2.3 Development problems of modern financial system RF
From the moment the financial system appeared in Russia, there have been discussions about the problems of defining its fundamental points. In the aggregate of all the problems, there is a discussion about the measure of the social orientation of the financial system, the problem associated with the limits and methods of state intervention in the financial processes of private and public financial institutions, the extent of their transparency, importance and the need to control their activities by society.
The main steps in this area can be tightening control over operations in the financial market, in particular, over the formation of debt of state corporations, over the cross-border movement of capital, over the issue of financial instruments.
It is required to carry out a whole range of measures that should affect the reduction of the shadow element in the movement of financial and credit resources in real sector economies from financial institutions, corruption costs and administrative barriers. The implementation of such measures should contribute to expanding the availability of loans and increasing the share of long-term lending, as well as raising the efficiency of using budget sources of financing.
The Russian financial market due to the impact of the global economic crisis goes through one of the most difficult periods of its development. The crisis revealed the problematic aspects of the functioning of the Russian securities market, which are associated with the need to strengthen market institutions, improve legal regulation, and further develop the judicial system. It should be noted that the country's leadership timely set the task for the financial market regulators to develop instruments for regulating the financial market. One of the options for solving this problem is the creation of an International Financial Center in Moscow.
The development of the securities market in Russia has received a powerful impetus in recent years with the emergence of the repo market, the importance of which can hardly be overestimated. Operations on the repo market allow refinancing operations with securities and help to increase the liquidity of the Russian stock and bond market. A well-functioning repo market is a special element of the money market, with the help of which the Bank of Russia can effectively carry out refinancing operations within the framework of its monetary policy.
An important role in the regulation of transactions in the financial market is played by central bank Russia. Recently, amendments were made to the Federal Law "On the Securities Market" at the initiative of the Central Bank.
The development of the financial market in Russia, the ultimate goal of which is to attract investment, is impossible without the modernization of the judicial system. Currently, there are serious difficulties in resolving disputes in the financial market. This is due to the imperfection of the legal framework, the lack of the necessary professional knowledge of judges and significant bureaucracy in the consideration of cases.
Thus, solving urgent problems of regulation of the Russian financial market will bring it closer to European standards.
Other problems of the Russian financial system are problems in the budgetary sphere:
A high degree of concentration of financial resources in the federal budget of the country, which reduces the importance of regional and local budgets;
The current practice of forming territorial budgets, in which the mechanism of centrally established norms for deductions to local budgets has been preserved in its essence;
A downward trend in expenditures without adequate revenue support, resulting in subsidies to previously balanced local budgets;
Adoption by federal authorities of such decisions that are addressed to lower-level management structures, but are not accompanied by sufficient financial resources;
The dominant role of regulating revenues in the structure of receipts of funds to regional and local budgets and a low share of tax payments assigned to the territories.
Lack of tax payments, the main reasons for which were: deterioration of macroeconomic and financial indicators in comparison with those adopted in the budget; the growth of non-payments in the national economy; direct tax evasion, harboring by many taxpayers of their income (inability to control all small and medium-sized enterprises).
These problems are solved by:
Theoretical development and substantiation of the principles of building the budgetary system of the Russian Federation.
Creation of real budget mechanism, allowing to translate the developed principles into practice.
Development and adoption of normative acts on the delineation of powers and functions between government bodies of different levels, distribution of expenses between the links of the budget system and types of budgets in accordance with the powers and functions of government bodies of different levels.
Creation of a new system of interbudgetary redistribution of financial resources based on the use of various forms of financial assistance to the subjects of the Federation and local governments.
Development of new principles for the preparation, consideration, approval and execution of the budget at each level of management.
Monetary policy should be aimed at stimulating economic growth and investment, taking into account the experience of other countries.
So, we can say that only with a comprehensive approach to the problem of improving and stabilizing the financial system of Russia can the desired results be achieved, i.e. to form a modern socially oriented financial system that functions properly in the conditions of market relations.
Analysis and reform tax system RF
Monetary system of the region of the Russian Federation (on the example of the Kaliningrad region)
Development of the Russian economy in the present stage is largely due to the change in the role of regions in the new economic conditions ...
State tax policy
The tasks of any tax system change in accordance with the political, economic and social requirements imposed on it ...
In all developed countries the main incentives to reform taxation are: the desire to turn the tax system into a model of fairness, simplicity, efficiency and remove all tax barriers to economic growth ...
Tax system of the Russian Federation
Taxes are the main regulator of the entire reproduction process, influencing the proportions, rates and conditions of the economy. There are three directions of the state tax policy: tax maximization policy ...
The tax system of the Russian Federation and the prospects for its development
The tax system of the Russian Federation and the problems of its improvement
Currently, experts in the field of taxation highlight the following problems of the tax system of the Russian Federation. It is noted that the system does not fully comply with the conditions of market relations and is neither efficient nor economical ...
Problems and directions of development of modern tax policy of the Russian Federation
Problems of improving the tax system in modern conditions
The tax system is the most active leverage state regulation socio-economic development, foreign economic activity, accelerated development of priority sectors, structural changes in production ...
The modern tax system of the Russian Federation, problems of its improvement
The modern tax system of the Russian Federation, problems of its improvement
Speaking about the problems of the modern tax system of the Russian Federation, first of all, it is worth noting the problem of tax administration - the tax system of the Russian Federation remains very cumbersome, uneconomical and ineffective. A large number of taxes ...
Comparative analysis, structure and functions of the Russian and foreign credit system
The peculiarities of the Russian credit system currently consist in the obvious predominance of commercial banks, a poorly diversified structure (the number of types of other credit institutions is limited) ...
Federal taxes, their characteristics and role in the formation of budget revenues
Evolution of the tax system in the Russian Federation
One of the most important tax problems is the simplification of the Russian tax system. Of course, in principle, there are no simple tax systems in any country in the world, everywhere they are imperfect, everywhere they require simplification, but the Russian tax system ...
Fin. system Is a set of spheres and links of financial relations and their management bodies.
There are 2 areas of the Federal Assembly of the Russian Federation:
Sphere of centralized finance- This is a set of links of the FS participating in the process of formation, distribution and use of budgetary and off-budget. funds of funds, as well as funds of funds of municipal authorities. This budget system; state and municipal loans.
The sphere of decentralized finance Is a set of FS links participating in the process of formation, distribution and use of separate funds of funds of individual economic entities and individuals. These are finances of state and municipal enterprises, organizations, corporations and agencies that are self-financing; business finance; finance of non-profit enterprises; finance of individual entrepreneurs; household finance.
