Irina Vasilievna Borodushko, Evelina Karlovna Vasilieva, Nikolai Nikolaevich Kuzin

Finance. 2nd edition

Introduction

The discipline "Finance" refers to those areas of economic knowledge that affect almost all areas of economic relations. This determines the exceptional breadth and diversity of topics, conceptual approaches, forms and methods in structuring and presenting the material of the book. An important factor is also the need for constant updating of materials, dictated by the intensity of transformational processes in the financial and economic sphere and its ongoing reform in the Russian Federation.

Quite extensive educational literature in financial disciplines, published in last years, includes both fundamental works (mainly of an encyclopedic orientation, covering all aspects of financial science and practice), and publications of a narrower thematic focus.

The proposed short course of lectures on the discipline "Finance" has a specific target orientation to provide textbooks on the discipline "Finance" to students studying at higher educational institutions in economic specialties: "Accounting, analysis and audit", "Organization management", "Taxes and taxation, etc.

In preparing this second, revised and supplemented, edition of the training manual, considerable attention was paid to the issues of determining the budget strategy for the medium term and the transition to the formation of the federal budget for a 3-year period. The main innovations in the field of budget policy and the budget process, formulated in the budget message of the President of the Russian Federation of 2007 to the Federal Assembly of the Russian Federation "On budget policy in 2008–2010", are revealed. and the Federal Law “On Amendments to the Budget Code of the Russian Federation” adopted in April 2007.

It is recommended that when studying the discipline "Finance" to get acquainted with the latest publications on the issues under consideration in the following periodicals: "Finance", "Financial Control", "Economic Issues", "Money and Credit", "Financial Bulletin", "Economist", "Russian economic journal”, “Rossiyskaya Gazeta”, “Rossiyskaya Gazeta Business”. It is also advisable to study the annual budget messages of the President of the Russian Federation to the Federal Assembly of the Russian Federation and the Russian Statistical Yearbook published annually by Rosstat (a section containing a system of financial indicators).

In general, the presentation in the book is conducted in a concise style, which allows, with a limited volume, to reveal all the most important aspects of the organization, functioning of public finances and their management. Another feature of this course of lectures is the desire of the authors to update the information, that is, not to disregard the latest changes in the organization of finance, in their legal regulation, in socio-economic factors affecting the financial sector. The possibilities of using controlling as a method of information and analytical support for decision-making in the field of public finance management are also identified.

ESSENCE AND FUNCTIONS OF FINANCE

The category "finance" can be considered from two positions: 1) in the material sense, as a set of funds of funds and 2) as a set of social relations. In the first case, finance acts as a tool for the distribution and redistribution of national income and GDP, as well as a tool for controlling the movement of funds. In the second approach, finance is considered as a special form of social relations that develop in the sphere of the movement of centralized and decentralized funds. In a market economy, public finance is an instrument of public policy and state regulation economic systems.

The most important properties of finance are defined as their features. The main features of finance are expressed as follows:

1) finances act as monetary relations arising from the formation, distribution, use, redistribution and accumulation of funds;

2) the distributive nature of monetary relations is associated with the movement of real money;

3) cash flow is, as a rule, unilateral (unidirectional) in nature;

4) finances as monetary relations have the form of centralized and decentralized funds;

5) finances act as a necessary mechanism (through taxes and public funding) of the reproduction process in the economy;

6) finances are one of the tools of public administration, ensuring the implementation by the state of its functions and tasks.

The listed signs of finance constitute the necessary conditions for the implementation of the functions of finance. The main functions of finance are:

1) the function of distribution and redistribution of national income at the federal, regional and local levels in the form of interterritorial, intersectoral, intrasectoral and intraeconomic movement of finance;

2) the control function of finance, which ensures the verification of compliance with legislation in the field of finance and the fulfillment of financial obligations;

3) the regulatory function of finance, which consists in the organization of financial relations and in the impact of the state on the development of the economy through financial leverage.

The functioning of finance is based on the following basic principles:

1) the principle of federalism, which implies a harmonious combination of interests in the field of financial relations at the federal and territorial levels;

2) the principle of the unity of finance, which means the unity of the regulatory framework, as well as the functioning of a single monetary system, a single credit system, a single tax system; financial accounting should be uniform;

3) the principle of equality of subjects of the Russian Federation in the field of financial relations;

4) the principle of balance, meaning the conformity of income and expenses, the timely fulfillment of financial obligations;

5) the principle of target orientation, which is implemented in commercial structures as ensuring profitability, profitability, and in public finance - as the mobilization of revenues in the form of taxes, fees and non-tax revenues and the distribution of financial resources in accordance with the approved parameters;

6) the principle of diversification of sources of financing and investment of resources, ensuring flexibility and reducing financial risks;

7) the principle of strategic orientation of finance, which involves the development of long-term programs for the development of finance. A specific form of implementation of this principle was the principle of 3-year financial planning adopted in 2007, which will extend its effect to other areas (Gazprom's activities, planning of the state defense order, etc.);

8) the principle of openness and transparency associated with ensuring publicity, i.e. accessibility, financial information;

9) the principle of delimitation of powers and jurisdiction in the field of financial activity between the legislative, executive and judicial authorities;

10) the principle of a scientific approach to the organization of finance, which means that the financial system should be based on a scientifically based methodology;

11) the principle of economy and rationality, requiring the efficiency of financial activities in all areas and at all levels;

12) the principle of controllability of financial flows, which implies the inadmissibility of shadow financial flows, the proper fulfillment of financial obligations.

The listed principles of the functioning of finance should underlie the formation of financial resources and their management. Under the financial resources is understood the totality of funds at the disposal of the subjects of financial relations. The subjects that have them are the state, local governments, enterprises, organizations, households.

There are the following types of financial resources:

1) own funds;

2) mobilization funds;

3) funds received in the order of redistribution. Certain types of entities that have financial resources have their own special composition of financial resources.

Own funds are: at the level of the state and local governments - income of state and municipal enterprises and income from foreign economic activity; at the level of economic entities - profit; at the population level - wages, bonuses, wage supplements, social payments, income from entrepreneurial activities, from participation in profits, from transactions with personal property, pensions, allowances, scholarships.

Mobilization means are: at the state level - state credit, issue of funds, income from the issue of securities; at the municipal level - municipal credit, etc.; at the level of economic entities - bank credit, etc.

Funds received in the order of redistribution, presented: at the level of the state and municipalities - by mandatory payments; at the level of business entities and households - interest, dividends on securities; at the household level, by receipts from credit and financial operations.

As an independent concept, there is a category of "financial resources of the country". These include: the part of GDP represented by the gross profit of the economy; contributions to state off-budget social funds; taxes on production and imports; taxes from individuals; household savings and loans received from foreign countries.

The role of finance in the Russian economy is determined by the fact that finance is one of the main mechanisms: the development of market institutions, strengthening the federal foundations of the state structure, ensuring economic efficiency and social justice, stimulating the investment activity of enterprises, improving the banking system, globalizing economic relations, forming domestic and international capital markets, improving the quality of life of citizens.

In general, the state of the country's economy is determined primarily by the state of the financial system. In modern Russia, the most acute problems in the field of finance are:

1) providing the real sector of the economy with the necessary financial and credit resources;

2) transition to a medium-term system of budget planning;

3) achieving a balance in the budgets of all levels and state non-budgetary funds;

4) improvement of the tax system;

5) increasing the efficiency of the use of state, municipal and private property;

6) improvement of budgetary federalism;

7) ensuring the unity of monetary and financial policy;

8) strengthening financial control;

9) development of the insurance system;

10) active involvement of the population's savings in money circulation;

11) integration into the global financial system on an equal footing, etc.

FINANCIAL SYSTEM OF THE RUSSIAN FEDERATION

In modern financial science, various approaches to the interpretation of the concept of "financial system" are presented. The most common of them is the definition of the financial system as a set of financial relations arising in connection with the formation, redistribution and use of funds of the state, business entities, households.

The origins of the financial system lie in a real economic system, consisting of acting and interacting participants in the reproduction process and commodity market relations. The formation and development of the national-state financial system is carried out by state and municipal bodies and is aimed at:

1) formation of uniform rules and procedures for the formation of finance, tools and mechanisms for the movement of finance, as well as legal, institutional and organizational support for finance;

2) regulation of macroeconomic processes through investment, scientific and technical, tax, budgetary, monetary policy;

3) state support of national business, creation of the necessary conditions for the inclusion of national business in international economic and financial relations;

4) implementation of a comprehensive social policy and ensuring social stability;

5) financing of state programs, projects at the federal and regional levels.

The financial system has a complex multi-level structure and is divided into separate subsystems. The financial system includes centralized finance (state finance, municipal finance) and decentralized finance (organization finance and household finance). State and municipal finances are represented by: the federal budget, the budgets of the constituent entities of the Russian Federation, municipal budgets and off-budget funds (Pension Fund, Compulsory Medical Insurance Fund, Social Insurance Fund).

The basis of the financial system is centralized finance, where the predominant share of the state's financial resources is formed. Among decentralized finance, the key place belongs to the finance of commercial organizations. Here material goods are created, goods are produced, services are provided, profit is formed, which is the main source of production and social development of society. Decentralized finance is the money of business entities and households.

The financial system as a form of organization of monetary relations includes three interrelated subsystems that ensure the formation and use of financial resources:

State and local governments;

Business entities;

population.

Each of the subsystems has specific forms and methods of formation and use of financial resources, its own functional purpose and a financial mechanism focused on achieving its own goals of each of the subjects of economic relations.

Financial subsystems can also be considered in the context of individual links in the institutional structure of society: the finances of power structures, the finances of amateur economic entities.

The finances of power structures include state and municipal finances. They reflect the formation of revenues and expenditures of public authorities: federal, subjects of the Russian Federation and local self-government. Thus, in general, the finances of power structures are three-level, that is, they consist of federal, regional and local finances. At each level, a corresponding budget is formed. Local finances are subdivided into finances of separate types of settlements, districts.

The federal budget of the Russian Federation is the most important link in the country's financial system. The federal budget reflects revenues and expenditures that are organically related to macroeconomic indicators, the volume of taxes and the objectives of the state's financial policy. Regional (85 constituent entities of the Russian Federation) and local budgets (about 29 thousand district, city, settlement and rural budgets) have a similar structure.

For the purposes of planning budgetary resources, a consolidated budget is compiled, which is a set of budgets of the budgetary system of the Russian Federation in the relevant territory (with the exception of the budgets of state non-budgetary funds) without taking into account interbudgetary transfers between these budgets. The finances of power structures also include extra-budgetary funds, which are created by federal and regional government bodies, as well as local governments to accumulate in them funds spent for a strictly designated purpose. The state non-budgetary funds include: the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation, the Compulsory Medical Insurance Fund of the Russian Federation.

The finances of power structures also include a state loan. It refers to credit relations between the state, legal entities and individuals, in which the state acts mainly as a borrower.

The finances of amateur subjects of the economic sphere consist of the finances of commercial organizations, the finances of non-profit organizations and the finances of the population (or households).

FINANCIAL POLICY IN THE RUSSIAN FEDERATION

The state in the course of its functioning carries out political activity in various spheres of public life, including in the field of finance.

The financial policy of the state is understood as a set of measures aimed at mobilizing financial resources, their distribution and effective use for the performance of the state's functions. Financial policy includes a set of purposeful actions of power structures on the use of finance. The content of the financial policy is: diagnostics of the current state and ongoing changes in the financial system; substantiation and formation of a strategy, goals and objectives for the development of finance; tactics, methods and tools to achieve the established goals of public finance. Financial policy is implemented through budgetary, tax, monetary, credit, investment, customs, innovation, scientific and technical policy.

A financial strategy is a long-term course of financial policy designed for the long term and providing for the solution of large-scale problems in the financial sector. Financial tactics are methods for solving financial problems in the most important areas of financial strategy.

Financial policy should contribute to solving the main problems facing the state in the field of mobilization and efficient use of financial resources; it is aimed at regulating economic and social processes through financial leverage. The financial policy is focused on stimulating advanced directions for the development of productive forces, individual territories and sectors of the economy, and regulating relations with the global financial system.

The main objectives of the financial policy in the Russian Federation are:

1) providing conditions for the formation of optimal volumes and structure of financial resources;

2) ensuring the rational distribution and use of financial resources at the federal, regional and local levels;

3) rational distribution of financial resources, taking into account the degree of priority of various socio-economic spheres;

4) creation and improvement of the mechanism financial stability and financial independence of the state;

5) creation effective system public financial management.

Financial policy has a specific character in each specific area of ​​regulation of financial relations. Accordingly, the following types of financial policy are distinguished: budgetary, tax, monetary, customs, investment, policy in the field of international finance, etc.

Financial policy is being developed jointly by a number of state institutions. The priority in its development belongs to the President of the Russian Federation, who, in his annual messages to the Federal Assembly, determines the main directions of financial policy for the current year and for the future. The Federal Assembly considers and approves the main provisions in the field of financial policy. Organs executive power responsible for the implementation of the financial policy of the state.

Financial policy is a complex concept consisting of three structural elements:

1) development of the concept of financial policy, i.e. determining the main goals and objectives of the state in the field of financial management;

2) creation of a financial mechanism for the implementation of financial policy;

3) management of financial activities, which consists in the regulation of financial relations, in determining the sources and directions for the use of financial resources of the state.

In the structure of financial policy, a special role belongs to the financial mechanism, which is a system of methods, methods, tools and levers established by the state to influence economic and social processes. These elements of the financial mechanism are used in the distribution and redistribution of financial resources.

Specific elements of the financial mechanism include methods of distributing GDP, forms of cash savings, types of payments, principles and directions for the use of public financial resources, etc. All elements of the financial mechanism can be divided into two groups depending on the way they affect financial relations:

Financial security, which can be carried out in several forms: self-financing, lending and non-repayable financing;

Financial regulation, which consists in the regulation (through taxes, payments, deductions) of distribution relations in society as a whole, in sectors of the national economy, at enterprises of various forms of ownership, for example, the tax method, payments, deductions.

According to their technological features, the elements of the financial mechanism are divided into a number of groups:

1) creation of conditions and prerequisites for regulating the financial system;

2) legal regulation of financial relations;

3) methods of financial forecasting and planning;

4) the procedure for the formation and use of centralized and decentralized funds of funds;

5) organization of the budget system;

6) organization of the securities market;

7) state financial control;

8) state regulation of the finances of enterprises;

9) other elements of the financial mechanism.

Financial policy has certain guidelines in time and space. Significant changes in the spheres of economic, social and political life of society are always accompanied by a corresponding transformation of financial policy. In the conditions of significant territorial differentiation of the socio-economic situation, it is also necessary to adapt the financial policy to specific local conditions. An example of the relevance of taking into account the regional factor in the formation of financial policy can be the instruction of the President of the Russian Federation (Budget Message, 2007) regarding the social economic development Far East and Transbaikalia: it is necessary to use all available instruments of state financial policy in order to form and implement a federal targeted program aimed at ensuring the rapid development of these regions. In particular, the task is to attract private capital to co-finance this program. A special system of tax and customs-tariff policy measures should be developed to stimulate investment in these regions.

FINANCIAL MANAGEMENT

4.1. Essence and methods of financial management

Management is understood as a conscious purposeful impact of the subject of management on the object of management with the help of a set of techniques and methods, carried out to achieve the intended goals. Consider general order financial management.

In the processes of financial management, objects of management are understood as the types of financial relations associated with the formation of cash income, accumulation and their use. The subjects of management are organizational structures that manage: in public finance - state and municipal bodies; in the finances of economic entities - special services, financial apparatus; in household finance, it is the households themselves.

Concretizing the essence of financial management, we must indicate that it includes a number of main areas of management activity: the development of an action program, organizational function, administrative function, coordination of the actions of performers, control over the implementation of decisions made.

