This article disassesses the composition and structure of the financial resources of the state and enterprise.
Financial resources are the material base of the functioning of the state, and most of them are created in the distribution of national income. Financial resources are mobilized in state centralized funds of cash by tax and non-tax methods, and the overwhelming part is accumulated by the state with the help of taxes.
The state financial resources are part of the financial resources of the national economy, which includes the financial resources of industrial and non-productive spheres, as well as the population. The main sources of the formation of state financial resources are the national income, borrowed and attracted funds, revenues from the foreign economic activity of the state, partly - national wealth. Most of the state financial resources focuses in a centralized fund of funds from the state budget, which makes it possible to finance the execution by the state of its functions.
In recent years, the financial resources of the state were largely replenished at the expense of government borrowing in the domestic and foreign financial markets. This method of increasing the amount of financial resources can be considered effective provided that there are opportunities for the timely repayment of public debt.
The structure of financial resources changed along with the development of the economy. In the conditions of the Command-Administrative Economy, the proportion of financial resources of domestic enterprises occupied the funds of the state budget and loans of the USSR State Bank, the enterprises did not have the opportunity to use such sources of financial resources as the issuance of securities, attracting foreign investment, loans of commercial banks. The development of the financial market gives enterprises new opportunities to expand the composition of financial resources and an increase in their volume.
The financial resources of enterprises include their own, borrowed and attracted funds. The own financial resources of enterprises include income depreciation, authorized and additional capital, as well as the so-called sustainable liabilities of the enterprise, including sources of funding that are constantly in the industry's turnover, such as reserves formed in accordance with the constituent documents of the enterprise or legislation. For borrowed funds include loans of commercial banks and other credit institutions, other loans. Attracted financial resources are funds attracted by issuing shares, budget allocations and funds of extrabudgetary funds, as well as funds from other enterprises and organizations attracted for equity participation and for other purposes.
The structure of financial resources of enterprises varies depending on the organizational and legal form of the enterprise, its industry affiliation and other factors.
Despite the differences in the composition and structure of financial resources of individual enterprises, in general, their own funds occupy the greatest share on industrial enterprises.
Introduction3
5
5
1.2. Classification of financial resources10
1.3. Principles of functioning of state financial resources12
2. Analysis of government financial resources of the Russian Federation15
2.1. Sources of formation of state financial resources of the Russian Federation15
2.2. Directions of the use of state financial resources of the Russian Federation22
25
25
31
Conclusion39
42
Introduction
Finance and financial resources are not identical concepts. Financial resources do not determine the essence of finance, do not disclose their internal content and public appointment. Financial science studies not resources, but public relations arising from the formation, distribution and application of resources.
The relevance of the topic is that financial resources are the most necessary source of extended production, socio-economic growth of society. Extension of financial resources is one of the most important tasks of the financial policy of the state. Reducing the size of financial resources negatively affects the development of society, leads to a decrease in investment, a decrease in consumption funds, generates an imbalance in the distribution of social product and national income. Financial resources are the material carriers of financial relations. Therefore, the study of their structure and problems of formation protrudes in the first place in the process of studying the state's finance.
The impact of financial resources on economic growth is not unilaterally, in turn, the composition and scope of financial resources depend on the indicator of the economic growth of the state, on the performance of production.
The object of work is the financial resources of the state.
The subject of the work of the problem and the prospects for the financial resources of the Russian Federation.
The goal of the course work is to study the problems and prospects of financial resources of the Russian Federation.
Due to the goal, it is necessary to fulfill the following tasks:
Disclose the definition of the concept of financial resources of the state;
Consider the composition of financial resources and methods for their mobilization;
Analyze the sources of formation of financial resources and the directions of their use.
The first chapter is devoted to the theoretical basics of financial resources. Their essence of the classification and content, the principles of their functioning are considered. The balance of financial resources is considered.
The second chapter is devoted to the structure of financial resources. The composition of financial resources, sources of their formation are considered. The function of the state budget in the creation and distribution of financial resources has been studied.
The third chapter discusses the problems and prospects for the growth of financial resources. The main factors for the growth of financial resources at the present stage were studied.
