The main elements of the financial system of the organization. Elements of the financial system of the Russian Federation
The aggregate financial relations subdivided into various groups depending on the specifics of these relations. The implementation of these financial relations is carried out through the links financial system... In the economic literature, various approaches to the definition of the concept of "financial system" are considered. Before starting to consider the concept of "financial system" should define the very concept of "system". According to most authors, system Is a whole, consisting of a set of units, interconnected and interdependent. A system is "some kind of integrity, consisting of interdependent parts, each of which contributes to the characteristics of the whole."
In our opinion, the system can be considered not only as a whole (integrity), but also as a part of the whole, if this system belongs to more large system... As a whole, the system is characterized by autonomy, independence and cohesion of its links and elements that make up the links. All elements within a link and all links within the system are interconnected and interdependent.
There are several types of systems. The financial system is open system, as it interacts with external environment(closed systems have fixed boundaries and are relatively independent of the environment). Moreover, the financial system is a system integration type, that is, a system, the relationships between the elements of which are rather close (they also distinguish summative systems with weak connections between the elements).
The financial system is an integrity, consisting of several units (links). In the educational and scientific financial literature, different definitions of the financial system are given. Basically, the financial system is considered from two positions: as a set of certain areas and links of financial relations and as a set financial institutions countries. For example, in the textbook "Finance, Monetary Circulation and Credit" edited by V.K. Senchagov and A.I. Arkhipov said: "The financial system is a set of different spheres or links of financial relations, each of which is characterized by peculiarities in the formation and use of funds of funds, a different role in social reproduction." According to V.M. Rodionova's financial system is formed by interconnected spheres and links of financial relations. IN study guide A. Balabanov and I. Balabanov considered the concept of the financial system of the state as a set of monetary relations functioning in the state. In addition, the latter believe that the financial system can be considered as a set of financial (financial and credit) institutions of the country. This point of view is also supported by P.I. Vakhrin, A.S. Neshitoi and others. The well-known American economist J. K. Van Horn also believes that "The financial system consists of a number of institutions and markets that provide their services to firms, citizens, and governments." Some authors consider the financial system as a form of organization of monetary relations between all subjects of the reproduction process for the distribution and redistribution of the aggregate social product.
In our opinion, the first approach is more legitimate. Finance is viewed as a system of certain economic relations, which have specific characteristics that make it possible to consider these relations as financial. However, the presence of common characteristics inherent in all financial relations does not exclude the existence of differences between groups of financial relations. It is these differences that determine the existence of several spheres of financial relations, realized through the links of the financial system in their interconnection and interdependence.
The financial system is a set of links and elements of financial relations, through which the distribution of the social product is carried out, the formation of the distribution and use of funds of funds, money income and savings of the state, business entities and the population.
The position of the authors representing the financial system as a set of financial (financial and credit) links seems to be illegal. In this case, financial and credit links are usually understood as central and regional financial and credit bodies: Ministry of Finance Russian Federation, The Federal Treasury, the Central Bank of Russia, etc. These institutions are the governing bodies of the links of the financial and credit systems and they should be considered as subjects of systems management, and not isolated as a separate link.
Discussion questions composition of the financial system
The economic literature discusses not only the definition of the concept of "financial system", but also its composition. Almost all authors include such links as general government finance and business finance... Controversial is the issue of referring to the constituent parts of the financial system of such links as insurance, local finance, finance of the population (households), the stock market. In addition, there is no consensus of opinion about which groups of financial relations can be distinguished as links of the financial system, and which ones can be considered as elements (subsystems).
In our opinion, the links of the financial system should include three links, reflecting the following groups of financial relations: public finance, finance of business entities and local finance, with the allocation of certain elements within them. Public finance should include, first of all, the state budget as well as state extrabudgetary funds and government credit. The link "Finance of business entities" includes the finances of enterprises engaged in commercial activities, as well as the finances of institutions and organizations engaged in non-commercial activities. Local finance includes local budgets, relations associated with the issue, circulation and redemption of securities issued by local governments and other loan relations.
Figure 11 schematically depicts our vision of the structure of the financial system.
However, in the economic literature, other opinions are considered about the links and elements that make up the financial system, the legitimacy of which is questionable.
