Topic 11. Finance and financial policy states
Finance and financial system. The unity of the financial system of the Russian Federation
Finance concept. In the conditions of the emergence of market relations, the state actively uses such economic levers as finance, money, credit, taxes, etc. in the management of society.
Therefore, the study of the discipline "Financial Law" begins with the development of the concepts of finance, financial system, financial activities.
In the economic and legal literature, the concept of "finance" is considered in two aspects:
As a set economic relations arising in the process of creation, distribution and use of certain funds Money necessary for the state to fulfill its tasks and functions;
As a set funds of funds mobilized by the state to carry out their tasks.
Finance- this is not the money itself, but the relationship between people about the formation, redistribution and use of funds of funds. Finance serves as an economic instrument for the distribution of the gross social product and national income. They are a means of control over the production and distribution of material goods. And also a means of stimulating the development of the state. It should be borne in mind that finances and financial relations are necessarily monetary relations, but not all relations about money are financial. So, money serving the relationship of purchase and sale, delivery, administrative fines are not finance. These are social relations regulated by other branches of law: civil, administrative, etc.
Finance Russian Federation- these are economic relations for the creation, distribution and use of funds of funds of the state, its territorial divisions, as well as enterprises and organizations necessary to ensure expanded reproduction and social needs, in the process of which the distribution and redistribution of the aggregate social product and control over the satisfaction of social needs occurs ...
The financial system of the Russian Federation, its composition. The structure of finance as an integral category with its inherent general properties includes several interconnected links (institutions).
Financial Institute - a group of homogeneous economic relations, interconnected by the forms and methods of accumulation or distribution of funds.
The totality of the links included in the finance of the Russian Federation in their interconnection form the financial system of Russia.
The financial system of the Russian Federation consists of the following institutions:
· Budgetary system with state and local budgets included in it;
· Off-budget trust funds;
· Finance of enterprises, associations, organizations, institutions, branches of the national economy;
· Property and personal insurance;
· Credit (state and bank).
The listed links of the financial system exist, respectively, both at the federal level and at the level of the constituent entities of the Russian Federation, as well as local self-government.
The central place in the financial system of the Russian Federation belongs to the budgetary system, with the help of which funds of monetary funds of the corresponding state and administrative-territorial entities are formed. The financial system of the Russian Federation also includes the finance of legal and individuals... Describing the finances of legal entities, it should be pointed out that they include such state non-budgetary funds that play an exceptional role in ensuring the social protection of citizens, such as Pension Fund RF, Fund social insurance RF, State fund employment of the population, Federal and territorial compulsory health insurance funds.
The financial system also includes non-state funds (federal and regional, for example, non-state pension funds); banking system funds; funds of insurance organizations; funds of public and regional organizations; funds of other legal entities.
Local finance. The Federal Law “On the Financial Foundations of Local Self-Government in the Russian Federation” dated September 25, 1997, No. 126-FZ, determined the basic principles of organizing local finance. In accordance with the aforementioned federal law, local finances include funds from the local budget, state, municipal securities owned by local governments and other financial resources. The formation and use of local finances is based on the principles of independence, state financial support, publicity and is carried out in accordance with the Constitution of the Russian Federation, the Federal Law "On General Principles of Organization of Local Self-Government in the Russian Federation", other federal laws, constitutions, statutes and laws of the constituent entities of the Russian Federation, statutes municipalities, other legal acts of local governments.
Local finance is defined as a set of funds generated and used to resolve issues of local importance. Thus, local finance is included in the structure of the financial system of Russia as its independent link.
The unity of the financial system of the Russian Federation. The independence of the constituent entities of the Federation should not go beyond the foundations of federal financial policy, as well as jointly established general principles of taxation and fees. The system of taxes levied in the federal budget and the general principles of taxation and levies are established by federal law.
The unity of financial policy is necessary condition, guaranteed by the Constitution of the Russian Federation, the unity of the economic space in the Russian Federation, free movement of financial resources (Article 75).
