Financial policy: its goals, objectives and elements. Interrelation of financial strategy, tactics and financial mechanism. Modern financial policy of the Russian Federation. Financial policy of the state The implementation of financial policy does not include

05.04.2021

Financial policy - this is a system of state measures for the use of financial relations for the state to perform its functions

According to S. Yu. Witte, the key feature of financial policy is that it “...should be aimed at all possible assistance to economic success and the development of the country's productive forces. Such a policy can also give the best results in relation to the financial economy, rising along with the people's well-being, the population's payment power and multiplying the sources of state revenues.

So, public financial policy we will consider as part of the socio-economic policy of the state to ensure a balanced growth of financial resources in all parts of the country's financial system. Ignoring the need for a balanced growth of financial resources, as world experience shows, leads to the degradation of the financial system itself, the decline and collapse of the economy.

The main goal of the state financial policy should be the creation of financial conditions for the socio-economic development of society, improving the level and quality of life of the population.

Along with the state financial policy, there is also financialenterprise policy, which is a purposeful activity of financial managers to achieve the goals of doing business. The goals of the financial policy of an enterprise can be: (a) the survival of the enterprise in a competitive environment; (b) avoiding bankruptcy and major financial failures; (c) leadership in the fight against competitors; (d) maximizing the market value of the enterprise; (e) sustainable growth rates of the enterprise's economic potential; (e) growth in production and sales volumes; (g) profit maximization; (h) cost minimization; (i) ensuring profitable activities, etc. [Kovalev, 1999, from. 31].

The priority of one or another goal of the financial policy of the enterprise is predetermined primarily by the goals of doing business. To achieve this goal, an appropriate financial mechanism is used.

All branches of state power are involved in the development of the state financial policy in Russia. At the same time, due to the peculiarities of the constitutional system, the priority in its development belongs to the President of the Russian Federation, who, in his annual messages to the Federal Assembly, determines the main directions of financial policy for the current year and the future.

Development of a general concept of financial policy, its main goals and directions;

Creation of an appropriate financial mechanism for the implementation of this concept;

Management of financial activities of the state and other economic entities.

An important component of financial policy is the financial mechanism. It is of two types:

A directive financial mechanism is being developed for those financial relations in which the state participates (government spending, taxes, public credit, budget planning).

The regulatory financial mechanism defines the basic rules for the behavior of economic entities in those areas of financial relations that do not directly affect the interests of the state. (for example, on-farm financial relations in enterprises).

Objectives of financial policy:

Providing conditions for the formation of the maximum possible financial resources.

Establishment of a rational system for the distribution and use of financial resources (rational from the point of view of the state)

Regulation and stimulation of economic development financial methods

Development of the financial mechanism and its development taking into account the changing situation

Creation of an effective financial management system

Types of financial policy

Depending on the level of development of the country, the phase of the economic cycle, the political situation, national and cultural characteristics, various types of financial policies are implemented.

1. Classical financial policy

Theoretically, it was founded in the 18th century. A. Smith and D. Riccardo (“invisible hand”, self-regulation of the market, the state does not interfere) Main principle this policy - minimal government intervention in the economy; simplicity of taxes, simple financial management system

In the XX century. This type was used little, in highly modified forms.

2. Regulated financial policy

Within this type, there are 2 varieties

A) Keynesian financial policy

The basis of the principle is the active intervention of the state in the economy, especially during periods of crisis, in order to ensure stable development and maximum employment of the population, the main instrument is public spending

B) non-conservative financial policy

This limited state intervention in the economy includes multi-purpose state regulation.

Planned and directive financial policy

This is the maximum concentration of financial resources in the state and full state management of the entire economy.

Financial policy includes: budgetary, tax, detender, credit, price and customs policy. In turn, the financial policy of the state is only a means of implementing its economic And social politics, i.e. plays a supporting role. We should not forget other areas of public policy - national, geopolitical,military. The totality of these five areas determines the financial policy, which serves as the main instrument for conducting state policy. The financial policy of Russia is spontaneous and is aimed at the maximum concentration of financial resources in the hands of the state with a constant narrowing of the base for the formation of the revenue side of the budget.

Financial policy is inextricably linked to monetary policy state, which is part of the socio-economic policy aimed at combating inflation, unemployment and ensuring a stable pace of economic development.

The most important components of the state's financial policy are budgetary, tax, investment, social and customs policies.

budget policy The Russian Federation is based on the Budget Code and other legislative acts that determine the form of the country's budget structure and regulate the entire budget process. The private budget policy is expressed in the structure of the expenditure part of the budget, in the distribution of expenditures between budgets of different levels, in the sources and methods of covering the budget deficit, in the forms and methods of public debt management. The nature of the solution of these issues depends on the socio-economic orientation of the budget policy, the type of construction of the model of budgetary federalism in states with a federal structure.

Tax policy finds its embodiment in the construction of a particular tax system. Tax systems in the developed countries of the world are characterized by a variety of types of taxes and objects of taxation, as well as the nature of the relationship between taxpayers and tax authorities. Nevertheless, the world practice has developed certain principles and approaches to the construction of the tax system, revealed the negative consequences of the introduction of certain taxes, taxation systems.

The main principles of building tax systems in Western countries include: (1) horizontal and vertical equality; (2) tax neutrality; (3) ease of tax collection for the government; (4) minimal disincentive effect from the introduction of a particular tax; (5) the difficulty of tax evasion.

Horizontal equality means that legal entities and individuals in equal conditions must pay the same taxes. Vertical equity implies that the rich pay proportionately more than the poor.

In addition, world practice has proven that:

The tax system should be open; an increase in the number of taxes, objects of taxation leads to an increase in the cost of collecting taxes, an increase in arrears and fines;

The basis of the tax base should be direct taxes (on income, property);

The prevalence of the indirect taxation system leads to an increase in the tax burden of the bulk of the population with low incomes, which is predetermined by relatively the same level of consumption at different income levels;

it is advisable to introduce indirect taxes to limit the consumption of goods that are harmful to health, as well as on luxury goods, etc.;

high taxes lead to capital flight;

in periods of crisis for the economy, it is necessary to reduce the burden of the tax burden, which contributes to the mobilization of domestic investment potential.

Investment policy connected with the creation of conditions for attracting domestic and foreign investment, primarily in the real sector of the economy. Investment policy as a part of financial policy is implemented at different levels of government and financial management of economic entities. The main task of this policy is to create conditions for investors to find it profitable to invest in the Russian economy, so that huge capital does not “run away” from Russia, but, on the contrary, that there is an influx of foreign capital.

Social politics is connected primarily with the solution of the problems of financial support for the rights of Russian citizens, established in the Constitution of the Russian Federation, and covers the following areas: pension, migration, financial assistance to certain social groups of the population, etc.

Customs policy is a symbiosis of tax and pricing policy, restricting or expanding access to the domestic market of goods and services and encouraging or restraining the export and import of goods and services from the country. Thus, customs policy largely determines the distribution processes not only between business entities and the state, but and between economic entities, as well as industries, regions. The customs policy of Russia is currently largely dependent on the budget policy aimed at increasing the collection of customs duties and payments.

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

on the course "Finance and Credit"

on the topic: "Financial policy"

The state in the process of its functioning carries out political activities in various spheres and public life. The object of this activity is the economy as a whole, as well as individual constituent elements: price, money circulation, finance, credit, currency relations, etc.

The totality of government measures to use financial relations to carry out the functions of the state is a financial policy.

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 financial activities state and other economic entities.