The links of the financial system of the Russian Federation:
- budgetary system (c). The current RF BS is three-tier. This is the federal budget, the budget of the constituent entities of the Russian Federation, local. For the purposes of planning budgetary resources, a consolidated budget is drawn up - a statistical consolidated budget that combines financial resources of all levels of the budgetary system. The budgetary system plays a decisive role in the intersectoral and interterritorial reallocation of funds to equalize the levels of economic and social development regions. The federal budget and the consolidated budgets of the constituent entities of the Russian Federation form the consolidated budget of the Russian Federation, and the budget of the constituent entity of the Russian Federation and the budgets of municipalities on its territory form the consolidated budget of the constituent entities of the Russian Federation. As an independent link in the system of centralized finance, special off-budget funds are allocated, these include: the pension fund; social insurance fund; compulsory health insurance fund. The federal budget and the budgets of social extra-budgetary funds are developed and approved as federal laws;
- state and municipal credit (c). The main tasks of the state loan include: financing the budget deficit; implementation of international and regional financial and credit policy; support for socially priority sectors and activities;
- finances of state and municipal enterprises (e);
- finance of commercial enterprises (e). This is the system economic relations associated with the formation, distribution and use of monetary resources of individual economic entities in the process of carrying out economic activities aimed at making a profit, as the main goal of the activity.
- finance of non-profit enterprises (e). These are relations associated with the formation, distribution and use of financial resources in the process of implementing social, public, educational, religious and other tasks not related to making a profit. Their financial resources are formed from voluntary contributions and donations, receipts from the founders, budget funds other;
- sole proprietorship finance (e) combine the features of the finance of commercial organizations and personal finance, while the emphasis is shifting towards commercial finance, since the activities of an individual entrepreneur are primarily associated with commercial activities aimed at making a profit at your own peril and risk;
- household finance (e). The system for the formation and use of monetary incomes of individual groups of persons living in the same room and leading a common household for the purpose of joint consumption and accumulation is the least regulated by the state.
Development prospects of links
In the field of finance for commercial enterprises: improving bankruptcy legislation (accelerating the restructuring of uncompetitive enterprises), antimonopoly law, tax (reducing the tax burden, reducing the number of taxes, reducing social insurance contribution rates, reducing the tax debt of enterprises), reducing barriers to investment in the economy, reducing administrative intervention in households. activity, increasing the efficiency of state. regulation, it is necessary to abandon lending to enterprises and provide guarantees at the expense of the federal budget - to transfer this to special agencies, insurance companies, banks.
Finance budget. institution : setting rigid cost estimates, monitoring the obligations of budgetary institutions.
Budget: elimination of expenditure obligations of the federal budget that are not provided with sources of funding, allocation of budget funds to address priority tasks, reform of pensions. systems, credit elimination. debt Feder. budget, optimization of the list of budgetary organizations and recipients of budget funds, completion of the formation of a support system for the regions, restructuring of the public debt, ensuring the openness of all budgets and the course of their use.
14. Financial policy of the state: its content, structural elements, significance and tasks at the present stage. Financial mechanism, its role in the implementation of financial policy.
The financial policy of the state is a set of state measures for the use of financial relations for the performance by the state of its functions.
Financial policy plays an important role in the development of productive forces and their rational distribution throughout the country. It contributes to the provision of financial resources for targeted programs, the concentration of funds in key areas of economic development, stimulation of the growth of production efficiency; increasing the interest of all regions in the development of the economy, the use of local raw materials. Financial policy contributes to the strengthening and development of economic ties with all countries of the world, providing conditions for the implementation of joint activities.
1. Development of a general concept of financial policy, determination of its main directions, goals, main tasks.
2. Creation of an adequate financial mechanism.
3. Management of financial activities of the state and other economic entities.
Financial policy consists of the following main components:
1) tax policy - the principles of building tax systems: horizontal and vertical equality, neutrality of taxes, the convenience of collecting taxes for the government, the minimum discouraging effect from the introduction of a particular tax, the difficulty of tax evasion;
2) budgetary policy- expressed in the structure of the expenditure side of the budget, in the distribution of expenses between budgets of different levels, in the sources and methods of covering the budget deficit;
3) monetary policy is part of the social economic policy aimed at combating inflation, unemployment and ensuring stable rates of economic development;
4) pricing policy - comes down to the regulation of prices and tariffs for monopoly goods and services;
5) customs policy - a symbiosis of tax and pricing policies, restricting or expanding access to the domestic market and services from the country;
6) social policy related to solving the problems of financial security of the rights of citizens of the Russian Federation, covers the following areas: pension, migration financial assistance to certain social groups of the population;
7) investment policy related to the creation of conditions for attracting domestic and foreign investment, primarily in the real sector of the economy;
8) policy in the field of international finance.
The objectives of financial policy are:
1.providing conditions for the formation of the maximum possible financial resources;
2. establishment of a rational distribution and use of financial resources from the point of view of the state;
3. organization of regulation and stimulation of economic and social processes by financial methods;
4. development of a financial mechanism and its development in accordance with the changing goals and objectives of the strategy;
5. Creation of an efficient and maximum business financial management system.
The implementation of the goals and objectives of financial policy is carried out using various methods of organizing financial relations at the centralized and decentralized levels, which together determine the content of the mechanism for achieving the goals and objectives of financial policy or financial mechanism.
Financial mechanism is a set of methods for managing financial relations.
There are two types of financial mechanisms:
1. directive - it is developed for financial relations in which the state is directly involved: taxation, state credit, budget expenditures, financial planning;
2. regulatory - will determine the basic rules of conduct in such a sphere of finance, where the interests of the state are not directly affected, this only establishes a general procedure for the use of financial resources remaining after taxes and other mandatory payments.
In general, the financial mechanism of an enterprise contains the following hierarchically subordinate blocks:
1) legal regulation of the company's finances;
2) the existing internal regulation system at the enterprise;
3) methods of financial management;
4) financial instruments;
5) financial leverage and incentives;
6) financial indicators, standards and elements;
7) information base of financial management.
The main financial methods are:
1) financial planning;
2) financial and management accounting;
3) financial regulation;
4) financial analysis and control.
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Modern financial system of Russia
financial russia state
Introduction
The financial system of Russia is a set of financial institutions, each of which contributes to the formation and use of appropriate monetary funds, and government bodies and institutions that carry out financial activities within their competence. The presence of various institutions within the financial system is due to the fact that finance affects the entire economy of the country and the social sphere.
The financial system is today the subject of discussion and debate. The problems of modern society that the financial system is designed to solve include: insufficient rates of economic development, disproportions in development economic system, lag in adaptation to changes in external commodity and financial markets, excessive social tension that negatively affects the reproduction process, low level satisfaction of the needs of the individual, etc.