In the conditions of the emergence of market relations, the state actively uses such economic levers as finance, money, credit, taxes, etc. in the management of society.
Therefore, the study of the discipline "Financial Law" begins with the development of the concepts of finance, financial system, financial activity.
In the economic and legal literature, the concept of "finance" is considered in two aspects:
as a set of economic relations arising in the process of creating, distributing and using certain funds of funds necessary for the state to perform its tasks and functions;
as a set of funds of funds mobilized by the state to carry out its tasks.
Finance is not money itself, but the relationship between people about the formation, redistribution and use of funds of money. Finance serves as an economic instrument for the distribution of the gross social product and national income. They are a means of control over the production and distribution of material goods. And also a means of stimulating the development of the state. It should be borne in mind that finances and financial relations are necessarily monetary relations, but not all relations about money are financial. So, money serving the relationship of purchase and sale, delivery, administrative fines, is not finance. These are social relations regulated by other branches of law: civil, administrative, etc.
The finances of the Russian Federation are economic relations for the creation, distribution and use of funds of the state, its territorial divisions, as well as enterprises and organizations necessary to ensure expanded reproduction and social needs, in the process of which the distribution and redistribution of the aggregate social product and control for the satisfaction of social needs.
The financial system of the Russian Federation, its composition
The structure of finance as an integral category with its inherent general properties includes several interconnected links (institutions).
A financial institution is a group of homogeneous economic relations, interconnected by the forms and methods of accumulating or distributing funds.
The totality of the links included in the finance of the Russian Federation in their interconnection form the financial system of Russia.
The financial system of the Russian Federation consists of the following institutions:
budget system with state and local budgets included in it;
extrabudgetary trust funds;
finances of enterprises, associations, organizations, institutions, branches of the national economy;
property and personal insurance;
credit (state and bank).
The listed links of the financial system exist, respectively, both at the federal level and at the level of the constituent entities of the Russian Federation, as well as local self-government.
The central place in the financial system of the Russian Federation belongs to the budgetary system, with the help of which funds of monetary funds of the corresponding state and administrative-territorial entities are formed. The financial system of the Russian Federation also includes the finances of legal entities and individuals. Characterizing the finances of legal entities, it should be noted that they include such state non-budgetary funds that play an exceptional role in ensuring social protection of citizens, such as the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation, the State Employment Fund, the Federal and territorial compulsory health insurance funds.
The financial system also includes non-state funds (federal and regional, for example, non-state pension funds); banking system funds; funds of insurance organizations; funds of public and regional organizations; funds of other legal entities.
Local finance. The Federal Law “On the Financial Foundations of Local Self-Government in the Russian Federation” dated September 25, 1997, No. 126-FZ, determined the basic principles of organizing local finance. In accordance with the aforementioned federal law, local finances include local budget funds, state and municipal securities belonging to local governments, and other financial resources. The formation and use of local finances is based on the principles of independence, state financial support, publicity and is carried out in accordance with the Constitution of the Russian Federation, the Federal Law "On General Principles of Organization of Local Self-Government in the Russian Federation", other federal laws, constitutions, statutes and laws of the constituent entities of the Russian Federation, statutes municipalities, other legal acts of local governments.
Local finance is defined as a set of funds generated and used to resolve issues of local importance. Thus, local finance is included in the structure of the financial system of Russia as its independent link.
The unity of the financial system of the Russian Federation
The independence of the constituent entities of the Federation should not go beyond the foundations of federal financial policy, as well as jointly established general principles of taxation and fees. The system of taxes levied in the federal budget and the general principles of taxation and levies are established by federal law.
The unity of financial policy is a necessary condition, guaranteed by the Constitution of the Russian Federation, the unity of the economic space in the Russian Federation, the free movement of funds (Article 75).
Finance- funds accumulated in state special-purpose funds.
Finance- monetary funds of the state, its territorial divisions, enterprises and institutions, organizations.
