Thesis
Ye Inacio
Academic degree:
Candidate of Economic Sciences
Place of thesis defense:
HAC specialty code:
Speciality:
Finance, money circulation and credit
Number of pages:
Chapter I. Financial and monetary mechanisms in the system of regulation of a market economy; their analysis and assessments
1.1. Financial mechanism as an instrument of state regulation of a market economy
1.2. Analysis of fiscal concepts and their application in modern economic conditions.
1.3. Assessment of modern trends in monetary regulation of economic processes
Chapter P. Study of economic regulation processes
2.1. Investment sphere of the economy in the study of the financial and credit mechanism for regulating economic processes
2.2. Inflation as a factor in the influence of the external environment on financial and credit mechanism for regulating economic processes
2.3. Study of the interaction of economic phenomena and processes
Introduction of the dissertation (part of the abstract) On the topic "Financial and credit mechanism for regulating economic processes in developing countries"
Awareness of the urgent need for administrative reform in developing countries has led to the emergence of various financial and credit concepts. Discussions have developed among academic economists and practitioners about the financial and credit mechanism of state regulation (GR). The very idea of regulating the economy has ceased to be a subject of discussion only by specialists, parliamentarians, and scientists. It began to penetrate into the deep layers of social consciousness, into the organization of production and economic (including financial) relations, directly affecting the vital interests of every citizen.
In this regard, many problems of organizing the functioning of the financial and credit mechanism have to be solved for the first time.
The inevitability of the emergence of contradictions inherent in a market economy in modern stage puts forward the task of developing a financial and credit mechanism based on theoretical and practical studies of social conflicts during the structural restructuring of the economies of developing countries, regrouping factors of economic growth, privatization and the use of diverse forms of ownership.
Theoretical analysis and study of the actually functioning model of a market economy in developed countries indicates a close relationship market relations with the financial and credit mechanism for regulating economic processes.
Success in solving reform issues depends not so much on maintaining natural-material proportions in the national economy, but on skillful financial, credit and monetary policies.
The attempt of academic economists to develop a unified financial and credit concept of state regulation of the economy (GRE) did not materialize until this century, since the economic situation changes depending on national characteristics, the level of morality and moral principles, infrastructure development, professionalism and the ability of legislative and executive authorities.
This dissertation was carried out on the instructions of the Government of Guinea-Bissau with the aim of exploring and identifying the features of the national economy and finding ways to get it out of the crisis.
Relevance of the topic. One of characteristic features modern economic development of countries with market economies is to increase the role of regulation of economic processes, rather than managing them.
In these processes main role And characteristic feature represents a financial and credit mechanism, because it is through it that regulation occurs, and not management of the economy.
The complexity of relationships and interactions, as well as the interdependence of all blocks of the financial and credit mechanism for regulating economic processes characteristic of the economy in transition, determines the nature and main directions of the dissertation research.
In this regard, there is a need clear understanding a financial and credit regulatory mechanism that allows for analysis and search for ways out of the economic crisis of developing countries.
In Guinea-Bissau in the 70s, after the end of the struggle for independence, the necessary economic mechanism and intellectual potential were not created, which would form the basis further development countries.
In the 1980s, Guinea-Bissau faced the problem of a noticeable decline in the rate of economic development and especially in its efficiency.
As a result, the economy began a difficult period of stagnation, which ultimately led to the current economic and political crisis in the country.
The current state of the economy of Guinea-Bissau is characterized by global imbalances and worsening contradictions, deepening general economic crisis, rising inflation, unemployment, decline in production.
The relevance of the study of the financial and credit mechanism for regulating economic processes is increasing due to the role played by financial and credit instruments, forms and methods of management and financing, as well as infrastructure regulation, ensuring the operation of this mechanism in the context of the transition from state management of the economy (GEM) to GRE in developing countries, which includes Guinea-Bissau.
The double managerial pressure leads to the need to develop a system in which the main thing is to identify the causes and factors of financial stability and stability in the country’s economy. According to the author, the proposed new theoretical and practical concepts, forms, methods and tools of the financial and credit mechanism of state regulation of the economy are of practical interest. This determines the relevance of the chosen topic.