The financial system represents financial relations grouped according to a certain criterion. Financial relationships, as such, are present almost everywhere in our life. So, they are formed between the state, on the one hand, individuals and legal entities, on the other; between two legal entities, as well as between individuals. It follows that our personal finances, household finances (population finances) and family budget constitute a certain sphere of financial relations, i.e. are included in one of the links of the financial system.
That is why, today, more than ever, it is important to have an idea of the financial system of the Russian Federation, to know its structure and monitor its changes in order to be competent in this matter.
1. The main links of the financial system of the Russian Federation
The financial system is a system of forms and methods of formation, distribution and use of funds of funds of the state and enterprises.
The financial system is a set of various spheres (links) of financial relations. These links are characterized by the peculiarities of the formation and use of funds of funds, as well as different roles in social reproduction.
The role of the state in the socio-economic development of society determines the need to centralize a significant part of financial resources at its disposal. Therefore, the basis of centralized (or national) finance is the budgets of the corresponding levels (in the Russian Federation federal, regional and local budgets are allocated).
In addition, state non-budgetary funds and state lending also belong to general state finance.
Federal, regional and local budgets are a form of formation and use of centralized funds of funds necessary to ensure the functions of the state and local self-government bodies. The budget plays a leading role in creating economic conditions for ensuring national security, maintaining the organs government controlled, conducting fundamental research, ensuring environmental protection, maintaining and developing the social and cultural sphere, as well as enterprises of various forms of ownership.
An important link in national finance is also state off-budget funds - funds of funds generated outside the budget and intended, as a rule, for the realization of the rights of citizens in the field of social and medical security.
Government loan reflects credit relations connected with the mobilization by the state of temporarily free funds of enterprises, organizations and individuals on terms of repayment, payment and urgency to finance public expenditures. The borrowers in the state loan are legal entities and individuals, and the creditor is the state represented by its executive authorities.
Public debt is formed as a result of credit relations in which the state acts as the borrower, and citizens, enterprises and organizations, including foreign ones, act as creditors. Public debt is used, as a rule, to cover the budget deficit, as well as to stabilize money circulation in the country.
Distinguish between state internal debt - debt obligations of the Government of the Russian Federation to legal entities and individuals, denominated in national currency, as well as state external debt- borrowings of the Government from various foreign sources, denominated in foreign currency.
National finance plays a leading role in regulating economic processes and distribution relations at the macro level. The formation and distribution of state finances are centralized, state finances are accumulated at the disposal of the state and local self-government bodies.
Decentralized finance is the finance of the credit and banking sector, insurance companies, commercial enterprises and non-profit organizations.
By attracting free funds of business entities and individuals, the finances of the credit and banking system and insurance are formed.
The finances of the credit and banking system (or credit funds) are the main source of meeting the demand of business entities and individuals for additional monetary resources. Even with a very high level of self-financing for doing business, as a rule, it is not enough to own funds alone.
Loan funds serve not only the current needs of enterprises, but also their investment activities.
The consumer lending market is currently growing very dynamically, individuals have the opportunity to obtain loans for the purchase of household appliances and furniture, vehicles and real estate, payment for educational services, etc.
The credit and banking system also includes the financial market. It should be specially noted that the financial market serves as one of the mechanisms by which the finances of the credit and banking system participate in lending to the state - by purchasing government securities.
The finance of insurance companies is a link in the financial system that provides coverage of possible losses in the event of adverse events - insured events.
Insurance funds are insurance funds, which can be organized in the following organizational forms:
Centralized insurance (reserve) fund;
Self-insurance funds;
Insurance funds of insurers (insurance companies).
The centralized insurance fund is formed at the expense of national resources, has a natural form and contains stocks of products, materials, raw materials, food, which are constantly updated. The purpose of this fund is to compensate for damage and eliminate the consequences of natural disasters and major accidents that resulted in great destruction and casualties. The sources for the formation of a centralized insurance fund are the replenishment of state stocks and reserves.
Self-insurance funds are formed by economic entities in order to ensure their own activities in the event of unfavorable situations and are used to cover losses, redeem bonds and repurchase shares (in the absence of other funds), as well as to purchase fixed assets. The size of self-insurance funds is not regulated by law.
Insurance funds of insurers (that is, insurance companies) are created by a large circle of participants, which may include both enterprises and individuals. Such insurance funds have a targeted nature of use: for example, the real estate insurance fund against fire, the insurance fund for civil liability of car owners resulting from road accidents, etc.
Policyholders (participants in the insurance fund of insurers) contribute to the fund relatively small (compared to the possible amount of damage in the event of an insured event) sums of money - insurance premiums, and since insured events are relatively rare and occur, as a rule, only for a small number of policyholders, due to the total collected insurance premiums, the insurer covers all incurred losses of policyholders.
Until 1990, the USSR had a state monopoly on insurance; now, along with state insurance organizations, there are many non-state insurance companies licensed to carry out insurance activities.
The finances of commercial enterprises are formed from their own cash income and savings of these enterprises. The basis of the country's unified financial system is the finance of commercial enterprises, which serve the reproduction and distribution of the gross domestic product and form the predominant part of the financial resources of the national economy.
The main source of the functioning and development of commercial enterprises is making a profit. At the same time, enterprises have real financial independence, independently managing the financial results of their activities, forming production and social funds, seeking the necessary funds for investment, including using the financial resources of other parts of the financial system.
The provision of national monetary funds with financial resources significantly depends on the state of the finances of commercial enterprises. In turn, various enterprises can use in their activities Bank loan, insurance funds, budgetary resources, and sometimes government loans.
The finances of non-profit organizations are indirectly involved in reproduction processes, since the goals of the functioning of such organizations are not directly related to making a profit. The activity of non-profit organizations consists in the provision of socially significant services, the consumption of which is accompanied by strong external effects for the entire society and each individual member. These services include, first of all, the sphere of national security, education, health care, etc.
The state, adopting the relevant laws and regulations, influences through the financial system on the formation of both centralized and decentralized financial resources. For this, tools such as taxes, lending system, pricing mechanism, etc. are used.
General government finance is organically linked with other links of the financial system. On the one hand, the main source of budget revenues is the gross domestic product created in the production sector, then the budget and social extra-budgetary funds are formed through taxation. On the other hand, the process of expanded reproduction is carried out by enterprises not only at their own expense, but also with the possible attraction of direct allocations from the budget or state credit.
In addition, corporate finance is linked to the credit system. With a lack of own funds, especially to replenish working capital, enterprises use bank loans.
To solve their financial and economic problems, enterprises can also attract funds from other economic entities, the most common of which is the issue of securities - stocks, bonds, etc.