State budget State off-budget funds State credit (loan) |
Rice. 11. Financial system of Russia
It is hardly possible to agree with the allocation of such a link in the financial system as stock market... In the textbook, ed. Doctor of Economics, prof. N.F. Samsonov said: “The financial system of the Russian Federation includes the following links of financial relations: the state budget, extra-budgetary funds, state credit, insurance funds, the stock market, finances of enterprises of various forms of ownership. All of the above financial relations can be divided into two subsystems, these are national finance and finance of business entities. market, credit market. The financial market is a system of certain financial relations associated with the mediation of the redistribution of temporarily free funds, it contributes to the uninterrupted formation of financial resources and their effective investment. Financial relations implemented in the stock market are reflected in other parts of the financial system. So, for example, the relations associated with the circulation of government securities are part of the relationship implemented through government credit. Relations in the corporate securities market are implemented through the "Finance of business entities" link.
Insurance relations are specific among other groups of financial relations. However, in our opinion, this is not an argument in favor of singling out such a link as “Property and Personal Insurance Funds” as a separate component of the financial system. Insurance funds are created both at the national level and at the level of organizations, along with other funds of funds. Many of these funds are specific and serve to meet specific needs of society or business entities. Nationwide insurance funds are considered at the level of national finance in such an element of the financial system as "off-budget funds", and insurance relations of enterprises, institutions and organizations - in the link "Finance of business entities". If “Property and personal insurance funds” are separated as a separate link in the financial system, then, following this logic, it is necessary to allocate funds corresponding to other branches of insurance, that is, “Liability insurance funds”, “Entrepreneurial risk insurance funds”, “Social insurance ". Insurance companies operating in Russia are engaged in many types of insurance activities and operate on a commercial basis, covering their costs from the income received. They enter into financial relationships with other businesses, organizations and institutions. These relationships are realized through such a link in the financial system as "Finances of business entities".
It is interesting to look at the financial system of prof. P.S. Nikolsky. In his opinion, the financial system consists of three components, of which only one represents some of the links discussed above. The second part includes a set of centralized and decentralized funds of funds inherent in the spheres and links of financial relations. Forms of financial relations and funds of funds form a material object. The third part is the financial apparatus that acts as the governing subject of this material object.
This approach to the composition of the financial system is undoubtedly original, but, in our opinion, it cannot be recognized as legitimate. In the first part of the financial system, prof. Nikolsky P.S. allocates general state finance, first of all, the state budget and the finance of the branches of the national economy. The second part, in his opinion, consists of centralized and decentralized funds of funds. However, one can hardly disagree with the fact that the budget is also a centralized fund of state funds. Therefore, it turns out that it is included in both parts of the financial system. The same can be said for other centralized funds. In addition, centralized and decentralized funds of funds represent the material and material embodiment of finance and it is illegal to separate finance (national and enterprise finance) and funds of funds into separate links of the financial system.
With the approach of P.S. Nikolsky a similar interpretation of the composition of the financial system by N.N. Nazarov and M.I. Kankulova. These authors also distinguish the financial apparatus, financial funds and finance (as a set of relations on the formation and use of budgets, extra-budgetary and insurance funds) as part of the financial system. In addition, they distinguish the fourth link in the financial system - financial policy, including management principles, financial forecasting, financial planning, financial regulation, financial control, financial legislation and financial analysis.
The composition of the financial system as interpreted by different authors is schematically presented in Table 17.
The financial system is a complex socio-economic entity.
Financial system is a complex of institutions, instruments, forms and methods of organizing financial relations, designed for the formation, distribution and use of funds, as well as their management.
The classification feature of financial relations is the role of the subject in social reproduction (public finance, insurance, enterprise finance). The term "financial system" in the economic literature is understood not only as a set of organized and interconnected financial relations, but also a set of financial institutions.
The concept of "system" is widely used in almost all scientific disciplines and has many different definitions and interpretations. As a rule, a system is understood as "a set of interconnected elements that have integrity and are surrounded by the environment." This definition implies the following. basic properties of the system:
· The system is integral and has a border that separates it from the external environment;
· The system consists of several parts - subsystems (separable components) and elements (indivisible components);
· Parts of the system are interconnected with each other.
Among the systems different types and types within the framework of the problem under consideration, systems of the following classes are of greatest interest:
· Open, that is, systems that carry out a two-way exchange of matter, energy and information with the external environment;
Self-governing, that is, systems that independently determine (develop) and implement (execute) the procedure for controlling their behavior;
· Economic - a part of a higher order - a socio-economic system. This is a system of social production, that is, the totality of productive forces and production relations, - a complex, dynamic system that embraces the entire process of social reproduction.
