) on the primary market can be different:

- in the immediate (private) contact without intermediaries;

- through financial intermediaries (underwriters);

- on the street market.

Private accommodation is characterized by the sale (exchange) of papers with a limited number of pre-known investors without public offers and sales.

Public offer is the placement of securities at their primary emission through public announcements and sales of an unlimited number of investors. The ratio between the public offer and private placement is constantly changing and depends on the type of financing, which is elected enterprises in a particular economy, from structural changes that holds the government and other factors.

Public subscription or public placement of securities are applied if the Corporation decides to turn from private in public joint-stock company with a large number of shareholders. The public offer of a large number of replicated shares gives the issuer huge funds.

The secondary market is the relationships that are developing with the purchase and sale of securities previously issued on the primary market.

The basis of the secondary market is the operations issuing the redistribution of investors' investment spheres, as well as separate speculative operations.

The most important feature of the secondary market is its liquidity, i.e. the possibility of successful and extensive trading, the ability to absorb significant amounts of securities in a short time with small fluctuations in courses and low costs.

In the secondary market, only investors are operators, that is, those who invest in securities in order to extract income. In the secondary market, there is no accumulation of new financial resources for the issuer, but only the redistribution of resources among subsequent investors.

Without a full-blooded secondary market, it is impossible to talk about the effective functioning of the primary market.

In the absence of a secondary market or its weak organization, the subsequent resale of securities would be impossible or difficult to pushing investors from buying all or parts of papers.

86. Birzh securities market

The stock exchange market of securities is a stock exchange, which is the organizer of trade in the securities market, which does not combine this activity with other activities, except for depository and activities to identify mutual obligations. Stock Exchange - a non-profit organization. The activities of the stock exchange in Russia are regulated by the Federal Law "On the Securities Market". Stock Exchange and stock departments of trade and currency exchanges - the organized market of securities, functioning on the basis of the centralization of proposals on the purchase and sale of securities, exhibited by members of the Exchange on the basis of the instructions of institutional and individual investors. Any professional participants in the securities market can be members of the Stock Exchange. The stock exchange has the right to establish quantitative limitations of the number of its members. The stock exchange independently establishes the size and procedure for charging the contributions in favor of the stock exchange.

Functions of the Stock Exchange:

- purchase and sale of securities;

- identification of equilibrium stock price;

- accumulation of temporarily free cash;

- ensuring arbitration (dispute resolution mechanism);

- provision of publicity and openness of exchange trading, information availability;

- ensuring guarantees of the execution of stock exchange transactions;

- quality control of securities;

- mediation in the calculations;

- Development of ethical standards, code of behavior of participants in stock trade. The stock exchange independently establishes the inclusion procedure on the list of securities allowed to appeal on the stock exchange, the procedures for listing and delusory. To appeal to the Stock Exchange allow:

- securities in the process of placement and appeal, which have passed provided for by the Federal Law, the issue procedure and included in the stock exchanges in the list of securities allowed to appeal on the stock exchange in accordance with its internal documents;

- other financial instruments in accordance with the legislation of the Russian Federation. The highest bodies of the Exchange is the general meeting of its members. In the intervals between meetings with the highest body is the Exchange Board. In addition to the controls mentioned above, certain units are created on the stock exchange.

Members of the Exchange or their representatives can act on the stock exchange as a broker (concludes a deal on behalf of the client or their own name and at the expense of the client) or a dealer (sells buy-selling on their own behalf). A trading participant is also a broker (leads bargaining and draws a deal).

Methods for carrying out stock trading:

1) Open auction auction, when there is a continuous comparison of prices for the purchase and prices for sale. The transaction is made when the prices of the buyer and the seller agree on;

2) trade in orders. The essence of this method is that brokers leave written applications for the purchase and sale, indicating the price and number of securities.

The making of the transactions passes four stages: 1) the transaction itself; 2) reconciliation of parameters and conclusion of the transaction; 3) clearing (multilateral clearing); 4) execution of the transaction.