The basis of financial policy is strategic directions, which determine the long-term and medium-term prospects for the use of finance and provide for the solution of the main tasks arising from the peculiarities of the functioning of the economy and the social sphere of the country. At the same time, the state selects the current tactical goals and objectives for the use of financial relations. They are related to the main problems facing the state in the field of mobilization and efficient use of financial resources, regulation of economic and social processes and stimulation of advanced directions for the development of productive forces, individual territories and sectors of the economy. All these activities are closely interrelated and interdependent.

Financial policy-an integral part of the economic policy of the state. It concretizes the main directions of development of the national economy, determines the total amount of financial resources, their sources and directions of use, develops a mechanism for regulating and stimulating social and economic processes by financial methods.

At the same time, financial policy is a relatively independent sphere of state activity, the most important means of implementing state policy in any area of public activity.

Determining financial policy, one should proceed from the specific features of the historical development of society. It must take into account the specifics of the domestic and international situation, the real economic and financial potential of the country. Taking into account current features should be supplemented by studying the experience of using the economic and financial mechanism, new development trends, as well as world experience.

When pursuing financial policy, it is especially important to ensure its interrelationships with other components of economic policy - credit, price, monetary.

Evaluation of the results of the financial policy of the state is based on its compliance with the interests of society and the majority of its social groups, as well as on the results achieved, arising from the goals and objectives set.

Objectives of financial policy. However, despite all the features of the formation of financial policy, two target areas of its implementation can be distinguished: fiscal and regulatory.

It is especially difficult to find additional revenues, because this leads to an increase in the tax burden of payers and has a contradictory effect on the total amount of revenues received by the state. The mechanism of the impact of the tax burden on the volume of incoming income is determined by the Laffer law (Fig. 1).

The essence of the law is as follows. Initially, the growth of the tax burden leads to an increase in state revenues and the optimum point is gradually reached, which characterizes the best level of tax exemption, which satisfies, on the one hand, payers, and on the other hand, the state that receives the maximum income. With a further increase in the tax burden above the optimal level, the volume of income decreases and tends to zero at a 100% withdrawal level. Such a decrease in income occurs objectively due to a decrease in incentives for development economic activity and subjectively through the concealment of objects of taxation and tax evasion.

Rice. 1. Laffer Curve:

DB -- budget revenues; dbmax -- maximum income budget;

optimal tax burden

This relationship between the tax burden and income is manifested only in a market economy, when economic entities are free to choose their behavior. In the conditions of a planned economy, the Laffer law is not valid due to the fact that all decisions on the use of financial resources are made by the state individually and the incentive for the manufacturer is not the amount of funds remaining with him, but the completeness of the implementation of the directive task.

The law represents objective relationships in the behavior of the state and economic entities, but it does not define a specific level of withdrawal of funds. The optimal level depends on many factors specific to a particular country, among which we can single out economic, social, political, specific historical, psychological, etc.

Balancing state revenues and expenditures is also possible through cost reduction, but this process is rather complicated, because it may affect the interests of entrepreneurs and large social groups of the population, which leads to certain social costs. In addition, spending cuts very often do not have a quick fiscal effect, as they initially stimulate an increase in related costs.

In addition to fiscal goals, financial policy involves the regulation of economic processes. Regulation is carried out due to the fact that the state has certain tools that affect the interests of economic entities. These include tax, state credit, budgetary appropriations, various norms and standards by which financial relations are regulated. With the help of these tools, the state influences the amount of "money" that an economic entity has, and thus affects various economic processes.

These processes include economic growth, employment, inflation, the state of the exchange rate, the development of certain territorial industries and enterprises. Regulation can be carried out by the state spontaneously or consciously. If the state does not set itself special goals of regulation and the main objective of financial policy is fiscal, then in this case regulation is carried out spontaneously. However, the movement of financial resources always affects the interests of economic entities. The positive or negative result of such regulation is determined by random factors of the coincidence of the interests of the state and economic entities.

Currently, regulation is an obligatory element of the financial policy of any state and is deliberately used to achieve the goals of economic development.

The financial mechanism is divided into directive and regulatory.

The directive financial mechanism, as a rule, is developed for financial relations in which the state directly participates. Its scope includes taxes, state credit, budget expenditures, budget financing, organization of the budget device and the budget process, financial planning.

In this case, the state develops in detail the entire system of organizing financial relations, which is mandatory for all its participants. In a number of cases, the directive financial mechanism can be extended to other types of financial relations in which the state is not directly involved. Such relations are either of great importance for the implementation of the entire financial policy (corporate securities market), or one of the parties to these relations is an agent of the state (finances of state enterprises).

2. Types of financial policy

The development of the state is associated with a change in financial policy. The use of one or another type of financial policy is determined by the characteristics of the current stage of development of the economy and the social sphere, the interests of the ruling parties and social groups, and the prevailing theoretical concepts that affect the economic and political course of the state. All this ensures the preservation and development of the existing system of social relations in a given state.

An analysis of the financial policies applied by various states makes it possible to distinguish three of its main types: classical, regulatory, planned and directive.

1. Until the end of the 1920s, the main type of financial policy in most countries was classical. Such a financial policy was based on the works of the classics of political economy A. Smith (1723-1790) and D. Ricardo (1772-1823) and their followers. Its main direction is the non-intervention of the state in the economy, the preservation of free competition, the use of the market mechanism as the main regulator of economic processes. The consequence of this was the limitation of government spending and taxes, the provision of conditions for the formation and execution of an equilibrium (balanced) budget.

The financial mechanism was built on the basis of these financial policy goals. The state sought to reduce budget expenditures, which were reduced mainly to military spending, the payment of interest on the public debt and its repayment and management. The system of taxation was supposed to create the necessary flow of funds to ensure a balanced state budget. Moreover, the tax system was built mainly on indirect and property taxes, which were quite simple and effective in terms of the mechanism for their collection. The financial management system was concentrated, as a rule, in one governing body - the Ministry of Finance (Treasury).

2. The rapid development of the productive forces put before the states in the XIX century. the question of changing approaches to financial policy. This question arose especially sharply at the end of the 1920s, when the whole complex of economic, political and social problems of most states became aggravated. During this period, in industrialized countries, the transition to a regulatory financial policy was carried out. It was based on economic theory English economist J. M. Keynes (1883-1946) and his followers. They proceeded from the need to intervene in the economy and regulate the state, its traditional tasks began to pursue the goal of using the financial mechanism to regulate the economy and social relations in order to ensure full employment of the population. The main instruments of intervention in the economy are government spending, which generates additional demand. Therefore, government spending ensures growth entrepreneurial activity, increase national income and contribute to the elimination of unemployment by financing the creation of new jobs.

The system of taxes in the context of regulatory financial policy is changing dramatically. The main regulatory mechanism is income tax, which uses progressive rates. This tax provides for the withdrawal from economic entities of income used in the form of savings, which makes it possible to ensure a balanced state budget at a high level of spending. great attention in the financial mechanism is given to the system of public credit, on the basis of which the policy of deficit financing is carried out. The state is actively developing the use of long-term and medium-term loans. The loan capital market becomes the second most important source of budget revenues, and the budget deficit is used to regulate the economy.

The financial management system is changing. Instead of a single governing body, several independent specialized bodies arise. There are separate services involved in planning the budget and budget expenditures, their financing, control over the receipt of taxes, and management of public debt.

Keynesian regulatory financial policy has shown its comparative effectiveness in industrialized countries. It ensured stable economic growth in the 1930s and 1960s, high level employment and an efficient social financing system in most of these countries.

In the 1970s, the neoconservative strategy associated with the neoclassical direction of economic theory was taken as the basis of financial policy. This kind of financial policy does not involve deregulation as its goal, but limits government intervention in the economy and the social arena. The regulation of the economy is becoming multi-purpose.