Thus, the single essence of the financial system determines the interconnection and interdependence of the links of the financial system.
2. Financial management and financial policy
Financial management is the conscious influence of the governing bodies on the finances of the country, territories and economic entities, aimed at achieving and maintaining the balance and stability of the financial system. Financial management includes the management of budgets, government extra-budgetary funds, government loans and other parts of the financial system.
Public financial management is one of the main functions of any state, the implementation of this function is achieved by creating a financial mechanism adequate to economic conditions.
Financial policy is an independent sphere of state activity, which includes the definition of goals and objectives aimed at the formation, distribution and redistribution of national wealth to ensure the reproduction process.
Financial policy is part of the economic policy of the state. There are also such directions of state policy as external, internal, military, technical, social, etc.
As part of financial policy, budgetary and monetary policy are distinguished. Fiscal policy contains tax and customs policy as well as public expenditure policy and public debt management policy. Credit "monetary policy includes accounting policies (management interest rates on loans) and reserve policy (management of the rates of required bank reserves).
The priority of the budgetary policy at the present stage of the socio-economic development of our country is to ensure the state's own solvency, for which it is necessary to bring the state's obligations in line with its available financial resources. Excessive commitments must be reduced and non-canceled commitments fulfilled. For this purpose, a list of enterprises will be determined that must be provided with the services of natural monopolies at the state expense, while the rest of the enterprises must independently pay for such services. The same procedure for using the services of natural monopolies should be extended to households, which in the future will be provided with minimal social protection, and all expenses will be carried out from their own incomes of households or their family budgets.
Budgetary funds provided to the budget of another level of the budgetary system of the Russian Federation, to an individual or legal entity on the terms of shared financing of targeted expenditures, are called subsidies. Subsidies are a fairly widespread phenomenon both in Russian and foreign practice of state regulation of the economy. The most common are price and investment subsidies.
Price subsidies are provided to lower prices for specific goods and services, such as fuel and mineral fertilizers for agriculture.
Investment subsidies compensate for part of the investor's investment in an object that is part of the state economic program... An industry, a developing region, scientific research, the development of new foreign markets, etc. can act as such an object.
In the near future, government subsidies to support housing and communal services should be significantly reduced, investment subsidies in road construction and targeted comprehensive programs are expected to decrease, and subsidies allocated to individual industrial enterprises at the regional and local levels will also decrease.
Another type of subsidies is support for unprofitable business entities, covering their losses or financing, regardless of their profitability. In fact, a significant number of state-owned companies chronically do not cover their costs, so the state not only annually covers the deficit from their current activities, but also provides subsidies for the modernization and expansion of such enterprises. For example, in the countries of Western Europe, especially large budget subsidies were paid to the state railways, post office and telegraph.
The problem of the functioning of unprofitable state-owned enterprises has also come close in our country. It is also expected to continue to reduce excess federal liabilities. So, recently there was a cancellation of most of the categorical benefits, this measure should be compensated for by an increase in real wages and monetary allowance.
Nevertheless, regional budgets, if they have such opportunities, can introduce their own benefits, including to replace the canceled federal ones.
In accordance with the fiscal policy pursued, the state concentrates its efforts on performing basic functions, and, first of all, on financing the social sphere, which provides a system of social protection of the population and investment in human capital. To this end, the state is taking measures to increase the wages of public sector employees, primarily doctors and teachers, and increases the size of pensions, social benefits and scholarships. A number of other financial measures are being taken to combat poverty.
In the system of measures for the implementation of tax policy, an important link is to increase the level of fairness and neutrality of the tax system, which implies the equalization of taxation conditions for all categories of taxpayers by canceling the existing unjustified tax incentives, the abolition of ineffective taxes (primarily sales tax), adjustments to the procedure for determining tax base for individual taxes.
It is also expected to significantly simplify the procedure for appealing decisions and actions. tax authorities, including through the creation of specialized collegia of lawyers for tax disputes in courts of general jurisdiction and arbitration courts.
An important area of tax policy is the further reduction of the tax burden. This task can be solved by reducing the tax burden on the payroll fund and reducing the value added tax rate. The priority area of tax policy is also the simplification of the tax system, the reduction of the number of taxes and fees, the unification of the rules for calculating individual taxes and the procedure for their payment.
3. Bodies of public administration of finances
Legislative and executive bodies of power, which have the appropriate powers in terms of regulating the financial activities of the state, participate in public financial management.
The President of the Russian Federation as the head of state:
Provides in the field of financial management the coordinated work and interaction of state authorities in accordance with the Constitution of the Russian Federation;
Regulates the functioning of the country's financial system by approving laws on the federal budget, state extra-budgetary funds, and the tax system;
Determines the system of financial and economic relations between the Center, constituent entities of the Russian Federation, local governments, etc.
The Federal Assembly of the Russian Federation - a parliament consisting of two chambers: the Federation Council and the State Duma - considers and approves laws related to the development of the financial system:
On the introduction or abolition of taxes, on exemption from their payment;
On the issue of government loans;
On changes in the financial obligations of the state;
About the federal budget;
About state off-budget funds.
The overall management of the organization of finance in the country is carried out by the Ministry of Finance of the Russian Federation. Its main functions are the development of state policy and legal regulation in the field of:
Budgetary activities;
Tax activity;
Insurance activities;
Foreign exchange activity;
Banking activities;
Government debt;
Auditing activities;
Accounting and bookkeeping;
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;
Organization and conduct of lotteries, gambling and bet;
Production and circulation of security printed products;
Financial support of the civil service;
Anti-money laundering and terrorism financing.
The Ministry of Finance of the Russian Federation coordinates and controls the activities of the Federal services under its jurisdiction:
Federal Tax Service;
Federal Service insurance supervision;
Federal Service for Financial and Budgetary Supervision;
Federal Service for Financial Monitoring;
Federal Treasury, as well as control over the execution by the Federal Customs Service (which is under the jurisdiction of the Ministry of Economic Development and Trade of the Russian Federation) of regulatory legal acts on the calculation and collection of customs payments, determination of the customs value of goods and vehicles.
The Federal Tax Service performs the following main functions:
Control and supervision over the observance of the legislation on taxes and fees;
Control and supervision over the correctness of the calculation, completeness and timeliness of the introduction of taxes and fees into the relevant budget, in cases stipulated by the legislation of the Russian Federation;
Control and supervision over the correctness of calculation, completeness and timeliness of making other obligatory payments to the corresponding budget;
Control and supervision over the production and circulation of ethyl alcohol, alcohol-containing, alcoholic and tobacco products;
Control and supervision over the observance of the currency legislation of the Russian Federation within the competence of the tax authorities;
State registration of legal entities, individuals as individual entrepreneurs and peasant (farmer) enterprises;
Representation in bankruptcy cases and in bankruptcy procedures of claims for the payment of mandatory payments and claims of the Russian Federation for monetary obligations.