Monetary funds- a separate part of financial resources, which has a target direction and relative independence of functioning.
Finance functions:
1) distribution- promotes the organization of a balanced and efficient production, the development of all its branches in accordance with the needs of society in order to fully meet the needs of people. With the help of finance, the aggregate social product and national income are distributed;
2) control- lies in the fact that the state, using finances and financial categories, exercises control over the financial and economic activities of economic entities. With the help of finance, control over the production and distribution of material and social benefits in the country is carried out.
The totality of the links (institutions) that make up finance in their interconnection forms ffinancial system of the country.
Question 2: The financial system of the Russian Federation: concept, structure, brief description of its links (subsectors and institutions)
Financial system- a set of financial institutions, each of which contributes to the formation and use of appropriate funds, and government agencies and institutions carrying out financial activities within their competence. The presence of various institutions within the financial system is due to the fact that finance affects the entire economy of the country and the social sphere.
The financial system of the Russian Federation includes:
1) the state budget system, consisting of federal budget, budgets of subjects of the Federation and budgets of local self-government;
2) off-budget special funds;
3) state and Bank loan(all of the above institutions are referred to as centralized finance, which are used to regulate the economy and
social relations at the macro level);
4) insurance funds (property and personal);
5) finances of business entities and industries related to decentralized finance, which are used to regulate and stimulate the economy and social relations at the micro level.
Leads the system financial authorities RF Ministry of Finance of the RF, which is the executive body that ensures the implementation of a unified financial, budgetary, tax and foreign exchange policy and exercises overall management of the organization of finance in the Russian Federation. The functions of financial activities are also performed by government bodies of the Russian Federation and constituent entities of the Russian Federation, within the framework of the spheres of management attributed to their competence. At the same time, there is a system of bodies specially created for financial management and control in this area - this is a system financial and credit authorities(it includes the Ministry of Finance of the Russian Federation and financial bodies of the constituent entities of the Russian Federation). The system of credit institutions is headed by Central Bank of the Russian Federation, which is a government body and exercises government leadership in the field of banking. Accounts Chamber of the Russian Federation is the body for financial control over the timely execution of all articles of the federal budget. Federal Treasury monitors the conduct budgetary policy generally. Ministry of the Russian Federation for Taxes and Levies enters, and the system of central government bodies. The customs service is the source of replenishment of the state treasury, and is headed by State Customs Committee.
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Finance, having generally shared specific properties, have their own internal structure. It includes several interconnected links (institutions), each of which has its own characteristics while maintaining the general qualities inherent in finance. The need to single out such links is due to the variety of needs of society, with which finance is associated, covering by its interaction the entire economy of the country and the social sphere.
Consequently, the financial system in the economic aspect is an objectively determined internal structure of finance, expressed in the totality of interconnected links (institutions) included in them, each of which represents a specific group of financial relations. The material expression of the links (institutions) of the financial system is made up of monetary funds corresponding to their specifics - budgetary, extrabudgetary, etc. In this case, the same term denotes significantly different concepts.
New economic and political conditions modern Russia caused significant changes in the structure of its financial system and the content of the links included in it, their internal structure, interaction with each other. At this stage, the financial system of the Russian Federation includes:
- the budgetary system, consisting of state (federal budget and budgets of the subjects of the Federation) and local budgets of municipalities;
- off-budget targeted state and municipal (local) monetary funds;
- finance of enterprises, organizations, institutions;
- insurance finance;
- credit (state, municipal and bank).
This opinion about the content of the financial system is widespread among representatives of financial and legal science. At the same time, in the economic financial literature, an opinion has been expressed about a narrower composition of the financial system, which excludes credit from it due to its inherent characteristics. Other representatives of this science, without mentioning bank credit among the links of the financial system, include state credit in it. At the same time, economists note the expediency of a broad interpretation of the concept of finance (which the authors of this textbook adhere to), including bank credit.