The financial mechanism under these conditions is based on the need to reduce the volume of redistribution of national income through the financial system, reduce the budget deficit, stimulate the growth of savings as a source of industrial investment. Taxes play an important role. The task is to reduce them and reduce the degree of progressivity of taxation.

It should be noted that various types of regulatory financial policy are closely interrelated. Therefore, the same or similar instruments of the financial mechanism are used in different countries using both Keynesian and neoconservative regulatory systems, which leads to their convergence.

3. Planned and directive financial policy was applied in countries that used the administrative-command system of economic management. Based on state ownership of the means of production, the planned management system made it possible to carry out direct directive management of all spheres of the economy and social life, including finance. The goal of financial policy in these conditions is to ensure the maximum concentration of financial resources from the state (primarily from the central authorities) for their subsequent redistribution in accordance with the main directions of the state plan.

In the USSR, the financial mechanism was also built adequately to the goal of financial policy. The main objective of the financial mechanism was the creation of Instruments, with the help of which the withdrawal of all financial resources not used in accordance with the state plan is carried out. Withdrawal of funds was carried out from state enterprises, the population and local authorities.

For state-owned enterprises, a mechanism for two-channel withdrawal of net income was created (with subsequent minor changes). The net income of state enterprises was initially withdrawn to the budget with the help of a turnover tax in industries where, at the expense of prices set by the state, income was created on an increased scale (light industry, food industry). Then, with the help of individual deductions from profits (contributions of the free balance of profits), all surplus profits were received into the budget, which, in the opinion of the state, could not be used within the framework of enterprises. At the same time, the maximum amount of all expenses of the enterprise was determined at the expense of profit, i.e. the state fully regulated the entire financial mechanism of state enterprises. In some years, up to 80% of their net income was confiscated from state enterprises.

Regulation of the use of monetary incomes of the population was carried out with the help of income tax. In addition, part of the funds was withdrawn by placing virtually compulsory government loans. Free funds of the population, placed in the system of savings banks, were also sent to the budget in the form of a special non-bond loan. Approximately the same mechanism of withdrawal of income was used for cooperative enterprises.

The withdrawal of funds from local authorities was ensured by limiting their own sources of income for local budgets. The system of such local revenues included small revenues, specific gravity which in the budget did not exceed 10-15% of the total income. In this regard, the level of income of local budgets completely depended on the amount of funds allocated to them from higher budgets in the manner of budgetary regulation.

Budget expenditures were determined on the basis of the priorities established by the state plan. Funds were allocated for costs, as a rule, without linking them to the possible effect obtained. In this regard, significant resources were used unproductively: to finance the defense sectors of the national economy, "long-term construction", military spending, etc. At the same time, social spending was covered by the residual method at minimum rates, which had a negative impact on the development of social sectors.

Financial management was carried out from a single center - the Ministry of Finance, which dealt with all issues of using the financial mechanism in the national economy. There were no other state administrative bodies in the field of finance.

A planned and directive financial policy was pursued in almost all former socialist countries. It showed its rather high efficiency in the years when the maximum concentration of financial resources was required to meet the emergency expenses of the state (during the Second World War, the restoration of the national economy, etc.). At the same time, the use of such a financial policy in the conditions of the normal functioning of the economy led to negative consequences: a decrease in production efficiency, a slowdown in the development of the social sphere of society, and a sharp deterioration in the financial situation of the state.

3. Financial flooritika in Russian Federation USmodern

stage

The creation of market relations is unthinkable without a fundamentally new financial policy. The implementation of such a policy requires, first of all, fundamental theoretical developments, analysis and consideration of current practice in the course of reforms in order to promptly make appropriate adjustments.

In connection with the transition to market relations, the privatization of state property in our country, the financial mechanism has changed.

This found expression primarily in the transfer of relations between the state and privatized enterprises to a tax basis.

Intergovernmental relations have changed. Territorial budgets (regional, local) received greater independence, primarily in the sphere of spending funds. Territorial authorities began to independently determine the directions for the use of budgetary resources.

Changes were made to the formation of territorial budgets. In the higher budgets (federal, regional) financial assistance funds were created, from which the lower budgets began to receive transfers, the amount of which was determined according to a single methodology, taking into account the tax potential and the population of the territories.

With the organization of the stock market, the procedure for the redistribution of funds by business entities has changed. This became possible on the basis of the issue of corporate securities and their sale and purchase on stock exchanges.

With the creation of private insurance companies in the country, the insurance market and private insurance funds began to function.

Social insurance funds were withdrawn from the state budget and state social off-budget funds (pension, employment, health insurance, social insurance) were created.

The process of transformation in our country continues. In the medium term, conditions must be created for the growth of the well-being of citizens, the reduction of poverty, the maintenance of sustainably high rates of economic growth based on improving the quality human capital, development of competition and improvement of the efficiency of public administration.

The main socio-economic reforms will be aimed at increasing:

The quality of life of citizens through the implementation of reforms in education, health care, as well as providing the population with affordable housing;

Competitiveness Russian companies, including by creating an environment for fair competition, technical regulation and development of financial markets;

* the effectiveness of public administration through the implementation of administrative reform, improving the management of state property, budget reform.

One of the priority areas for improving the standard of living of the population will be to ensure access to high-quality housing for the general population, for which it is planned to create an efficient housing market based on mortgage lending and other forms of housing construction financing, to ensure the complexity of development, including utility and social infrastructure .

In order to modernize the Russian education system, it is planned to introduce new state educational standards, profile education in high school, the transition to a two-level system of higher vocational education. It is necessary to form a system for monitoring and forecasting the needs of the labor market in specialists. An important task is the development of systems of continuous and additional professional education, training and retraining of military personnel, including on the basis of civilian universities.

To ensure the availability and improve the quality of medical care to the population, strengthen the financial base of healthcare and strengthen state control over the targeted and rational use of funds, it is necessary to develop and implement a system of standards medical services, as well as a unified methodology for setting tariffs for medical, including preventive, services.

In the development of financial markets, it is necessary to improve the legislation of the Russian Federation, which ensures the protection of investors' rights, further develop the system of internal corporate governance, use international standards financial reporting. The priority tasks in this area are to increase the stability and investment attractiveness of Russian banks, increase the level of confidence of depositors, and strengthen the protection of their interests.

Important areas in the development of small business will be the restructuring of the existing system state support small business, improvement of the tax legislation of the Russian Federation in terms of taxation of small businesses.

The main direction in the field of support for territorial development will be the development and strengthening of the institution of local self-government, the implementation of the principles of budgetary federalism.

This task will be implemented through a clear allocation of funds federal budget allocated in order to stimulate socio-economic reforms at the territorial level in the total amount of financial support for the territories, the development of mechanisms for monitoring territorial development.

The administrative reform is aimed at reducing the state's administrative intervention in the economy, delineating the functions and powers of the executive branch, and increasing the transparency of the public administration system. As part of the administrative reform, a model regulation will be adopted that establishes the procedure for interaction between federal ministries and the federal services and federal agencies under their jurisdiction, as well as administrative regulations of federal executive bodies that determine the procedure for exercising their powers.

Improving the state property management system involves a phased reduction of its excess part, which does not ensure the performance of state functions. Federal ownership will mostly remain property prohibited for privatization, as well as strategic enterprises and joint-stock companies that ensure the release of strategic products to ensure national security.

The condition for solving these problems is economic growth.

The acceleration of economic growth rates will take place on the basis of a balanced macroeconomic policy based on the following principles:

Consistent reduction in inflation;

Pursuing a balanced monetary policy that ensures the transition to full ruble convertibility without excessive strengthening of the ruble;

Assistance in increasing the competitiveness of Russian companies, strengthening their positions in the domestic and foreign markets;

Maintaining a balanced federal budget while further reducing the tax burden on the economy and significantly increasing the efficiency of its spending.

budget policy. The most important link economic policy of the state is budgetary policy. It reflects all its financial relationships with legal entities and individuals. When planning budget policy, the state should proceed from the need to ensure economic and social stability.