When writing the work, the works of the authors of Burkhanova I. V. Zharkovskaya, E.P. Mudnova, E.V. Thoughieev, I.N. Sviridov, O.Yu., Tax Code of the Russian Federation, Budget Code of the Russian Federation, publishing in printing, Internet data.
1. Theoretical aspects of financial resources
1.1. The concept and essence of financial resources
Financial resources are created in the process of economic and financial activities as a result of the creation and distribution of the gross public product of the state, accumulated by the state and business entities and are one of the main factors of production, called money capital.
Financial resources are classified into centralized funds (state budget, extrabudgetary funds) and decentralized financial resources (monetary funds of organizations) (Fig. 1.1).
Allocated in addition to the financial resources of the state, regions, organizations. The main source of creating centralized financial resources at a universal level is the national income. The state's financial resources are a complex of all monetary resources that the state, its organization, organization, institutions as enterprises for covering their costs.
Based on the distribution and distribution of national income, centralized funds of cash resources are created.
Part of the national income is created and remains under the jurisdiction of organizations, more precisely, decentralized resources at the macro level are created, which are applied to production costs in the organization.
Another necessary source of the creation of financial resources is the amortization of depreciations, which are formed due to part of the value of the main production facilities.
Centralized financial resources are the outcome of the distribution of net income through tax and non-tax payments and deductions.
Fig. 1.1 - Characteristics of financial resources
In addition, centralized financial resources are created thanks to a part of the national wealth attracted to the economic turnover of the sale of the Golden State of the State, the sale of energy carriers, revenues from foreign economic activity, and in addition, due to the resources derived from the sale of government securities. Finance is a tool providing education, distribution and use of cash entities in the production process, distribution and use of gross domestic product. This sphere of the economic system of society through financial transactions serves the production, implementation and consumption of goods and services. The basis of finance is money and their movement. Finance organizes cash flows and provide the needs of enterprises, states, households and other subjects in the formation and expenditure of funds funds. In this regard, finances reflect the relationship between all legal entities of business and households related to the formation and movement of funds funds.
Public finances are an integral part of the overall financial system. As is known, the economies of countries in accordance with the system of national accounts are divided into five sectors: non-financial corporate and quasi-corporate enterprises; Financial institutions; government bodies; Private non-commercial institutions serving households (population); Households. This sector is added sector of the rest of the world. Each of these sectors includes relevant institutional units. The set of finances of the institutional units of each sector in their interaction between themselves and with other sectors forms finance sectors of the economy and the financial system of the country as a whole, and the total financial resources of institutional units and economic sectors characterize the country's financial resources. A combination of finance institutional units of the public sector forms a system of public finance.
The motives of the financial activity of the state differ from the motives of other entities of economic life. The main motive of household activities is to receive profits and income in the form of wages, interest, dividends, etc. In the field of entrepreneurial activity, the decisive decision-making factor is to obtain financial benefits, which has an impact on the formation of a material and real structure of reproduction. The main motive of the financial activities of the state is the education and spending funds of funds for the realization of their functions.
Public finances are a tool for mobilizing the funds of all sectors of the economy for state internal and foreign policy. They are a single set of financial operations of government bodies with which funds are accumulated and cash spending are carried out.
The main financial fund of the country, providing education, distribution and use of centralized funds of funds as a mandatory conditioning of any state, is the state budget. Along with state budgets, extrabudgetary funds play a significant role. Together they constitute state finance of the country.
The financial resources of the public administration sector are formed mainly at the expense of taxes and deductions paid by enterprises, organizations and households.
The need for government finances is generated by the fact of the existence of the state and the need for the monetary support of the functions performed by them. In the most general form, the main function of public administration authorities is to conduct public policy and the fulfillment of public problems through the provision of non-market goods and services for their consumption by the population and society as a whole, as well as by redistributing income (transfers) and wealth.
Funds mobilized through public finance are used for expenditures on national needs that cannot be satisfied at the expense of private entrepreneurship. These, in particular, include public administration, public safety of citizens, social programs, ecology, defense. The accumulation of funds in the budget allows the state to exercise social programs aimed at developing humans, culture, health, education, to support low-income families, solving a housing problem. Collecting and distributing money resources, the state is able to adjust the effect of self-regulating market mechanism, to influence the operation of the markets of goods and services, financial markets and the distribution of income in the sectors of the economy. With their help, the intersectoral, inter-sectoral and inter-sectorial redistribution of GDP, state regulation and stimulation of the economy, taking into account the long-term interests of the country. The redistribution of resources between the sectors of the economy by industries, social groups and territories is the lever of the structural restructuring of the economy, the implementation of spruce and scientific and technical programs.