The financial system can be classified as an open, complex, self-governing economic system.
In general, the financial system of Russia consists of three enlarged subsystems:
· Public finance;
· Insurance;
· Finance of business entities (enterprises).
These enlarged subsystems, depending on the specific forms and methods of generating income and monetary funds, in turn, are divided into more specific subsystems (elements, links).
1. Public finance:
· Budgetary system;
· Off-budget funds;
· Government credit.
2. Insurance:
· Personal insurance;
· liability Insurance.
3. Finances of business entities (enterprises):
· Finance of commercial enterprises and organizations;
· Financial intermediaries (credit organizations, private pension funds, insurance organizations and other financial institutions);
· Finance of non-profit organizations.
Public finance |
FINANCIAL SYSTEM OF THE RUSSIAN FEDERATION |
Rice. one. Financial system of the Russian Federation
Each element of the financial system performs its functions, but together they form a single financial system of the country (Fig. 1).
Enterprise finance are the basis of a unified financial system of the country. They ensure the process of creating and distributing the social product and national income and are the main source of the formation of the state budget. The provision of the state budget with financial resources depends on the state of the finances of enterprises.
Public finance cover a part of the monetary relations arising from the distribution and redistribution of the value of GDP, which is accumulated in the prescribed amount in the hands of government bodies to cover the costs necessary for the government to perform its functions. The main link in public finance is the state budget.
Extrabudgetary funds represent the funds of the Government of the Russian Federation and regional authorities associated with the financing of targeted expenditures that are not included in the budget.
A specific link in the financial system is government credit, which reflects the credit relations regarding the mobilization by the state of temporarily free funds of various economic entities to finance public expenditures.
Insurance is often singled out as an independent element of the financial system. Insurance- economic relations on the creation and use of funds to compensate for damage (harm) in the event of various adverse events in the life and activities of economic entities.
The financial system is sometimes referred to as household finance(citizens) that represent monetary relations individuals with other subjects arising in the process of formation and use of monetary income family budget.
Household finances are comprised of the family budget. The income part of the family budget is formed by: wages; income from entrepreneurial activity; from transactions with personal property; from the possession of securities; money savings in the financial and credit sphere; income in the form of benefits and payments from the state, etc.
The monetary expenses of the family budget are subdivided into: taxes, payments, consumption expenses, savings and savings. Family budget expenditures play a very important role for the reproduction and maintenance of family life. A financial portfolio is created at the expense of the family's expenses.
Financial portfolio Is a set of assets that make up the wealth of an individual family.
The family's financial portfolio includes three portfolios:
· Consumer (purchase of durable goods);
· Accumulative (purchase of jewelry, antiques, works of art, etc.);
Investment for the purpose of generating income and increasing capital (deposits and term deposits, securities, foreign currency, life insurance, property insurance, etc.).
Previously, domestic financial science did not recognize the existence of household finance. In the West, household finance has long been viewed as component financial system. In our economic literature, publications on household finance have only appeared in recent years, and economists have begun to consider this finance as an element of the country's overall financial system.
Regional finance is also distinguished in the financial system.
Regional finance Is a system of economic relations through which the national income is distributed and redistributed for the economic and social development of territories.
The role of regional finances is that they provide the territorial authorities and administration with the necessary financial resources. With the help of regional finances, the state is leveling the levels of socio-economic development of territories. For this, regional programs are being developed. Funds for their implementation are formed from budget revenues.
IN modern conditions the financial system plays a key role in ensuring balance and innovative development economy. To solve these problems, a modern, competitive, innovation-oriented financial infrastructure is needed.
In a global financial crisis the Russian financial system (with the active support of the state) has shown its stability. Low stability and security of the national financial system, preservation of conditions for corruption and criminalization of economic and financial relations, as well as illegal migration can become sources of threat national security countries.
An efficient and reliable financial system of society creates the preconditions for sustainable development of the domestic economy. Achieving the reliability and transparency of the financial system involves solving several problems: improving the rules and procedures accounting and audit, regulation and development of the insurance sector, strengthening the financial base for the fulfillment of social obligations of the state based on the accumulation and investment of funds, government regulation industries precious metals and precious stones.