Ensuring overall macroeconomic balance remains the main objective of budgetary policy in the medium term. The conduct of budgetary policy should be based on the following principles:

Guaranteed fulfillment of budgeted obligations;

Tying up excess cash liquidity;

Consistent reduction in the cost of servicing the public debt;

Transition from budgetary cost management to budgetary results management.

The main directions in the field of tax policy will be focused on:

Improving the efficiency of tax administration, including reducing the single rate of value added tax (VAT);

Completion of the reform of the property tax system;

Solving the problem of taxation of extraction and export of raw materials;

Streamlining the tax reporting procedure.

The fiscal burden should be redistributed from the processing sectors to the extractive sectors, which will make it possible, while stimulating growth in the processing industry, to bring the conditions of competition between the primary and non-primary sectors closer. In this regard, since 2006, with high oil prices, tax exemptions from the oil industry have increased, the base rate of the mineral extraction tax on oil has increased, the formulas for calculating the average tax rate have changed, and oil export duties have increased.

An important direction of tax policy remains to ensure an equal tax regime for all types of entrepreneurial activity, which creates the same competitive conditions for economic activity. This is aimed at reducing the value-added tax rate, improving the mechanism for its reimbursement for exporters (in particular, eliminating the taxation of advance payments when exporting goods), deducting VAT amounts paid on capital investments as they are paid.

It is envisaged to complete the reform of property taxes, reduce the maximum tax rate on property tax individuals, as well as change the approach to the definitions of the tax base, bearing in mind the approximation to the real value of real estate.

It is planned to make fundamental changes to the land tax collection regime, to determine its tax base based on the cadastral value of land plots, to differentiate tax rates depending on land categories, to set a maximum rate of 0.3% for agricultural land, and for other lands -- 1.5%. At the same time, local authorities will be given the right to reduce the specified tax rates for land tax.

The main directions of reforming the budget process will be a gradual transition from managing budget costs to performance-based budgeting, reforming the budget classification of the Russian Federation and budget accounting, improving medium-term financial planning, and streamlining the procedures for compiling and reviewing the budget.

In order to reform the network of state and municipal institutions and expand the forms of financing social services, it is necessary to optimize the management of the existing network of recipients of budgetary funds, as well as restructure the sector of state and municipal institutions.

The inflation rate should decrease from 12% in 2003 to 5 - 6.5% in 2007. Achievement of the target inflation rate will be ensured mainly by limiting the growth of prices and tariffs of natural monopolies and reducing the growth rate of the money supply due to a reduction in the growth reserves of the Bank of Russia, provided that a moderate rate of depreciation of the normal ruble exchange rate is maintained.

The foreign debt policy, determined by the Government of the Russian Federation for the period up to 2007, will be aimed at gradually reducing the amount of external borrowing, while at the same time observing the established schedule of payments on external debt by the Russian Federation.

4. Public finance management

Financial management-- this a system of forms, methods and techniques, with the help of which the management of money circulation and financial resources is carried out.

In the process of financial management, the governing bodies perform the following functions:

Financial planning;

Operational financial management;

Financial control.

1. Financial planning provides for the preparation of medium-term and current plans for the education and use of financial resources. In the management of public finances, the preparation of consolidated financial balance sheets, long-term financial plans, draft budgets, estimates of income and expenses is carried out. budget organizations.

2. Operational financial management includes a set of actions for the implementation of plan targets related to the formation of financial resources and financial support for the activities provided for by planning documents.

3. Financial control provides for checking the legality, correctness of the formation of funds, their effective and targeted use.

Financial management is in close connection with the financial and budgetary policy pursued by the state, the current financial mechanism.

Public finance management bodies in the Russian Federation. At the federal level, direct financial management is carried out by the Ministry of Finance of the Russian Federation, institutions that are part of the system of the Ministry of Finance of the Russian Federation: the Federal Financial Monitoring Service, the Federal Tax Service, the Federal Financial and Budgetary Supervision Service of the Russian Federation, the Federal Insurance Supervision Service, functional and sectoral divisions of executive bodies.

In accordance with the Regulations on the Ministry of Finance of the Russian Federation, approved by Decree of the Government of the Russian Federation No. 237 of March 6, 1998, the following main functions are assigned to the Ministry of Finance of the Russian Federation.

Preparation of proposals and implementation of measures to improve the budgetary system of the Russian Federation, the development of budgetary federalism and the mechanism of interbudgetary relations with the constituent entities of the Russian Federation.

Development of projects of the federal budget and the forecast of the consolidated budget of the Russian Federation.

Execution within its competence of the federal budget, drawing up a report on the execution of the federal budget and the consolidated budget of the Russian Federation.

Exercising control over the targeted use of federal budget funds.

Preparation of proposals and implementation of measures aimed at improving the structure of public spending.

Improving the methods of budget planning and the procedure for budget financing, the implementation of methodological guidance in this area, as well as in the field of drawing up and executing the federal budget.

Development and implementation of a unified policy for the formation of the structure of state borrowings; implementation in the prescribed manner of the issue of government securities.

Licensing the activities of insurance companies and supervising their activities; maintaining a unified state register of insurers and associations of insurers, as well as a register of insurance brokers.

Implementation of the necessary measures to fulfill the obligations of the Russian Federation under loan agreements with foreign states and international financial organizations.

Establishing the procedure for maintaining accounting records and reporting on the execution of the federal budget, cost estimates of budgetary organizations, forms of accounting and reporting on cash execution of the federal budget, budgets of the constituent entities of the Russian Federation.

The Ministry of Finance of the Russian Federation takes part in:

Development of forecasts for the socio-economic development of the Russian Federation for the long-term, medium-term and short-term prospects;

Development and implementation of measures for financial recovery and structural restructuring of the economy, support and protection of the interests of domestic producers of goods, contractors of works and services;

Preparation of proposals on the main directions of the credit and monetary policy of the Russian Federation, improvement of the state of settlements and payments in the economy;

Preparation of federal targeted programs, providing, in accordance with the established procedure, their financing at the expense of the federal budget;

Development and financing of federal investment programs;

Development of proposals for improving the system of federal executive bodies and their structure;

Development of proposals on establishing the size of customs tariff rates and the procedure for collecting customs duties;

Development of a procedure and control over the receipt of income from property that is in federal ownership;

Development of proposals for the development of the securities market in the Russian Federation;

Preparation of draft intergovernmental and interstate agreements in the field of financial, credit and currency relations.

The main tasks of the Ministry of Finance of the Russian Federation are:

Development and implementation of strategic directions of a unified state financial policy;

Drafting and execution of the federal budget;

Ensuring the sustainability of public finances and their active impact on the socio-economic development of the country, the efficiency of management, as well as the implementation of measures to develop the financial market;

Concentration of financial resources in priority areas of socio-economic development of the Russian Federation and its regions, targeted financing of national needs;

Development of proposals for attracting foreign credit resources to the country's economy and sources of their repayment;

Improving the methods of financial and budgetary planning, financing and reporting;

Implementation of financial control over the rational and targeted spending of budgetary funds and state non-budgetary funds.

The Ministry of Finance of the Russian Federation has the following structure:

1) Central Office of the Ministry of Finance of the Russian Federation;

2) federal Service on financial monitoring;

3) Federal Tax Service;

4) Federal Service for Financial and Budgetary Supervision;

5) Federal Service of Insurance Supervision;

6) Federal Treasury.