The financial management process can be viewed as the following series of sequential procedures:

1) development of rules for financial activities and their improvement;

2) financial activities, including financial forecasting, preparation and execution of financial plans;

3) control over compliance with current regulations in the financial sector.

When managing finances, it is necessary to use special methods of influencing financial relations. Management methods are understood as ways and means of achieving the set goals.

Methods of state (municipal) financial management have a number of specific features:

1) they are used by the subjects of executive power as a means of implementing the competence assigned to them;

2) with their help, the governing will of the state is realized;

3) direct and feedback links between the subject of management and the object of management in the field of finance are carried out through them;

4) the choice of specific methods of managing influence on financial relations is directly dependent on the characteristics of the object of management (for example, departmental affiliation);

5) they are mandatory, which is ensured by the means of their legal regulation.

Financial management methods are divided into two groups: indirect and direct. Economic (indirect) methods consist in the creation by the state of conditions that either stimulate a certain type of behavior of managed objects (for example, the provision of tax benefits and discounts), or create preconditions of a restrictive nature in the form of complicating procedures, raising tariffs, etc. There are various schemes for granting tax incentives and rebates. Special tax credits are envisaged, for example, for investments in R&D, which should stimulate the innovative activity of enterprises.

Specific forms of application of indirect methods of state financial management can be as follows: formation and maintenance of a competitive environment in the domestic market and limiting the monopolization of the market; protection of contractual relations between market entities, ensuring the stable functioning of settlement and payment relations in the financial sector; promoting the development of the insurance business and insurance of business risks; promoting the development of the capital market, etc.

Direct methods financial management are methods of direct administrative impact on the financial activities of economic entities. The main feature of direct methods is the unilateral state-imperious influence of the subject of management on the objects of management. A characteristic feature of direct management methods is the control over established requirements, rules of financial and economic activity. Among the various methods of direct regulation of relations in the financial and economic sphere, the most significant are: licensing business activities, setting quotas for the production of certain goods, determining marginal prices for a limited range of goods and services; application of financial sanctions against violators of financial discipline, etc.

4.2. Controlling as a tool for managing public finances

In modern conditions of accelerating economic development, political confrontations and fierce market competition, which involve both business entities and entire states, regions of the world, traditional methods and management tools are not effective enough in all spheres and at all levels of public life and in including financial management. This gave rise to new theories and concepts of management. New technologies and new management mechanisms are emerging.

Of particular importance is financial control in the sphere of public administration, which, in the face of increasing risks (political, economic, financial, environmental), the spread of terrorism and other threats, should acquire fundamentally new forms and qualities. For this, it is important to expand self-control while reducing external control, to ensure the priority of a preventive orientation while limiting the “punitive” orientation, to strengthen partnership principles and an information-analytical orientation in the relationship between the object and the subject of control activity.

In practice, this means the need to form a new concept of state control. Moreover, within the framework of the methodological and organizational foundations of traditional control, the formation of a new model of control would be an intractable task. More effective could be such a way of reorganizing control, which in business processes is called engineering, that is, a radical change in the very foundations of a particular object or process. At the same time, the form of traditional control, of course, must be preserved, but only as one of the structural elements of the new control system.

In all of the above, there is essentially nothing new, because such a management tool, called controlling, is already successfully and widely used on the scale of managing firms in the West and is beginning to be mastered in Russia.

Controlling at enterprises is a complex and flexible system that provides methodological and information-analytical support for management activities. The purpose of controlling is to produce, integrate and analyze large flows of the most diverse information and, on this basis, to design possible solutions to economic, financial and communication problems. A properly organized controlling system can dramatically improve the quality of management decisions and ensure business efficiency.

Reduced short description Controlling at enterprises shows that it facilitates the solution of problems that are common in all areas of management - at enterprises, in regions, at the industry level, across the national economy. Therefore, the task is to determine the directions for adapting the controlling method to the conditions and goals of state management of the economy.

The main function of controlling is to ensure integration into a single system of operations for economic analysis, monitoring, information support, planning, control, forecasting. Taken together, these operations provide the receipt, processing and generalization of information necessary for the development, adoption and execution of management decisions.

The unique property of controlling is its ability to ensure the successful functioning of economic systems in the long term based on:

Adaptation of strategic goals to global trends in the development of the external environment;

Coordination of operational plans with the strategic development plan based on the priority of the strategic plan;

Coordination of operational plans for various industries and sectors of the economy;

Creation of a system for monitoring the process of implementing plans, adjusting their content and timing of implementation;

Improving the organizational structure of economic management.

The main factors determining the relevance of introducing controlling into the system of state regulation of the economy are:

Instability of both external and internal conditions for the functioning of the economy;

The need to search for more efficient and improved methods of public administration;

The need to improve and qualitatively change the organization and methodology of information support for government bodies;

Low information content of data generated within the framework of the traditional financial accounting system, state and departmental statistics;

Insufficient level of interaction, coherence and coordination in the activities of various government agencies, departments, services.

The use of controlling as a tool of scientific management involves the preliminary formation of theoretical foundations and methodology, including the development of the concept of controlling. The concept of controlling is understood as a holistic, linking together all the structural elements formalized idea of ​​controlling as a management subsystem designed to ensure the effectiveness of management decisions and contribute to the optimization of the business strategy and policy of the management system.

The most mature and complete interpretation of the essence of controlling is expressed in the concept in which future-oriented controlling in accordance with the set strategic goals and targeted programs is used as a tool to eliminate bottlenecks in the economy. With this understanding of controlling, it can be used at all stages management process.

The main principle of controlling is a systematic approach, which implies methodological and informational support for all areas of activity of the management system. A significant role is played by the synergistic effect obtained by systems approach to the organization of control. Important principles of controlling are also complexity, scientific validity, efficiency, feedback, etc.

The main backbone property of controlling is its orientation not to the past, but to the future. We note in passing that this is one of the fundamental differences between controlling and control. This orientation “prescribes” to him the possibility of aggregating information, because the development of optimal management decisions is difficult without complete information covering all the connections and relationships in which the functioning of economic systems is realized.

Orientation to the future determines the high importance of planning and forecasting in the controlling system. Trend characteristics of dynamics for previous periods are valuable primarily as basic information for forecasting and planning.

The next backbone property of controlling is its approach to all issues from the standpoint of the unity of quantitative and qualitative aspects. Only taken together they are able to give full knowledge about the object or process being studied.

The system-forming property of controlling is also a combination of strategic and operational controlling, which is due to the structure of the tasks of managing the economic system and corresponds to it.

An essential backbone property of controlling is the study of both the internal and external environment of the control object, since any economic system is an open system, that is, it has an extensive network of external connections and relations.

A mandatory backbone property of controlling is its effectiveness, since only under this condition is its existence economically (and not only economically) justified. This is one of the fundamental differences between controlling and many other structural elements of the control system. Only such controlling is needed, which is effective when the useful result exceeds the costs of its organization.

The system properties of controlling provide the possibility of implementing a rather complex set of its functions, among which the most significant in relation to the sphere of public administration could be:

1) consulting activities in the field of methods of working with information and expert assessments based on objective indicators;

2) designing a comprehensive system of indicators that evaluate the efficiency of the economic system and measure the impact of internal and external factors on the performance;

3) information support of subjects of state administration;

4) optimization of the movement of information flows and improvement of information and communication technologies;

5) accounting and control activities;

6) mutual agreement of strategic plans and target programs of social and economic development;

7) comparison of planned and actual indicators and determination of permissible limits of deviations from the given parameters, analysis of the causes of deviations;

8) development of proposals for the elimination and prevention of deviations of actual results from planned indicators;

9) information and analytical activities aimed at identifying the main trends and prospects for the development of the economy of the country, region.

Thus, controlling would be able to provide methodological and informational support for the main functions of public administration, including the definition and justification of goals, the formation of current and strategic plans, monitoring the implementation of plans and their adjustment, etc. This set of controlling functions is relevant from the point of view of implementing the budgetary strategy in general and is especially significant in solving the task formulated in the budget message of the President of the Russian Federation to the Federal Assembly (2007) - “improving the quality of financial management in the public sector”. The main prerequisites for improving the quality of financial management are: strengthening the responsibility of executive authorities and budget institutions for the results of budget expenditures and improving the quality of state and municipal services; expanding the powers of these bodies; creating incentives to increase transparency and efficiency in the use of budgetary funds; cessation of the practice of petty regulation of their activities.

One of the most important controlling tools is monitoring, which has already been widely used in public financial management. The next task in this area is the introduction of a system for monitoring the quality of financial management of the main managers of budgetary funds.

The controlling system usually includes two subsystems: strategic and operational controlling. The implementation of the strategy is based on a specific list of indicators planned for the future, which are formed in the form of a strategic plan. During the implementation of the strategic plan, it is necessary to systematically monitor the compliance of the actual parameters with the planned ones, and the strategy should be adjusted. These functions are designed to perform strategic controlling.

Strategic goals are concretized and implemented within the framework of the operational management of economic systems. Accordingly, strategic controlling finds its applied embodiment in operational controlling. The unity of strategic and operational controlling lies in the common methodological base. At the same time, strategic and operational controlling each have their own specific tools, which must be comparable and comply with the same methodological framework. This prerequisite ensures the possibility of aggregation, comparative analysis and differentiation of information arrays in the course of economic analysis.

Operational controlling is able to provide methodological and informational and analytical support for the processes of operational planning, control, accounting and reporting at the industry, regional and federal levels.

The role of controlling in the formation of strategic and operational goals of public administration can be realized in two aspects.

The first aspect is theoretical and methodological, which consists in the fact that the goals of management determine the very need to create a controlling system. The whole point of controlling activity lies in high-quality comprehensive methodological support for achieving management goals. The more complex the goals of managing the economic system and the ways to achieve them, the more urgent the need to create controlling.

The second aspect is operational, consisting in the use of controlling as a tool for the implementation of each management function.

The following five functions (stages, phases, stages) of management can be distinguished:

1) determination of goals and objectives (strategic and operational) of managing the economic system;

2) planning and forecasting of development;

3) information complex management, monitoring, accounting, economic analysis;

4) control and audit;

5) adoption and implementation of management decisions.

This list of management functions is only one of the possible options, since any division of a single and continuous management process is conditional and largely subjective. A different degree of detail of control functions is possible. In certain types of economic systems (industry, region, municipality, etc.), organizational separation of the functional units of the controlling service would be required.

The most qualitative and operational is the information generated in the course of controlling activities. The application of controlling requires the use of the most modern and effective methods and tools. In the future, if the effectiveness of financial management based on controlling is realized, scientific development of a number of organizational and methodological issues will be required. The most pressing methodological issues are:

1) determining the specifics of controlling when it is used in the institutional environment that is typical for each element of the Russian financial system;

2) defining the role of controlling as a subsystem in the financial management system;

3) characteristics of the functions of financial controlling in the field of coordination of activities, planning, control, organization of financial flows, information and analytical work. The most important prerequisite for the creation of financial controlling is the formation of its legal framework in order to develop and expand the legal framework for financial control. Thus, the use of controlling as one of the financial management tools would contribute to the improvement of the system of financial relations in the Russian economy on an innovative methodological basis.

4.3. Functions of the organs of representative power. President of the Russian Federation and the Central Bank of the Russian Federation in the field of financial regulation

The most important function of the Federation Council of the Russian Federation in the field of finance is (in accordance with Article 106 of the Constitution of the Russian Federation) the mandatory consideration of federal laws adopted by the State Duma on: the federal budget; federal taxes and fees; financial, currency, credit, customs regulation; money emission. A special place among these legal acts belongs to the annually adopted Federal Law "On the Federal Budget".

The reform of the Russian financial system is being carried out in stages and its legal framework is being transformed accordingly. The Budget Code of the Russian Federation (BC RF) was put into effect, and treasury execution of the budget was provided for. Fundamental innovations were introduced in financial management in 2007, when decisions were made on performance-oriented budgeting and the transition from annual to medium-term budgeting. The "rolling" mode of 3-year budget planning means that the budget is prepared for the period 2008-2010, then for 2009-2011. etc.

The transition to 3-year budget planning creates the preconditions for:

Improving the efficiency of economic regulation;

Improving the quality of public services to the population and legal entities;

Growth of the level and quality of life of the population;

Raising the level of Russia's national security.

The transition to a 3-year budget planning procedure requires further improvement of its regulatory framework, solving a set of methodological and organizational issues at the federal, regional and local levels, monitoring the budget process in the context of medium-term budget planning.

The Federation Council has a number of committees and commissions directly or indirectly related to the function of regulating the financial sector. These include: the Federation Council Committee on Budget; Commission of the Federation Council for interaction with the Accounts Chamber of the Russian Federation; Federation Council Committee on Financial Markets and Money Circulation; Federation Council Committee on Economic Policy, Entrepreneurship and Property; Federation Council Commission on Natural Monopolies; Federation Council Committee on Local Self-Government; Committee on Agrarian and Food Policy, etc. A number of similar committees and commissions also operate at the regional level. For example, in St. Petersburg, the Decree of the Government of St. Petersburg dated August 17, 2004 No. 1385 established the Commission for the provision of budgetary support for the implementation of investment projects by providing state guarantees from the City Government. In the Leningrad Region, by Resolution No. 110-pg of the Governor of the Leningrad Region dated June 29, 2006, the Control Commission for Performance-Based Target Budgeting was established. The powers of this Control Commission extend to the healthcare sector of the Leningrad Region. By the Decree of the Governor of the Leningrad Region dated May 24, 2006 No. 82-pg, a Commission under the Government of the Leningrad Region for budgetary projections for the coming year and for the medium term was formed. By Decree of the Government of Moscow dated November 14, 2006 No. 899-PP, a Commission for the provision of a budget loan was established in Moscow. In accordance with Decree of the Government of Moscow dated July 8, 2003 No. 522-pp, the Tender Financial Commission of the Government of Moscow functions.

The State Duma of the Russian Federation performs a number of responsible functions in the field of financial regulation. In accordance with Art. 103 of the Constitution of the Russian Federation, the State Duma appoints and dismisses the Chairman of the Central Bank of the Russian Federation, the Chairman of the Accounts Chamber and half of its auditors. The Deputy Chairman of the Accounts Chamber and half of its auditors are appointed by the Federation Council.

The State Duma has committees directly or indirectly related to the regulation of the financial system: the Committee on Budget and Taxes, the Committee on Credit Organizations and Financial Markets, the Committee on Economic Policy and Entrepreneurship, the Committee on Property and other committees.

The highest permanent state body of financial control is the Accounts Chamber of the Russian Federation, formed by the Federal Assembly of the Russian Federation and accountable to it. The Accounts Chamber performs exclusively control functions in the field of finance, which will be discussed in lecture 6.

The President of the Russian Federation, in accordance with the Constitution of the Russian Federation and federal laws, determines the main directions of internal and foreign policy state, the structure of federal executive authorities. The President of the Russian Federation forms the Presidential Administration, which includes a number of departments that, along with other issues, solve a number of their core tasks in the field of financial regulation. In particular, the Presidential Administration carries out the following activities:

1) in the field of communication with international financial organizations;

2) preparation of materials for the annual messages of the President of the Russian Federation to the Federal Assembly, in which significant attention is paid to issues of financial policy and improvement of the financial system;

3) according to the analysis of the course of execution of the federal budget by federal executive authorities and executive authorities of the constituent entities of the Russian Federation;

4) on preparing proposals to the President of the Russian Federation on spending the resources of the reserve fund of the President of the Russian Federation;

5) for a comprehensive analysis of interbudgetary relations and preparation of proposals to the President of the Russian Federation for their improvement;

6) on the organization of control and verification of the activities of federal executive authorities, executive authorities of the constituent entities of the Russian Federation, organizations and their leaders.