The Federal Service for Insurance Supervision exercises control and supervision functions in the field of insurance activities.
The Federal Service for Financial and Budgetary Supervision performs the following functions:
Control and supervision in the financial and budgetary sphere;
Foreign exchange control.
The Federal Financial Monitoring Service carries out the functions of countering the legalization of proceeds from crime and the financing of terrorism and coordinates the activities in this area of other federal executive bodies.
The Federal Treasury performs the following enforcement functions:
Ensuring the execution of the federal budget;
Cash services for the execution of budgets of the budgetary system of the Russian Federation;
Preliminary and current control over the conduct of operations with these funds by the main managers, administrators and recipients of federal budget funds.
The main functions of the Federal Customs Service in terms of financial management are:
Collection of customs duties, taxes, anti-dumping, special and countervailing duties, customs duties;
Control over the correctness of calculation and timeliness of payment of the specified duties, taxes and fees;
Implementation of measures for their enforcement.
The securities market is managed by the Federal Service for Financial Markets, which is headed by the Government of the Russian Federation. The main functions of the Federal Service for Financial Markets are as follows:
Implementation of state registration of securities issues and reports on the results of securities issue, as well as registration of securities prospectuses;
Ensuring the disclosure of information on the securities market in accordance with the legislation of the Russian Federation;
Control and supervision over the activities of issuers, professional participants in the securities market and their self-regulatory organizations, joint-stock investment funds, their management companies and specialized depositories, mutual funds, non-state pension funds and their self-regulatory organizations, mortgage agents, mortgage cover managers, specialized mortgage depositories coverage, the Pension Fund of the Russian Federation, the state management company, as well as for the activities of commodity exchanges and credit bureaus.
A special place in the financial management system on the part of the authorities belongs to the Accounts Chamber of the Russian Federation. The Accounts Chamber of the Russian Federation in its activities does not depend on the Government, is endowed with broad powers - it performs control, expert-analytical and information functions - and is accountable to the Federal Assembly of the Russian Federation.
The main tasks performed by the Accounts Chamber of the Russian Federation are:
Control over the timely execution of income and expenditure items of the federal budget and the budgets of federal extra-budgetary funds;
Determination of the effectiveness and feasibility of spending public funds and the use of federal property;
Assessment of the validity of income and expenditure items of the federal budget projects and the budgets of federal extra-budgetary funds;
Financial expertise of draft federal laws, as well as regulatory legal acts of federal bodies of state power, providing for federal budget expenditures or affecting the formation and execution of the federal budget and the budgets of federal extra-budgetary funds;
Regular submission of information on the implementation of the federal budget, obtained in the course of control measures, to the Federation Council and the State Duma of the Russian Federation.
The sphere of exercising the powers of the Accounts Chamber of the Russian Federation includes:
State bodies of the Russian Federation, federal extra-budgetary funds;
Local governments, enterprises, organizations (including financial and credit organizations and Insurance companies) if they receive, transfer or use funds from the federal budget, or if they use federal property or have tax and customs benefits.
The main form of control on the part of the Accounts Chamber of the Russian Federation is the conduct of audits and thematic audits, information on the results of which is submitted to the Federation Council and the State Duma of the Russian Federation. If a violation of laws that provide for criminal liability is detected, the Accounts Chamber sends the materials of inspections to law enforcement agencies.
To take measures to eliminate violations identified by the Accounting Chamber, a submission is sent to the head of the audited organization, which must be considered within the period specified in it.
In leading foreign countries, the main bodies of state financial management are, as in the Russian Federation, the parliament and the Ministry of Finance, in addition, as a rule, there is also an independent financial control body.
Conclusion
Summing up, we can say that the financial system is a set of various spheres of financial relations, in the process of which funds of funds are formed and used.
The financial system of any state includes several interconnected links (institutions) and bodies. The presence of various institutions within the financial system is explained by the fact that finances serve the diverse needs of society, cover with its influence the entire economy of the country and the entire sphere of social activity in general. Based on this, the financial system of the Russian Federation should be understood as:
A set of financial institutions, each of which contributes to the formation and use of appropriate funds;
A set of state bodies and institutions carrying out financial activities within their competence.
The role of the financial system is reduced to the legal regulation of financial relations, i.e. with the help of the financial system, it is possible to control the efficiency and compliance of the legal form with the economic content.
So, we can conclude: the financial system plays such an important role in the life of society that the disruption of its functioning can lead to catastrophic consequences for the entire economy. Therefore, in all countries, it is under the strict control of the state. Using various methods, the state achieves such a state of affairs that meets the interests of the development of the entire economy, the effective solution of constantly emerging economic problems.
The financial system is a concept that transcends specific financial legislation. Rather, it is an element of the economic and legal culture of society. And the sooner the range of relevant concepts and categories becomes a socially recognized value, the more successfully and efficiently the legislation on finance will operate, the more confidence will be generated by financial government measures.
List of used literature
1. Borovka V.A., Murvshova S.V. Finance and Credit: Textbook. - M .: Business-Press, 2010 .-- 608 p.
2. Braicheva T. V. State finances of Russia. - SPb .: Peter, 2007.
3. Dyakonova M.L., Kovaleva T.M., Kuzmenko T.N. Finance and Credit: Textbook. - M .: KnoRus, 2007 .-- 376 p.
4. Zagorodnikov S.V. Finance and credit: tutorial... - M .: Omega-L, 2009 .-- 286 p.
5. Litovchenko V.P., Soloviev V.I. Finance and credit. - M .: NI-VSHU, 2006 .-- 186 p.
6. Unshitoy A.S. Finance and Credit: Textbook. - M .: Dashkov and K, 2010. -575 p.
7. Romanovsky M.V., Vrublevskaya O.V. Finance, money circulation and credit. - M .: Finance and statistics, 2006 .-- 544 p.
8. Fetisov V.D., Fetisova T.V. Finance and credit. - M .: Unity, 2008 .-- 399s.
9. Shevchuk D.A., Shevchuk V.A. Finance and credit: study guide. - M .: RIOR, 2007 .-- 288 p.
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The financial system, considered as a scientific category, is interpreted in educational publications not always unambiguously. More often, the financial system is considered as a set of interrelated and interacting parts, links, elements directly involved in financial activities and contributing to its implementation. The financial system consists of financial institutions (organizations, institutions that carry out and regulate financial activities) and financial instruments that create the necessary conditions for the flow of financial processes. The scientific definition of the concept of "financial system", revealing its essence, systematizing the organization of financial relations in the country, is as follows:
the financial system is a set of various spheres and links of financial relations, characterized by peculiarities in the formation, distribution and use of funds of funds, a different role in social reproduction, and a system of state and corporate financial bodies.