The structure of the Central Office of the Ministry of Finance of the Russian Federation includes the following departments and departments.

1. Department of budget policy, including the following departments:

1) department of budget legislation;-

2) department of budget planning;

3) department of interstate finance;

4) department for organizing the execution of the federal budget;

5) consolidated department of income analysis and forecasting;

6) department for analysis and forecasting of income from direct taxes and other payments;

7) department for analysis and forecasting of income from indirect taxes and resource payments;

8) department of reserve funds;

9) department of budget policy in the field of civil service;

10) department of financial support of the judicial system;

11) department of normative legal support of civil service;

12) department of remuneration of civil servants and analysis of administrative expenses;

13) department of budget accounting methodology, budget reporting and budget classification;

14) department of methodology of formation of expenditure commitments and execution of budgets.

2. Department of budget policy in sectors of the economy, including the following departments:

1) consolidated department;

2) department of budget policy in the field of transport, road facilities and communications;

3) department of budget policy in the field of land use, subsoil use and ecology;

4) department of budget policy in the field of civil industry and energy;

5) department of budget policy in the region Agriculture and fisheries;

6) department of budget policy in the field of formation of federal target programs, regional development programs;

7) department of budget policy in the field of housing subsidies and methodology for financing budget capital expenditures.

3. Department of budget policy in the sectors of the social sphere and science, which consists of the following departments:

1) consolidated department;

2) department of budgetary policy in the field of education;

3) department of budgetary policy in the field of healthcare and physical culture;

4) department of budget policy in the field of scientific and scientific-technical activities and civil purposes;

5) department of budget policy in the field of social security and programs of state employment of the population;

6) department of compulsory social insurance and state off-budget funds;

7) department of budgetary policy in the sphere of culture and mass media.

4. Department of budget policy in the field of state military and law enforcement service and state defense order, including departments:

1) department of consolidated analysis in the field of national defense, state security and law enforcement;

2) department of normative legal support in the field of state military and law enforcement service;

3) department of budgetary policy in the field of national defense;

4) department of budgetary policy in the field of state security and law enforcement;

5) department of budget policy in the field of justice, prevention and liquidation of consequences of emergency situations;

6) department of budget policy in the field of military-technical cooperation;

7) department of budget policy in the field of state defense order, mobilization preparation of the economy and material reserve.

5. Department of interbudgetary relations, which includes departments:

1) consolidated department;

2) department for organizing the budget process in the constituent entities of the Russian Federation;

3) department for monitoring and relations with the budgets of the constituent entities of the Russian Federation;

4) department of municipal formations;

5) department of reform of housing and communal services;

6) department of methodology of interbudgetary relations.

6. Department of international financial relations, public debt and public financial assets, including departments:

1) department of international cooperation;

2) department of relations with international banks;

3) department of external debt;

4) department of external assets;

5) department of state internal assets;

6) internal debt department;

7) department of methodology and regulation of the debt of the constituent entities of the Russian Federation and municipalities;

8) department of accounting, analysis and reporting;

9) department for managing the funds of the Stabilization Fund.

7. Department of Tax and Customs Tariff Policy, which includes departments:

1) department for coordination and control of the activities of the Federal Tax Service, analysis and general issues;

2) department for the application of general rules of legislation on taxes and fees;

3) department of taxation of profit (income) of organizations;

4) department of taxation of income of citizens and unified social tax;

5) department of property and other taxes;

6) department of taxes and revenues from the use of natural resources;

7) department of indirect taxes;

8) department of international taxation;

9) department of customs payments;

10) department of normative regulation of determination of customs value.

8. Department of regulation of state financial control, auditing, accounting and reporting, having departments:

1) department of regulation of financial and budgetary supervision and financial monitoring;

2) department of methodology of accounting and reporting;

3) department of regulatory and legal regulation of auditing activities;

4) department for regulation of attestation, licensing and advanced training of auditors, coordination of control in the field of statutory audit and activities of professional audit associations.

9. Department of financial policy, which includes departments:

1) department of pension reform;

2) department of financial markets and property relations;

3) department for regulation of lottery activities and production of security printing products;

4) department of regulation of insurance activity;

5) department for organizing complex payments;

6) banking department;

7) department of monetary policy.

10. Legal department, including departments:

1) department of legal support of the state debt policy, defense complex and law enforcement agencies, financial market and interbudgetary relations;

2) department of legal support of budget policy, activities of subordinate organizations and systematization of regulations;

3) department of legal support of tax and customs tariff policy, control and supervision, audit, accounting and reporting;

4) department of judicial protection.

Functions and tasks of territorial financial bodies of the Ministry of Finance of the Russian Federation. Territorial financial authorities are functional subdivisions of territorial administrations, but at the same time they are part of the system of the Ministry of Finance of the Russian Federation. This ensures the unity of the budget base, the monetary system, the forms of budget documentation, the principles of the budget process, the unity of the procedure for generating income, financing the expenditures of budgets of all levels, maintaining accounting of funds from all parts of the budget system.

Territorial financial authorities ensure the development and implementation of a unified financial policy of the territorial administration, the preparation and execution of the territorial budget, executive and administrative functions in the field of financial management of the territory. Accordingly, they perform the following functions.

1. In the field of formation of a unified financial policy:

Improve the financial management system of the region, district, city, settlement;

Improve the system of accumulation of financial resources;

Determine the procedure for the formation and use of target budget funds;

Form the territorial budget policy;

Determine the procedure for mobilizing revenues and financing expenses;

Concentrate financial resources on priority areas of socio-economic development of the territory;

Prepare proposals for the financial support of territorial programs and orders.

2. In the field of solving problems of financial impact on optimizing the development of the economy and social sphere of the territory:

Carry out the development of financial, tax and credit mechanisms for financial and economic measures to develop market relations, improve the efficiency of the economy of the territory;

Participate in forecasting the financial base of socio-economic development for the financial year, medium and long term.

3. In the field of budgetary process management:

They form draft budgets, ensure their execution, adjust budget assignments, taking into account the dynamics of prices and revenues to the budget, monitor the implementation of the budget, the targeted and rational use of funds allocated from the budget to complexes, enterprises, institutions and organizations;

They improve the structure of budget expenditures, taking into account ongoing changes in the economy and the need for selective support for certain sectors of the national economy, the development of the socio-cultural sphere.

4. In the field of ensuring budget revenues, proposals are being prepared to improve the territorial tax legislation.

5. In the field of ensuring effective interaction between the links of a single financial system:

Provide methodological guidance to the activities of administration bodies in the field of financial and budgetary planning, financing of production and socio-cultural spheres;

Prepare proposals for strengthening territorial finances; coordination of activities of financial bodies and bodies of territorial administration.

6. In the field of development and regulation of the financial market:

Participate in the development of a policy for the formation, functioning and development of the securities market;

They participate in the regulation of the securities market, the analysis of financial aspects of the development of the stock market and the development of proposals for its improvement.

Territorial financial authorities determine the sources for the formation of territorial targeted budget funds, as well as provide methodological guidance on accounting and reporting of budgetary organizations and institutions, provide methodological assistance to enterprises, organizations and institutions financed from the budget, to bring their accounting and reporting systems in line with the requirements legislation.

To perform their tasks and functions, the territorial bodies of finance have the necessary powers. They have the right:

Receive from territorial executive authorities, tax authorities, enterprises and institutions financed from the territorial budget, information and materials necessary for the preparation of a draft budget, a report on its implementation;

Receive from the administrators of loans on extra-budgetary funds materials on the expenditure of these funds, plans and reports;

Receive from organizations and institutions, including banking, information and materials necessary to control the rational targeted spending of funds allocated from the budget.