The Central Bank of the Russian Federation performs the following set of functions to regulate finance:

1) in cooperation with the Government of the Russian Federation develops and implements a unified state monetary policy;

2) monopoly issues cash and organizes cash circulation;

3) is a creditor of last resort for credit institutions, organizes a system of their refinancing;

4) establishes the rules for making settlements in the Russian Federation;

5) establishes the rules for conducting banking operations;

6) maintains accounts of budgets of all levels of the budgetary system of the Russian Federation, unless otherwise established by federal laws, by carrying out settlements on behalf of authorized executive bodies and state non-budgetary funds, which are entrusted with organizing the execution and execution of budgets;

7) carry out effective management of the gold and foreign exchange reserves of the Bank of Russia;

8) exercise supervision over the activities of credit institutions and banking groups;

9) organize and carry out currency regulation and currency control in accordance with the legislation of the Russian Federation;

10) establishes and publishes the official exchange rates of foreign currencies against the ruble;

11) takes part in the development of the forecast of the balance of payments of the Russian Federation and organizes the compilation of the balance of payments of the Russian Federation;

12) analyzes and forecasts the state of the economy of the Russian Federation as a whole and by regions, primarily monetary, monetary, financial and price relations, publishes relevant materials and statistical data.

4.5. Powers of federal executive bodies in the field of financial management

The leading role in financial management belongs to the Ministry of Finance and the Ministry of Economic Development and Trade, which are the main executors and coordinators in this area. Let us consider further the main functions (powers) of these departments. The control functions of services and agencies in the field of finance require special consideration, and we will turn to them in Lecture 6.

The Ministry of Finance of the Russian Federation (Minfin of Russia) is a federal executive body that carries out the functions of developing state policy and legal regulation in the areas of: budgetary, tax, insurance, currency, banking, public debt, auditing, accounting and financial reporting; production, processing and circulation of precious metals and precious stones; customs payments, determination of the customs value of goods and vehicles; investing funds to finance the funded part of the labor pension; organizing and conducting lotteries; production and circulation of security printed products; financial support public service; countering the legalization of proceeds from crime and the financing of terrorism.

The Ministry of Finance of the Russian Federation submits draft federal laws, regulatory legal acts of the President of the Russian Federation and the Government of the Russian Federation to the Government of the Russian Federation. The Ministry adopts regulatory legal acts that determine the procedure for:

Formation of reporting on the execution of the federal budget, budgets of state non-budgetary funds, budgets of the budgetary system of the Russian Federation and the consolidated budget of the Russian Federation;

Maintaining a consolidated budget list of the federal budget;

Applications of the budget classification of the Russian Federation;

Determining the conditions for inclusion of insurance companies in the register of insurance companies whose insurance contracts can be accepted as security for the payment of customs payments;

Control of the customs value of goods and vehicles (together with the Federal Customs Service);

Maintenance of the state debt book of the Russian Federation and transfer to the Ministry of Finance of the Russian Federation of information from the state debt book of the subject of the Russian Federation and the municipal debt book;

Accounting and preparation of financial statements;

Determination of prices for precious metals, as well as products made from them, purchased from the State Fund of Precious Metals and Precious Stones of the Russian Federation and sold from it.

The terms of reference of the Ministry of Finance include extensive activities to determine the forms of a number of documents. The forms of tax declarations and the procedure for filling them out are determined. In the field of customs affairs, samples of such documents are accepted as the form of a customs receipt order, on the basis of which customs duties are paid, the form of a demand for payment of customs payments, the form of a decision on the collection of customs payments in an indisputable manner at the expense of funds held in the payer's bank accounts .

The Ministry of Finance develops forms of reports on the results of the issue of federal government securities, determines the conditions for the issue and circulation of federal government securities, and makes decisions on the issue of individual issues of federal government securities.

In the field of insurance business, the Ministry of Finance establishes requirements for indicators of the financial stability of insurers, and also determines the forms of accounting and reporting of insurers.

The Ministry of Finance of the Russian Federation has broad powers in the field of managing the state budget of Russia. The Ministry of Finance draws up a draft federal budget, approves and maintains a consolidated budget breakdown of the federal budget, submits reports to the Government of the Russian Federation on the execution of the federal budget and the consolidated budget of the Russian Federation, manages the funds of the Stabilization Fund of the Russian Federation (reorganized by creating the Reserve Fund and the Future Generations Fund) in the prescribed manner. Along with practical activities in managing the state budget, the Ministry of Finance carries out a lot of methodological work, including methodological guidance in the field of budget planning and methodological support for cash services by the federal treasury bodies of the budgets of the constituent entities of the Russian Federation and local budgets.

A number of responsible functions are performed by the Ministry of Finance in the field of organization of the budget process. These include:

Conducting monitoring of the public sector by the main managers of federal budget funds;

Conclusion on behalf of the Russian Federation of an agreement on the provision of state guarantees of the Russian Federation and an agreement on ensuring recourse claims of the guarantor;

Management in the prescribed manner of the public debt of the Russian Federation;

Maintaining the state debt book of the Russian Federation and accounting for information on debt obligations reflected in the relevant debt books of the constituent entities of the Russian Federation and municipalities;

Performing the functions of an issuer of government securities;

Conducting state registration of the conditions for the issue and circulation of government securities of the constituent entities of the Russian Federation and municipal securities;

Ensuring the provision of budget loans and budget credits within the limit of funds approved by the Federal Law "On the Federal Budget" for the next financial year, and in the manner established by the Government of the Russian Federation;

Conducting negotiations in accordance with the established procedure and signing on behalf of the Government of the Russian Federation multilateral agreements with debtors and creditors within the framework of the Paris Club;

Collection, processing and analysis of information on the state of state and municipal finances;

Organization of the transfer of interbudgetary transfers from the federal budget to the budgets of the constituent entities of the Russian Federation and municipalities;

Coordination of decisions of the Pension Fund of the Russian Federation on the volume and structure of the placement of insurance premiums.

The Ministry of Finance of the Russian Federation coordinates and controls the activities of a number of services under its jurisdiction. These services are: the Federal Tax Service, the Federal Insurance Supervision Service, the Federal Financial and Budgetary Supervision Service, the Federal Financial Monitoring Service and the Federal Treasury.

The Federal Tax Service (FTS of Russia) is a federal executive body responsible for control and supervision of:

Compliance with the legislation of the Russian Federation on taxes and fees;

The correctness of the calculation, completeness and timeliness of the introduction of taxes and fees into the relevant budget in cases provided for by the legislation of the Russian Federation;

Correctness of calculation, completeness and timeliness of making other obligatory payments to the relevant budget;

Compliance with the currency legislation of the Russian Federation within the competence of the tax authorities;

Production and turnover of ethyl alcohol, alcohol-containing, alcoholic and tobacco products.

The Federal Tax Service is an authorized federal executive body that performs the functions of a currency control agent within the competence of the tax authorities. The Federal Tax Service performs state registration of legal entities, individuals as individual entrepreneurs and peasant (farm) households. The Service is an authorized federal executive body that provides representation in bankruptcy cases and in bankruptcy proceedings of claims for the payment of mandatory payments and claims of the Russian Federation for monetary obligations. The Federal Tax Service keeps records of all taxpayers.

The Federal Insurance Supervision Service performs the functions of control and supervision in the field of insurance activities. The Federal Insurance Supervision Service makes decisions on issuing or refusing to issue, annul, restrict, suspend, renew and revoke licenses to insurance business entities; conducts attestation of insurance actuaries; maintains a unified state register of subjects of the insurance business and a register of associations of subjects of the insurance business. The Federal Service calculates the amount (quota) of participation of foreign capital in the authorized capital of insurance organizations.

The Federal Service for Financial and Budgetary Supervision exercises the functions of control and supervision in the financial and budgetary sphere, as well as the functions of a currency control body. By Decree of the Government of the Russian Federation No. 1024-r dated July 30, 2004, the Federal Service for Financial and Budgetary Supervision transferred control and audit bodies and territorial currency control bodies of the Ministry of Finance of the Russian Federation to the Federal Service for Financial and Budgetary Supervision. The Federal Service for Financial and Budgetary Supervision exercises control and supervision: over the use of federal budget funds, state off-budget funds, as well as material assets owned by the federal government; for compliance by residents and non-residents (with the exception of credit institutions and currency exchanges) of currency legislation; for compliance with the requirements of budgetary legislation, etc.

The Federal Financial Monitoring Service performs the following functions:

Counteracting the legalization (laundering) of proceeds from crime;

Identification and suppression of the facts of financing of terrorism;

Coordinating the activities of other federal executive bodies in this area;

Control over the implementation of the Federal Law of August 7, 2001 No. 115-FZ (based on the order of the Ministry of Finance of December 26, 2006 No. 183n) by organizations engaged in transactions with cash or other property, in the field of activity of which there are no supervisory authorities. Thus, control was streamlined and provision of information was provided in the field of gambling, real estate purchase and sale, the activities of pawnshops and leasing companies, which were very attractive for laundering criminal proceeds.

The main forms of conducting inspections of organizations by the Federal Financial Monitoring Service are cameral and field control operations. At the same time, strict observance of the rules for the protection of confidential official, banking, tax, commercial and other information from disclosure, loss, distortion, leakage, destruction, and illegal use is ensured.

The Federal Financial Monitoring Service interacts in the prescribed manner and within the established scope of activities with the Central Bank of the Russian Federation, with the competent authorities of foreign states, with state authorities, with organizations, with officials and citizens of foreign states both in the Russian Federation and abroad.

The Federal Treasury (Treasury of Russia) performs the functions of ensuring the execution of the federal budget, cash services for the execution of the budgets of the budget system of the Russian Federation, preliminary and current control of operations with federal budget funds by the main managers, managers and recipients of federal budget funds. The Federal Treasury has the following powers:

Brings to the main managers, managers and recipients of federal budget funds the indicators of the consolidated budget list, limits of budget obligations and funding volumes;

Keeps records of operations on cash execution of the federal budget;

Opens accounts with the Central Bank of the Russian Federation and credit institutions for accounting for federal budget funds and other funds in accordance with the legislation of the Russian Federation, establishes regimes for federal budget accounts;

Opens and maintains personal accounts of the main managers, managers and recipients of federal budget funds;

Maintains a consolidated register of the main administrators, administrators and recipients of federal budget funds;

Keeps records of indicators of the consolidated budget list of the federal budget, limits of budget obligations and their changes;

Compiles and submits to the Ministry of Finance of the Russian Federation operational information and reporting on the execution of the federal budget, reporting on the execution of the consolidated budget of the Russian Federation;

Receives from the main administrators of the federal budget funds, executive authorities of the constituent entities of the Russian Federation, state off-budget funds and local governments the materials necessary for compiling reports on the execution of the federal budget and the consolidated budget of the Russian Federation.

The Federal Treasury distributes income from the payment of federal taxes and fees between the budgets of the budgetary system of the Russian Federation in accordance with the legislation of the Russian Federation. The task of the Federal Treasury is forecasting, cash planning of federal budget funds and managing operations on a single account of the federal budget. The Treasury provides cash services for the execution of the budgets of the budget system of the Russian Federation, confirms the monetary obligations of the federal budget and makes an authorization inscription for the right to carry out federal budget expenditures within the allocated limits of budget obligations.

The Federal Treasury ensures that cash payments are made from the budgets of the budgetary system of the Russian Federation on behalf of and on behalf of the relevant bodies collecting budget revenues, or recipients of funds from these budgets, whose personal accounts are opened in the Federal Treasury in the prescribed manner. The activities of the Federal Treasury are also aimed at creating conditions for compliance with the standards for the distribution of revenues between the budgets of the budgetary system of the Russian Federation and effective control over the target nature of federal budget expenditures, subsidies and subventions allocated to regional and local budgets.

The Federal Tax Service, the Federal Insurance Supervision Service, the Federal Financial and Budgetary Supervision Service, the Federal Financial Monitoring Service and the Federal Treasury are not entitled to carry out legal regulation in the established field of activity, except in cases established by decrees of the President of the Russian Federation and resolutions of the Government of the Russian Federation.

The Ministry of Economic Development and Trade of the Russian Federation (Ministry of Economic Development of Russia) is a federal executive body responsible for the development of state policy and regulatory legal regulation in the following areas:

Analysis and forecasting of socio-economic development;

Development of entrepreneurial activity, including medium and small businesses;

Trade;

property relations;

Insolvency (bankruptcy);

Financial recovery of organizations;

Economic development of subjects of the Russian Federation and municipalities;

Investment activities, including the use of funds from the Investment Fund of the Russian Federation;

Formation of interstate and federal targeted programs;

Mobilization preparation of the RF economy;

Creation and functioning of special economic zones on the territory of the Russian Federation, etc.

The Ministry of Economic Development has broad powers in the field of law-making activities, it adopts legal acts that determine:

1) a list and procedure for determining the indicators of economic efficiency of the activities of federal state unitary enterprises and open joint-stock companies, the shares of which are in federal ownership;

3) the procedure for preparing decisions on the conditions for the privatization of property complexes of unitary enterprises;

4) deflator coefficient corresponding to the change index consumer prices for goods (works, services) in the Russian Federation;

5) other issues in the established field of activity of the ministry and subordinate federal services and federal agencies.

Another activity of the Ministry of Economic Development in the field of legal regulation of the country's economy is the preparation of opinions on draft regulations governing relations in entrepreneurial activity and on draft federal targeted programs.

The Ministry of Economic Development carries out extensive and varied activities in monitoring and economic analysis of socio-economic processes. The Ministry monitors the content and quality of consolidated financial balance sheets for the Russian Federation, subjects and regions of the Russian Federation, industries and sectors of the economy.

The development of state forecasts of socio-economic development for the short, medium and long term is also a function of the Ministry of Economic Development. These forecasts are developed for all levels and sectors of the economy: for Russian Federation, for subjects and regions of the Russian Federation, for municipalities, for industries and sectors of the economy. Forecast calculations of general economic indicators of the system of national accounts are carried out.

The Ministry of Economic Development coordinates and controls the activities of the services and agencies under its jurisdiction. These services and agencies include: the Federal Agency for State Reserves, the Federal Agency for Real Estate Cadastres, the Federal Agency for Federal Property Management, the Federal Agency for the Management of Special Economic Zones. The ministry also coordinates the activities of the Russian Federal Property Fund.

The Federal Agency for State Reserves is a federal executive body that performs the functions of providing public services and managing state property in the field of managing the state material reserve. The federal agency organizes the formation, placement, storage and maintenance of stocks of material assets of the state material reserve and their departmental protection; manages the system of the state material reserve.

The Federal Real Estate Cadastre Agency is a federal executive body that manages state property and provides public services in the field of real estate cadastres, land management, inventory of urban planning objects, state cadastral land valuation and state land monitoring, as well as state land control. .

The Federal Agency for Federal Property Management (Rosimushchestvo) is a federal executive body that performs the functions of managing federal property, including in the field of land relations, providing public services and law enforcement functions in the field of property and land relations. The federal agency has, in the manner and within the limits determined by federal laws, acts of the President of the Russian Federation and the Government of the Russian Federation, the powers of the owner in relation to the following types of property:

Property of federal state unitary enterprises;

Property of federal state institutions;

Shares (shares) of joint-stock (economic) companies and other property, including those constituting the state treasury of the Russian Federation.

The Federal Property Management Agency, as an owner, also carries out actions to transfer federal property to legal entities and individuals, to privatize (alienate) federal property.

The Federal Property Management Agency performs a number of functions related to the accounting and management of federal property, including:

Accounting for federal property;

Maintaining a register of federal property;

Organization of property valuation;

Determining the terms of contracts for the valuation of federal property;

Preparation of draft forecast plans (programs) for the privatization of federal property;

Drawing up a report on the results of the privatization of federal property;

Preparation of information on the results of the privatization of property of the constituent entities of the Russian Federation and municipal property;

Making decisions on the reorganization of federal state unitary enterprises in the form of mergers and acquisitions, as well as on their liquidation.