In general, the role of the stock exchange depends on the capacity and diversity of the securities market, bank loan. Stock Exchange is only part of the securities market, organized and most strictly adjustable.

87. Regulation of the securities market

The securities market as an integral part of the financial and credit system is a state regulation facility, the main purpose of which is to protect the interests of investors from unlawful actions by issuers or intermediaries.

Three main directions can be distinguished in the state regulation of the securities market.

1. Developing certain rules governing the issuance and circulation of securities and the activities of professional participants in the securities market, as well as control over compliance with the relevant regulatory acts operating in the country.

In Russia, the functions for the development of regulatory acts on securities, monitoring and supervision in the field of financial markets (with the exception of insurance, banking and auditing) is assigned to the Federal Service for Financial Markets (FSFR), which is the federal executive authority. FSFR Russia is in direct submission to the Government of the Russian Federation. FSFR develops the main directions for the development of the securities market and the coordination of the executive authorities on market management issues, approves the emission standards of securities, securities emissions prospectuses, establishes compulsory requirements for operations with securities, rapid-and-deposit activities and to the procedure for maintaining the registry .

2. issuance of licenses by state authorities to the right to engage in any kind of activity in the securities market. In Russia, licensing is carried out by the FSFR or authorities authorized on the basis of the General License. In addition to licensing, state control over the activities of professional participants in the securities market is also carried out by certification of specialists working with securities.

3. Taxation of income from securities operations. The state has the impact on the securities market with the help of the tax system, the introduction of the tax breaks and sanctions system.

The procedure for taxation (tax rates, the timing of payment of their payment, as well as the liability of taxpayers) is established by the current legislation of the Russian Federation and may vary depending on the economic situation in the country.

For taxation of operations with securities, the stage of primary accommodation and the secondary market is of great importance. The tax base for operations with securities addressed in the organized market is defined as income from securities purchase and sale operations, reduced on costs for these operations, and on operations with securities that are not applicable to the organized securities market - as income from Operations of the purchase and sale of these securities, reduced on the costs of these operations.

The peculiarity of the current stage in the development of the stock market is the lack of a large set of state regulation tools due to the insufficient development time of this segment of the economy. This manifests itself in the fact that the main emphasis in the development of the securities market is made on the maximum self-regulation by professional market participants. Currently, Russia has an insufficient legislative base regulating the stock market.

88. Monetary System: Entity, Types, Elements

The currency system is a form of organization of currency relations, enshrined by national legislation (national system) or an interstate agreement (world and regional systems).

The currency system is a combination of two main elements - a currency mechanism and currency relations.

Under the currency mechanism refers to legal norms and institutions representing them at the national and international levels.

Currency relations are a kind of monetary relations arising from the functioning of money in international turnover.

Distinguish national, world and regional currency systems.

The national currency system was formed within the framework of the National Monetary System, which regulated the procedure for monetary calculations of the country with other states. Gradually, it was alone from the monetary system.

The main elements of the national currency system:

- National currency;

- national regulation of international currency liquidity;

- course of the national currency rate;

- national regulation of currency restrictions and conditions for the convertibility of the national currency;

- Mode of national currency and gold markets;

- National bodies carrying out currency regulation.

The national currency system is based on national currency. National currency - the country's monetary unit.

With the internationalization of economic relations, the mechanisms of interstate regulation of international and currency relations are formed on the basis of national currency systems - the world (MVS) and regional currency systems.

Historically existed four MVS systems. The first was created in 1867 by the Paris Agreement, the second MWU was the result of the agreement of 30 countries at the Genoese International Economic Constitution of 1922, the third MVS was framed as a result of the Bretton Woods Agreements of 1944. Nowadays the Fourth MVS, the foundations of which were laid in 1976

The main elements of world and regional currency systems:

- international payment resources that fulfill the role of world money;

- conditions and modes of reversibility of currencies;

- mechanism and course of exchange rates;

- forms of international calculations;

- credit guns of circulation and the procedure for their use in international calculations;

- international liquid assets and order of their regulation;

- Mode of international currency and gold markets and interstate institutions regulating currency relations.