The state exercises its functions not to obtain commercial benefits or profits, but to ensure collective consumption. In this regard, government finances reflect the relationship between the state, on the one hand, and legal entities and households, on the other, regarding mandatory payments to the state funds and the use of these funds in the interests of taxpayers.
The main source of financial resources is the national income, the profit of organizations, regardless of the forms of ownership, depreciation fund, insurance funds. The application of financial resources is carried out mainly through special-purpose monetary funds, although the nephond form of their application is possible.
Financial funds perform an integral part of the entire system tender funds that operate in the national economy. Background a new form of application of financial resources has some advantages: ensures the concentration of resources at the main directions of the growth of the national economy, it makes it possible to fully link public and personal interests and more actively influence production.
1.2. Qualification of financial resources
Speaking by material carriers of financial relations, financial resources have a significant impact on all stages of the production process, adapting, thereby factors of production to the needs of society. The result of their creation and application affects the pace of economic growth in the country. Profit on this type of resources and the movement of flow streams underlie the grouping and rearrangement of factors of production, the creation of organizations, the growth of industries, the effectiveness of the national economy.
The principal assumptions from which it is necessary to proceed in the process of determining financial resources are such:
1) financial resources as definition belong to the basic category "Finance" and including the field of enterprise finance;
2) the nature of the essence of basic concepts implies the assignment of concepts to distribution, cost processes;
3) The resource is discussed from the position of the potentiality of application and target design.
The ultimate, decisive category is finance - relationships about the distribution of the created value. They are a tool for the distribution of gross national product (GNP) and the instrument of creating and applying the financial resources of business entities formed in their participation.
The financial resources of the state include budgetary resources, resources of state extrabudgetary funds and extrabudgetary funds of local self-government, and in addition to the resources of state financial institutions: the National Bank, state insurance bodies, government credit institutions.
The main directions of application of financial resources of the state are:
Expenses for the growth of the entrepreneurial sector, its structural transformation;
Financing of social institutions;
Social protection of society;
Foreign economic activity;
Environmental protection;
Control;
Defense of the state;
Creation of material and financial reserves;
Other directions.
Organizations apply financial resources on:
Extended reproduction and growth of the organization;
Solution of social problems of the team;
Material stimulation;
Creating financial reserves;
Other directions.
The main source of centralized and decentralized financial resources in their primary calculation is the net income of entrepreneurs, regardless of the forms of ownership, thanks to which financial resources are being created, both enterprises and states.
1.3. Principles of functioning of state financial resources
The balance of all incomes and expenses of the Russian Federation, the subjects of the Russian Federation and municipal entities, including income and expenses that are on the relevant territory of entrepreneurs and extrabudgetary funds. Monetary income and expenses of the Company are not included in the balance sheet of financial resources. Distinguish the balance of financial resources: the Russian Federation; Subject of the Russian Federation; local self-government. The balance of financial resources of the Russian Federation is a complex of income and expenses of the state budget, state extrabudgetary funds and balance of financial resources of the regions.
The balance of financial resources of the constituent entity of the Russian Federation is the sum of the balance of income and expenses of the budget of the subject of the Russian Federation and the balance of financial resources of municipalities. The balance of financial resources of local self-government is the balance of income and expenses of the budget of local self-government, and in addition to the entrepreneurs in this area.
The development of the balance sheet of financial resources is one of the components of the forecast of socio-economic growth of the Russian Federation, the subject of the Russian Federation, local government. The balance is a tool that gives an opportunity at the prediction level of macroeconomic growth to determine the need to accept those or other proposals and decisions.
In the process of drawing up the balance of financial resources, the reporting information of the State Committee of the Russian Federation on Statistics, the Ministry of the Russian Federation for Taxes and Claims, budget statistics data, the reporting balance of financial resources for the previous year is applied. The specifics of the territorial balance sheets is the presence in the structure of the balance of the region or local self-government resources received from the state budget or budget of the subject of the subject.