The Federal Agency for the Management of Special Economic Zones performs the functions of providing public services and law enforcement functions in the field of managing special economic zones, functions of monitoring the implementation of agreements on the implementation of industrial production, technological innovation and tourist and recreational activities in special economic zones. The Federal Agency assists the Ministry of Economic Development and Trade of the Russian Federation in the selection, control and monitoring of investment projects implemented at the expense of the Investment Fund of the Russian Federation.

Services and agencies, the functions and powers of which were considered (Federal Agency for State Reserves, Federal Agency for Real Estate Cadastre, Federal Agency for Federal Property Management, Federal Agency for Management of Special Economic Zones), do not have rights in the field of law-making activities. They are not entitled to carry out legal regulation in the established field of activity, except for cases established by decrees of the President of the Russian Federation and resolutions of the Government of the Russian Federation.

The specialized state institution under the Government of the Russian Federation "Russian Federal Property Fund" is a federal state institution that performs the following functions:

Creation of an effective system for the sale of federal property;

Contribute to the transformation of ownership relations and increase the efficiency of the turnover of objects civil rights in the Russian Federation;

Creation of conditions for the effective functioning of the system of forced foreclosure on debtors' property, including in the recovery of debts on mandatory payments to the budgets and state non-budgetary funds.

4.6. Financial management at the local level

In the implementation of the functions of local governments, a large role belongs to the financial component. The main links in the local finance system are the local budget and the finances of municipal enterprises.

Financial management of municipalities is a process that includes the stages of planning, operational management and control. The subjects of management are local governments. The object of management is the totality of monetary relations within the municipality.

The effectiveness of local financial management is determined by the level of self-organization of local communities, the quality of the activities of local governments and the regulatory impact of federal and regional government bodies. Public authorities indirectly influence the financial management of the municipality, mainly in the form of legal regulation of the issues of the limits of the financial independence of municipalities, the procedure for budgeting and taxation, and ensuring the balance of local budgets. State authorities provide methodological and informational support to the process of managing local finances, send significant interbudgetary transfers to municipalities. Due to the peculiarities of managing local budgets, this process is sometimes referred to as “municipal financial management”.

The peculiarity of the structure of revenues of the budgets of municipalities lies in a significant share of interbudgetary transfers. The structure of expenses is determined by the need for expenses related to financial support in resolving issues of local importance and certain state powers transferred for execution to local governments. The main areas of expenditure of local budget funds are the costs of implementing social policy measures, education, healthcare and sports, culture, housing and communal services, the maintenance of local governments, etc.

FINANCIAL PLANNING AND FORECASTING

5.1. Financial and socio-economic forecasts as the basis for the formation of a financial plan

Financial forecasting is closely related to the financial planning process. Forecasts serve as the basis for drawing up financial plans and targeted development programs for the coming periods.

The general concept of economic forecasting is formulated as follows: a forecast is a scientifically based hypothesis about the probable future state of the economic system and economic objects and indicators characterizing this state. The information base for forecasting is the results of scientific research, containing quantitative and qualitative data on trends and factors in the development of the financial sector. The financial forecast is a guideline for drawing up financial plans. When developing a forecast, specific financial management tasks are not set, and the characteristics of the future state of the financial system are not determined in all details. Projected indicators give only an approximate estimate of the future, their accuracy is tested by time.

An important methodological principle of economic, including financial, forecasting is the variability of scenarios for macroeconomic forecast conditions. Thus, several forecast options are developed, usually three: high (optimistic), medium (most likely) and low (pessimistic). At the same time, the main factors influencing the development trajectory in the future are the scale of inflation, the unemployment rate, the investment climate, the level of income of the population, etc.

Financial forecasting is multi-level, forecasts are developed at the levels of the Russian Federation, subjects of the Russian Federation and municipalities. Regional forecasts contain information about the expected extent of territorial differentiation of the main macroeconomic indicators. These forecasts make it possible to determine which regions may turn out to be “donors” in the future, and which ones may be subsidized.

Financial forecasts are a necessary element and at the same time a stage in the development of financial policy. Through financial policy, financial levers and incentives are activated, mobilization of cash receipts to the state budget and their rational use for public needs.

The methodology of financial forecasting provides for the autonomous development of the federal forecast in the center and regional forecasts in the constituent entities of the Russian Federation. Regional forecasts are sent to the Ministry of Economic Development. Negative side existing practice is the lack of balance between federal and regional forecasts.

When compiling financial forecasts, they are guided by the provisions of the Federal Law “On State Forecasting and Programs for the Socio-Economic Development of the Russian Federation” adopted in 1995, which defines the goals and content of the system of state forecasts for the socio-economic development of the Russian Federation and programs for the socio-economic development of the Russian Federation, as well as the general the procedure for developing these forecasts and programs. To date, significant forecasting experience has been accumulated, in connection with which it would be advisable to introduce clarifications and additions to the above law. AT this moment work is underway on the draft Federal Law “On State Forecasting, Indicative Planning and Programs for the Socio-Economic Development of the Russian Federation”.

The most relevant for the practice of financial forecasting are the following provisions of the federal law on state forecasting. State forecasting of the socio-economic development of the Russian Federation is a system of scientifically based ideas about the directions of the socio-economic development of the Russian Federation, based on the laws of market management. The results of the state forecasting of the socio-economic development of the Russian Federation are used by the legislative and executive authorities of the Russian Federation when making specific decisions in the field of the socio-economic policy of the state.

Forecasts of the socio-economic development of the country are developed based on the results of a comprehensive analysis, which includes the following areas of research:

1) assessment of the demographic situation;

2) characteristics of the scientific and technical potential;

3) determination of the volume and structure of the accumulated national wealth;

4) features of the social structure of society;

5) assessment of the external position of the Russian Federation;

6) the state of natural resources.

For each area of ​​analysis, the current situation, dynamics over the past years and prospects for change in the future are assessed. Of all these areas of research, the most difficult is to analyze the prospects for changes in Russia's external position due to the increased uncertainty of trends and factors in the external economic environment.

Forecasts of socio-economic development are developed for the Russian Federation as a whole, for national economic complexes and sectors of the economy, and for regions.

Forecasts of socio-economic development contain quantitative indicators and qualitative characteristics of the development of the macroeconomic situation, economic structure, scientific and technological development, foreign economic activity, production and consumption dynamics, level and quality of life, environmental situation, social structure. The forecast provides for an assessment of the future state of the systems of education, health care and social security of the population.

The Government of the Russian Federation provides for the development of state forecasts for the socio-economic development of the Russian Federation for the long-term, medium-term and short-term prospects. Separately, the forecast for the development of the public sector of the economy is singled out. The forecast of socio-economic development is being developed:

For the long term - once every 5 years for a 10-year period;

For the medium term - for a period of 3 to 5 years and is adjusted annually;

In the short term, every year.

The Ministry of Economic Development of Russia is developing a general forecast for the socio-economic development of the country for 3 years, containing basic macroeconomic indicators of economic development and social sphere. In the forecast of social and economic development of Russia for 2008–2010 adopted in 2007. along with many others, such indicators are presented as: a decrease in the level of inflation by 2010 to 5-6%, GDP growth by an average of 6% per year, an increase in real wages by 12% per year, an increase over 3 years in the share of the “average class" in the composition of the population from 20 to 35%, an increase in the average pension for 3 years by 40% and the achievement of the subsistence minimum, a reduction over a 3-year period in the share of the population with incomes below the subsistence minimum from 16.3 to 10.7% . An alarming situation is expected in the state of the Pension Fund: by 2010, the Fund's deficit will amount to 0.6% of GDP. Also predicted are indicators of the amount of raw material income, exchange rates, prices for hydrocarbon raw materials, the volume of VAT receipts, etc.

Typical directions and subjects of state forecasting are: compliance with the necessary proportions of expanded reproduction, ensuring the development of key sectors of the economy and the solution of social problems; implementation of the nationwide investment and scientific and technical policy; formation of interstate foreign economic relations; creation of reserves for the implementation of fundamental target programs and localization of emergency situations; ensuring the country's defense capability.

In addition to socio-economic forecasts, financial forecasts are also developed as a basis for drawing up financial plans. They contain either estimates of the prospects for the development of the financial system as a whole, or characteristics of its individual elements or private blocks of financial indicators. The financial forecast can be presented both as one of the sections of the socio-economic forecast, and as an independent forecast development. An example of an independent financial forecast is a quarterly forecast of federal budget revenues. For example, in Art. 4 of the Federal Law "On the federal budget for 2007" indicated that federal authorities state authorities - administrators of federal budget revenues and other administrators of budgetary funds - are obliged "to submit quarterly, before the 10th day of the month preceding the first month of the quarter, to the Ministry of Finance of the Russian Federation, respectively, the forecast of monthly income and the forecast of monthly attraction and repayment of funds from sources of internal and external financial federal budget deficit for the next quarter.

Socio-economic and financial planning is carried out not only at the federal, but also at the regional level. Thus, in the Leningrad region in 2003, the procedure for preparing forecast and analytical materials on the socio-economic development of the Leningrad region was developed and approved. This ensured the most complete analysis of the state of the sectors of the economy and the social sphere, as well as improving the quality of the development of forecasts for the socio-economic development of the Leningrad Region. When developing a short-term forecast, the Committee for Economics and Investments of the Leningrad Region solves the following tasks:

On the basis of regulatory legal acts of the Government of the Russian Federation and in accordance with materials received from the Ministry of Economic Development of Russia, prepares an order of the Governor of the Leningrad Region on the development of a forecast and provides sectoral executive authorities of the Leningrad Region, which are the developers of the forecast for the socio-economic development of industries (directions), and also economic services of municipalities with the necessary methodological materials and forms;

Together with Petrostat, it refines the basic data on the indicators necessary for the development of the forecast and brings them to the attention of the sectoral executive authorities of the Leningrad Region.

Sectoral executive authorities of the Leningrad Region in accordance with the deadlines established by the order of the Governor of the Leningrad Region:

Carry out a comprehensive analysis of the state of affairs in industries, determine the main trends in their development;

Notes

Cm. Ashmarina E. M. Modern financial system of the Russian Federation // State and Law. 2004. No. 6, as well as educational literature: Abramova M. I., Aleksandrova L. S. Finance and credit. M.: Jurisprudence, 2004; Sergienko L.V. Finance and the real sector. M.: Finance and statistics, 2004; Vakhrin P.I., Neshitoy A.S. Finance. Moscow: Dashkov i Ko, 2004; Finance / Ed. G. B. Polyak. 2nd ed. M.: UNITA-DANA, 2004; Finance / Ed. S. I. Lushina. 2nd ed. M.: Economist, 2003; Finance / Ed. V. V. Kovaleva. 2nd ed. Moscow: Velby, Prospekt, 2005; Myslyaeva I. N. State and municipal finance. 2nd ed., revised. and additional M.: INFRA-M, 2007; Romanovsky M. V., Vrublevskaya O. V., Sabanti B. M. Finance. 2nd ed. M., Yurayt, 2006; Shulyak P. H., Belotelova N. P. Finance. 3rd ed. Moscow: Dashkov i Ko, 2002.

Improving financial control can be, in our opinion, the most effective when using controlling methods (see section 4.2).

Federal Law of the Russian Federation “On the Accounts Chamber of the Russian Federation” dated January 11, 1995 No. 4-FZ (with subsequent amendments and additions) // СЗ RF dated January 16, 1995 No. 3, art. 167.

Federal Law of the Russian Federation "On the Central Bank of the Russian Federation (Bank of Russia)" dated July 15, 2002 No. 86-FZ (with subsequent amendments and additions) // CZ RF dated July 15, 2002 No. 28, art. 2790.

Federal Constitutional Law of the Russian Federation “On the Government of the Russian Federation” dated December 17, 1997 No. 2-FKZ (with subsequent amendments and additions) // СЗ RF dated December 22, 1997 No. 51, art. 5712. Decree of the Government of the Russian Federation "On the Regulations of the Government of the Russian Federation and the Regulations on the Office of the Government of the Russian Federation" dated June 1, 2004 No. 260 // CZ RF dated June 7, 2004 No. 23, art. 2313.

Decree of the Government of the Russian Federation "On approval of the Regulations on the Federal Antimonopoly Service" dated June 30, 2004 No. 331 // CZ RF dated August 2, 2004 No. 31, art. 3259.

Decree of the Government of the Russian Federation "On approval of the Regulations on the Federal Service for Financial Markets" dated June 30, 2004 No. 317 // CZ RF dated July 5, 2004 No. 27, art. 2780.

Decree of the Government of the Russian Federation "On approval of the Regulations on the Federal Tariff Service" of June 30, 2004 No. 332 // CZ of the Russian Federation of July 5, 2004 No. 29, art. 3049.

Decree of the Government of the Russian Federation "On approval of the Regulations on the Federal State Statistics Service" of June 30, 2004 No. 399 // CZ of the Russian Federation of September 9, 2004 No. 32, art. 3346.

Decree of the Government of the Russian Federation “On the Federal Customs Service” dated July 26, 2006 No. 459 // СЗ RF dated August 7, 2006 No. 32 Art. 3569.

Decree of the Government of the Russian Federation "On the Ministry of Finance of the Russian Federation" dated July 30, 2004 No. 329 (with subsequent amendments and additions) // CZ RF dated August 2, 2004 No. 31, art. 3258.

Decree of the Government of the Russian Federation "On approval of the regulation on the Federal Tax Service" dated September 30, 2004 No. 506 (with subsequent amendments and additions) // CZ RF dated October 4, 2004 No. 40, art. 3961.

Decree of the Government of the Russian Federation “On approval of the Regulations on the Federal Insurance Supervision Service” dated July 30, 2004 No. 148 // CZ RF dated April 12, 2004 No. 28, art. 2904.

Decree of the Government of the Russian Federation "On approval of the Regulations on the Federal Service for Financial and Budgetary Supervision" dated June 15, 2004 No. 278 // CZ RF dated June 21, 2004 No. 25, art. 2561.

Decree of the Government of the Russian Federation "On approval of the Regulations on the Federal Financial Monitoring Service" of June 23, 2004 No. 307 // CZ of the Russian Federation of June 28, 2004 No. 26, art. 2676; Federal Law “On Counteracting the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism” dated August 7, 2001 No. 115/FZ; Order of the Ministry of Finance of Russia dated December 26, 2006 “On approval of the Regulations on the procedure for the Federal Financial Monitoring Service to exercise control over the execution by organizations engaged in transactions with funds or other property in the field of activity of which there are no supervisory authorities, of the Federal Law “On Counteracting Legalization ( laundering) proceeds from crime and the financing of terrorism” dated August 7, 2001, No. 115/FZ, No. 183n.

Decree of the Government of the Russian Federation “On the Federal Treasury” dated December 1, 2004 No. 703 (with subsequent amendments and additions) // CZ RF dated December 6, 2004 No. 49, art. 4908.

Decree of the Government of the Russian Federation "Regulations on the Ministry of Economic Development and Trade of the Russian Federation" of August 27, 2004 No. 443 (with subsequent amendments and additions) // CZ of the Russian Federation of September 6, 2004 No. 36, art. 3670.

Decree of the Government of the Russian Federation "On approval of the Regulations on the Federal Agency for State Reserves" dated July 23, 2004 No. 373 (with subsequent amendments and additions) // CZ RF dated August 2, 2004 No. 31, art. 3263.

Decree of the Government of the Russian Federation “On approval of the Regulations on the Federal Agency for the Cadastre of Real Estate Objects” of August 19, 2004 No. 418 // CZ of the Russian Federation of August 23, 2004 No. 34, art. 3554.

Decree of the Government of the Russian Federation “On the Federal Agency for the Management of Federal Property” of November 27, 2004 No. 691 // CZ of the Russian Federation of December 6, 2004 No. 49, Art. 4897.

Decree of the Government of the Russian Federation "On the Federal Agency for the Management of Special Economic Zones" dated August 19, 2005 No. 530 (with subsequent amendments and additions) // CZ RF dated August 29, 2005 No. 35, art. 3611.