The degree of development of the problem. The problems of studying the financial and credit mechanism for regulating economic processes are poorly developed in relation to the current stage of economic development of developing countries, which include Guinea-Bissau, although it is known that at the end of the 18th - early XIX centuries were carried out basic research on the theory of public finance, in particular by J. Keynes.
The purpose and objectives of the dissertation. A study of the theory and practice of regulating economic processes using the financial and credit mechanism shows that this problem is one of the most important in the modern period of transition from a strictly determined economic management system to a market one and, as such, has its own subject and target orientation.
The main goal of the dissertation work is to consistently identify and highlight a set of problems related to the mechanism for regulating economic processes in countries with open market economies. To achieve this goal, the following tasks are set:
Determine the features of the principles of regulation of economic processes with the help of a financial and credit mechanism that specifically manifests itself in developing countries;
Show the role of the financial and credit mechanism in the transition period from GUEKGRE;
Analyze the impact of budgetary tax system on the formation and use of the state budget;
To develop the structure of the financial and credit mechanism of economic regulation in the open economy of a group of African countries;
Explore the features of the national economy and politics of Guinea-Bissau during the period of administrative reform using a variety of methods of economic and statistical research and tools for managing the country’s financial resources;
Justify the possibility and show ways of using the experience of Guinea-Bissau for developing countries.
The theoretical and practical basis for the study was the works of Russian, Western and Guinean economists in this field, including fundamental research and publications in specialized periodicals not only in Russia, but also abroad (Italy, Portugal, Guinea-Bissau).
In this regard, the author used certain theoretical and practical provisions on the financial and credit regulation mechanism in order to identify the possibility and acceptability of various concepts of such regulation in Guinea-Bissau and other developing countries.
In conducting the research, the author relied heavily on methodological approaches, conclusions and results of mastering theoretical, financial and economic-statistical material contained in publications and financial documents of Guinea-Bissau, including balance sheets, budgetary acts, legislative acts and regulations on public finances, fiscal and monetary policy. The work used the works of A. Hanson, P. Samuelson, A. Lerner, R. Musgrave, G. Eckley, R. Hall, G. Talok, I. Brauzon, M. Robot, A. Laffer, M. Friedman, E. Pelps, Graham Bannock, R.E. Bashter, Haynes Paul, J. Keynes and others.
The study of the problems posed in the dissertation was greatly facilitated by the analysis of the works of such authoritative Russian economists as L.I. Abalkin, A.V. Buzgalina, G.P. Zhuravleva, S.D. Ilyenkova, I.E. Karlikov, I.P. Pavlova, M.A. Pessel, Yu.B. Rubin, A.V. Sidenko, Yu.M. Osipov and others.
In the process of working on the general methodological basis The dissertation used the works of prominent Russian economists, in particular N. Kondratiev, Tugan-Baranovsky, Count Witte and others.
Among Western economists - the works of J. Clark, I. Schumpeyter, S. Fischer, R. Dornbusch and R. Schmalenzi, Michel Lelart.
The commercial bulletins of the Central Bank of Guinea-Bissau (Banco Central da Guine-Bissau - BCGB and Banco Central dos Estados d "Africa Ocidental - BCEAO), documents of the World Bank (WB) and the International Monetary Fund (IMF), as well as documents of the Structural Program (PAE - Programa de
Ajustamento EsTrutural) and the Monetary System of West African Countries
UMOA (Uniao monetaria dos Estados da Africa Ocidental - UMOA).
When writing my dissertation, I used practical knowledge and skills acquired during my work at the Ministry of Economy and Finance of Guinea-Bissau, as well as in Italy (Vicenza).
In the work on the dissertation, the following were used to illustrate the material and the most important provisions of the work of a computer with a software product: the Windows system and the Internet system (MESI).
The dissertation work uses a research methodology that combines economic aspects of different countries and concepts.