The structure of the financial system. The structure of the financial system of the Russian Federation, formed as a result of market reforms in the 1990s, includes the following areas of financial relations (see Appendix 2):
State and local finance (centralized finance);
Business finance (decentralized finance);
Household finances.
Links of state and municipal finance:
Federal budget;
The budgets of the constituent entities of the Russian Federation (regional);
Municipal budgets (local).
State off-budget trust funds;
State loan;
State insurance fund;
Stock market.
The financial units of business entities are as follows:
Finance of commercial organizations;
Finance of non-profit organizations;
Finances of individual entrepreneurs.
The financial system is not only a collection of spheres and
links of financial relations, in the process of which funds are formed and used, but also the system of financial institutions, i.e. institutional financial system. The totality of financial institutions (departments) is the apparatus for managing the financial system. The structure of the apparatus for managing the financial system in the Russian Federation will be discussed below.
Let's consider the sphere of financial relations "state and local finances": concept, essence, links, let's trace their interconnection.
State and local finances are monetary relations that develop between public authorities and local governments, on the one hand, and legal entities and individuals, on the other, in the process of value distribution and redistribution of gross domestic product, primarily national income (partly and national wealth ), in connection with the formation, distribution and use of centralized monetary funds that meet the needs of the state and local government in solving economic, political and social problems.
Consequently, state and local finances are formed using the methods of distribution and redistribution of national income (with the help of taxes, tax incentives, etc.).
The forms of using centralized funds of funds are budgetary and extra-budgetary funds intended for state regulation of the economy, meeting the social needs of citizens, the needs of defense and public administration, and for solving other economic, political and social problems. The role of state and local finance in social reproduction is to create conditions for expanded reproduction both at the macro and micro levels, as well as in the real provision of the needs of expanded reproduction at the macroeconomic level (at the level of the national economy as a whole) and the implementation of social guarantees for the citizens of Russia within the framework of the Constitution of the Russian Federation.
In terms of economic content, the state and local finances of the Russian Federation are heterogeneous and include the following links: the federal budget; budgets of the constituent entities of the Russian Federation; municipal budgets; state non-budgetary trust funds; government credit; insurance fund of the state; stock market.
The most important role in the financial system of the Russian Federation is played by the federal budget - the fund of funds of the Government of the Russian Federation. With its help, financial resources are mobilized at the disposal of the state, through which state federal and regional target programs (national projects), national defense, state security and law enforcement, the social sphere are financed, measures are taken to restructure the economy, stabilize it, implement international and domestic obligations. The federal budget consists of two interrelated parts: revenue and expenditure. In the revenue part of the federal budget, the sources of the receipt of funds and their quantitative characteristics are indicated; in expenditure - directions, areas in which money is spent and their quantitative parameters.
In modern Russian scientific and educational literature, the concept of "federal budget" is often identified with the concept of "state budget", which, in our opinion, is not legitimate. In the USSR, there was a unified state budget, which had the force of law, and the budgets included in it were part of it. With the transition of the Russian Federation to a market economy, the concept of "state budget" has lost its meaning as a single centralized budget of the state, which has the force of law. All budgets of the modern budgetary system of the Russian Federation function autonomously: budgets of municipalities
their revenues and expenditures are not included in the budgets of the constituent entities of the Russian Federation, and the budgets of the constituent entities of the RF are not included in the federal budget with their revenues and expenditures. Each level of government is endowed with certain budgetary powers, budgets of all levels are independent, and the budget reform being carried out in the country is aimed primarily at increasing the independence of budgets and the efficiency (effectiveness) of using budget funds.
Consequently, the concept of "state budget" in modern conditions of functioning of budgets in Russia is identical to the concept of "consolidated budget of the Russian Federation". The main difference between the consolidated budget as an economic category and the state budget is that the budgets included in it function autonomously and each budget is approved by law. The consolidated budget of the Russian Federation as a statistical set of budgetary indicators characterizing aggregated data on income and expenses, sources of funds and directions of their use as a whole for the Russian Federation is not approved federal law... Its indicators are widely used in budget planning and forecasting, as well as in calculations characterizing various types of provision of residents of the country, individual territories (for example, budgetary expenditures on medical care, education per capita and other average per capita budgetary expenditures). The concept of “consolidated budget” was first included in the Law of the RSFSR “On the Fundamentals of the Budgetary Structure and Budgetary Process in the RSFSR” dated October 10, 1991 in connection with the abolition of the state budget of the Russian Federation.
The budget of a constituent entity of the Russian Federation (regional budget) is a regional fund of funds intended for the financial provision of the tasks and functions assigned to the state authorities of the constituent entities of the Russian Federation.
In modern Russia, the role of regional government bodies in managing the economy and social sphere, in coordinating socio-economic processes on the territory of the region is increasing, and therefore the importance of the budget of the constituent entity of the Russian Federation in the socio-economic development of the region is increasing, its influence and directions of influence on social production and material well-being of citizens.
The budget of the municipality (local budget) is a local fund of funds intended for the financial provision of the tasks and functions assigned to local governments.
The budget of a municipal formation is the basis of the financial resources of local self-government (municipal district, urban district, urban and rural settlement, other municipalities determined by the legislation of the constituent entities of the Russian Federation). The budgets of municipalities may be provided as an integral part of the estimate of income and expenses of individual settlements and territories that are not municipalities.
State off-budget trust funds (GVTF) are organizationally separated from budgets and operate independently, but are managed government bodies authorities. State off-budget funds are funds of the federal government and executive authorities of the constituent entities of the Russian Federation.
In the early 1990s, state off-budget economic and social funds were created. To date, only state off-budget social funds have retained the status of off-budget funds. These include the RF Pension Fund; Social Insurance Fund of the Russian Federation; federal compulsory health insurance fund and territorial compulsory health insurance funds. They are formed to financially ensure the implementation of the constitutional rights of citizens to social Security by age, illness, disability, loss of a breadwinner, birth of children, as well as free medical care and health care. The volume of state off-budget social funds (in terms of revenues and expenditures) is quite impressive: in recent years, they have exceeded 60% of the federal budget.
The federal budget, the budgets of the constituent entities of the Russian Federation, the budgets of municipalities and state off-budget social funds together form the budgetary system of the Russian Federation.