Decree of the Government of the Russian Federation “On the Russian Federal Property Fund” of December 25, 2002 No. 925 (with subsequent amendments and additions) // CZ of the Russian Federation of December 30, 2002 No. 52. Part II, Art. 5229.

Federal Law “On State Forecasting and Programs for the Socio-Economic Development of the Russian Federation” dated July 20, 1995 No. 115-FZ // СЗ RF dated July 24, 1995 No. 30, art. 2871.

Decree of the Governor of the Leningrad Region "On the procedure for the work of sectoral executive authorities of the Leningrad Region on the analysis and forecasting of the socio-economic development of the territory" dated April 8, 2003 No. 56-pg. (The text of the resolution has not been officially published).

End of free trial.

VORONEZH STATE TECHNICAL UNIVERSITY

Department of Statistics and Finance

LECTURE NOTES

on the course "Money circulation, credit and finance"

Completed: students of group MP-021

Obukhov N.,

Officers B.,

Sapunov N.

Led by: Doctor of Economics

Borovikova V.I.

Voronezh 2004.

Money and money circulation.

1. Origin and functions of money, essence of money
2. Turning money into capital
3. Types of money, main stages of money circulation
4. Money flows, circulation of money
5. Money circulation, laws and patterns
6. Basic concepts of the theory of money

Money is a special commodity, a universal equivalent that has the ability to be exchanged for any commodity. Money arose naturally as a result of commodity exchange and the development of the market. Money arose as a result of the development of the value of goods: absolute - do not change, relative - relative to what they express. xA = uV

At first there was a simple, random exchange: a surplus of one commodity for a surplus of another. A primitive equivalent of commodity B is born. An expanded value formula:

хА = (уВ, zC, dD;

Functions of money (the content of money is revealed through functions):

1. Money as a measure of value (value). The scale of prices is a monetary transaction, which is assigned its own unit (the weight of gold). But value is the cost of socially necessary labor, and value is the ability and measure of satisfaction. Money performs this function with the help of a price scale, but a weight unit (for example, gold) must be fixed.
2. Money as a medium of exchange. Money is an intermediary for overcoming contradictions between the buyer and the seller, i.e. help to find a person who needs this product. Money helps to overcome barter endlessly, there is freedom of choice. In this function, the money is exposed fleetingly. The primary substitute for money is a bill of exchange (an obligation to pay).
3. Money as a store of value. With long-term accumulation, money turns into dead capital (dies), but as soon as it enters circulation, it revives. Capital - money that is in constant work (turnover), investments, speculation, etc. Capitalist accumulation requires real economic life, permanent income and profit.
4. Money as a means of payment. Realization of credit relations. Banks, accounting chambers, etc. appear from this function. Payment rejects completely real money, and uses bills, credit cards, etc.
5. World money. To make payments between states. Each national monetary unit is converted into a currency. At present, world money is becoming obsolete. The history of world money is the history of the transformation of money into its substitutes. No feature requires replacing money with gold. Now it is credit money.

Theories of money: metallic, nominalistic and quantitative.

Theory of metalism: money is a metal (gold or silver). 15th - 17th century - the era of the initial capital. Representatives: Stofort, Moncretier, Mann.

Mercantilism: the main wealth is the accumulation of money.

The metal theory is closely related to mercantilism, since money is made from gold, and gold is hoarded. These theorists mistakenly believed that gold and silver were real wealth, and that there was no substitute for gold with paper money. 15th-16th, 19th, 20th centuries - manifestations of the theory of metalism. This theory played a heavy role in the life of Germany: Knies considered only gold to be money, justified the inflationary issuance of money under fascism. Metalism in the First world war preached a return to gold circulation. After the Second World War, the French economists Guef, Debre, Horold (USA) made an attempt to justify the Debrut system through a return to gold (failure, because the credit system already existed).

Theory of nominalism. 17-18 centuries. The whole world is flooded with money substitutes (Berkeley, Stuart).

1. The value of money is determined by face value, there is no intrinsic value, money is the scale of prices, the creativity of the state
2. Money is created by the government
3. The essence of money comes down to the scale of prices (this is true money)

These positions are erroneous (criticism of Marx)

All nominalists proceed from Knap's theory of "State Theory of Money" (a classic of nominalism).

1. Money is a product of the state
2. Money is hortal
3. Main function: money as a means of payment

The essence of money is state creativity.

The main mistakes of Knap:

1. Money is not a legal, but an economic category
2. Money has an independent value, which depends on the value of the metal
3. Paper money has a value that depends on the goods
4. Primary function: counting money

Knap was developed in the theory of Keynes, in the 30th year - Treatise on money. Keynes applied Knap's theory.

Modern theories have a nominalistic content

Quantity Theory of Money. The mass of money must be managed - there are no crises, imbalances, etc. If the state manages the amount of money, then it will bypass crises.

Two versions of the theory:

1. Transactional - money in transactions
2. Cambridge - a lot of money saved by the population

The first option is presented by Fischer:

M is the amount of money

V is the velocity of money

P - weighted average price

Q - the average volume of products and services sold over a certain period

V, Q - constants, P, M - variables. The quantity of money grows, the price decreases and vice versa.

The amount of money and the price are in a certain functional relationship.

The second option was represented at one time by Marshal, Pegu, Roberson.

k is the savings ratio.

If the public saves and regulates the amount of savings, then it regulates circulation. The Cambridge School does not formally support the quantity theory of money. modern school money is called monetarism. The amount of money is the main instrument for regulating circulation. Monetarism (Chicago School) modern is a kind of quantity theory of money.

Friedman's theory. The essence of monetarism:

1. The amount of money determines the price level
2. The conjuncture of the economy is determined by the mass of money or the change in the mass of money
3. The market should manage the mass of money through prices, without the participation of the state
4. Area of ​​currency relations

Differential approach to monetary theory. It divides the money supply into 3 parts:

1. Transactional - necessary needs; quantity required for circulation
2. Speculative - purchase and circulation of securities
3. Savings - the population keeps money in the bank

Keynes is right in his division of the money supply according to the mechanism of regulation; this implies the possibility of regulating the entire money supply. His mistake is that the money supply is regulated in isolation from the real economy.

Keynesians	Monetarists
The market economy is inherently unstable	The market economy (capitalism) is internally stable.
Most of the problems of economic regulation are connected with the non-regulation of the demand for money.	Most of the problems of economic regulation are associated with the inability to regulate supply e.
The main goal of the state's economic policy is to create full employment.	The main goal of the economic policy of the state is to regulate prices. The state creates money for self-regulation of prices.
General employment is achieved by universal regulation of demand.	It is impossible to regulate demand with the help of the state. It self-destructs him.
D. Demand is the development of needs and investments of the development of economic growth.	Business cycles depend on the regulation of the money supply. It is necessary to link the gross income (growth - 4-5%) - therefore, the mass can also be increased by 4-5%
The demand for money is bank interest. It needs to be regulated. This means regulating investment, hence regulating the amount of savings and speculative activities.	E. mass per se regulated on a racket basis (money mass - gross growth)
The scheme of state regulation of money circulation: bank interest - investments - economic growth	The state creates the conditions for competitiveness, therefore the money supply is self-regulating
The goals of state regulation of the money supply are mandatory. The main thing is to regulate bank interest.	The main thing is to regulate the money supply.

The structure and system of credit in the bank.

1. Credit content, functions, economic role
4. Special credit institutions
5. Bank profit, its sources, liquidity of banks
6. Historical stages of development of the banking system of Russia

Credit relations are the lever of monetary circulation. With credit, money becomes a commodity. Credit as a mechanism of monetary circulation is the purpose of the question. Credit is the relationship between temporarily free funds and temporary needs for money. Credit serves as a means of bridging this gap between temporarily free funds and temporary needs. Continuity of the production process. There is constantly temporarily free money, but they are still used with a loan (interest on money). Temporary need for temporary money (new lands, seasonality, scientific revolutions). These situations encourage lending. Credit is a condition for the continuity of reproduction, equalization. A loan is a system of economic relations, temporary relations between a lender and a borrower for the use of free funds in p / s.

Credit plays an important economic role:

1. Accelerates the circulation of goods and services
2. Promotes concentration of capital
3. Promotes scientific progress
4. It contributes to the economy both in monetary circulation and in all factors of production.

Principles

1. Urgency
2. recurrence
3. Payment
4. material security

Credit contributes to the growth of economic culture, the proper functioning of the market economy.

Credit performs the following functions:

1. Removes the narrow boundaries of metallic money circulation
2. On the basis of credit, credit institutions arise, therefore. The economy is self-regulating. Credit is intensified.
3. It makes monetary relations cheap, creates money substitutes, and promotes preferential monetary financing.

The task of the economy is to intensively use all forms of credit.

Loan forms:

1. commercial loan relationship between two producers. One sells goods or services to another, they sign a bill. This is a relationship with a limited number of people. This type of credit should develop and be more universal. This is how bank loans came about.
2. Bank loan– more versatile than commercial. Banks are opened not only for commodity producers. The widest clientele are ordinary investors and borrowers. The bank can provide any form of loan (long-term - more than 5 years, medium-term - 2-5 years, short-term - less than 1 year)
3. Inter-farm loan- one company provides a loan to another company, but in the form of securities (shares)
4. consumer credit- a loan for goods sold by installments. Its purpose is to regulate and accelerate the turnover.
5. Mortgage- This is a loan for real estate (we have it underdeveloped). Another name for it is a land loan.
6. State loan- a special form of credit relations between the state, the population and the Central Bank. But the main thing is that the state here is a borrower, issues its own loans, tickets. Any state resorts to loans.
7. International credit- the state here acts either as a borrower, or a guarantor, or a creditor. International credit affects external debt.

The structure of the modern credit system

Creation of a system of institutions, i.e. institutionalization of credit, servicing various forms of credit.

Three links of the system:

1. Commercial banks
2. Credit and financial institutions
3. Central Bank - governs (1) and (2)

The law of banking is the law of balance.

Economic functions of the Central Bank and commercial banks

Central Bank of Russia. Performs specific functions - the exclusive right to issue money, keeps stocks of gold, currency, reserves; regulates money circulation, manages other banks. The issuance of funds by the bank is an asset, the acceptance of funds is a liability.

Central Bank assets: gold, storage of foreign currency, organization of circulation of cash, lending to the Ministry of Finance, long-term and short-term loans for government agencies, purchase and sale of securities, control of interstate settlements.

Liabilities of the Central Bank: authorized capital of the Central Bank, foreign currency accounts, reserve fund, cash in circulation, funds of commercial banks, budget funds, etc.

Balance: Active = Passive. But an asset can contribute to the growth of a liability.

The Central Bank opens accounts for foreign banks and purchases foreign currency.

The Central Bank is a directorate (12 people) headed by a president appointed by the President of the Russian Federation and approved by the parliament.

Functions, role and structure of the Central Bank.

A law was issued on the Central Bank of Russia to obtain the autonomy of the Central Bank, as one of the state institutions. Once a year, the chairman of the Central Bank submits special provisions (the main directions of monetary policy) for approval by the Duma.

Commercial banks are the basis of the credit system. Commercial banks are engaged in financing the real sector of the national economy. Commercial banks are universal in nature: different types of ownership and these are joint-stock enterprises, this is the ability of those organizers who created this bank. Commercial banks accept deposits, carry out a system of accounts and cash settlements for enterprises.

Operations of commercial banks:

1. Active
2. Passive
3. Stock
4. Trust

Passive Operations commercial bank lead to the creation of capital. The fixed assets of a commercial bank are borrowed funds (90%). Bank's own capital: authorized fund (securities, shares and bonds), reserve fund, insurance fund and retained earnings. The purpose of a commercial bank is to make a profit.

Liabilities of a commercial bank.

The main part of borrowed capital deposits(what a commercial bank collects). The bank opens deposits or current settlement accounts. Term deposits - accumulation and capitalization, savings; percentage is higher than current. Savings deposits - a certificate that can be used in other countries. Acceptance accounts - opened by permission or consent.

Assets commercial bank.

1. Credit accounting and loan financing operations of borrowers with many documents
2. Stock transactions - the purchase and sale of securities of one's own or other enterprises. Borrowers are categorized and offered different loans for different time under different conditions.
3. Intermediary operations - collection operations, letters of credit, transfer operations (in the system of banks and enterprises), trade, commission and other operations. Collection - an order from the bank to collect payment from debtors. Letter of credit - a system of payments between the supplier and the buyer, transfer operations at the location of the buyer.
4. Trust (trust) operations - the bank takes on trust the disposal of property.

Commercial bank balance:

1. Account balances of the Central Bank
2. Funds of credit organizations
3. Investments in government bonds and corporate securities

1. Authorized capital
2. Undestributed profits
3. Reserve capital
4. insurance fund
5. Credit provided by the Central Bank.
6. Funds of the population
7. Bank obligations

Special credit institutions (steam banks)

Credit institutions are highly specialized, serving one branch of the economy.

Main credit institutions:

1. Investment banks place shares of various enterprises and various denominations, carry out long-term lending based on the collection of various securities.
2. Savings institutions (mutual savings banks, credit unions and savings and loan banks) - participation of the population in capitalization.
3. Insurance companies- insurance policy income.
4. Pension funds are public or private institutions. Part of the worker's wages is paid in the form of accumulative funds.
5. Investment companies - issue of shares to the primary fund of shares
6. Financial companies- lend to trading organizations that sell goods in installments.

Banking profit and liquidity.

Profit mechanism:

A commercial bank has 70-80 operations per year, the profit is obtained after calculating the gross profit - this is the difference between the loan interest and the deposit. Gross Profit - Payroll Expenses - Maintenance Expenses - Equipment Purchase Expenses, etc. = net profit. The bank pays taxes on it.

bank profit margin.

Profitability of a commercial bank = profit / equity

Bank profit is the total profit of the national economy.

Liquidity is the ability of a commercial bank to meet its obligations between its customers. Absolute liquidity - the bank has cash, a balance for each term, i.e. asset equals liability. Liquidity as a flow - taking into account the dynamics of the balance sheet of a commercial bank (in the present and future) and liquidity as a "reserve" - ​​the satisfaction of obligations. A commercial bank has approximately 13-16 liquidity indicators.

History of the banking system in Russia.

Until 1917, a market economy and a system of commercial banks developed in Russia, Russia was a model for the development of the banking system, it was the most stable credit system. The Bolsheviks, having crushed the monarchy, changed the banking system. By the 1930s, all credit transactions were prohibited by law. 1917-1930 - the creation of a monobanking system, the creation of a state bank that was nationalized (the Bank of the USSR), lending was subordinated to central planning (the plan was fulfilled - there is a loan, no - there is no loan). The unified banking system should be fully monitored and controlled. This system existed until 1978-1990, before Russia's transition to a market economy. Then a two-tier system of banks was created (1995): the Central Bank and commercial banks. Then it was improved and strengthened. August 17, 1998 - the crisis of the banking system.

Financial system, financial policy.

1. Finance as an economic category. Financial system.
3. Taxes. Principles and forms of taxation.
4. Budget deficits and surpluses
5. Ways to improve the budget and tax policy.

Finance as an economic category is the relationship associated with the appropriation of money as funds with their use for their intended purpose and with state control. The difference from a loan is the use of funds as funds. Finance arose from distributive relations, from income (enterprises, individuals). Finances were formed to meet the needs of categories of the population, social needs, non-production categories (children, students, the disabled, etc.), for defense and environmental protection, to expand production and research in new areas. Funds are a limited amount of money used by the government. Funds are used at the direction of the giver. The main feature of funds is that funds are used for a specific purpose. Funds are serviced by special institutions.

Funds differ:

1. directiveness
2. dominance
3. specialty
4. statehood

Finance Functions:

1. Distributions - provide income to institutions and those individuals who do not earn themselves.
2. Control - the target distribution should be controlled
3. stimulating
4. Reproductive - the development of new industries, new technology

Finances are provided by administrative state units.