The named links of the financial system exist both at the federal level and at the level of the constituent entities of the Federation and local self-government. All of them have the general properties of finance, but due to their characteristics, they affect socio-economic processes in different ways, at the same time interacting with each other. The multi-tiered financial system contributes to its greater flexibility and efficiency.
The modern financial system of the Russian Federation was formed using foreign experience. So, a variety of extra-budgetary and budgetary trust funds began to be created, similar to those that exist in other countries. The state monopoly on property and personal insurance and on bank loans has been abolished. The financial system has acquired the features inherent in market relations in the economy, financial institutions have been formed at the local government level. At the same time, the financial system of Russia is characterized by features that reflect the economic and political conditions, traditions and priorities that have developed in the country.
Each of the links of the financial system concentrates specific financial relations, through which the corresponding types of monetary funds (incomes) are formed and used in order to satisfy social needs that are different in their content and scale. These funds can be centralized and decentralized. Centralized funds within certain territorial limits (for example, federal, republican, regional budgets) are used to meet the general needs of the corresponding territory. Decentralized funds include monetary funds of enterprises, organizations, institutions, used for production and social purposes, according to the purpose of the named entities and on their scale. In addition, general purpose and special purpose funds are allocated. Trust funds, in contrast to the budget, are off-budget state and municipal funds. In comparison with them, the state or local budget- general purpose monetary fund.
The central place in the financial system of the Russian Federation is occupied by the budgetary system, through which monetary funds are formed in the form of the federal budget, the budgets of the constituent entities of the Russian Federation and municipalities. They are necessary for the implementation of national or territorial socio-economic plans and programs, for the defense and security of the country. At the same time, they serve as the financial basis for the independence of the constituent entities of the Russian Federation and the development of local self-government. Facilities budgetary system are formed mainly through taxes.
Extra-budgetary targeted state and municipal funds- a new link in the financial system of the Russian Federation. They are created by the relevant representative or executive bodies of state power and local self-government. Their funds should be directed to specific goals in accordance with their intended purpose. These include, in particular, such state social funds as the Pension Fund, the State Social Insurance Fund, the Federal and territorial compulsory medical insurance funds, formed in accordance with the requirements of the legislation, funds created on the basis of acts of the Government of the Russian Federation and other bodies.
In general, off-budget funds are designed to increase the financial resources of the state and ensure their most expedient use. However, due to the lack of funds in the budget system, the dispersion of state financial resources across numerous funds, and the facts of their internal ineffective use, a significant part of these funds was liquidated.
The finances of enterprises, organizations, institutions, separate monetary funds at the disposal of the named entities, are used by them to perform their functions and tasks. For modern conditions, a variety of forms of ownership is characteristic, on the basis of which this link of the financial system functions. It distinguishes two subgroups: commercial finance and finance not commercial organizations^. Commercial organizations are enterprises whose finances are used to support their own production and social activities. Their main purpose is to make a profit (Article 50 of the Civil Code of the Russian Federation). Budgetary organizations they do not have such a purpose, although on the basis of the legislation of recent years they have the right to engage in entrepreneurial and other activities in order to obtain additional income in order to more fully fulfill their functions (Article 161 of the BC RF).
The finances of enterprises are the initial link, the basis of the entire financial system, since they are directly related to material production, in the process of which national income is created, then distributed and redistributed through the financial system. In addition to the finances of enterprises operating in the field of material production, there are also finances of other commercial organizations that are engaged in entrepreneurial activities in other areas. These are banks and non-bank credit organizations, Insurance companies, various funds and other organizations that provide services and carry out their activities on a commercial basis.
Property and personal insurance ensures the formation of insurance funds directed to compensation for material damage caused to individuals and legal entities by natural disasters, accidents and other adverse events. The funds of such funds are formed mainly from the contributions of legal entities and individuals who entered into an insurance relationship. However, the legislation provides for cases of insurance at the expense of funds state budget(military personnel, civil servants, workers tax authorities etc.). There are the following forms of insurance:
- property and personal;
- social;
- medical.