Tasks and functions structural divisions territorial financial authorities can be illustrated by the example of the budget and tax departments (departments).

The most important structural subdivisions of the territorial financial body is the budget department (department).

Its main tasks are:

Preparation of proposals for improving the budgetary system and budgetary relations, including interbudgetary relations in the relevant territory;

Participation in the development and implementation of a unified financial and budgetary policy;

Drafting of territorial budgets and formation of the budget message of the heads of territorial administrations for the corresponding financial year;

Consideration of questions on the feasibility and extent of financial assistance from the budget to various sectors of the economy and municipalities;

Participation in the implementation of financial control over the rational and targeted spending of budgetary funds allocated from the budget.

In accordance with the tasks assigned to the budgetary management, it performs the following main functions:

1) prepares proposals and implements measures to improve the budgetary system, develop and improve budgetary relations in a particular territory;

2) develops drafts of territorial laws and forms a budget message for the next financial year;

3) prepares draft normative acts on the issues of budgeting and forecasting for the next financial year;

4) draws up a list of budget expenditures;

5) together with relevant executive bodies develops proposals for determining sources of financing for expenses related to the provision of benefits and state guarantees in terms of social protection certain categories of citizens;

6) participates in the preparation of proposals aimed at improving the structure of budget expenditures, improving the state of settlements and payments;

7) carries out short-term planning for cash execution of the budget for the next month;

8) together with the Treasury Department, participates in determining the limits of budgetary obligations for recipients of budget funds;

9) draws up a long-term financial plan;

10) participates in the implementation of control over the targeted and rational use of budget funds;

11) participates in the preparation of proposals on the status of receivables and payables in the sectors of the national economy and the public sector;

12) participates in the preparation of opinions on proposals for granting loans at the expense of the budget;

13) participates in the preparation of proposals for the allocation of funds from the reserve fund of the territorial administration for unforeseen expenses;

14) participates in the preparation of proposals for improving the mechanism of interbudgetary relations with municipalities;

15) develops draft standards for deductions from federal taxes to the budgets of municipalities;

16) develops proposals on the forms and volumes of financial assistance to municipalities;

17) compiles analytical materials, calculation and reporting data on the budgets of municipalities for the implementation of financial and budgetary planning and financing of expenses;

18) carry out an analysis of the implementation of the budgets of municipalities, consider reporting on the execution of their budgets, develop data on the expected execution of income and expenses, prepare proposals for the execution of the budgets of municipalities.

Equally important is the management (department) of income. Its main tasks are:

1) development of a forecast of budget revenues, preparation of forecast calculations for revenues of the territorial budget based on the data of the socio-economic development of the territory and assessment of expected revenues in the current year using price indices for goods (works, services) of material production and the consumer market, development of an income project budget;

2) analysis of the implementation of the income plan and participation in the development of measures to ensure its implementation;

3) systematization of normative acts on taxation issues;

4) implementation of tax policy in the territory.

The Revenue Department, in accordance with the tasks assigned to it, performs the following functions:

1) plans receipts of tax and non-tax revenues;

2) analyzes economic indicators, necessary for forecasting receipts of incomes;

3) draws up plans for income receipts;

4) introduces during the year, in the prescribed manner, clarifications to the revenue side of the regional budget;

5) participates in the preparation of a long-term financial plan for income;

6) analyzes the reporting of the territorial bodies of the Federal Tax Service in comparison with the data of the monthly report on the execution of the territorial budget;

7) analyzes data on arrears, deferred payments to the territorial budget based on the reporting of the Federal Tax Service;

8) takes part in the development of tax rates, which, in accordance with the current tax legislation, are established by the constituent entities of the Russian Federation;

What is financial policy in the practice of the company

Financial policy is a set of measures in the field of organizing financial relations in the company, which allow to ensure the solution of the tasks reflected in the strategy and tactics of the enterprise development.

When developing a financial policy, it is imperative to check it for compliance with the organization's strategy and its statutory documents.

Recall the main strategic objectives of each commercial company:

obtaining the maximum possible profit as the main goal of the functioning of a commercial organization;
optimization of the structure and cost of capital, ensuring financial stability and business activity of the enterprise;
ensuring the transparency of the company both for creditors and to increase its investment attractiveness;
use of various opportunities for attracting external borrowings, including such as a bond loan, various options for bank lending, commodity credit;
development of an effective mechanism for financial management, which will allow, based on the analysis of the financial and economic activities of the organization and taking into account its strategic goals, to obtain the most appropriate results for these goals.

The financial policy of the organization includes:

development of the company's financial management concept that meets strategic goals;
determination of the main directions for the use of resources in accordance with the short-term, medium-term and long-term plans of the enterprise;
practical achievement of the set goals and their evaluation.

Strategic financial policy necessarily includes long-term planning and forecasting, building financial models , preparation of alternative development options, identification, assessment and risk management.

Tactical financial policy solves the current problems of managing the company's finances and consists in constantly responding to market challenges. It is closely related to the strategy and is its practical expression for a specific time period: month, quarter, year, etc.

It is also important to remember the following basic principles:

the principle of self-financing and self-sufficiency, which means that all funds invested in the enterprise, both own and borrowed, must return and bring income corresponding to the planned level of profitability (see more about business profitability assessment );
the principle of self-government (takes place for independent organizations, as well as enterprises as part of a holding, a group within the limits determined by the management company);
principle liability for performance results;
the principle of interest in the results of the company's activities;
the principle of continuity of control over the activities of the organization;

The company may operate unspoken rules financial management, which can be attributed to the elements of the company's financial policy, and internal regulations can be developed that regulate each or some of the above areas of financial policy. The larger the company, the higher the level of formalization.

Example

Our company has adopted the following standard terms of work with buyers for payment: 30-50% prepayment, 70-50% payment 14 days after shipment. These provisions are not formalized in any way, but are fixed in operational accounting through software. At the same time, this rule does not work for some customers, we ship products to them without prepayment and give a delay of up to 90 calendar days. These are large contractors who will not work with us on other terms. At the same time, they take products for large amounts. Therefore, if there are delays in payment, our organization has serious problems. We separate accounting of operations for such clients.

What does financial policy consist of and how to implement it in a particular enterprise

The most important areas of development of the financial strategy of the enterprise include:

analysis and assessment of the financial and economic condition;
development of accounting and tax policy ;
development of rules and restrictions in the field of attracting bank loans of other types of borrowed resources;
capital management policy and depreciation policy;
current asset management and accounts payable ;
development of budgeting and planning rules;
development of pricing rules, a system of discounts, pricing during promotions and sales;
approval of the procedure for calculating and paying dividends;
development of an evaluation procedure investment projects and managing their implementation.

Thus, financial policy has a complex and multi-stage structure. It largely depends on the complexity, structure and volume of the business, on the planning horizons, on the scale of the tasks that the owners set for the company, as well as on the challenges of the external environment. Below is an enlarged structure of the financial policy of the enterprise, which is applicable in almost any company (see figure).

Picture. The structure of financial policy.

To determine which elements of the structure described above need to be put into practice, you need to find out which of them are most relevant in your enterprise or group.

So, for example, there are many structural divisions in the organization, a complex system of their interaction and a different degree of influence on the final result of the activity. In this case, it is necessary to introduce and develop to clearly see how the costs of different departments affect the bottom line.

Or an enterprise produces products with a long production cycle, a complex structure of production costs and a pronounced seasonal nature of sales. In this case, budgeting and approaches to securing borrowed funds are mandatory elements of financial policy.

Important : when forming a list of events for next year it is imperative to take into account the existing problems in the financial support of the organization and predict the problems of the next year in order to prepare for them in advance and respond in a timely manner by introducing new management tools.