Financial system:

1) Finances of enterprises, institutions, organizations

i) Commercial business finance

ii) Finance of non-profit institutions and organizations

iii) Finance public associations

2) Finance of insurance companies

i) Social insurance

ii) Personal insurance

iii) Property insurance

iv) Liability insurance

v) Business risk insurance

3) Public finances

i) State budget

ii) Off-budget funds

iii) State loan

4) Household Finance

i) Income from work

ii) Business income

iii) Income from dachas and farms

iv) Permanent benefits and grants

v) Occasional activity

The state budget. Expenditure and income parts of the budget.

The state budget is the balance of revenues and expenditures for national purposes, for public needs. The state budget is entrusted with the tasks of maintaining the state apparatus, the armed forces and protecting the environment. The state budget is the public financial plan of the state and it is built according to the form of the state.

US budget structure:

Federal budget

States of state government

Each level has its own funding.

Structure of the US federal budget:

1. Help for the elderly and unemployed
2. National Defense 27-28%
3. Interest on public debt 11%
4. Health and education 7%
5. Agriculture, environmental protection 3%
6. Trade, housing, transport 4%
7. Other 4%

1. personal income tax
2. payroll tax
3. Excises 4%
4. Customs duties 2%
5. Real estate and gift taxes 1%
6. Other

state budget

1. Education 24%
2. Public Welfare 23%
3. Healthcare 12%
4. Motorways 12%
5. Public safety 7%
6. Other expenses 22%

1. Sales taxes and gross excise duties
2. Personal income tax 31%
3. Corporate income taxes 8%
4. Property taxes 2%
5. Inheritance taxes 1%
6. Visas, licenses 9%
7. Other

Budgets of self-government bodies:

1. Education 43%
2. Health Charity 12%
3. Environment 11%
4. Public Safety 10%
5. Transport 7%
6. Other 17%

1. Property taxes 74%
2. Sales taxes 11%
3. Personal income tax 6%
4. Licenses, visas 6%
5. Other 3%

The structure of the Russian budget

1. Public administration
2. Defense 15%
3. Socio-economic activities
4. Farm financing
5. Foreign economic activity of the state

1. Taxes on income, turnover, income
2. excises

Signs of differences between the federal and local budgets:

Formation of income in the local budget is based on the norms of tax deductions from the income of enterprises. Funds in the local budget are designed to satisfy the local infrastructure.

Market budget:

1. A sharp reduction in financing of the national economy (enterprises)
2. Taxes (for any budget)
3. The principle of federalism (each level of government is provided with its own budget)

Taxes. Principles and forms of taxation

Budget 2004:

Revenues: 2 trillion 74 billion rubles. 17.9% of GDP

Expenses: 2 trillion. 65 million rubles 17.4% of GDP

The budget with a surplus is 83.4 billion rubles

GDP 15.3 trillion. rub.

Repayment of the state debt - 287 billion rubles. 1.9% of GDP

Financial assistance to the regions 810.6 billion rubles. 30.5%

Ensuring the security of the state 311 billion rubles. 11.7%

Defense 15%

Social politics 161 billion rubles 6.1%

Education 118 billion rubles 4.4%

Industry, etc.

Tax system.

A tax is a mandatory payment of individuals and legal entities, which is levied by the state. In the budget, taxes represent government policy.

1. Direct - tax on the object as a percentage or in a direct amount per unit of the object, individual or legal entity: income tax, corporate property tax, advertising tax, land tax, donation tax, parking tax.
2. Indirect - taxes on the price of goods. It is invisible, it is paid by the population, because. the price is taken into account with the tax: VAT, excises, excise taxes on excisable goods.

Excise is an indirect tax. It is set in the price of goods and is charged in a special way or per unit of goods.

Federal tax is a tax that goes to the budget: taxes on personal income, inheritance, from securities transactions, from insurance, from banking activities, etc.

Regional tax - payment for the use of resources: forest tax.

Local taxes - on the property of individuals, construction of facilities, resort tax, land tax, fees for the right to trade.

Taxation is the mechanism of the tax system.

Taxation principles of A. Smith (in any tax system):

1. Equilibrium (same deductions)
2. Easy accessibility and understanding of taxes (for payers)
3. Justice
4. Cheapness (the cost of taxes is greater than the cost of collecting them)

The role of taxation:

1. Mandatory (compulsory)
2. Stability (steady rate)
3. Equilibrium (the burden of the tax should be the same in terms of income)
4. social justice
5. Simplicity of calculations and low cost
6. The taxation system is built according to the rules - this is state policy

Taxation mechanism:

1. Selection of the subject
2. Definition of the object of taxation (property, income, etc.)
3. Determining the source of taxation (income from which tax is paid)
4. Units of taxation (in kind or cash)
5. Determination of the tax rate (proportional, equity, regressive, fixed, progressive)
6. Benefits (varies by location)

Some taxes perform a fiscal function, others - stimulating, prohibitive, etc.

Characteristics of taxes (direct):

1. Corporate income tax

Are paying legal entities

The object is gross profit, but taxable profit is calculated first: profit - expenses - insurance - etc.

Lafer curve

(taxes cannot be 0 and cannot be 100%, as they must be between 0 and 100%, otherwise there will be no taxes). In Russia, the rate is 24%

1. Personal income tax (13%)

Object - income (salary)

Subject - individual

1. Property tax (0.1% of the inventory - the value of the property)
2. Land tax

The subject is the area of ​​land.

Divided into agriculture, industry, citizens. Health care, education, etc. are exempt.

1. Corporate tax (from commercial organizations)

The object is gross profit.

Indirect taxes are taxes on the price of goods.

1. Value Added Tax.

From the part of the cost that is added by the end seller (15%)

Value Added = Final Price - Acquisition Cost

1. excises.

19 goods: tobacco, alcohol, sugar, salt, chocolate, furs, fuel, etc.

1. Customs duties.

Budget process:

Drawing up, consideration, approval, report on the results (up to 3 years) - binding, unity, annuality.

Stage 1 - presentation of the budget message (about the economic situation and the future).

Stage 2 - drawing up a forecast plan (Ministry of Finance, Economy, Trade, CSB, Central Bank).

Stage 3 - consideration and acceptance.

State credit and debt. 1. 2. 3. Features of public credit as financial and credit relations The state often lacks budgetary funds, therefore, there is an additional need for them. These needs are met by a state loan. The state is a borrower. A state loan is a set of economic relations between the state represented by its authorities on the one hand and physical and legal on the other hand. (i.e. population or creditor enterprises) The state must always be ready to become a borrower (example: disasters, etc.) State credit is a symbiosis of finance and credit It has the same principles as credit: repayment, urgency. Financial side - this is the state budget (use of funds) State credit functions 1. Fiscal (as a borrower, it provides additional funds to finance its expenses) 2. Regulatory (regulates money circulation)3. Increasing demand for loans. This leads to an increase in the price of credit4. Loans to local authorities stimulate the development of production and employment5. Coverage of needs Principles of state credit: 1. Necessity (lack of budget) 2. Expediency (use of additional income) 3. Consequences (work for the economy, for the stability of the economy) Debt can be: 1. Capital (accumulated debt from year to year)2. Current Public Debt is tax annihilation (additional withdrawal of unrecorded taxes) Classification of government loans The form of the loan depends on the nature of the loan, the category of the population, and other factors. By the subjects of loan relations: A) central government B) local By location: A) internal (rubles) B) external ($) Depending on market circulation: A ) market government obligations B) non-market By terms: A) short-term (up to 1 year) B) medium-term (1 - 5 years) C) long-term (5 years and more) By security A) mortgages B) unmortgaged By methods: A) voluntary B) Market debt repayments: A) interest-bearing (paid 1,2,4 times a year) B) winning C) interest-free D) no-lose Debt obligations: Depending on the method of determining income: A) fixed income obligations B) floating income obligations Loans can be issued both bonded and non-bonded. Public Loan Management State revenue management is considered in a broad and narrow sense A) In a broad sense: The direction of the financial policy of the state, which should contribute to the strengthening of banks and credit systems B) In a narrow sense: Formation of the direction of the financial policy of the state. Those. public debt management A) management of the entire credit system of financial policy B) management of individual loans The state often uses refinancing - issuing new loans at the expense of old ones Debt efficiency P - debt receipt R - expenditure The state should not borrow more than 25% of existing debt Consolidation2. Regression3. Unification 4. RefusalGovernment credit used to cover the budget deficit, as a rule, is not related to production activities and the debt on it is covered by taxes. Public debt management is becoming a whole science. Such a science includes the need to justify the size of loans, terms of issue, interest rates on the obligations of the treasury of the ways of their placement.Principles of public debt management:1. Optimization2. Consistency 3. control Stocks and bods market 1. 2. Economic fundamentals of the securities market 3. Participants of the securities market 4. Types of securities markets 5. Securities Market Infrastructure 6. Improving the modern stock market of the Russian Federation The role and content of the securities market. 1) The securities market is one of the most important areas of the economy. The securities market is directly related to the financial market of attacks as well as to capital (money that constantly makes a profit). To turn savings into capital, a securities market is needed. For the existence of capital, money and credit are necessary, but also movement, i.e. stocks and bods market. The company must necessarily convert part of its money into securities. This is investment. This is the content of the securities market The securities market is a certain object of financial relations, it is part of the financial market. Financial market 1. money market 2. securities market3. reissuance market4. exchange market A) organized B) outside the exchange Money as capital 1. Sale of money as capital 2. Movement of money from industries to industries3. Redistribution of profits4. Concentration of capital The securities market appeared on the basis of corporatization of production. transformation into securities and distribution to shareholders, which can affect the enterprise. That. money becomes an investment fund AO + investments of the institution = securities market or investment market The basis for issuing securities is the shares of enterprisesCapital shareholding: 1. stage Primary issue of securities and their sale to everyone 2. stage secondary resale of securities here and the organized market (exchanges) of securities acts For a full-fledged securities market1. Enterprises must operate on their own financing 2. Availability of infrastructure for the flow of capital 3. Need a commercial bank and a Central Bank (not subordinated to the government)4. We need systems for servicing the movement of securities.5. Legal field Economic bases of the securities market. Participants in the securities market. Types of securities markets For the securities market there are1. State2. commercial banks 3. Pension funds4. Insurance campaigns5. Mutual funds Types of securities markets: Securities can be divided according to their economic content according to the legal mechanism, and according to profitability, and according to the level of risk. Securities are a monetary document in which: 1. property right2. the ability to sell and buy 3. source of income 4. documents of ownership of capital Securities can hide effective capital Securities can be paper with a certain design and protection or paperless Securities 1. real capital 2. fictitious capital Securities distinguish between: by elements (by subjects issuing them) 1. state, federal, regional, local 2. private, corporate, industrial enterprises, commercial banks3. foreign entities by economic nature 1. Shares2. Bonds3. ChecksActions are co-ownerships, i.e. nominal share. Bond - credit relationship. The shareholder borrows and does not give the right to participate. by income 1. Fixed income2. Floating income Share price = dividend / deposit * 100 Types of RF securities: 1. stock papers 2. payment documents 3. bill of lading4. Warrants An exchange is a special institution where securities are traded.

Infrastructure of the securities market.

The infrastructure of the securities market is a system of institutions that serve the securities markets (exists since the 90s). It is currently in its infancy.

Service establishments:

1. Investment process
2. Formation of the legal field
3. Market movements
4. Investor activities, etc.

Infrastructure includes:

1. Organized trading (exchanges, over-the-counter trading)
2. Securities settlement and accounting system (clearing systems, registrars)
3. Intermediaries (dealers, brokers)
4. Informative-analytical systems (informative agencies, etc.)

Issuers

Registrars - Depositories - Trading systems - settlement and clearing organizations

Professional intermediaries in the securities market

Investors

Securities trading:

1) Exchanges (Moscow Interbank Currency Exchange, market trading system [trade in corporate securities], Moscow Stock Exchange.

2) Unorganized trade.

Exchange operations:

1) Cash (transactions for cash)

2) Urgent (2 weeks or more)

Previously, exchange transactions were called deport (on an increase in the rate) or report (on a decrease in the rate), as well as a rack (mixed form) and arbitrage (operations taking place simultaneously on several exchanges) New names of operations: everything happens on the basis of computers, displays and display screens .

The main areas of activity of exchanges:

1. Accepts and excludes members - stockbrokers
2. Allows and withdraws from trading ts.p. (listing), (delisting)
3. Organization of trade (direct purchase and sale of securities)
4. Implementation of clearing (netting on trading)
5. Control
6. Organization of informing all specialists of stockbrokers
7. Analysis of the state of the stock market in the country

Listing is one of the main operations, this process includes securities. to the quotation (determining the reliability of securities) Delisting is the process of eliminating securities. from the quote. The exchange helps to choose the most profitable investment through the listing, because. it determines the competitiveness of the securities. There is a quotation commission that considers all initial documents. Trading on the exchange takes place with the help of traders who collect applications for securities. Then some papers are grouped into lots, contracts are concluded, and they go through registers. Dealers conduct auctions at their own expense. The register is a list of all information about shares and their producers. These indicators determine the position of the stock in the market.

The register contains the following information:

1. about the issuer
2. about all those who have them.

Depositary - organized storage of securities. Special account. Storage of securities - DEPO account. Manages only those securities that are at their disposal, a qualitative accounting of securities is carried out. Develops the depository system and the quality of accounting. Clearing organizations - determine mutual obligations for a transaction with securities, form special funds for risks. Operates in the spirit of DVP (delivery versus payment) Market makers (brokers and dealers should act in their spirit) - keep a minimum spread (bid price - ask price)

1. Price succession
2. Bringing supply and demand together
3. Makes risk decisions
4. Assistance to all participants in the operation

They provide stability, liquidity and minimum spread. Their activities are strictly regulated. Corresponds to the mechanism of smooth spread reduction. Rating agencies - rating system of securities. All securities are divided by liquidity, by yield, by sale. Regularly rating agencies determine the rating of the securities.

Functions:

1. Analysis of financial indicators of issuers
2. Conjuncture of c.b.
3. Issue of magazines and other literature with information
4. Regulation of the securities market state
5. The state regulates stock exchanges in 3 directions:
6. Creates legal norms for the securities market.
7. The state sells and buys securities through the Central Bank
8. The state exerts influence through budgetary policy

As well as licenses

The state creates the organization FCSM. Manipulation of prices and information is prohibited; they have a negative effect on the securities market.

There is a system of supervision, control in the securities market, as well as a system of special regulation of the SRO market - self-regulatory organizations (directly control the securities market)

Problems of improving stock markets.

1. The stock market of the Russian Federation begins to become. The problem of the monocentric system of the exchange of the Russian Federation.
2. The problem of centralism of control (remove the variety of different systems of control)
3. The institutional paperwork system has not been completed
4. The legal interactions m / y with the Central Bank, the Ministry of Finance, etc. are unclear.
5. Development of the MSW and OFZ market

Inflation and anti-inflationary policy.

2. Types of inflation
4. Features of inflation in the Russian Federation
5. The main directions of anti-inflationary policy.

The concept of inflation, causes and meters

Inflation (Italian “bloating”) is the depreciation of money, as a result of overflowing the issue of money. This is a very complex phenomenon, so it cannot be reduced only to money. Therefore, inflation is a general increase in prices.

The reason and institutions are different for anti-inflationary policy, inflation cannot be eliminated, it can be regulated.

The reasons:

Internal:

1. Monopolistic nature of the economy

2. Disproportions in the economy

3. Government mistakes in pricing. Russia has been in suppressed inflation for a long time

4. Control over inflationary processes

1. Prices for imported goods and components

2. The jump of foreign loans (currencies)

3. Dollarization of the economy.

Types of inflation

1. Suppressed inflation (characteristic: shortage of goods)

2. Open inflation (exists in market conditions and does not destroy it, but regulates it until a certain time)

3. Hidden inflation (low quality products are purchased for the same amount of money, and in smaller quantities)

Inflation is expressed in the scarcity of the economy, in a decrease in the quality of goods and, therefore, less in the level of price increases.