The object of the study is the economy of developing countries. The subject of the study is a set of financial and monetary instruments and methods, as well as a mechanism for regulating the infrastructure of financial and credit relations. Scientific novelty is as follows:
For the first time, the mechanism of financial and credit regulation of economic processes in developing countries at the present stage has been structured and three groups of its elements have been identified:
Financial and credit instruments;
Financial and credit forms, methods of management and financing; -infrastructure subsystems of the financial and credit mechanism (diagram 2)
Based on the analysis and synthesis of experience and assessment of economic regulation in a number of West African states of the Monetary System
UMOA (Benin, Burkina Faso, Cote d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, Togo) made conclusions about the patterns and trends in economic regulation of processes in developing countries. These are:
The theory of "supply-side economics";
Monetarist, neoclassical and neoliberal theories;
New financial strategy; Where do these patterns come from: -supply must outstrip demand;
Proposals should be stimulated by a decrease in income; -as taxes increase, labor decreases; -Taxes reduce savings.
For the first time: the author came to the conclusion that budget concepts are not applicable to the modern economic conditions of developing countries, since the state budget deficit in these countries is not only chronic, but is also associated with the standards of the requirements of world financial and economic relations;
For the first time, it has been revealed that in modern conditions the most appropriate methods for the Central Bank of Guinea-Bissau are: 1) determining interest rates on its transactions; 2) establishing reserve requirements for depositing funds from credit institutions; 3) conducting operations on open market; 4) introduction of credit restrictions; 5) implementation of price targets for money supply growth; 6) implementation of foreign exchange interventions
The practical significance of the study lies in the application of financial and credit methods and tools used by the state to regulate the national economy. The financial and credit mechanisms studied in the dissertation can be used not only by the government of Guinea-Bissau, but also by other developing countries for the further development of financial and monetary policies.
The implementation of a number of provisions and conclusions formulated in the dissertation will contribute to the process of attracting foreign direct investment from the Economic and Monetary Union of West African and other countries into the economy of Guinea-Bissau, taking into account the requirements of the current stage of economic development.
Understanding the financial and credit aspects of regulation also contributes to the development of the necessary legal framework regulating the activities of international relations in Guinea-Bissau and allows us to develop an appropriate mechanism for government regulation in this area of activity. In addition, the established patterns make it possible to expand theoretical research in the field of state regulation of the economy.
Certain provisions of the dissertation develop a theoretical development of the problems of applying the financial and credit mechanism and therefore the dissertation work can be used for further scientific research this direction.
Approbation of research results. The conclusions obtained by the author during the study of the financial and credit mechanism of economic regulation were used in practice in developing a mechanism for the strategy of formation and distribution, as well as management of financial resources in Guinea-Bissau.
Separate provisions and conclusions on the topic of the dissertation work are presented: 1) at a scientific and practical conference held in Donetsk State University at the Faculty of Accounting and Finance in 1996; 2) at a conference organized by the Ministry of Economy and Finance of Guinea-Bissau in 1997, where I made a report on financial and credit methods for stimulating the investment sector of the economy.
Structure and scope of work. The dissertation with a total volume of 136 pages consists of an introduction, two chapters, a conclusion, a list of references (180 titles), and an appendix. The work contains 11 tables, 6 figures and 5 diagrams.