The revenue part includes a balance on mutual calculations - the difference between the resources received by the subjects of the Federation or local government from the federal or regional budget, and the resources transmitted according to the current budget and tax legislation on the federal or region, the level, including mutual settlements with extrabudgetary funds.
The forecast of the revenues of the balance of financial resources contains the data of the socio-economic growth of the relevant territory for the last reporting period, the expected data before the end of the base year, data for the further period, including the expected assessment of the results of entrepreneurs, tax and non-tax revenues, other budget revenues, extrabudgetary income, Funds.
The forecast of the balance of financial resources is carried out on the basis of the forecast of similar revenues of the balance sheet, taking into account the need to reduce the deficit of a certain budget and a possible reduction in government spending. If possible, expenses in the territory of the expenses are taken into account in the territories of the subjects of the Russian Federation due to the resources of the state budget. This is due to certain difficulties, because, part of the resources of the state budget is distributed through the regions by federal ministries and divisions and comes to recipients of resources, passing budgets of the subjects of the Federation. In connection with these expenses, expert evaluation of such resources are assumed.
The deficit of the balance of financial resources cannot be equal to a deficit of a certain budget, because the balance takes into account all incomes that are obtained in the relevant territory, and all expenses in this area. Balance deficit reflects the deficit of all in the complex of financial resources, and not just budget. Together, when predicting the balance deficit rely on the provisions limiting the budget deficit, take into account the directions of the state budget of policies to save government spending and achieving a deficit budget.
Therefore, in the process of preparing the balance of financial resources, measures are developing activities regarding cost reduction and possible reduction in costs. Balance deficit repayment sources may be attracted resources, both internal and external: loans from credit institutions, state loans, budget loans, etc.
2. Analysis of government financial resources of the Russian Federation
2.1. Sources of formation of state financial resources of the Russian Federation
The volume and structure of financial resources directly related to the level of production growth: the larger the scale of production and above its result, the greater the volume of mobilized and applied financial resources. Financial resources of the Russian Federation include the following financial relations links:
State budget system;
Extrabudgetary special funds;
State loan;
These three blocks of financial relations relate to centralized finances and are used to regulate the economy and social relations at the macro level. Financial relations of enterprises relate to decentralized finances and are used to regulate and stimulate the economy and social relations at the micro level.
Financial relations, developing from the state with enterprises, organizations, institutions and the population, are called budget. The specificity of these relations as part of the financial is that they, firstly, arise in the distribution process, the indispensable participant of which is the state (represented by the relevant authorities), and, secondly, are related to the formation and use of the Centralized Fund for Cash intended to meet national needs.
Budgetary relations are characterized by a large variety, since it is enough different directions of the distribution process (between the sectors of the economy, the areas of public activity, the sectors of the national economy, the territories of the country) and cover all levels of management (federal, republican, local).
In the process of functioning, budget relations receive the material and real incarnation corresponding to them; They materialize (separated) in the country's budget fund, which has a complex organizational structure. The specific magnitude of the budget fund, reflecting the degree of centralization of financial resources in the hands of the state, depends on a number of factors: the level of economic development; management methods in enterprises, organizations, institutions; solved by the Company of Economic and Social Tasks, etc.
The combination of budgetary relations on the formation and use of the country's budget fund is the concept of the state budget. Economic essence, the state budget is monetary relations arising from the state with legal entities and individuals on the redistribution of national income (partially and national wealth) in connection with the formation and use of the budget fund, intended for the financing of the national economy, socio-cultural events, The needs of defense and the state of armed management. Thanks to the budget, the state has the ability to focus financial resources at the decisive sites of economic and social development.
Being an economic form of existence of real, objectively determined distribution relations, fulfilling a specific public appointment - to meet the needs of society and its state-territorial structures, the budget can be considered as an independent economic category. This category, being part of finance, is characterized by the same features that are inherent in finance in general; But at the same time, it has features that distinguish it from other spheres and units of financial relations. The following features include the following:
The state budget is a special economic form of redistributive relations related to the separation of a part of national income in the hands of the state and its use in order to meet the needs of the whole society and its individual state-territorial formations;
With the help of the budget there is a redistribution of national income, less often - national wealth between the sectors of the national economy, the territories of the country, the areas of social activities;
The proportions of the budget redistribution of the cost to more than other finance links are determined by the needs of expanded reproduction as a whole and the tasks facing the society for each of the historical stage of its development;
The budget distribution area occupies a central place as part of public finance, which is due to the key budget key compared to other links.