Main directions of financial policy

Analysis and evaluation of the financial and economic state of the organization. is an integral part of summing up the results of the enterprise for the year. It includes:

collection and preparation of data for management, operational and accounting reporting;
comparison of planned and actual indicators and identification of both the deviations themselves and the causes of their occurrence (plan-fact analysis);
assessment of financial opportunities to determine strategic goals;
assessment of the effectiveness of cash flow management in the context of the organization's activities (main, financial, investment) based on the implementation of strategic and tactical tasks;
identifying the need for financial resources and determining the sources of their receipt;
assessment of the effectiveness of the use of financial resources of the enterprise (analysis of the structure of receivables and payables, inventory, production costs, the structure of direct and indirect costs);
assessment of the financial and economic condition of the company, including in terms of achieving target levels.

Each of the components of the financial and economic analysis listed above represents a significant amount of work in terms of complexity and deserves a separate description.

budget policy. Budgeting is the most important component of the company's financial policy. The budget policy determines how planning and budgeting in the organization. It contains a list of articles (budget classifier), financial structure enterprises (cost centers, financial accounting centers, financial responsibility centers), the frequency of planning, the definition of the types of budgets used and their detailing.

The following types of budgets are most common in practice:

1. Operating:

sales budget;
production budget;
business expenses budget;
management budget.

2. Basic:

cash flow budget;
income and expenditure budget;
balance sheet budget (balance sheet).

It is necessary to conduct a detailed analysis of the implementation of budgets of all types and take into account the information received when planning for the next year. You should also correlate the figures indicated in the budget for 2017 with tactical and strategic goals assigned to the company by its owners.

Price policy. The pricing procedure chosen by the company affects the implementation of such a strategic goal as increasing profits and is determined by internal and external factors. For most enterprises in market conditions, pricing policy is primarily determined by external factors: the level of demand for the company's products, the competitive environment, the flexibility of the conditions offered by competitors, the scale of the tasks facing the enterprise (for example, increasing market share, entering new sales markets and etc.). But internal factors (cost, direct and full costs, target profitability) are no less important, since they ultimately determine the financial result.

Credit policy. In practice, credit policy is most subject to change, since the need for financing depends on both internal and external factors, therefore it is constantly changing. It can also be significantly affected by a change . Thus, the decision to reduce the price while maintaining the level of costs entails the need to increase the volume and timing of external borrowing.

It is important to note that all elements of financial policy are interconnected, therefore, when changing one element, it is necessary to check how it affects others.

What to Consider When Forming Financial Policy for 2017

The CFO needs to pay particular attention to the study of external factors. The Russian economy is in a state of deep financial and economic crisis, which began in 2014 and now its influence is intensifying. (see Table 1).

Table 1. GDP growth rates in Russia in 2010-2015


GDP growth rate

The forecast for a fall in Russia's GDP in 2017 is -0.8%.

As a result, in 2017 companies will have to operate in the following conditions:

falling production volumes;
decrease in real incomes of the population;
rising unemployment;
deficit of the budget of the Russian Federation and regional budgets;
non-payment crisis;
increasing the cost of borrowing;
possible bankruptcy of companies;
low oil prices and other unfavorable external economic factors.

In the current situation, companies are forced to move from a development policy to a survival policy. It is expressed in focusing on solving current financial problems and postponing (freezing) investment projects aimed at development. At the same time, it is the crisis that gives companies the opportunity to gain additional advantages compared to less prudent competitors.

Example

In our company for 2017, we made three budget options. The most pessimistic one provides for a decrease in revenue with an increase in the price per unit of production, compared with the optimistic one by 30%. This assumption allowed us to test whether we could survive such a decline, while we factored in the increase in prices for raw materials above the increase in prices for our products (the excess was estimated at 10-15%).

Introduction

1. The concept of financial policy

3. Types of financial policy

Conclusion

List of used literature

Introduction

In the formation and development of the economic structure of any modern society the leading, determining role is played by state regulation, carried out within the framework of the economic policy chosen by the authorities, an integral part of which is financial policy.

Financial policy as part of economic policy is a set of fiscal and other financial instruments and institutions of state financial power, which, in accordance with the law, have the authority to form and use state financial resources in accordance with the strategic and tactical goals of state economic policy. Regardless of the level of development of the country, the main strategic goals of the state financial policy are the creation of financial conditions for the socio-economic development of society, improving the level and quality of life of the population.

Financial policy consists of such stages as determining its goals, the main directions for the use of financial resources; development of methods, means and specific forms of organization of financial relations, as well as the implementation of specific actions to achieve the intended goals and objectives. The rate of decline or growth of industrial production, unemployment, inflation and incomes of the population, and hence the level of development of the country as a whole, depend on the effectiveness of the financial policy, which expresses the relevance of the chosen topic.

The purpose of the control work is to consider the concept of financial policy and its types.

The concept of financial policy

financial politics classical neoclassical

Financial policy - a set of methodological principles, practical forms of organizations and methods of using finance. aimed at achieving efficiency in the mobilization, distribution and use of financial resources of society in order to fulfill the state of its functions, goals and specific tasks.

Financial policy allows you to combine together the management capabilities (regulation by the state), which are inherent in finance, with specific forms and methods of organizing financial system management bodies. In all states, financial policy is implemented through the financial system, whose activities are based on the following principles:

Financial management, taking into account the specifics of the links in the financial system;

Common functions of all financial institutions;

General management of the center with the active participation of all lower management bodies.

The main methodological principles for conducting financial policy, i.e. financial management are:

Dependence on the ultimate goal;

Macroeconomic balance of all sectors of the economy;

Compliance with the interests of all members of society;

Use of economic laws;

Accounting for internal and external economic conditions based on real possibilities.

The purpose of the financial policy is to ensure the stable progressive development of the economy of the state and business entities based on the use of financial relations and financial potential (to achieve financial stability and financial independence). The purpose of financial policy is manifested in the implementation of specific strategic tasks and the solution of tactical issues of using the functional purpose of finance. The specific strategic objectives of financial policy depend on external and internal conditions, the availability of financial resources, the organization of commodity-money relations, the state structure, etc.

The policy implies appropriate legal support, which provides for a certain combination of the main provisions reflected in official documents: Laws, Presidential Decrees, Government Decrees, instructions, orders and letters from ministries and departments, charters of business entities, international treaties.

Financial policy is an independent sphere of state activity in the field of financial relations, which is aimed at implementing state program not only economic development, but also social. Social development is understood not only as the development of education, culture, healthcare and other social needs, but also the social structure of society.

1) development of a general concept of financial policy, determination of its main directions, goals, main tasks;

2) management of the financial activities of the state and other economic entities. The basis of financial policy is formed by strategic directions that determine the long-term and medium-term prospects for the use of finance and provide for the solution of the main tasks arising from the peculiarities of the functioning of the country's economy and social sphere. At the same time, the state selects the current tactical goals and objectives for the use of financial relations. They are related to the main problems facing the state in the field of mobilization and efficient use of financial resources, regulation of economic and social processes and stimulation of advanced directions for the development of productive forces, individual territories and sectors of the economy. All these activities are closely interconnected and interdependent.

The financial mechanism is the most dynamic part of financial policy. Its changes occur in connection with the solution of various tactical tasks, and therefore the financial mechanism is sensitive to all the features of the current situation in the economy and social sphere of the country. One and the same financial relationship can be organized by the state in different ways. For example, the relationship between the state and legal entities on the formation of the budget, can be based on the collection of taxes or non-tax payments. At the same time, the tax system may include a different list of direct and indirect, national and local taxes, and each tax will have a special subject, object of taxation, rates, benefits and other elements that change due to the development of tax legislation.