Conclusion of the dissertation on the topic "Finance, money circulation and credit", Ye Inacio
Completed dissertation work on the financial and credit mechanism for regulating economic processes in developing countries, incl. and Guinea-Bissau provides a new direction for such research. Reforms in developing countries, which include Guinea-Bissau, largely depend on defining in detail the real possibilities and the desired model of a regulated economy in its specific conditions. After the end of the struggle for independence, Guinea-Bissau was one of the developing countries that received huge financial support from developed countries. But the lack of an optimal principle for the distribution of financial resources has led to a catastrophic situation in the country today. During the period under study (1986-1998), the inefficiency of the financial and credit system prevented public funds from becoming the income of individuals - the leaders of Guinean society. Theft of public funds, ignoring such phenomena as the state budget deficit, inflation, unemployment, and imbalances in economic processes have become commonplace in the country. These alarming phenomena persistently dictate the need to reorient the financial and credit mechanism for regulating economic processes. In this regard, I did the following: 1. The financial regulatory mechanism has been studied, which determines the basic properties of specific financial segments that do not infringe on the interests of enterprises. Such a mechanism, as shown in the dissertation, is achieved by the following: ensuring the conditions for the formation of the maximum possible financial resources; application of the financial and credit mechanism for the distribution and use of financial resources; organization of regulation and stimulation of economic and social processes using financial methods; development of a financial mechanism and its improvement in accordance with the changing goals and objectives of the financial management strategy; creation of an effective and maximally flexible financial management system.2. The dissertation work shows that at the present stage of regulation of economic processes, the main tasks of the budget policy of Guinea-Bissau are as follows: keeping the economy from further decline in production; ensuring financial stabilization; stimulation of investment activity and development of the real sector of the economy on this basis; increasing the share of savings in national income; reduction of unproductive budget expenditures on state subsidies to certain sectors of the sphere of material production; strengthening the budget revenue base through improvement; taxation and strengthening tax control; strengthening control over the amount of public debt; creation of a system of effective financial control over the effective and targeted use of public expenditures. These tasks are accomplished through changes in the taxation system, tax rates and the provision of tax benefits.3. While studying the problem of budget deficit, we noticed that, despite all attractiveness budget deficits consistent with some economic theories, large deficits lead to significant j negative consequences even for economically highly developed countries. Moreover, these concepts are not applicable to the modern economic conditions of Guinea-Bissau, since the painful problems of government budget deficits are chronic in the country, especially when the rate of public debt is increasingly increasing. In this regard, the author of the work proposes other concepts that take into account the features associated with weak economic development and can create the foundation for leading the country out of a deep crisis. These concepts are based on the premise that with cyclical fluctuations, tax rates and government spending should decrease or increase accordingly. Since a reduction in government spending is always accompanied by a reduction in government programs, the author recommends focusing attention on the investment sphere of economic development, the manufacturing sector and personnel training.4. Strengthening the monetary circulation and credit system as the basis for the successful implementation of economic reforms gave the author the basis to recommend the following methods for the Central Bank (WSEAO) of Guinea-Bissau: traditional or non-traditional; administrative or market; general action or selective focus; direct or indirect impact; short-term, medium-term or long-term, which are achieved through the use of mechanisms such as: determining interest rates on transactions performed by him; establishing reserve requirements for depositing funds from credit institutions; conducting open market operations; implementation of foreign exchange interventions; establishing price targets for money supply growth; introduction of credit restrictions.5. The specific features of the inflationary period in Guinea Bissau determine special approaches to the implementation of effective economic anti-inflationary politicians. The author of the dissertation recommends the following: carrying out a consistent anti-inflationary policy and creating a wide network of economic information for economic agents; strengthening incentives for production accumulation (through the mechanism of financial and credit regulation), including subsidies that can support the process of accumulation entrepreneurs and population; credit stimulation investment activities limiting the coverage of the deficit through bank loans; improving the tax system and the regulatory role of taxes; a change in the monetary system, which should ensure a close relationship between all elements of the market mechanism and commodity-money relations in accordance with the monetary policy of the VSEAO.
6. Attempts to explain business cycle using only external or internal theories does not lead to success. Large-scale changes in the economic system cannot be caused only by external or only internal factors. During the course of his dissertation work, the author identified the following factors, without taking into account all the efforts made to save the situation are fruitless. These include: political instability; people's distrust of the government; insolvency countries; the country's unstable legislative framework; level of culture; inflation; unemployment. And finally, in modern conditions, the financial and credit mechanism should stimulate the development of market relations in the country’s economy, for which the author of the work proposed the above methods and tools of the financial and credit mechanism for regulating economic processes, acceptable for developing countries, including Guinea-Bissau.
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With the help of such a mechanism, credit policy is implemented.
Economics and law: dictionary-reference book. - M.: University and school. L. P. Kurakov, V. L. Kurakov, A. L. Kurakov. 2004 .
See what “CREDIT MECHANISM” is in other dictionaries:
CREDIT MECHANISM OF MONEY CIRCULATION- (English credit mechanism of money circulation) - the formation of means of payment in non-cash circulation and their movement, the issuance of cash from bank cash desks and their return to these cash desks during credit transactions. When providing loans and...