According to the methods of conducting, they can be obligatory and voluntary... With the transition to market economy insurance has ceased to be a state monopoly. Along with the state ones, non-state ones act as entrepreneurial ones in this sphere. insurance organizations under the supervision of the state.
Credit is expressed in attracting free funds from various entities, accumulating them in monetary funds and providing other entities for temporary use on the basis of compensation and urgency. The loan is provided to the borrower not only from the attracted, but also own funds lender. In the context of the transition to a market economy, credit relations have become more diverse in their content and circle of participants. According to the legislation, two forms of credit are distinguished:
- state and municipal;
- bank.
Under state credit means, first of all, relations through which the state debt is formed (Chapter 14 of the RF Budget Code). These are relations on the temporary use of funds of legal entities and individuals by the state (municipalities) in the event of insufficient state (budget) revenues for the implementation of planned expenditures. The state in these relations acts as a borrower, and the persons who provided it with funds are creditors. Borrowing is carried out in the form of issuing bonds of state loans, obtaining loans by the Government from a bank, etc. At the same time, deposits of citizens in the Savings Bank and other banks are widely used as a source of credit resources. Public debt is formed at the federal level, as well as at the level of the constituent entities of the Russian Federation.
State debt can be internal (the procedure for the formation and repayment of which is regulated by the legislation of the Russian Federation) and external, regulated international treaties and agreements of the Russian Federation. State and municipal debt can be used to cover the budget deficit.
At the same time, the state can also provide funds from the budget for temporary use (on credit) to various entities for the purpose of financial support, development of economic relations, etc. (Article 6 of the RF BC). This form of credit should also be considered a government loan. However, the state in these cases already acts as a creditor. In the considered forms, municipal loans are also carried out.
Bank loan- these are relations on the provision of funds by banks to individuals and legal entities for industrial, social and other needs on the basis of a contract for temporary use on terms of compensation (payment), urgency and material security of the debt. At the same time, banks use as credit resources, mainly, temporarily stored on accounts opened with them. available funds legal entities and individuals, in certain cases- budgetary and other resources.
In the context of the transition to a market economy, the range of bank lending objects and subjects of credit relations has significantly expanded. Has changed and banking system: in place of the former banks, which were exclusively state-owned, operates under the supervision of the state The central bank RF a wide network of credit institutions (commercial banks) based on different forms of ownership.
In the process of functioning of the financial system, cash payments and settlements are made, that is, it is used monetary system... These payments and settlements are made as in cashless form, and with the use of cash banknotes. When the corresponding foreign exchange funds are formed, foreign exchange transactions are carried out.
V foreign literature the concept of "financial system" is defined as a set of markets and other instruments used to conclude financial transactions, exchange assets and risks. For all the pragmatism of this definition, it is somewhat one-sided, since it reflects only the institutional basis of the market side of the financial system, it does not take into account the actions of the financial institutions of the state, their role in the public sector of the economy, aimed at the formation, distribution and use of funds.
In recent years, the financial system of the Russian Federation has undergone significant changes due to new economic and political conditions (transition to market relations, the collapse of the USSR, changes in federal relations in the Russian Federation, the formation of local self-government, etc.). They touched upon both the composition of the financial system (new institutions appeared) and the content of the links included in it, their internal structure, and interaction with each other.
In the domestic financial science under financial system understand:
- a) a set of financial institutions, each of which contributes to the formation and use of appropriate funds;
- b) a set of state bodies and institutions carrying out financial activities within their competence.
The set of links in their relationship, which are part of the finance of the Russian Federation, forms financial system of Russia, which consists of the following institutions:
- the budget system, consisting of the federal budget, the budgets of the constituent entities of the Federation, the budgets of municipalities;
- off-budget targeted state and municipal funds;
- property and personal insurance;
- state and bank loans;
- finances of business entities (enterprises, organizations, institutions, branches of the national economy).