Of these three links, the main one is enterprise finance, because the first two links are formed on their basis.
Public finance consist of two main elements: the state budget and extra-budgetary funds.
The state budget- this is an annual plan of income and expenditure of the state, this is money that allows the state to perform economic and social functions (and in recent times and political).
The state budget consists of the government budget and local budgets (region, city, district, village council). Therefore, the approval of state budgets for the next year is always stormy. Governments are trying to infringe on the rights of regions, and the latter are trying to leave more funds at their disposal.
Extrabudgetary funds represent those funds that are accumulated outside the state budget system and have a strictly targeted purpose: pension fund, social insurance fund, etc.
The budget consists of two parts: revenue and expenditure. In countries with developed market economies, 80–90% of the budget revenues are formed at the expense of taxes from enterprises and the population.
The rest comes from the use of state property, foreign economic activity.
The structure of the expenditure side of the budget includes expenditures for social and cultural needs (health care, education, social benefits, etc.), expenditures for the development of the national economy, for defense, and public administration.
In a socially oriented economy taxation is based on principles obligation to pay, social justice and relationships with the receipt of the good.
Use of financial resources carried out mainly through special funds intended purpose, although a non-fund form of their use is also possible.
Financial funds- an important component of the general system of monetary funds, functioning in the national economy.
Stock form the use of financial resources is objectively predetermined by the needs of expanded reproduction and has some advantages over the non-stock form:
- allows you to more closely link the needs of people with the economic opportunities of society;
- ensures the concentration of resources on the main directions of development of social production;
- makes it possible to more fully link social, collective and personal interests and the more actively to influence production.
Due to its special position, the state budget interacts with other parts of the financial system, providing them with assistance if necessary.
The financial system is a set of various spheres of financial relations, each of which is characterized by peculiarities in the formation of funds of funds, a different role in social reproduction.
The financial system of the Russian Federation includes the following links of financial relations, which can be divided into two subsystems:
1) decentralized finance:
Enterprise finance
2) centralized finance:
· the state budget;
· Off-budget funds;
· Government credit;
· Insurance funds;
· stock market;
The basis of the financial system is the finances of enterprises, since they are directly involved in the process of material production.
National finance plays a leading role in ensuring the pace of development of all sectors of the national economy, in the redistribution of financial resources of the economy. General government finance is related to enterprise finance.
On the one hand, the main source of the state budget is the national income created in the sphere of material production; on the other hand, the process of expanded reproduction is carried out not only at the expense of own funds, but also with the attraction of budgetary allocations and the use of a bank loan.
The interrelation of the constituent links of the financial system is due to the single essence of finance. Through the financial system, the state influences the formation of centralized and decentralized funds, accumulation and consumption funds, using taxes, the state budget and credit.
The state budget- the form of formation and use of a centralized fund of funds to ensure the functions of public authorities.
Extrabudgetary funds- a means of the federal government and local authorities related to the financing of expenses not included in the budget:
o pension fund
o social insurance fund
o fund of compulsory health insurance
Pension Fund is formed from the insurance premiums of employers and working citizens, funds from federal budget and is used to pay pensions.
The social insurance fund is formed at the expense of employers' insurance contributions, funds from the federal budget, voluntary contributions from the population and is used to pay various kinds of benefits.
The compulsory health insurance fund is formed at the expense of deductions from the wage fund and is used to provide citizens with a guaranteed volume of medical services free of charge.
State loan- special shape credit relations between the state and a legal / natural person regarding the mobilization of the state of free funds of the organization and the population.
Lender - legal entity / individual
The borrower is the state.
Insurance funds provide compensation for losses from natural disasters and accidents, as well as contribute to their prevention.
The essence of insurance lies in a system of redistributive relations, including the distribution of damage between insurance participants and compensation from special funds formed at the expense of insurers' contributions.
Stock market- the type of financial relations arising from the sale and purchase of special financial assets, i.e. valuable papers.
The main task is to ensure the process of capital flow in the industry with a high level of profitability.
The stock market serves to mobilize and efficiently use temporarily free funds.
5. System and legal position bodies implementing financial activities states (general characteristics).
There is a system of governing bodies for which the financial activity itself is the main one that determines the content of their competence. This system of financial and credit bodies, specially created to manage finances and exercise control in this area as its integral function. These bodies cover by their influence all links of the financial system - the budget, targeted extra-budgetary funds, credit, insurance, finance of enterprises, organizations, institutions.