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- Loan agreement. Economic and legal nature, N. P. Bychkova, G. L. Avagyan, G. L. Bayanduryan. The economic content and legal nature of the loan agreement, its essential and prerequisites, the procedure for calculating and paying interest, issues of loan security and...
Financing of commercial enterprises in countries with developed market economies is carried out from both internal and external sources. According to Russian legislation, targeted bank deposits, shares, shares, technologies, cars, loans, trademarks, and intellectual values can be used as external sources of financing. The main internal sources of raising funds are financial resources and intra-business reserves of the entrepreneur-investor, that is, profit, as well as depreciation charges, cash accumulations and savings of entrepreneurs, funds from business insurance, amounts of money received as penalties, fines, etc. The informal capital market (internal source of financing) includes borrowing money from relatives and friends. This source is used by over 70% of entrepreneurs in our country. According to the Federal Entrepreneurship Support Program, financing and development of small business infrastructure should be carried out through the Fund for Support of Entrepreneurship and Development of Competition under the State Committee of the Russian Federation for Antimonopoly Policy and Support of New Economic Structures. Participation of the fund in financing, equity. One of the main principles of its activities is the condition of repayment of funds. The Fund is given the right to act as a pledgor, guarantor, and guarantor for the obligations of enterprises.
Small business lending mechanism - at the beginning, projects and programs submitted to the Fund are selected. At this stage, the main task is to identify projects that meet government economic priorities. In the future, direct lending operations and control over their use are carried out by the Fund together with local agent banks.
To obtain a loan, honest business entities submit the relevant documents to regional authorities, which, within a specified period, after conducting an independent examination of the project, issue a conclusion on the advisability of allocating funds for it. Then, based on them, a regional program is formed, which is sent to the executive directorate of the Fund.
The disadvantage of the system of providing loans through the Fund is its cumbersomeness. It is advisable, in our opinion, to create an advisory and recommendation council under the Foundation from representatives of public associations of private enterprises represented by the Chamber of Commerce and Industry of the Russian Federation, banking structures, interested ministries and departments.
Considering the general state of the Russian economy and the significant state budget deficit, the only real external source of financing for commercial organizations at present is a bank loan. For business entities, due to the high risks associated with providing a loan, credit transactions should be executed against some kind of collateral: real estate, goods, securities. The functioning of commercial enterprises and credit institutions in a market economy, on the one hand, requires solving the problem of developing criteria for the solvency of the borrower, and on the other, analyzing the conditions for granting loans and the principles of their use. The credit institution must be confident that the company being financed has funds for payments and its ability to repay the loan on time. Based on the balance sheet data, it is possible to assess how profitable the enterprise is and the amount of risk assumed by the bank.
When calculating the creditworthiness of an enterprise, the following indicators of its financial and economic activities are used: financial coverage ratio - it characterizes the overall creditworthiness of the enterprise - the ratio of current assets to current liabilities; current ratio - ratio Money, funds in settlements and current assets of the enterprise to current liabilities; absolute liquidity ratio - the ratio of an enterprise's cash assets to current liabilities; ratio of equity and attracted capital - it characterizes the financial stability of the enterprise; coefficient working capital- the ratio of equity to the balance sheet total.
The clients' creditworthiness class is determined by comparing the values of financial ratios obtained on the basis of balance sheet indicators with the criterion level characteristic of this class of their rating. Industry average values of financial ratios should be used as indicators of such levels.
Based on the submitted client dossiers and their guarantees, commercial banks need to develop their own plans for financing small and medium-sized enterprises, establishing the volume and terms of their lending. The emergence of an organization for rediscounting loans will stimulate commercial banks to mediate and provide loans to private businesses. Such rediscounting programs are attractive because they lead to an increase in the loan portfolio without undue strain on banks’ own resources.
An external non-budgetary source of financing for private business, in addition to commercial banks, is private or sponsorship financing. In the West, a large corporation is often behind a private company, interested in the results of the work of certain enterprises, for example, venture companies that take on the risk of design, technological and design development of fundamentally new technologies, their experimental and industrial development.