State credit is a specific link in the financial system, reflecting credit relations regarding the mobilization (borrowing) by the state on a paid and repayable basis of temporarily free funds from various economic entities to finance public expenditures that are not secured by budget revenues, as well as to provide loans and guarantees to other economic entities by the state. entities within the country and abroad.
Additional financial resources through government borrowing the state attracts by selling bonds, treasury bonds and other types of government securities on external and internal financial markets. In this case, the state functions as a borrower of funds. The state loan allows to cover the budget deficit in a civilized way, contributing to the outflow of money from circulation, it softens the severity of problems in the sphere of monetary circulation.
At the same time, the state itself can have temporarily free monetary resources and in this case can function as a creditor.
Due to its special social and legal significance, the state can assume responsibility for repaying loans taken by various economic entities, i.e. can become a guarantor.
Thus, state credit as an economic category expresses the totality of economic relations between the state (represented by the authorities), on the one hand, and other economic entities (individuals and legal entities, foreign entities), on the other hand, regarding obtaining loans, providing loans or guaranteeing provision. The state as a subject of economic relations functions as a borrower, lender and guarantor.
The Russian Federation uses state credit more often as loans to finance the federal budget deficit (there was a deep federal budget deficit throughout the 1990s) and the budgets of the constituent entities of the Russian Federation, which are still experiencing a shortage of monetary resources.
The insurance fund of the state is the aggregate of material reserves and financial reserves of society, intended for the prevention, localization and compensation of damage caused by natural disasters and other emergency events.
The insurance fund is an integral part of the system of reserve funds and is created in a centralized manner at the expense of budgetary resources by the method of insurance, as well as directly by legal entities and individuals by means of self-insurance. In a market economy, the role of insurance increases sharply, since all economic entities operate in conditions of risk.
The stock market is a market (organized and over-the-counter) in which securities are bought and sold, and their prices are determined by supply and demand. Russian legislation considers the concepts of "stock market" and "securities market" as identical. An organized stock market is a stock exchange.
The main function of the stock exchange is to enable public companies, the state and local governments to raise capital by selling securities to investors, i.e. in this case, the stock exchange acts as a primary market.
The stock exchange also serves as a secondary market, allowing some investors to sell their securities to other investors, providing liquidity and reducing investment risks.
Thus, the stock market is a special type of financial relations arising from the sale and purchase of special financial assets - securities. The main task stock market- ensuring the process of capital overflow in the industry with a high level of income. The stock market serves to mobilize and efficiently use temporarily surplus funds. Its peculiarity lies in the fact that stock market participants expect to receive a higher income compared to investing money in a bank. However, the flip side of higher income is increased risk.
Centralization of financial resources. Due to the different functional purposes of the named links of state and municipal finance, the state can exert a versatile influence on the economic and social processes taking place in society, and seek an acceptable solution to sectoral and territorial problems.
The centralization of financial resources enables the state to:
Pursue a unified financial policy;
Ensure the development of industrial and social infrastructures;
Reallocate funds in the interests of regulating the economy to improve its overall efficiency;
To achieve equalization of the degree of satisfaction of the social needs of citizens within the established social standards.
The main source government revenues is the national income. But during periods of emergency (wars, major natural disasters, radical economic reforms, global and local economic and financial crises and others), the source of formation of state revenues is the previously accumulated national wealth, some elements of which (gold reserves, foreign exchange reserves, insurance reserves, sales of energy resources) are involved in economic circulation.
Government spending arise in connection with the use of financial resources to cover government needs. Since at different stages of economic development, the role of the state, its functions and scope of activity change, the structure and volume of government spending change.
The finances of business entities are component and the basis of a unified financial system of the country. The finances of business entities function in the process of creating and distributing gross domestic product and national income.
In accordance with The Civil Code RF all organizations are divided into commercial and non-commercial.
The finances of a commercial organization represent the monetary relations of a commercial organization with state authorities and local governments, other commercial and non-commercial organizations (counterparties) associated with the formation, distribution and use of monetary resources to ensure the process of expanded reproduction and fulfill their obligations to the state and other enterprises. and firms, employees, etc.
The finances of commercial organizations serve as the basis for the entire system of financial relations. The overwhelming part of primary financial resources in a developed market economy concentrated in commercial organizations, therefore, the stability and stability of the country's financial system as a whole depends on the stability of their financial position.
The main source of the formation of financial resources that ensure the economic independence of a commercial organization is its own funds (capital and reserves): authorized capital, shares, profit, earmarked income. As a result of operations with securities in the financial market, additional financial resources can be mobilized. The source of replenishment of financial resources is also receipts in the form of insurance claims from insurance organizations, borrowed funds, including a bank loan.
The finances of a state (municipal) unitary enterprise are monetary relations that arise in the process of formation and use of fixed assets and working capital, production and sale of products, education, distribution and use of profits of a state (municipal) unitary enterprise.
The specificity of the organization of finance and property of unitary enterprises is due to the fact that their founder is federal government bodies, as well as local government bodies. The procedure and sources for the formation of the statutory fund of a unitary enterprise are determined by federal bodies of state power and bodies of local self-government. Products and incomes received by a unitary enterprise from the use of property, as well as property acquired from the profits received, are the property of the state (municipalities) and go into the economic management of the enterprise. The sources for the formation of the property of a unitary enterprise (along with general sources) are: property transferred to the enterprise by decision of federal (local) executive bodies for state (municipal) property management; targeted budget financing; subsidies from the budget.
A unitary enterprise, in comparison with joint-stock companies, limited liability partnerships and other commercial organizations, is limited in the field of production (choice of nomenclature), setting prices (tariffs) for goods and services, in the formation of own and borrowed funds and their use, in the distribution and use profits, wages of workers and employees.
The finances of a non-profit organization are the income and expenses of a legal entity that does not aim to receive and distribute profits. Non-profit organizations can carry out entrepreneurial activity only to the extent that it serves to achieve the goals for which they were created, and they cannot distribute the profit that is adequate to these goals among the participants (founders). To attract financial resources, these organizations widely use such a method as self-taxation - voluntary donation of funds for public needs.
Individual entrepreneurs as economic entities in Russia appeared recently, with the beginning of market reforms in the economy. The Civil Code of the Russian Federation means entrepreneurial activity as an independent activity, carried out at its own risk, aimed at systematic profit from the use of property, the sale of goods, the performance of work or the provision of services by persons registered in this capacity in the manner prescribed by law. The finances of individual entrepreneurs are included in the financial system of the Russian Federation as a separate link in such an important sphere of organizing financial relations as the finances of business entities. Individual entrepreneurs can be farmers, citizens carrying out their activities in the field of retail and small wholesale trade, public catering, consumer services, the provision of other types of services (brokerage, auditing), private lawyers, doctors with a personal license, etc. The financial relations of individual entrepreneurs are specific, since they are involved in their economic turnover. personal income and accumulation, and therefore entrepreneurial income can be used not only for conducting and expanding entrepreneurial activity, but also for personal consumption. The financial resources of individual entrepreneurs are formed mainly from personal savings and entrepreneurial income, less often - from bank loans, are used to expand activities, payments to the budget and extra-budgetary funds, for charitable purposes as personal (family) savings and for personal consumption.