The main element of any currency system is international payment resources that perform the role of world money within the framework of this system. Under the conditions of domination of undequensed credit relations, the role of world money takes on reserve currencies - fully convertible currencies of countries in which there are practically no currency restrictions on all types of operations for all currency holders.

In addition to the fully convertible currency, there is partially convertible (in countries where restrictions on certain types of operations and for individual currency holders are preserved) and non-convertible (in countries where there are almost all types of restrictions, and above all ban on the purchase and sale of foreign currency, its Storage, export and import) currency.

89. International Financial Institutions

In order to develop cooperation and ensure the integrity and stabilization of the World Economy, international monetary and financial organizations have been established after World War II. Among them, the International Monetary Fund (IMF) and the World Bank Group (WB) are held.

The IMF and the WB Group have common features. They are organized by analogy with the joint-stock company. Therefore, the share of contribution to capital determines the possibility of the country's influence on their activities. The headquarters of the IMF and the WB Group are located in Washington. The BB Group includes the International Bank for Reconstruction and Development (IBRD) and its three branches.

The main objectives of the IMF are as follows:

- promoting the balanced growth of international trade;

- providing loans to member countries to overcome currency difficulties associated with their balance of payments;

- Cancel currency restrictions;

- Interstate currency regulation by monitoring compliance with the structural principles of the global monetary system recorded in the Foundation Charter.

IBRD, like the IMF, provide not only stabilization, but also structural loans. Their activity is mutually linked.

The specifics of the IBRD lies in its presence of three branches:

1) The International Development Association (Mar was established in 1960), provides preferential interest-free loans;

2) the International Finance Corporation (IFC, established in 1956), stimulates the direction of private investment in the industry of developing countries;

The Multilateral Investment Guarantee Agency (Mages, was established in 1988), carries out insurance.

International Financial Institutions - IMF and the WB Group - play an important role in regulating international credit relations.

The European Bank for Reconstruction and Development (EBRD) was established in 1990, London Location. The main goal of the EBRD is to contribute to the transition to a market economy in the states of the former USSR, the countries of Central and Eastern Europe. The EBRD credits projects only within certain limits.

The EBRD specializes in lending to the production, technical assistance to the reconstruction and development of infrastructure, equity investments, especially privatized enterprises. Advantageous areas of EBRD activities, including in Russia, financial, banking sectors, power engineering, telecommunication infrastructure, transport, agriculture.

Regional currency and financial organizations of Western European integration are an integral part of its institutional structure. They pursue the goal of strengthening the integration and creation of the Economic, Currency and Political Union (EU). The main regional EU regional organizations include: European Investment Bank (EIB, Luxembourg), European Development Fund (EPR, 1958), European Fund for Agriculture Organization (1969), European Regional Development Fund (EPRR, 1975 ), European Currency Institute (Eva, Frankfurt am Main, 1994).

A special place among international monetary and credit institutions is the Bank of International Settlements (BMR, Basel, 1930). Essentially, this is the Bank of Central Banks. BMR facilitates their cooperation, accepts their deposits and provides loans.

90. Currency course as an economic category

An important element of international currency relations is a currency rate as a value measuring instrument. It is the ratio between monetary units of different countries, determined by their purchasing power and a number of other factors. The exchange rate is required for international currency, settlement, credit and financial operations.

The exchange rate is not a technical coefficient of recalculation, but the "price" of a monetary unit of a given country, expressed in foreign currency or international currency units (SDR).

The value of the exchange rate ratios of currencies is their purchasing power, expressing medium national prices for goods, services, investments. The factors affecting the exchange rate include the following:

- state of the economy (macroeconomic indicators, the rate of inflation, the level of interest rates, the activities of foreign exchange markets, currency speculation, currency policy, balance of payments, international capital migration, the degree of natural currency use in international calculations, acceleration or delay of international calculations);

- political situation in the country;

- degree of confidence in currency at the national and world markets.

These factors determine the demand and supply of currency.

The decline in the national currency (devaluation) is usually beneficial to exporters, as they receive an export premium (surcharge) when exchanging the extension-in-law in price foreign currency on a false national one.