The main incentive for venture investment is profit from the increase in the value of the company's shares. The lender expects that the latter, having quickly reached the stage of mass production of new original products, will begin to bring increased profits. In this case, the financier who provided a loan in exchange for shares of the new company will be able to realize his share of its securities with great profit. Although many venture capital firms fail (and therefore the funds provided to them have to be written off as losses), the profit received from successful projects is more than worth the risk. The use of venture capital has not yet become widespread in Russian business practice, although domestic legislation provides for the possibility of participation in investment activities by both individuals and enterprises of various organizational and legal forms.
Another external non-budgetary source of financing for small enterprises can be joint investment. For example, in Germany, banks and insurance companies create special firms that participate in the capital of small and medium-sized enterprises. Joint investment in our country is possible through contractual agreements to finance any development. Depending on the nature of the work performed and the agreements reached between the parties, financing is carried out by partial advance payment (advance payment) or prepayment.
Of particular interest is such external source of financing as attracting capital through the issue and placement of shares and other securities through the intermediary of investment institutions. A significant disadvantage of corporatization as a way to attract additional funds is the possibility of partial or complete loss of independence by the financed issuing enterprise.
Commercial banks could organize cooperation between domestic financial and industrial groups and small and medium-sized businesses through contract, subcontracting, and lease relationships. This would allow us to combine mobility, flexibility, initiative of small production and the power and influence of large enterprises. As a result, competition among small and medium-sized businesses for contracts with corporations will increase.
Financing of private businesses can be facilitated by loan programs and numerous regional, city, and trust funds. Since the activities of commercial organizations themselves are focused mainly on the local market, many financial issues need to be resolved with the participation of local authorities. The latter must determine the main directions for supporting entrepreneurship, develop a set of necessary measures, and find material, technical and financial resources for their implementation from regional sources. Mutual credit societies and chambers of commerce and industry, acting as loan guarantors, could play a major role in organizing financing for commercial organizations in the regions. Mutual Credit Society - an association of an insurance organization and a bank for financing enterprises. He is given the right to carry out all short-term banking operations, except for issuing targeted loans, primarily commodity commissions, accounting and securing bills. Named public structures must also give commercial banks or city funds their recommendations on lending to individual enterprises after appropriate verification of their financial condition. In these cases, the loan can be issued without collateral.
financial credit production investment
Based on the essence and functions of finance, the state, in the process of implementing financial policy, builds a financial and credit mechanism that is adequate to the current conditions of socio-economic development.
The financial and credit mechanism is a management system, and its successful functioning is directly related to the use of the categories of production management theory. However, it is quite difficult to reveal the essence of the financial and credit mechanism, since the patterns of financial management have not yet been sufficiently studied. The reason for this situation is the underestimation of the main achievements of the theory of production management, which provides a methodology for approaching solving the problems of increasing the impact of finance and credit on production that are relevant for the entire national economy.
The essence of management is revealed in functions. Control functions are certain type activities in management, isolated in the process of specialization of managerial work. These include: planning, organizing, coordinating, stimulating and controlling. In the field of financial management, management functions have their own specific content.
Planning. Planning is the scientific prediction of the course of development and the determination of ways to implement expanded reproduction. Financial planning is an organic component of planning the country's economy. It ensures mutual coordination of its individual elements, helps to identify and mobilize the internal reserves available in the economy.
The main financial plan of the country is the state budget of Russia, which concentrates most of the financial resources at the disposal of the state for the implementation of its financial policy. At the stage of planning income and expenditure of the state budget, the necessary relationship is established with the financial plans of enterprises and sectors of the national economy, financial plans of property and personal insurance organizations, and credit plans. At the same time, planning the indicators of financial and credit plans by regulating tax conditions significantly depends on the indicators of the state budget, therefore budget planning occupies a central place in financial planning.
The process of financial management of enterprises and business organizations - another important link in the unified financial and credit system - begins with each enterprise drawing up a financial plan, which is included in the final section of the business plan, which reflects in monetary form income, expenses and financial results of production and other types of economic activity. activities. Financial plans provide for the formation and expenditure of funds for the planned period, thereby predetermining the entire process of managing their finances.
Management of insurance, credit and other parts of the financial and credit system is also carried out in accordance with financial plans. At the same time, in each link of the financial system planning is the leading management function.