Ministry of Finance of the Russian Federation in accordance with the Regulations on the Ministry of Finance of the Russian Federation (approved by the Decree of the Government of the Russian Federation No. 329 dated June 30, 2004), it is a federal executive body responsible for the development of state policy and legal regulation in the field of budgetary, tax, insurance, currency , banking, public debt, etc.
Coordinates and monitors the activities of the Federal Tax Service under his jurisdiction, Federal Service insurance supervision, the Federal Service for Financial and Budgetary Supervision, the Federal Service for financial monitoring and the Federal Treasury, as well as control over the implementation by the Federal Customs Service of regulatory legal acts on the calculation and collection of customs payments, determination of the customs value of goods and Vehicle.
In the system of the Ministry of Finance of the Russian Federation, Federal Service for Financial and Budgetary Supervision, approved by the Decree of the Government of the Russian Federation of June 15, 2004 No. 278. The Federal Service for Financial and Budgetary Supervision is a federal executive body that carries out the functions of control and supervision in the financial and budgetary sphere, as well as the functions of a body currency control... The Federal Service for Financial and Budgetary Supervision is under the jurisdiction of the Ministry of Finance of the Russian Federation.
Federal Treasury
central bank RF (Bank of Russia). The Central Bank of the Russian Federation (Bank of Russia) occupies a special position among the federal bodies engaged in financial activities, which operates in accordance with the Federal Law of July 10, 2002 No. 86-FZ "On The central bank RF (Bank of Russia) ". The Central Bank of the Russian Federation (Bank of Russia) performs the functions of a body government controlled endowed with imperious powers. The Bank of Russia, on issues within its competence, has the right to publish regulations mandatory for federal government bodies, government bodies of the constituent entities of the Russian Federation and bodies local government, all legal entities and individuals.
6. Main functions and powers of the Ministry of Finance of the Russian Federation.
Ministry of Finance of the Russian Federation in accordance with the regulations on the Ministry of Finance of the Russian Federation, is a federal executive body exercising functions to develop public policy and regulatory regulation in the field of budget, tax, insurance, currency, banking, public debt, audit activity, accounting and accounting statements, production, processing and circulation of precious metals and precious stones, customs payments, determination of the customs value of goods and vehicles, investment of funds to finance the funded part of the labor pension, organization and conduct of lotteries, production and circulation of protected printing products, financial security public service, anti-money laundering and terrorist financing.
Ministry of Finance of the Russian Federation coordinates and controls activities under its jurisdiction of the Federal Tax Service, the Federal Service for Insurance Supervision, the Federal Service for Financial and Budgetary Supervision, the Federal Service for Financial Monitoring and the Federal Treasury, as well as control over the execution by the Federal Customs Service of regulatory legal acts on the calculation and collection of customs payments, determination of customs value goods and vehicles.
Ministry of Finance of the Russian Federation guided by in its activities The Constitution Russian Federation, federal constitutional laws, federal laws, acts of the President of the Russian Federation and the Government of the Russian Federation, international treaties of the Russian Federation, as well as the Regulations on the Ministry of Finance of the Russian Federation.
Powers of the Ministry of Finance
The Ministry of Finance of the Russian Federation exercises the following powers:
1. contributes to the Government of the Russian Federation projects federal laws , regulatory legal acts of the President of the Russian Federation and the Government of the Russian Federation and other documents requiring a decision of the Government of the Russian Federation on issues related to the established sphere of competence of the Ministry and to the areas of competence of the federal services subordinate to it, as well as a draft work plan and forecast performance indicators Ministries;
2.on the basis and pursuant to the Constitution of the Russian Federation, federal constitutional laws, federal laws, acts of the President of the Russian Federation and the Government of the Russian Federation the ministry adopts the following regulatory legal acts:
§ the procedure for maintaining the consolidated budget list of the federal budget;
§ order of application budget classification Russian Federation;
§ form tax returns, calculations for taxes and the procedure for filling out tax returns;
§ the procedure for the formation of reports on the execution of the federal budget
The main functions and powers of the Federal Treasury.
Federal Treasury is a federal executive body (federal service) exercising, in accordance with the legislation of the Russian Federation, law enforcement functions to ensure the execution of the federal budget, cash services execution of the budgets of the budgetary system of the Russian Federation.