Importers in devaluation lose, as they are more expensive to purchase a contract price currency. With the fall of the national currency, real debt decreases, expressed in it, but increases external debt in foreign currency, the acquisition of which is more expensive.

Increasing the course of the national currency against foreign monetary units (revaluation) provides in principle the opposite impact on international economic relations.

In modern conditions, most countries use floating currency courses focused on leading key currencies. A number of countries use free floating courses.

The exchange rate is the object of state and interstate regulation. The problem of curse takes an important place in the country's foreign currency policy, since the change in exchange rate ratios affects the redistribution of part of the country's GDP through world markets of goods, services, capital.

There are national and interstate regulation of exchange rates.

The main authorities of national regulation are central banks and ministries of finance.

a) finance commercial organizations,

Interstate regulation of currency courses are carried out by the IMF, EBU (European Monetary System) and other organizations. The regulation of exchange rate ratios is aimed at smoothing sharp fluctuations in exchange rates, ensuring a balance of foreign-spoken positions of the country, to create favorable conditions for the development of the national economy, stimulating exports, etc.

Basic methods for regulating exchange rates - currency interventions, discount policies and currency restrictions. 1 Finance as an economic category, their essence For the first time, the concept of confined was used by J. Boden in the "Sixknig of the Republic" book. 1 Finance as an economic category, their essence Finance - Historically established economic consumers. :

As an economic category - economic relations related to formation, distribution (redistribution) and the use of funds funds.

Features Finance

1) distribution equipment;

2) cash form; 3) Money movement; Material foundation -

reproduction

In the process of which economic efficiency arises.

Reproduces 4 consecutive stages:

1) production;

2) distribution;

3) exchange;

4) consumption;

The first stage is the new cost (products). The second stage occurs the distribution of the created value. In the Three Stradias are exchanged (implementation) of products, i.e. The newly created charging shape is exchanged for money. The 4 stages take place to be used.

1 Finance as an economic category, their essence Thus, according to the fourth stage, the movement does not arise, so finances are infected. The real movement is money only in the second and third stadia, where finances are formed.

2 Functions Finally

  1. - Economic relations related to formation, distribution (redistribution) and the use of funds funds.

Functions:

Distribution: Finance is a tool for the distribution of the cost of a social product (GDP) expressed in cash.

  1. - With the help of the proportions of intra-separable, inter-sectoral, inter-detector distribution of GDP.

  2. - With the help of remeditated cash funds.

Control (arises and operates with distribution). It manifests itself in control over the distribution of GDP on the relevant funds and the consumption of their intended purpose.

Regulation of the economy:

  1. - Self-regulation (an economic entity independently transfers the decision on the distribution of the share)

- Public regulation

The function of economic stimulation is manifested through the use of various value levers including and finance. 3 Concept and composition of the financial system

Financial system - Summary of various spheres and linking relations, characterized by the beneficiaries of the formation and the use of centralized and decentralized funds of funds, as well as varying in public reproduction.

Monetary funds -Otecked financial resources, which are in the prescribed manner used to be installed in advance.

Financial Systems

turns out of yourself 2 spheres:

1) centralized fundans (a system of monetary relations to form centralized funds and the use of ores to perform the functions of the State-Wa, the analysis of national income created by business entities);

2) decentralized finals (the basis of the financial system).

Inside areas highlighting links. The composition of the financial system is characterized by such units, a cat. Express the state. Device of the iconic basis of economic activity.

Centralized Finance:

- State. Budget (main thing, but not the basic link Fin. Systems)

- extrabudgetary funds (appear as a result of the decision of the state. Budget and definite-budget costs and have a target value)

- State. Credit (coverage associated with the involvement of temporarily free money financing states. Expenditures and state-owned domestic and external)

Decentralized Finance:

- Finance of the population (den. Relationships about the distribution of sociality. Product Idormal income and expense)

- Finance Organizations - Den. Relationships related to the formation, distribution, using the organization of the funds of den. Funds, ihauchain in the formation and use of centralized fund funds. Funds .Dell:

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