1.20. The modern financial system of Russia, characteristics of its spheres and links. Prospects for the development of the financial system of Russia.
The basis of the financial system of the state is centralized public finance (budget system, state credit, financial resources of the Central Bank). Decentralized finance includes:
1) finances of organizations (commercial and non-commercial organizations).
2) finance of financial intermediaries (banks, insurance companies).
3) household finance.
Financial system- a set of various spheres of financial relations, in the process of which funds of funds are formed and used; financial system- a system of forms and methods of formation, distribution and use of funds of funds and enterprises.
The financial system of the Russian Federation includes the following links:
Centralized finance: 1) State budget system; 2) Extra-budgetary special funds; 3) State loan; 4) Insurance funds;
Decentralized finance: 5) Finances of enterprises of various forms of ownership.
Budget system RF includes 3 links: federal budget; budgets of national-state and administrative-territorial entities; local budgets. All budgets operate autonomously. The budgetary system is the main link of the financial system (it accounts for more than 40% of all financial resources).
Extrabudgetary funds- funds of the federal government and local authorities related to the financing of expenses not included in the budget. The formation of off-budget funds is carried out at the expense of mandatory earmarked contributions. The principal amounts of deductions are included in the cost price and are set as a percentage of the wages fund. Extrabudgetary funds have a strictly designated purpose. The total number of off-budget funds is over 40. The main ones in terms of size and importance are social funds (Pension, Medstrakh, Social Insurance).
State loan reflects credit relations regarding the mobilization by the state of temporarily free funds of enterprises and the population on the basis of repayment to finance public expenditures. Individuals and legal entities are the lender, the state is the borrower. The need to use public credit is due to the impossibility of meeting the needs of society at the expense of budgetary revenues. The mobilization of huge financial resources gives rise to large public debt.
Insurance fund provides compensation for possible losses from natural disasters and accidents, as well as contributes to their prevention. At present, along with state insurance organizations, insurance is carried out by non-state insurance companies.
Enterprise finance are the backbone of the country's financial system, since serve the process of creating and distributing the social product and national income. The provision of centralized monetary funds with financial resources depends on the state of the finances of enterprises.
One of the main tasks of the Ministry of Finance in the development of the Federal budget of Russia for 2015-2017 was to provide a margin of safety for the budget in the face of declining income and economic growth. This dictates the need to ensure a surplus or small budget deficit. The budget deficit for a three-year period is planned at the level of 0.6% of GDP (for comparison: in the European Union, a budget deficit of 3% of GDP is considered normal).
We need to cut costs and live within our means. To save money, the government cut part of the costs, and moved part to the period after 2017. This primarily affected the costs of rearmament of the army, a significant part of which was shifted by a couple of years. Also, the authorities were forced, for example, to limit the indexation of public sector wages by the inflation rate. In total, over a trillion rubles of expenses will be redistributed over the course of the three-year period.
At the same time, the budget provides for significant expenditures for programs to support new territories - Crimea and Sevastopol. In addition to intergovernmental transfers, they will receive money for infrastructure and stimulating economic development. First of all, these are the Kerch Bridge, these are roads, new infrastructure that has not been updated there for decades, these are industrial parks, various clusters, and so on. Next year, 104 billion rubles will be spent on this, and then the expenses will be increased to 130 billion rubles. In addition, the authorities supported the regions of the Far East - they increased funding for infrastructure facilities, for which they allocated 7, 15 and 20 billion rubles a year.
The persistence of sanctions and current oil prices, coupled with the devaluation of the ruble, threatens Russia with a slide into a deep recession in 2015, which could force the Bank of Russia to abandon the free floating of the currency and return to intervention and control over capital flows, experts from the Higher School Development Center write in a regular review. economy.
The Russian economy has stagnated since the end of 2013, and the conflict with the West and the sanctions imposed on the Russian Federation over Crimea and interference in Ukraine's affairs amid falling oil prices and the depreciation of the ruble only exacerbate the problems.
As of mid-November, the ruble depreciated by a third compared to the beginning of the year against the dollar and by 23 percent against the euro. In October alone, the Central Bank spent $ 30 billion to support the exchange rate, and in early November, the Bank of Russia announced the transition to free exchange rate formation.
According to the head of the Bank of Russia, in a stress scenario, the Central Bank of Russia is ready in 2015 to send currency operations$ 85 billion. The stressful macroeconomic scenario of the Central Bank, according to Nabiullina, assumes that the price of oil in 2015-2017 will be equal to $ 60 per barrel. However, its implementation is unlikely, the head of the Bank of Russia believes.
According to her, even in a crisis scenario of development Russian economy The central bank expects the ruble to strengthen in 2015 and inflation to reach 4 percent in 2017. For 2015, the Central Bank predicts inflation at 8 percent. The total costs of the Russian economy from mutual sanctions may reach 3 percent of GDP in three years, HSE experts calculated, based on the estimates of the Bank of Russia.
In 2014, according to the Bank of Russia, net capital outflows may amount to $ 128 billion, which is $ 67 billion more than in 2013.
Russian Finance Minister Anton Siluanov said that net capital outflow from Russia in 2014 could amount to $ 120-130 billion.In early October, the ministry expected that over $ 90 billion could be withdrawn from the country by the end of this year, but no more than $ 100 billion. At the same time, in early November, the Higher School of Economics reported that since the beginning of the year, capital outflow from the Russian Federation has already exceeded $ 110 billion.
In an interview with Bloomberg, Finance Minister Anton Siluanov said that our economy would slide into recession only if the price of oil fell to $ 60 per barrel. "If oil prices drop to $ 60 per barrel, then the growth will be negative," he said. Siluanov said the government would be stricter on the budget and use anti-crisis instruments. The minister assured that "all social obligations will be fulfilled, no one intends to revise them." At the same time, "minor priorities will be postponed to a later date."
According to Siluanov, the fall in oil prices and the deterioration economic situation will not be as serious as in 2008-2009, and the economy will recover when it manages to adapt to the new conditions. "Most likely, the price of oil will fluctuate next year in the range of $ 80-90," the minister predicts.