A look at the budget as an economic category did not immediately receive his recognition. Only in recent years, the view was the predominant point of view, according to which the state b yugt from the standpoint of economic essence can be considered as an independent economic category, and from the standpoint of the legislative establishment of the financial base of the state as its financial plan.
The essence of the state budget as an economic category is implemented through distribution (redistribution) and control functions. Thanks to the first, the concentration of cash in the hands of the state and their use in order to meet national needs; The second allows you to find out how timely and fully financial resources come to the disposal of the state, as actually develop proportions in the distribution of budget funds, whether they are effective. Features of the state budget as an economic category impose a print and on the functions performed by him. The content of functions, the sphere and the object of their action are characterized by the determination specificity.
The area of \u200b\u200bthe distribution function is determined by the fact that almost all participants in social proceedings come into relations with the budget. The main object of the budget redistribution is pure income; However, this does not exclude the possibility of redistribution through the budget and part of the cost of the necessary product, and sometimes national wealth.
The control function lies in the fact that the budget objectively - through the formation and use of the fund of funds of the state - displays the economic processes flowing into the structural links of the economy. Thanks to this property, the budget can "signal" financial resources from different business entities come to the disposal of the state, whether the size of the state's centralized resources corresponds to the amount of its needs, etc. The basis of the control function is the movement of budgetary resources, reflected in the corresponding indicators of budget revenues and consums.
The state budget has always been an important tool for the impact on the development of the economy and the social sphere. With its help, the state, performing the redistribution of national income, can change the structure of social proceedings, influence the results of the management, to carry out social transformations, etc.
A large impact on the country's economy is able to provide a budget due to the fact that it can be used in the interests of accelerating scientific and technological progress. The creation of a fundamentally new mechanism of budget financing of science, improving the state system of training and retraining of personnel, the use of a preferential tax regime in terms of incurred from the sale of new types of products and similar budgetary measures are designed to stimulate scientific discoveries and new technical achievements, reduce the deadlines for their implementation into production, And in the end, it is to serve as a catalyst for accelerating scientific and technological progress.
Budget revenues express economic relations arising from the state with enterprises, organizations and citizens in the process of forming the country's budget fund. The form of the manifestation of these economic relations is the various types of payments of enterprises, organizations and the population to the state budget, and their material and real incarnation is the funds mobilized to the Budget Fund. Budget revenues, on the one hand, are the result of the distribution of the cost of a social product between the various participants of the reproduction process, and on the other, they act as a further distribution of the value concentrated in the hands of the state, for the latter is used to form budget funds of the territorial, industry and targeted.
The basis for the growth of financial resources is the growth and improvement of production.
Factors that influence the amount of financial resources:
Total profit, which depends on the size of the production and sale of products, price indicator, cost-size, structural shifts in the production of products provided services and work performed
The amount of taxes, which depends on the rate indicator, the size of the taxable turnover, the indicator of tax benefits, compliance with tax discipline
The amount of mandatory payments, depending on the indicator of stricter tariffs, \\ indicator of benefits.
The main types of financial resources states include:
1) IMF loans and other international organizations, plus internal loans of the Central Bank.
2) Taxes.
3) deductions to extrabudgetary funds.
four). Payments in the local budget.
5) Others.
The composition of the financial resources of the state and their form are presented in Table. 2.1.
Table 2.1 - Composition of financial resources
Type of financial resourcesThe level of financial formation of financial resources of the financial financial resourcesMakro-state-owned company from leasing and selling state and municipal property; Revenues from the activities of state, municipal unitary organizationsMicro-business subjects, profits, amortization of the company, income, revenues from the sale of personal property and securities and paper money, state credit comersome-outaged subjects, buying securities, state credit-shop managed In the order of the distribution of financial resources Macro-State-party, fees, fees, plasters-business subjects and dividends on securities produced by other owned farm
IN the composition of financial resources includes:
Own resources:
a) at the level of organizations and households - profits, salary, household incomes;
b) at the level of the state - income from state enterprises, privatization, and in addition to foreign economic activity;
Mobilized on the market:
a) at the level of organizations and households - sale - Buying securities, bank loan;
b) at the level of the state - the issue of securities and money, the state loan;
Resources received in the order of distribution:
a) at the level of organizations and households - interest and divisions denda on securities produced by other owners;
b) at the state level - mandatory payments.