Treasury system execution of the budget consists in the fact that with it between taxpayers and budget recipients, on the one hand, and banks, on the other, a special controlling structure is built in - the treasury.
The Treasury controls both streams of budgetary resources - both revenue and expenditure - in one account. This ensures the principle of the unity of the cash desk, and also accelerates the turnover of budget funds. The treasury system allows detailed information on budget execution.
The Treasury performs the following functions:
§ provides accounting of all budget revenues;
§ confirms budgetary commitments (that is, commitments to spend budgetary funds), and makes an authorization inscription for the right to make expenditures, that is, authorizes expenditures within the limits of budgetary commitments;
§ makes payments on behalf of recipients of budget funds.
The treasury structure consists of three tiers:
1. Main Department of the Federal Treasury (GUFK). This department carries out the consolidated accounting of federal budget revenues and expenditures.
2. Departments of the Federal Treasury (UFK) in regions, territories and republics within the Russian Federation, in the cities of Moscow and St. Petersburg.
3. Branches of the Federal Treasury in cities and urban regions (OFK).
The Federal Treasury exercises the following powers in the established area of activity:
§ communicates to the main administrators, administrators and recipients of federal budget funds the indicators of the consolidated budget list, the limits of budget obligations and the amount of funding;
§ 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 administrators, administrators 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 budgetary obligations and their changes;
§ draws up 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 consolidated budget Russian Federation;
§ ensures, within the limits of its competence, the protection of information constituting state secret;
§ ensures timely and complete consideration of citizens' applications, making decisions on them and sending responses to applicants within the time period established by the legislation of the Russian Federation;
§ provides mobilization training for the Federal Treasury;
Financial system concept.
Finance is a rather complex social phenomenon. They cover a wide range of exchange and distribution relations that are reflected in various cash flows. With a single essence of these relations, separate elements are distinguished in them, which have their own characteristic features and characteristics. The study of finance is based both on an understanding of their need, essence and role in society, and on a detailed assimilation of specific forms of financial relations.
Allocation of forms of financial relations characterizes the relative separation of individual components of finance. The combination of these components is defined by the term "financial system". Like any other system, it is not a simple set of separate elements, but a set of interrelated elements that have homogeneous characteristics.
The financial system of the state is a reflection of the forms and methods of the specific use of finance in the economy and, accordingly, to the involved model of the economy, it is largely indicated by it.
The financial systems of some states may differ in their structure, but they all have a common feature - these are different funds of financial resources that differ in the methods of mobilization and their use, but are closely related to each other, have a direct and reverse impact on economic and social processes in the state , as well as on the formation and use of funds of financial resources in the context of individual links.
It can be argued that each link of the financial system is its independent element, but this independence is relative in the middle of a single whole. The financial system is a collection of various types of funds of financial resources, concentrated at the disposal of the state, the non-financial sector of the economy (business entities), individual financial institutions and the population (households) to perform the functions assigned to them, as well as to meet economic and social needs.
The structure of the financial system of the Russian Federation.
The concept of "financial system" is used in different meanings. Firstly, as a set of financial institutions (the institutional structure of the financial system) and, secondly, in terms of economic content, as a set of financial relations.
The very concept of "system" presupposes the presence of certain constituent elements and the connection between them. The structural organization of the totality of financial relations allows you to streamline and purposefully manage the elements of the system, track and adjust financial ties. The construction of the financial system is based on the following criteria:
· Functional purpose a particular group of financial relations;
· The presence of certain specifics in financial relations;
· Unity and interaction of subsystems;
· Availability of a special service apparatus;
· Availability of own financial base.
So, the financial system is a set of different spheres (links) of financial relations, each of which is characterized by peculiarities in the formation and use of funds of funds, a different role in the life of society.
Depending on the feature underlying the construction of the financial system, it is possible to present its different structural understanding. Consider the structure of the financial system of the Russian Federation.
1. On the basis of stock, there are centralized and decentralized finance.
Centralized (public) finance includes:
· State budgets;
· State social extra-budgetary funds;
· Government credit;
· State insurance.
Decentralized finance includes:
· Finance of commercial enterprises and organizations;
· Finance of non-profit organizations;
· Household finances.