These institutions of the financial system exist both at the federal level and at the level of the constituent entities of the Russian Federation and municipalities. They all have the general properties of finance as economic category, but by virtue of their characteristics, they affect socio-economic processes in different ways, at the same time interacting with each other. The multi-tiered financial system contributes to its greater flexibility and efficiency.
Development of the financial system of the Russian Federation for the present stage associated with the use of foreign experience. In the 1990s. began to create various extrabudgetary and budgetary trust funds, similar to those that exist in other countries. The state monopoly on property and personal insurance and on bank loans has been abolished. The financial system has acquired the features inherent in market relations in the economy; financial institutions are being formed at the local government level. At the same time, the financial system of Russia is characterized by specific features that reflect the economic and political conditions, traditions and priorities that have developed in the country.
Each of the institutions of the financial system concentrates specific financial relations, through which the corresponding types of monetary funds (incomes) are formed and used in order to satisfy social needs that are different in their content and scale. These funds can be centralized and decentralized, general and targeted. Centralized funds within certain territorial limits (for example, federal, republican, regional budgets) are used to meet the general needs of the corresponding territory. Decentralized funds include monetary funds of enterprises, organizations, institutions, used for production and social purposes, according to the purpose of the named entities and on their scale.
Budget system is the leading link in the financial system of the Russian Federation, which includes the largest funds of funds. Based on the constitutionally enshrined principles of federalism and the independence of local self-government, the RF BC has established a three-tier budgetary system, the individual links of which are: the federal budget; budgets of the constituent entities of the Russian Federation; local budgets.
The budgetary system is an organizational form of budget functioning. The centralized fund of funds is a public-legal category, has a normative consolidation and serves solely to express the interests of society. By distributing funds through the budgetary system, the state finances the implementation of public functions. The budget is closely interconnected with the rest of the financial system, it is through it that the financial policy of the state is carried out. The budgetary system, thus, is an important element of the socio-economic activity of the state.
Depending on the state-territorial level, within which public functions are implemented, the federal budget (intended to finance national needs), the budget of the constituent entity of the Russian Federation (aimed at solving the problems of a particular constituent entity of the Russian Federation) or the local budget (serving to provide material support for the subjects of local self-government ).
The totality of funds of funds included in the budgetary system acts as a guarantor of the financial sovereignty of the state. The important purpose of the budget is confirmed by the level of its legal regulation. The Constitution of the Russian Federation pays special attention to the budget as the main financial plan of the state, according to which the federal budget belongs to the exclusive competence of the Russian Federation (clause "z" of Article 71). Everything federal laws on federal budget issues, adopted by the State Duma of the Russian Federation, are subject to mandatory consideration by the Federation Council (and. "a" Article 106). Constitutional norms entrust the development and organization of execution of the federal budget to the Government of the Russian Federation, which draws up a draft federal budget, and at the end of the financial year submits a report on its implementation to the State Duma for consideration (clause "a", part 1 of article 114). The Constitution of the Russian Federation also assigns certain norms to the budgets of the constituent entities of the Russian Federation and municipalities, distinguishing them among other foundations of legal regulation (Articles 73, 132).
Extra-budgetary targeted state and municipal funds- a new link in the financial system of the Russian Federation, which appeared in the early 1990s. When forming these funds, overseas experience... Extra-budgetary trust funds are created by the relevant representative or executive bodies of state power and local self-government. Their funds should be directed to specific goals in accordance with their intended purpose. These include, in particular, such social funds as the Pension Fund, the Social Insurance Fund, the Mandatory Health Insurance Fund, formed in accordance with the requirements of the legislation. Other extra-budgetary trust funds appeared, including on the basis of acts of the Government of the Russian Federation. They are formed both through the obligatory payments of legal entities and individuals, and through income on a voluntary basis. In cases established by law, they may be sent and budget resources... In general, off-budget funds are designed to increase the financial resources of the state and ensure their most efficient and appropriate use.