Organization. This function of financial management is expressed primarily in the selection and formation of a system of management bodies, the order of their subordination, and the establishment of the rights and responsibilities of each body. In a broader sense, this function also involves the development of new methods of influencing the improvement of production results, for example, the choice of methods for withdrawing net income to the budget, a combination various forms financing, introduction of progressive types of banking services, improvement of cash payments, etc. The result of performing the functions of the organization is to create a structure of management bodies, enshrined in the relevant regulations, job descriptions and other regulatory documents.
Coordination. In the field of financial management, coordination means ensuring the unity of actions of financial authorities to eliminate imbalances in the order of formation and expenditure of funds provided for by the plan. These imbalances arise due to changes in economic conditions. Thus, in the financial management of enterprises, coordination is manifested in the modern identification of the reasons for non-fulfillment of the financial plan and the development of proposals for the financial recovery of the enterprise, the search for additional sources of financing and lending for the development of production, as well as in the elimination of temporary financial difficulties.
Execution of the state budget in the event of arrears in payments to the budget by enterprises and organizations can lead to such a form of coordination as sequestration of budget expenditures.
Stimulation. Carrying out this function, governing bodies connect people’s labor activity with the satisfaction of their material and spiritual needs.
In modern economic conditions, the use of material interest has become an objective necessity. Stimulating the activities of employees occurs by satisfying their social, collective and personal interests. Finance, being a system of economic relations, is closely related to the economic interests of individual employees of enterprises and commercial organizations, shareholders joint stock companies.
Society is interested in the development of production and the successful implementation on this basis of the state’s financial policy in the field of financing housing construction, social security, improving the level of education and culture. These public interests are satisfied by transferring part of the financial resources of enterprises to the state budget. For the same purpose, part of the income of citizens is transferred to the state budget in the form of taxes from the population.
In market economic conditions, incentives as a management function objectively proceed from the main goal entrepreneurial activity related to making a profit. Interest in the final results of financial and economic activities can be expressed in increasing wages, receiving dividends on shares of joint-stock companies, establishing a fair taxation system, and maintaining economically feasible proportions in the distribution of net profit of enterprises for accumulation and consumption.
Incentive also means a certain financial responsibility for the results of economic activity. Financial methods for implementing material liability in practice are different for individual business entities, their managers and individual employees.
A specific form of financial liability at an enterprise can be penalties, penalties, fines levied in case of violation of contractual obligations, late repayment of bank loans, or non-payments to the budget. In case of ineffective activity, bankruptcy proceedings may be applied to the enterprise. A system of fines is applied to enterprise managers in case of violation of economic legislation. Individual employees of enterprises and business organizations are subject to fines, deprivation of bonuses, and dismissal from work in case of violation of labor discipline.
Control how the management function in the field of financial relations is based on general principles systems of state control.
Forms of financial control are determined by the requirements of the state's financial policy. The financial system of the state covers all types of funds at both the federal and regional levels, as well as at the level of individual economic entities. Therefore, financial control is multi-level and comprehensive.
State financial control is intended to implement the financial policy of the state and perform its functions in managing the economy. First of all, this is the development, approval and execution of budgets at all levels and off-budget funds, as well as control over financial activities enterprises and government organizations.
Control over the finances of the non-state sector of the economy is aimed at fulfilling monetary obligations to the state, primarily regarding taxes and mandatory tax payments, compliance with the legality and expediency of spending budget subsidies and loans allocated to enterprises, as well as compliance with the rules established by the state for conducting monetary settlements, accounting and reporting.
Thus, the current economic conditions financial and credit mechanism represents a system of financial and credit methods and management levers in order to implement financial policy.
A necessary condition for the successful functioning of the financial and credit mechanism is the formation and selection of its rational structure. In the sense of organization, management structure refers to a system of governing bodies.
Financial management is carried out by both bodies state power, and special financial management bodies.
Correctly formulated financial policy and well-functioning financial and credit mechanism that takes into account the requirements systematic approach to its construction and operation are merely necessary conditions for effective financial management. In order for the set goals and methods of achieving them to form a unified management process, professional management is necessary.