As a part of financial policy, as a rule, they distinguish as relatively independent budgetary and monetary policies.

budget policy The Russian Federation is based on the Budget Code and other legislative acts that determine the form of the country's budget structure and regulate the entire budget process. Actually, the budget policy is expressed in determining the sources of formation of state budget revenues, in the structure of the expenditure part of the budget, in the distribution of expenditures between budgets of different levels, in determining the sources and methods of covering the budget deficit, forms and methods of public debt management. The nature of the solution of these issues depends on the socio-economic orientation of the budget policy, the type of construction of the model of budgetary federalism in states with a federal structure.

In turn, as part of the budget policy, tax, customs, investment policies and the policy of managing public credit acquire relative independence.

Tax policy is aimed at forming the tax system, determines the choice of the composition of taxes, the amount of tax rates, benefits and sanctions for each type of tax. It solves the following tasks: fiscal (mobilization of funds to the budgets of all levels); economic or regulatory (stimulating or restricting the development of economic sectors, business activity within the country); controlling (organization of control with the help of systems and methods of taxation over the activities of economic entities and citizens). The main goal of tax policy is to provide the budgets of all levels with financial resources.

Customs policy is a specific area of tax and pricing policy with its own specific forms and methods of influencing the economy of the state, depending on specific economic goals when interacting with other states. The state, using a certain arsenal of customs policy instruments, can restrict or expand access to the domestic market for the import of goods and services and restrain or encourage the export of goods and services from the country.

Investment policy associated with the creation of conditions for attracting domestic and foreign investment, primarily in the real sector of the economy. Investment policy as a part of financial policy is implemented at different levels of government and financial management of economic entities. The main task of this policy is to create conditions for investors to find it profitable to invest in the Russian economy, so that huge capitals "do not run away" from Russia, but, on the contrary, so that foreign capital flows.

Public Credit Management Policy associated with ensuring the activities of the state as a borrower, creditor and guarantor. This is a set of government actions related to servicing and repaying the public debt, issuing and placing new loans, maintaining the secondary market for debt obligations, and regulating the public loan market. In Russia, this activity is regulated and carried out by the Ministry of Finance of the Russian Federation and the Central Bank of the Russian Federation, which determine the total volume of the budget deficit, the volume and nature of the loans necessary to finance it.

Monetary Policy is part of the socio-economic policy aimed at combating inflation, unemployment and ensuring a stable pace of economic development.

In turn, as part of monetary policy, monetary, credit, pricing policies and financial policies in the securities market acquire relative independence.

monetary policy is aimed at ensuring the stability of monetary circulation (through emission control), inflation regulation, stabilization of the national currency.

Credit policy is aimed at ensuring the timeliness and continuity of settlements in the national economy and in various parts of the financial system (through the regulation and regulation of the banking system).

Price policy- regulation and adjustment of prices and tariffs for goods (works and services) of business structures - monopolists; formation and approval of prices for the use or sale of the country's natural resources - subsoil, land, water, forest and other resources.

Financial policy in the securities market- management of the financial market (through the regulation, issue and placement of government and corporate securities and the regulation of their turnover (purchase and sale rates); through a proactive increase or decrease central bank refinancing rates, which affects the level of profitability in the GKO-OFZ market, and the regulation of the level of profitability during the repatriation of non-residents' capital).

It is gaining more and more importance international financial policy. It is based on the management of monetary, financial and credit relations in the field of international relations, associated both with the international division of labor, with the formation and repayment of public debt, and with participation in the activities of international organizations, including international financial organizations.

The objectives of the financial policy are:

Providing conditions for the formation of the maximum possible financial resources;

Establishment of a rational, from the point of view of the state, distribution and use of financial resources;

Organization, regulation and stimulation of economic and social processes by financial methods;

Development of a financial mechanism and its development in accordance with changing goals and objectives.

Types of financial policy

Classic.

Such a financial policy was based on the works of the classics of political economy A. Smith and D. Ricard, and their followers. Its main direction is the non-intervention of the state in the economy, the achievement of complete freedom of market relations, the use of the market mechanism as the main regulator of economic processes. The consequence of this was the limitation of public spending and the execution of an equilibrium budget. The system of taxation was supposed to create the necessary flow of funds to ensure a balanced budget.

Regulatory.

This type of financial policy is based on the economic theory of John. M. Keynes, which proceeds from the fact that the state should intervene in the development of the economy with the help of certain financial instruments (public spending). Financial policy, along with its traditional tasks, began to pursue the goal of using the financial mechanism to regulate the economy and social relations in order to ensure full employment of the population. The system of taxes in terms of regulatory financial policy has changed. The main regulatory mechanism is income tax, which uses progressive rates. Much attention in the financial mechanism is given to the system of public credit, on the basis of which the policy of deficit financing is carried out. The loan capital market becomes the second most important source of budget revenues, and the budget deficit is used to regulate the economy. The financial management system is changing: instead of a single governing body, several independent specialized bodies are emerging.

Neoclassical.

The concept of this type of financial policy did not abandon the regulatory role of the state, but limited the degree of its intervention in the economy and the social sphere. In fact, the degree of state intervention did not decrease, but rather increased, because. this intervention was now carried out not only directly through the revenues or expenditures of the state budget, but also through the regulation of money circulation, the exchange rate, the market for loan capital and securities. The financial mechanism under these conditions is based on the need to reduce the volume of redistribution of national income through the financial system, reduce the budget deficit, stimulate the growth of savings as a source of industrial investment. The task is to reduce taxes and reduce the degree of their progressive taxation.

Planning and directive.

Planned-directive financial policy is used in countries that use the administrative-command system of economic management. Based on state ownership of the means of production, the planned management system allows for direct directive management of all spheres of the economy and social life, including finance. The purpose of financial policy in these conditions is to ensure the maximum concentration of financial resources from the state for subsequent redistribution in accordance with the main directions of the state plan. The main objective of the financial mechanism was to create tools with which to withdraw all unused financial resources in accordance with the state plan. Budget expenditures were determined on the basis of priorities established by the state plan. Financial management was carried out from a single center - the Ministry of Finance, which dealt with all issues of using the financial mechanism in the national economy. The state fully financed the needs of the economy and the social sphere from the budget, directly and monopoly regulated pricing, money circulation, the settlement system and credit relations. Thus, the state directly controlled all spheres of social activity with the help of state plans for economic and social development.

Conclusion

Thus, financial policy is a multifaceted concept. In general, its scope is determined by the parameters of state participation in the management of the economy and the social sphere, based on the theoretical concepts prevailing at certain historical stages of the development of society. Also, financial policy depends on the development of the financial system and the degree of independence of its individual links.

The implementation of financial policy is ensured by a set of state measures aimed at mobilizing financial resources and distributing them for the state to perform its functions and programs. The most important place among these activities belongs to the legal regulation of the forms and norms of financial relations.

In addition, quite independent areas are distinguished within it, such as antimonopoly, budgetary, currency, credit, tax, insurance and customs policy. At the same time, they are all interconnected: one affects the other. And, therefore, should be developed and implemented in close and continuous relationship with each other.

Financial policy is not only financial management, but also the impact on the environment in which the financial process is carried out. For example, a lot depends on public opinion, which affects the financial process - this is the demand for foreign currency, public confidence in banks and the stock sector, and so on.

Also, when conducting financial policy, it is necessary to take into account the existing socio-economic reality (ensuring political and social stability, a stable and secure international situation).

Similar information.

Financial policy: its goals, objectives and elements. Interrelation of financial strategy, tactics and financial mechanism. Modern financial policy of the Russian Federation. Financial policy of the state The implementation of financial policy does not include

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