In modern conditions, the state increases the financial legal status off-budget funds, giving their activities a legislative basis. The foundations of the legal status of trust funds of funds are established by the BC RF, which considers them as a link in the budgetary system. However, the inclusion of norms defining the legal status of off-budget funds in the RF BC does not allow one to equate the legal nature of budgetary relations and relations that develop in the course of the functioning of off-budget funds. Extrabudgetary funds have certain legal features that distinguish them from budgets.
Off-budget funds independently form budgets, have independent sources of budgeting - contributions paid by individuals and legal entities are financial and credit institutions.
Property and personal insurance- regulated by the norms financial law relations for the protection of property and related non-property interests of individuals and legal entities upon the occurrence certain events(insured events) at the expense of monetary funds formed from the insurance premiums (insurance premiums) paid by them.
In the field of insurance relations, each of the links, represented by a special branch of insurance, is divided into types: a) personal insurance; b) property insurance; c) liability insurance; d) insurance of business risks; e) reinsurance.
Insurance as a link in the financial system includes only those relations in which the state necessarily participates. Financial activity in the field of insurance has several directions. The development of insurance is also due to the state's social function and, as a consequence, the principle of social orientation of financial activities. Therefore, the responsibilities of the state become pension and medical provision of citizens, payment of unemployment benefits, etc. Financing of such expenses is carried out through the formation of insurance funds and their subsequent distribution. The state needs to compensate for the risks associated with the performance of the civil service. Therefore, the obligation arises to insure military personnel, workers law enforcement, doctors of certain specialties, etc.
Financial activity in the field of insurance is one of the ways to accumulate additional funds in the income of the state. Insurance premiums individuals and legal entities, mobilized in funds of funds, are spent exclusively upon the occurrence insured event... At the same time, legal facts that entail the need to pay the insured amount do not always occur. The money accumulated in this way is directed by the state to provide material support for other public needs or to finance capital investments.
State and bank loans as a financial and legal category, it represents a set of rules of financial law governing public relations arising from the receipt by the state (municipality) or placement by the state ( municipality) funds, as well as relations for the provision of state guarantees.
The lending institution is formed by:
- 1) relations arising between clients and credit institutions regarding the attraction, placement of funds;
- 2) the relationship of public credit.
There are two forms of credit:
- a) state and municipal;
- b) banking.
State and municipal loan represents a special financial and legal category that regulates debt relations with the mandatory participation of the state. The financial competence of the state in credit relations endows him with the powers of both the borrower and the creditor, as well as the guarantor for the monetary obligations of other entities.
The state in the budget law regularly provides for the costs of covering public debt both domestically and abroad.
The financial and credit status of the Russian state mainly consists of debt obligations. Operations for the provision of government loans and guarantees are carried out in a smaller volume. Nevertheless, the RF BC provides for legal regulation budget loans and credits, which are beginning to become widespread in public financial activities.
The fulfillment of public functions by the state requires a larger amount of funds, which are not always sufficient or in the planned timeframe to go to the state treasury. Sometimes there are unexpected costs associated with liquidation emergencies- major natural disasters, military conflicts, etc. As a result of the increased government spending or the loss of income becomes budget deficit, the repayment of which requires the attraction of additional funds.
The need for uninterrupted and full financing of public events determines the temporary use by the state of funds belonging to other entities. Credit resources are a similar source of attracting additional funds to state and municipal budgets. Creditors of public entities can be physical and legal entities as well as foreign countries. State loan is the most important instrument of financial and legal policy, the skillful use of which makes it possible to reduce the budget deficit, invest in priority industries, and stabilize financial relations. Public debt may become a negative consequence of the government's lending activities.
Bank loan- This is a complex multilateral activity involving the mobilization of funds, where the entire banking system uses as a resource for lending purposes voluntary investments of depositors on terms of repayment, urgency and repayment, and spending funds by issuing loans on the same terms. At the same time, banks use as credit resources mainly temporarily free funds of legal entities and individuals stored in their accounts, in certain cases, budgetary and other resources.