Financial policy of the Russian Federation
The legislative and executive branches of government participate in the development of the state's financial policy. According to current legislation and in accordance with the Constitution of the Russian Federation, priority in the development of financial policy belongs to the President of the Russian Federation, who, in his annual messages to the Federal Assembly, determines the key directions of financial policy for the coming year and for the future.
As part of the implementation of the assigned tasks, the Government of the Russian Federation is developing a legislative basis for the functioning of the financial system of the economy for the coming periods.
The State Duma has the right to approve or not approve proposed laws and itself has the right of legislative initiative.
The main features of the financial policy of the Russian Federation at present are:
Increased interrelation between the monetary policy of the Central Bank and the fiscal policy of the Government;
An increase in the number of financial mechanisms and resources used in the economy;
Rapid growth of the fictitious capital market.
The financial policy of the Russian Federation in the 21st century is determined by the following strategic directions:
Unity of goals, instruments of financial policy and goals for the development of the economy and political system in the framework of increasing the material well-being of citizens;
Ensuring economic growth while simultaneously increasing the efficiency of financial regulation;
Determination of new structural proportions of the economy and development of all sectors of the economy;
Creation of new financial instruments and mechanisms;
Curbing inflation;
Increasing the role of regional and local budgets.
In financial policy, unity of action is necessary based on the interdependence of the dynamics of value and natural material flows of goods and services, ensuring the basic economic proportion of expanded reproduction - between production, current consumption and accumulation of the social product. It is necessary to change the reproductive essence of financial policy, which is now aimed at fully stimulating the sphere of circulation to the detriment of the developed production of consumer and investment goods. As a result, over the past years there has been a very significant increase in the number market structures in the field of commerce, sales and resale, provision of financial services, etc., while the number of direct producers has increased to an incomparably lesser extent. The volume of commercial services increased tenfold, and production from year to year decreased very significantly with an exaggerated increase in prices. Reforming financial policy should affect the entire system of regulators - value, tax, credit, emission and other instruments for regulating the economy. These regulators must implement new methods of financing and lending to the economy, managing structural and investment policies, income and savings, involving financial resources in the budget, organizing their circulation not only across industry and departmental verticals, but also horizontally between enterprises, their associations, and regions. Financial policy must be organically integrated into all measures of structural reform, the reproduction process - to transform the economic, social, material, and organizational structures of social production. The immediate goals of structural policy are to overcome the decline in production, the fall in living standards of the most active part of the working population, and the restoration of investment activity. I believe that a significant contribution to strengthening the economic base of the Russian national economy will be made by the developing sector of medium and small businesses, to which financial policy should provide maximum opportunities for growth. In addition, I believe that a new generation of economists, unencumbered by past stereotypes of administrative-command government, will be able to provide all possible assistance in reforming the mechanisms of economic regulation of the economy.
Financial mechanism
For the successful implementation of financial policy, a financial mechanism is necessary.
Financial mechanism– a set of methods for organizing financial relations used to ensure favorable conditions for economic and social development. The financial mechanism is the most dynamic part of financial policy. Its changes occur in connection with the solution of various tactical tasks. Consequently, the financial mechanism is sensitive to all the features of the social and economic situation in the country.
The structure of the financial mechanism can be represented as follows:
Financial methods;
Financial leverage;
Regulatory support;
Information Support.
At the same time, the financial system, like any other, needs effective management. For this purpose, an appropriate financial management apparatus has been created in the Russian Federation.
Control– this is a set of techniques and methods of purposeful influence of the subject of management on the object of management to achieve a certain goal.
Subject of management– those organizational structures that carry out management.
Control object– various types of financial relations (main groups: finances of business entities, finances of insurance, finances of the state, finances of the population (households).
Specific forms and methods of financial management are:
Financial planning;
Forecasting;
Programming;
Financial regulation;
Adoption of financial legislation;
System of methods for mobilizing financial resources.
The totality of all organizational structures that carry out financial management is called financial apparatus.
In any state, it is the financial management apparatus that carries out work on operational financial planning, accounting and analysis, control and regulation, drawing up and executing financial plans.