Centralized funds of funds are formed, distributed and used by the state. The sources of funds are strictly defined for them, the directions of spending are established on the basis of legislative and legal acts. With regard to decentralized finance, there is no strict control over financial flows: enterprises, organizations act on the principle of economic independence, self-financing, responsibility, households themselves determine the structure of their income and expenses. And although regulatory regulation (taxation, control over the legality of financial transactions), social insurance are present, decentralized finance has a certain freedom and independence.
2. In the sphere of financial relations, the financial system of the Russian Federation includes:
· Finance of economic entities: enterprises, organizations by sectors (commercial, non-commercial), by sectors of the economy (industrial, agricultural, transport, etc.); banking and credit organizations; stock market participants;
· State finances: federal level; regional level; local (municipal) level;
· Insurance funds: public, private;
· Household finances.
State finances can be structurally represented as follows (Fig. 1):
Rice. one.
State and municipal finances are part of the financial system of the Russian Federation, cover a part of monetary relations, in the process of which the formation, distribution and use of state and municipal funds of funds necessary to fulfill public functions and tasks.
The main functions of the state are: creation of a regulatory and legal framework adequate to the requirements of the economy and control over the implementation of laws and regulations; provision of public goods; promotion of free competition and antitrust regulation; protecting manufacturers from unfair competition; stimulating the development of new progressive technologies; environmental Protection; organization of public works; support for the development of fundamental science; support of culture, art, education, health care; provision of social protection of the population, social support of low-income strata; consumer protection, etc.
State and municipal finances play an important role in solving social and economic problems. Performing a distribution function, state and municipal finances redistribute financial resources between different regions and municipalities, various sectors of the economy, productive and non-productive spheres, various social groups of the population.
Through state and municipal control, the entire mechanism of financial relations in society is monitored, the financial condition of the links of the financial system of the Russian Federation, the effectiveness of the programs of socio-economic development used by the government and the effectiveness, the legality of the activities of the executive branch itself.
3. The structure of the financial system of the Russian Federation from the point of view of management includes (Fig. 2.):
· The main elements of the system (state finances, finances of commercial enterprises, organizations, household finances);
· Auxiliary elements of the system (finance of banking and credit organizations, insurance groups, finance of participants in the securities market).
Rice. 2.
4. The institutional structure of the RF financial system consists of different levels.
At the federal level, the institutional structure includes:
· Committees of the State Duma and the Federation Council;
· Ministry of Finance of the Russian Federation and in its composition: Federal Tax Service; Federal Service for Insurance Supervision; Federal Service for Financial and Budgetary Supervision, Financial Service for Financial Monitoring, Federal Treasury (service);
· Central Bank of the Russian Federation;
· The Accounts Chamber of the Russian Federation;
· Federal Customs Service;
· Federal Service for Finance and Markets;
· Executive directorates (boards) of federal extra-budgetary funds.
At the level of the constituent entities of the Russian Federation:
· Commissions on budget and finance in the legislative body, corresponding to the federal structures of the executive power;
Ministries (departments, departments) of finance of a constituent entity of the Russian Federation, including regional offices of the Department of Control of the Ministry of Finance of Russia, Treasury Administration of the Ministry of Finance of the Russian Federation or Treasury Administration of a constituent entity of the Federation, territorial offices of the Federal Service of the Russian Federation for Insurance Supervision;
· Main departments of the Bank of Russia of the constituent entities of the Federation;
· Federal tax service (inspection) of the constituent entity of the Federation;
· Customs service of the constituent entity of the Russian Federation;
Territorial bodies of the Federal Service for financial markets;
· Regional directorates (boards) of federal extra-budgetary funds.
At the municipal level:
· Commissions on budget and finance in the representative body of local self-government;
· Management (departments, divisions) of finance;
· Staff of the Department of Control of the Ministry of Finance of Russia;
· City (district) bodies (departments) of the Federal Treasury or municipal treasury;
· City (district) departments of the Main Directorate of the Bank of Russia of a constituent entity of the Russian Federation;
City (district) tax services;
· The counting commission of the representative body of local self-government;
· City (district) customs.
At the level of business entities, financial management is carried out by the financial service (department), the finance directorate, and the finance department.
The financial system of the Russian Federation in accordance with the structural division of the financial system in the economic developed countries includes the following links:
· the state budget;
· State off-budget funds;
· Government credit;
· Insurance fund;
· stock market;
· Financial and credit system;
· Finance of enterprises of various forms of ownership.
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