Inflation is measured:

1. the amount of money to the goods

2. intensity

Most often, inflation is measured using indices.

Inflation rate index = the ratio of the price of the current period to the price of the base period.

Lastars index = history of price changes (reference to the past). The intensity of inflation is a comparison of periods with each other (this is a coefficient that indicates the intensity of changes in the inflationary process). Inflation intensity is divided into:

1. Normal (5-10% per annum)
2. Galloping (more than 10% per annum)
3. Hyperinflation (prices change n times, 1000%)
4. Stagflation (price changes are associated with a drop in production)

Socio-economic consequences of inflation

The ratio of nominal (expressed in the amount of money) and real income, tk. inflation undermines nominal incomes and a fall in real incomes.

There is also a coefficient for measuring real incomes to prevent a fall in real incomes. In this regard, compensation for inflation (for example, wages) may be envisaged. The deflator is a measurement of the totality of a product at current prices and a comparison with the totality of products at basic prices.

70 - average inflation rate = after so many years, prices increase (decrease). Types of inflation:

1. Demand inflation
2. cost inflation

Demand-pull inflation is a change in prices as a result of the additional issuance of money, without an increase in production. Cost inflation is an increase in prices due to an increase in prices for raw materials, transport, etc. Inflation affects the standard of living of every person, all segments of the population and all areas of the market. There is private inflation (for a certain type of product), and general inflation, which is dangerous for the economy.

The main indicator of inflation, when a person's income grows more slowly than the price of goods. Effects:

1. Deteriorating living standards (fixed-income population)
2. Monetary savings of the population
3. Prices rise unevenly, therefore, there is a redistribution of income
4. Creditors lose money, debtors win
5. Deterioration of economic activity of the population
6. Decrease in NTP

Features of inflation in Russia

For a long time Russia was in a mobilization economy.

Information processes took place in a planned economy (until the 90s):

1. A planned economy could not rule out disproportionality
2. Underdevelopment of the agricultural sector, disproportionality in the pricing system, disproportion between income and expenditure in the budget, disproportion in credit and financial resources
3. The national economy was dominated by monopolies, the dictatorship of the state (everything was distributed by the ministries of planning), for example, capital investments were distributed over many construction projects
4. Conditions for external country deviations (they were non-order oriented)
5. The backward structure of the economy (a lot was accepted, but with low quality, therefore, low prices hence low income

It was necessary to sell not raw materials, but finished goods. The policy of the state bank played a negative role in stabilizing the economy, since it excluded the credit character of money. Consequently, suppressed inflation (deficits of goods) Transition to a market economy (since 1991) Ideas of monetarism - the entire economy should be regulated through the money supply, therefore Gaidar released prices, hence the shock therapy, and consequently the decline in production, Consequently, the economy turned out to be disastrous condition. In Russia, on the one hand, monopolistic farms were formed, and on the other hand, the absence of a credit system. All this led to the destruction of the entire financial system, since it was necessary to make changes not with a shock method, but gradually, the collapse of the USSR affected the common economic space, and other republics merged their money, a parallel monetary circulation of the ruble and the dollar appears. This contributed to the intensification of inflationary processes and led to crisis inflation. Price liberalism and a tightening credit system caused the economy to collapse.

1. Inflation in Russia is a price phenomenon (The depreciation of money occurs as a result of monopoly price gouging)
2. money supply could not keep pace with the growing effective demand.
3. The state refused to regulate economic and social processes. (It led to the loss of price control, etc.)
4. Regulation of the money supply according to the principle of monetarism could not be positive in the conditions of monopolization, so prices rose 30 times, and the money supply grew 6-7 times.

The transition to a market economy requires a banking system with CB

Hyperinflation turned into stagflation

This inflation was not of a monitoring nature, but now the directions of anti-inflationary policy have become clear.

Directions of anti-inflationary policy.

All countries in the world have experienced inflation, but in different forms. It is necessary not to exterminate, to suppress inflation, but to learn how to manage it.

Anti-inflationary policy is divided into:

Strategic activities

1. Gradual conversion of suppressed inflation into open inflation (the ability to eliminate the shortage of goods)
2. The mechanism of inflation is rooted in the market economy itself, so it is impossible to eradicate it, therefore, a management process is needed.
3. The strategy is aimed at suppressing inflation, expectations
4. Government policy should include reductions in the budget deficit
5. Regulation of monetary circulation (state loans and loans)
6. The correct relationship between cash and non-cash money circulation.
7. The interest of the farms themselves in the fight against inflation

Tactics

1. Tactics is a short term method
2. Increasing the marketability of the national economy (production on demand, preferential taxation, the service market, exclusion of naturalization)
3. Privatization of state property, which should bring additional income to the budget
4. Excessive inventory must not be allowed for p / p
5. Banks must regulate interest very flexibly. Credit should not rise in price.
6. Possibility of monetary reforms.

currency system

2. The concept of currency and monetary system. Historical stages of development of the monetary system:

a) the gold standard

b) Breton-Woods system,

c) Jamaican system

1. Exchange rates and their regulation
2. Features of the Russian currency system
3. Currency market
4. Balance of payments and external debt management

The world economy is the basis of the monetary system

Money serves the connections of the world economy (World money)

Money in the international arena takes the form of a currency, has its own mechanism of functioning.

The monetary system, which is based on the world economy, is - component world economy.

The world economy is a set of economies, states, in the relationship between economic relations. Its peculiarity lies in the fact that individual economies are located within certain boundaries of the state.

Each country has its own level of economic development and its own policy.

1. highly developed,
2. Medium
3. underdeveloped
4. developing

Components of the world economy:

1. World market (trade)
2. International industry and agriculture
3. Service production
4. Production of consumer goods
5. The totality of the transport system
6. Human resources

Stages of development of the world economy:

1. The collapse of the Roman Empire (formed world trade)
2. Great geographical discoveries 15-16 century. International division of labor.
3. The end of the 19th century, the beginning of the 20th. The industrial revolution, therefore, the monopolistic stage of development, therefore, the world market begins to take shape.
4. 10-30 years of the 20th century, the great socialist revolution, therefore - capitalism and socialism
5. Mid 20th century. After the Second World War - division into two poles.
6. The sixties - the collapse of the colonial system and the emergence of countries that establish a new order of trade.
7. Mid-70s, competition between highly developed countries - USA, Europe, Asia.
8. The 90s were a new stage in the development of the international economy, as the USSR collapsed.
9. The beginning of the 21st century - post-industrial development - computer science and automation.
10. modern time- stage of globalistics (solution of global problems).

The modern world economy is constantly developing with certain features. Features of economic relations of states (World market, Export and import, foreign trade is limited). External (world) trade free trade is needed only for highly developed countries, it is accompanied by tariffs, etc. Quotas are the direct influence of the state on the volume of exports and imports of goods. Tariffs have many functions:

1. fiscal
2. Protective
3. forbidden
4. Reward tool

Understanding foreign trade

1. Mercantilism - the more a country imports and exports gold, the richer the country.
2. The absolute advantages of the country (Adam Smith) in foreign trade - the benefit is received by the state that specializes in the advantages of its country.
3. Comparative advantages are revealed by D. Riccardo - every state that can profitably cooperate with profitable production will be rich.
4. Hackler - Ohlen - their concept is that it is necessary to use the factors of production profitably.
5. The life cycle of a product - initial production, satisfaction in the country, maturity of the product, full maturity, backwardness in the given country, export.
6. Efficiency of scale of production (maximum production and minimum costs per unit of output affect the development of production until the renewal of production).

The concept of currency and monetary system. Historical stages of development of the monetary system

The second form of economic relations is the cooperation of production

The third form is cooperation (covers all areas of the economy)

The fourth form is labor mobility, the free movement of labor.

The fifth form is monetary and financial cooperation. Money is a commodity of a special kind, serving international relations is a currency. This has its own peculiarities in calculations, in the nature of money, and so on. Currency - this is the same money, but acting in the international arena. Currency is money that performs the functions of world money, as a means of payment, circulation and accumulation. The currency reflects the cost of another currency through its exchange rate (the price of one monetary unit in another monetary unit). It is typical for a currency to function on the basis of international mechanisms and various international institutions (UN, etc.). Currency centers: New York, London, Tokyo, Singapore, Milan, Frankfurt am Main.

convertibility property- the ability to exchange for other currencies.

Current and capital payments allow the currency to be freely convertible. And if the currency is freely convertible, then the economy is open.

Export quotas are the ratio of exports to GDP (the share of export products). Import quotas are calculated in the same way).

Import substitution is the ability of a country to replace imports with its products. Every country strives for this. This makes it possible to compete in the global market.

Types of currency:

1. Reserve - (the strongest) - makes it possible for the state to maintain its reserves. (In the Russian Federation it is a dollar).
2. Free - able to circulate among other currencies.
3. Solid - characterized by the stability of the exchange rate, i.e. with a fixed rate. Currently, 35 countries have freely convertible currencies. There may be a dual currency in the country (in the Russian Federation, the dollar and the ruble can serve as a form of payment).

The currency always exists in the system.

The monetary system is a system of relations, institutions for settling exchange rates (otherwise all economies would be open). There is no absolutely open economy and convertible currency, because each state has borders and its own policy. The currency system has gone through a series of stages historical development. There are 4 in total:

1. Parisian Monetary System (1867-1920s).
2. Genoese monetary system (1922-1930s).
3. Breton Woods monetary system (1944-1978).
4. Jamaican monetary system (1978-present).

paris currency system

The Parisian monetary system developed spontaneously, as did the gold-coined system on the basis of international trade. All national units were on the gold standard. The gold standard is the basis of the courses.

Characteristic:

1. Gold content of monetary units.
2. Gold performed the function of world money.
3. Gold was the only means of payment.
4. In circulation were banknotes that could be exchanged for gold.
5. Exchange rates deviated by 1%.
6. Only the English pound was freely exchanged for gold.

Genoese currency system

Genoese currency system - gold standard

1922 - in Genoa, at a conference, they considered: will there be enough gold for settlements?

It is called the motto, because two currencies were established in proportion to gold: the dollar and the pound. They traded for gold. Through them, any currency could be exchanged for gold.

Characteristic:

1. 2 currencies (slogans).
2. Other currencies are exchanged for gold indirectly.
3. Free floating courses.
4. The crisis of 1933 destroyed this system.

The dollar devalued by 41%.

Breton Woods monetary system

Breton Woods currency system 1944 - agreement on a new currency system

Features of this system:

1. Gold has retained world value.
2. 2 reserve currencies - dollar and pound.
3. Only the United States could exchange any currency for gold through the dollar ($35 = 31.3 g of gold, $1 = 0.88571 g of gold).
4. Currency parity in both gold and $.
5. Deviation from gold parity (+,-)1%.
6. International Monetary Fund and Bank for Reconstruction and Development.
7. The balance of payments is regulated by gold.

This system proved to be untenable. Exchange rates did not meet the interests of states.

Jamaican currency system

1976 - Jamaica Accords.

Peculiarities:

1. The official gold standard has been abolished.
2. Gold has lost its function as a currency.
3. Gold parities were banned.
4. The purchase and sale of gold began to take place as a commodity.
5. A settlement currency was introduced - special drawing rights. The monetary system was of a credit nature.
6. Reserve currencies: dollar, yen, franc, mark, pound.
7. Pivot-floating courses.
8. States themselves determined the regime of the exchange rate.
9. Limits of exchange rate fluctuations were not established.
10. Legalized the creation of regional currencies

EMS

The European monetary system is an integral part of the international one. This regional system represents the functions of the currencies of Europe. The base is the euro (formerly the ecu).

We have to compete with the dollar. It has a floating rate of +,- 15%. Regulation of courses is carried out by annual regulation. Implementation of the plan - the transition of all countries to the EURO in stages (from the spring of 1998).

4 rules of the European Monetary System:

1.% of the bank should not be higher.

2. Budget deficit no more than 3% of GDP.

3. The rate of inflation.

4. External debt.

Heb. V.S.: Austria, Belgium, Holland, Italy, Ireland, France, England.

Exchange rates

These are the prices of one currency, expressed in the prices of another country, this is a proportional ratio of currencies.

The need for exchange rates:

1. Proportions of exchange of goods and services.
2. Proportions of the movement of capital of countries.
3. Relations between national economies.
4. Bank valuation.

The basis of the rate - this is the currency parity - is established by law or in the market order (previously it was gold).

Modern parity (after the demonetization of gold)

Currency attributes for setting parity.

1. Purchasing power of currencies.
2. The value of GNP, GDP and national income (characteristics of the national economy).
3. degree of inflation.
4. state of the country's balance of payments.
5. Currency policy.
6. The level of interest rates.
7. Intensity of international payments.
8. Market conditions.
9. The degree of confidence in the currency.
10. subjective factors.

Each currency has its own set of features (parities)

1. There are contractual rates, there are real rates - these are fixed rates.
2. Flexible exchange rates - depend on the supply and demand of the currency or the fluctuating rate (currency corridor).

There is a parity rate and rates based on purchasing power.

parity exchange rate.

VC. =--------------------

1/n - number of product groups

p1, p2 - Comparable prices

d1, d2 - share of this commodity group in GDP.

Features of the currency system in the Russian Federation

1. The basis is the ruble.

2. The ruble is a partially convertible currency (import and export is prohibited).

3. The ruble had 4 courses: official, commercial, exchange and special.

1996 - the law on "Currency regulation and currency control" - the main law on the currency of Russia.

Fundamentals of the monetary system.

1. The law determined the norms of all currency relations. Currency values ​​- securities in foreign currency (checks, bills of exchange, etc.) and foreign currency itself, as well as jewelry and stones.
2. The law defines the status of a monopoly-state.
3. Rights of residents and non-residents.
4. Currency system of the Russian Federation (current and capital currency transactions).

Current 3-180 days

Capital over 180 days

5. Licensing process currency transactions

Currency convertibility.

Internal convertibility - free exchange of the national currency for the currencies of other countries within the country.

Currency market. The concept and types of modern trends.

Free purchase and sale of currency form the foreign exchange market: international, interstate and national.

Subjects:

1. Transnational banks (TNB).
2. Commercial banks (under license).
3. Commercial and industrial and financial companies.
4. Central banks.
5. Exchanges.
6. International and regional organizations.
7. brokerage companies.
8. Private persons.

Everyone has their own goals and they are different.

1. Implementation of international payments.

2. Change in the structure of reserve currencies.

3. Making a profit.

4. Insurance.

5. Monetary policy.

6. Obtaining international loans.

Reasons for the formation of international currency markets:

1. Development of economic ties
2. High concentration of international banking capital
3. Correspondence of relations between banks
4. Credit and solvency of banks in different countries.

national currency markets.

1. Currency Feature
2. Features of buying and selling currency: official markets, semi-official and black market.
3. The system of national currency restrictions.

The world currency market is represented by special institutions: London, New York, Tokyo, Zurich, Luxinburg, Frankfurt am Main, Paris, Hong Kong, Singapore, Panama, the Bahamas, the Maltese Islands and the Cayman Islands.

The international market can be: organized (exchanges) and unorganized.

1. International Monetary Fund (part of the UN). Includes 182 countries. Currency basket (6 currencies).
2. World Bank (4 institutions)

1. international bank for reconstruction and development (1944)

2. International Development Association (1960) - provides loans to developed countries (10 years).

3. International Finance Corporation (1962) Investments in young countries, loans to highly profitable enterprises.

4. Multilateral Investment Guarantee Agency (1988) 107 countries (now more than 120 countries).

1. Private organizations

1. Parisian club (7) and 3 countries: Belgium, Switzerland, the Netherlands. Nowadays there are about 12 of them, incl. and Russia

2. London club

3. Transnational companies and banks.

4. European Bank for Reconstruction and Development. Russia is a full participant (energy, communications, agribusiness, privatization)

5. Special collective organizations._

Balance of payments (BOP) and principles of compilation and management.

The statistical accounting system links all transactions with currency.

Balance (Fr. Scales) - Bukh. Accounting, debit and credit.

The balance of payments is a statistical report for a certain period that shows:

1. Operations with services and income.
2. Change of ownership to currency and gold
3. Unilateral country-to-country debts, transfers, accounting. Registration of debts and their coverage.

PB principles:

1. Coverage of all foreign economic transactions of the country for 1 year, month, quarter.
2. The balance of payments is recorded as a double entry.

Main PB articles:

Group A: Current transactions or current BOP

Export goods

Import goods

Other goods and services

Private transfers

Unilateral government payments

Group B: Capital investments and investments

Direct investments

Portfolio investment

Other long-term investments

National sector

Banking sector

Group C: Short-term capital

National public sector

Banking sector

Group D: Errors and registrations

A, B, C, D – liquidity balance

Group E: compensating articles

Revaluation of gold reserves

Revaluation of the foreign exchange reserve

A, B, C, D, E -

Group F: Emergency funding

A, B, C, D, E, F –

Group G: Liabilities in foreign exchange reserves of foreign governments

A, B, C, D, E, F, G –

Group H: Total reserves measurement

Law "On currency regulation and currency control".

Goal: In 2007, to convert the ruble into a freely convertible currency.

1. When buying and selling currency, no one can require a passport.
2. The import of foreign currency into Russia and abroad of securities is carried out without restrictions.
3. When leaving Russia, all the money that was taken out earlier and recorded in the declaration can be taken out.
4. You can export from Russia without filling out a declaration of 3,000 dollars.
5. In total, you can take 10,000 dollars out of Russia.

Regulation methods: the main task is to stabilize the value of the ruble.

Equilibrium condition .

PB can be (+) and (-). With a (+) balance, inflation is stimulated. With (-) the formation of a deficiency of PB => achieving equilibrium.

Regulatory methods .

1. Direct control.
2. deflation method. The exchange rate of the national currency increases. This is (+) for importers.
3. Exchange rate change. Changes in exports and imports, as well as the movement of capital.
4. Method of changing the discount rate of the Central Bank
5. Differentiation of foreign exchange reserves.

Thus, the state acts in various ways on stability.

Introduction

This discipline studies theoretical issues related to finance, the main trends in their development, the links of the financial system, financial policy, financial management, financial control, budgeting, local finance.

The subject of study is the financial and monetary relations associated with the formation, distribution and use of funds of enterprises, the state and other institutions.

The basis of the course is the knowledge of such a discipline as "Economic theory". In addition, this subject is closely related to such disciplines as "Enterprise Economics", "Statistics", "Banking", "Insurance" and others.

1. Finance. financial policy. Financial system.

1.1. The emergence of finance.

their relationship with the state. Development of commodity-money relations.

Finance appeared simultaneously with the emergence of the state in the stratification of society into classes. In pre-capitalist formations, most of the needs of the state were satisfied by establishing various kinds of in-kind duties and dues. The money economy at that time was developed only in the army. The main expenses of the slave-owning and feudal states were the costs of waging wars, the maintenance of the monk's court, the state apparatus, and the construction of public buildings. The main incomes were receipts from state property, military booty, tribute from conquered peoples, in-kind cash collections and duties, duties and loans. With the disintegration of feudalism and the development of the capitalist mode of production, money incomes and state expenditures began to acquire ever greater importance, while the share of dues in kind and duties fell sharply.

In the early stages of the development of the state, there is no distinction between the resources of the state and the resources of its head, since the monarchs disposed of the country's funds as their own property. With the allocation of the state treasury and its complete separation from the property of the monarch, such concepts arise as public finance, state budget and state credit. Public finances served as a powerful lever for the primitive accumulation of capital that took place in the 16th-18th centuries. Huge wealth flowed from the colonial countries, which at any moment could be used as capital. State loans were widely used for production purposes to create the first capitalist enterprises. The fixed assets of the capitalist states began to be concentrated in the state budget. The 20th century is characterized by a powerful development of productive forces, the formation of monopoly associations, the merging of the state with monopolies, and the expansion of the functions of the state. The state not only ensured the country's defense capability, but also began to participate in the process of production, distribution and use of the social product. Significant changes took place in the structure of public spending after the Second World War. They expressed themselves in the fact that despite the huge increase in the cost of militarization, the proportion of these costs, compared with the end of the 19th century. decreased and significantly increased the share of social spending. Expenditures on state intervention in the economy have received significant development. This was expressed in the fact that capital state investments in the electric power industry, coal, gas and other industries increased. Huge spending necessitated higher taxes. In the 20th century especially increased the importance of direct taxes, the main of which is income tax. Virtually the entire self-employed population is taxed on personal income. The second major direct tax is the Corporate Income Tax. However, despite the increase in taxes, income is still not enough to cover the ever-increasing costs.

The budgets of the capitalist countries in the years after the Second World War are characterized by large chronic deficits. They are covered by government loans, the issuance of which entails an increase in public debt. After the Second World War, the sphere of financial relations expanded dramatically, local finances, extra-budgetary funds, and finances of state enterprises received significant development.

Name: Finance - Lecture notes.

The lecture notes meet the requirements of the State Educational Standard for Higher vocational education. Accessibility and brevity of presentation make it possible to quickly and easily obtain basic knowledge of the subject, prepare and successfully pass the test and exam. The content, functions, socio-economic essence of finance, the monetary system of Russia, the importance of the budget in the development of the economy and the social sphere, the current state of extra-budgetary redistribution of financial resources, as well as the finances of business entities, and much more are considered.

For students of economic universities and colleges, as well as those who independently study this subject.

1. The emergence of finance
Finance appeared simultaneously with the emergence of the state when society was stratified into classes. With the disintegration of feudalism and the development in its depths of the capitalist mode of production, monetary incomes and expenditures of the state began to acquire ever greater significance.
In the early stages of the development of the state, there was no distinction between the resources of the state and the resources of its head.
With the allocation of the state treasury and its complete separation from the property of the monarch (XVI-XVII centuries), the concepts of state finance, state budget, and state credit arise.
Public finances served as a powerful lever for primitive capital accumulation.
To create the first capitalist enterprises were widely used government loans and taxes. An important role in the creation of initial capital belonged to the system of protectionism, which allowed the first capitalists to set high prices for manufactured industrial products, to receive high profits, which were largely directed to expanding production.

CONTENT
LECTURE #1 Essence and functions of finance 3
1. Emergence of finance 3
2. The essence of finance 5
3. Functions of finance 6
4. The relationship of finance with other categories 7
5. Financial management 9
6. Financial policy 10
LECTURE #2 Financial system 12
1. General characteristics of the financial system 12
2. Financial support 13
3. Financial mechanism 15
LECTURE #3 Financial management and financial control 19
1. The essence of the concept of "financial management" 19
2. Financial authorities 21
3. Financial planning 22
4. Financial and audit control 23
LECTURE No. 4. Socio-economic essence of finance. Essence, functions and types of money 28
1. The concept of "finance", their economic essence 28
2. Money: its necessity and origin 29
3. Functions of money and the role of money in the process of reproduction 30
4. Forms and types of money 33
LECTURE No. 5. Money turnover. Russian monetary system 35
1. Money turnover, principles of its organization and structure 35
2. General characteristics of the monetary system 37
3. Law of monetary circulation 38
4. Monetary incomes and expenses of the population 39
5. Inflation, its essence and types 40
LECTURE No. 6. State budget and budget system of the Russian Federation 43
1. Socio-economic essence of the state budget 43
2. Classification of state budget revenues 45
3. State budget expenditures, their types 46
4. Budget deficit 47
LECTURE No. 7. Extrabudgetary funds 49
LECTURE 8 State loan 53
1. Socio-economic essence of the state loan 53
2. Public debt, content and main forms 54
3. Public credit management 56
LECTURE No. 9. Leasing 59
1. Leasing as a special form of rental relations 59
2. Leasing - effective form sales of finished products 66
LECTURE No. 10. Enterprise Finance 71
1. Functions and essence of enterprise finance 71
2. The principle of organizing the finances of an enterprise 73
LECTURE No. 11. Evaluation of the effectiveness of entrepreneurial activity 75
1. Assessment tasks and performance indicators of entrepreneurial activity 75
2. Assessment of solvency, financial stability and investment attractiveness of agricultural enterprises 78
LECTURE No. 12. Movement of financial resources 83
1. Management of the movement of financial resources and capital of the enterprise 83
2. Financial transactions 84
LECTURE No. 13. Insurance 91
1. Economic content of insurance 91
2. Classification of insurance 94
3. Insurance market and its structure 98
LECTURE No. 14. Financial control 106
1. Financial control - forms and methods of implementation 106
2. State financial control in the Russian Federation 113
3. Non-state financial control 122
LECTURE No. 15. Property and personal insurance. Liability Insurance
1. Property insurance 127
2. Personal insurance 130
3. Liability insurance 133
LECTURE No. 16. The activities of insurance organizations in the transition to a market economy at 137
1. Insurance market 137
2. Economic bases of insurance business 143
3. Organization of insurance 151

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ANNOTATION

The manual covers the following sections: money, monetary circulation, monetary system; finance, financial system; credit and credit system.
A short course of lectures is intended for students of correspondence and part-time departments on the course "Finance and credit" in the specialties: 06.08.00 "Economics and management at the enterprise", 06.11.00 "Management of the organization"; 35.13.00 "Commerce"; 06.15.00 "Marketing"; 07.19.60 "Applied Informatics"; 35.10.00 "Anti-crisis management"; 06.17.00 "Statistics"; 060700 "National Economy", etc.

Tutorial is the electronic version of the book:
Bokova I.V., Dyadichko S.P., Krymova I.P., Musina L.A., Reznik I.A. Finance and credit: A short course of lectures. - Orenburg: GOU OGU, 2004 - 185 p.

Introduction

1 Money, monetary circulation, monetary system
1.1 Essence, functions and types of money
1.1.1 Characteristics of money as an economic category
1.1.2 The need for money
1.1.3 Functions of money
1.1.4 Types of money, their evolution
1.1.5 The role of money in a market economy
1.2 Money circulation, money circulation
1.2.1 Characteristics of money circulation and money circulation
1.2.2 Non-cash money circulation, its types
1.2.3 Issuance of non-cash money
1.2.4 Issuance of cash
1.2.5 Money supply, its structure
1.2.6 Laws of money circulation
1.3 Inflation
1.3.1 The essence and causes of inflation
1.3.2 Factors of inflation
1.3.3 Types and types of inflation
1.3.4 Consequences of inflation and inflation control methods
1.4 Monetary system
1.4.1 Concept, essence and elements of the monetary system
1.4.2 Types of monetary systems
1.4.3 Monetary reforms
1.4.4 Russian monetary system
1.5 Fundamentals of international currency and settlement relations
1.5.1 Currency relations and currency systems
1.5.2 Balance of payments, methods of its balancing
1.5.3 Exchange rate, factors determining it
1.5.4 International payments

2 Finance, financial system
2.1 Finance and financial system
2.1.1 Socio-economic essence of finance
2.1.2 Financial resources
2.1.3 Finance function
2.1.4 Financial system: its elements and their relationship
2.2 Financial management, financial policy and financial control
2.2.1 Concept and types of financial policy
2.2.2 Financial management
2.2.3 Financial authorities and their functions
2.2.4 Financial control
2.2.5 Financial planning and forecasting
2.3 Finance of commercial organizations and enterprises
2.3.1 Essence and functions of enterprise finance
2.3.2 Principles of organization of enterprise finance
2.3.3 Costs of the enterprise for the production of products and revenue from its sale
2.3.4 Profit and profitability as performance indicators of the enterprise
2.3.5 Production funds
2.4 Budget and budget system
2.4.1 Socio-economic nature and role of the state budget
2.4.2 Composition and structure of federal budget expenditures
2.4.3 Composition and structure of federal budget revenues
2.4.4 Budget deficit and methods of its financing
2.4.5 Budget device and budget system
2.5 Territorial finances
2.5.1 The essence and role of territorial finance in the economic and social development of administrative-territorial entities.
2.5.2 Composition of territorial financial resources
2.5.3 Territorial budgets are the main financial base of territorial authorities
2.5.4 Financial resources of enterprises directed to the development of territories
2.5.5 Municipal non-budgetary funds
2.6 Off-budget special funds
2.6.1 Socio-economic nature and role of extrabudgetary
2.6.2 Types of extra-budgetary funds for their intended purpose
2.6.3 State non-budgetary funds in the Russian Federation
2.6.4 Unified social tax (contribution) credited to state off-budget funds
2.7 Social Security
2.7.1 Economic bases and principles of social security
2.7.2 State pensions
2.7.3 Social benefits
2.8 Insurance
2.8.1 Insurance history
2.8.2 Basic concepts and economic essence of insurance
2.8.3 Classification of insurance
2.8.4 The role and place of insurance markets in the economy

3 Credit and credit system
3.1 Necessity and nature of credit
3.1.1 Need for credit
3.1.2 Credit functions
3.1.3 Laws and limits of credit
3.1.4 The role of credit in a market economy
3.1.5 Loan capital market
3.1.6 Loan interest
3.2 Forms and types of credit
3.2.1 The concept of the form and type of loan and their classification
3.2.2 Usury loan
3.2.3 Commercial credit
3.2.4 Bank loan
3.2.5 State loan
3.2.6 Consumer credit
3.2.7 International credit
3.3 Securities market
3.3.1 The securities market, its structure
3.3.2 Participants in the securities market
3.3.3 Types of securities
3.3.4 Primary RZB
3.3.5 Stock exchanges
3.3.6 Over-the-counter turnover of the securities market
3.4 Banking system
3.4.1 The history of the origin of banks
3.4.2 The structure of the modern banking system of the Russian Federation
3.4.3 Central Bank, its functions
3.4.4 KB, its functions
3.4.5 Specialized financial institutions
3.5 Central Bank of the Russian Federation
3.5.1 Emergence and development of central banks
3.5.2 The role of central banks in a market economy
3.5.3 Organization of the activities of the Central Bank of the Russian Federation
3.5.4 BR as the founder and conductor of the PrEP
3.6 Commercial banks
3.6.1 Origin and nature of commercial banks
3.6.2 Purpose and principles of commercial banks
3.6.3 The role of CB in a market economy

List of sources used

Introduction

When organizing the educational process in higher education, it is necessary to take into account its features: in higher education, not the basics of sciences are studied, but science itself in development, this is facilitated by the convergence independent work students and research work of teachers. One of the main places in this process belongs to the lecture. A university lecture is the main link in the learning cycle. Its purpose is to form an indicative basis for the subsequent assimilation by students educational material. This course of lectures is no exception in this sense.
Lectures "Finance and credit" are designed to help students of economic specialties in the study of the disciplines "Finance and credit" and "Finance, monetary circulation, credit." The structure of the course itself, in which three main sections are distinguished, contributes to the most complete perception of the educational material:
- money, monetary circulation, monetary system;
- finance, financial system;
- credit and credit system.
Each section gives a more complete description of one of the economic categories: money, finance and credit. The consideration of each category includes: the historical aspects of the origin, the development process and the peculiarity of functioning at the present stage, the essential characteristics and functions performed, and, of course, the degree of application in the economy.
Each section is divided into topics, and they are divided into questions. After presenting each topic, students are offered test questions so that they can test themselves and uncover those main points on each topic that are most significant. In addition to questions after each topic, students are offered recommendations that make it possible to focus students' attention on the most important blocks in each of the topics.
This course "Finance and Credit" will be useful for students of economic specialties and all those interested in economic issues.

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