United Economic Agents Financial Resources have different directions of their application. If centralized financial resources are consumed, as a rule, to national and municipal objectives: the content of the state office, the satisfaction of the social needs of society, ensuring the functioning of the treatment area, then decentralized ones that are related to the need for entrepreneurial activities and family.
Back at the end of 2011, as a result of the continuing downturn in the domestic economy and the threat of mass bankruptcies in the Banking System of Russia, the Central Bank began to provide limited volumes of lending in the domestic market. This is what the head of the Central Bank said about this:
The value of this fact is difficult to overestimate. In the assets of the Central Bank, except Western securities obligations of Russian banks and I noted it earlier in a separate publication. This, it can be said, was a historical moment, although the actions themselves were obviously dictated by force majeure circumstances, and not some solution to the output from the colonial regime. In the future, the situation returned to the previous one when the volume of Western lending has reached the same size.
But in July 2012 it was reported that banks in July were 317 billion rubles. (+ 14.5%) increased the volume of borrowing from the Central Bank, bringing the debt to it to 2.577 trillion. rub., Specified in the statistics of the regulator. Debt to the Central Bank reached the annual maximum on July 31 and is now 5.7% of all assets of the system,
As before the month earlier (in June, an increase was recorded by 32.7%), the resource base of banks expanded to a large extent due to borrowing from the Bank of Russia, the regulator itself is recognized. The loan portfolio of banks rose by 372 billion (+ 1.4%) and exceeded 25.7 trillion. rub. Thus, banks continued to attract the funds of the Central Bank to extend lending.
If you look at the Balance of the Central Bank at that moment, you will find that foreign papers in ZVR were at 14,964490 trillion. rubles, but the amount of cash (6,809902 trillion) and funds on accounts (9,63,5604 trillion) amounted to 16,445506 trillion., That is, 1,481016 trillion. rubles more. What does anything other than an additional cash emission that goes beyond the usual buying of petrodollars.
The fact that the monetary issue went beyond the framework of ZVL said that the Central Bank came out for the formal boundaries of the currency regime. It was also noted in a separate publication. However, the fact that such a way out has not exceeded a few percent of the total amount of money supply, suggests that in general the situation remained the same - the obvious deficit of money in the economy and the Central Bank liquidated only the acute peak of liquidity deficit to stabilize the situation.
Credit rates in the interbank market remained within 7% (MIBOR 30 rate), which was two times higher than the pre-crisis rates 2005-2006:
However, the tendency to increase lending to Russian banks by the Central Bank still grew. By the end of 2012, the volume of loans amounted to 3.4 trillion. rubles. In 2013, the Central Bank reduced this level to 2.7 trillion. By the end of May, and then began to build up again. In December 2013, they accounted for 4.2 trillion. rubles, and for July 2014 reached almost 6 trillion ..
If you compare the volumes of ZVL and monetary emissions at the same time, then we obtain the ratio of 15,878 trillion. rubles (ZVR \u003d Gold + Securities of foreign issuers) and 18,625 trillion. rubles of emissions (cash + funds in the accounts of the Central Bank). The difference will be 2.747 trillion. rubles is the amount that displays the Central Bank from the framework of the currency regime.
It is provided no longer with fundamental reserves, but the obligations of Russian banks. While this share is not large and poorly affects the level of monetization, but the tendency is clearly positive and suggests that Russia is gradually getting rid of the colonial regime and forms an independent financial system.
3. Problems and prospects of government financial resources of the Russian Federation and their role in economic development
3.1. The main problems of state financial resources
The expenses of the Russian budget in 2018 according to preliminary calculations will be 13.98 trillion. rubles, and incomes 13.6 trillion. rubles. Earlier in the budget for 2017 and the planning period of 2018-20159 it was said that the expenditures of the state budget would be at 14.2 trillion. rubles, and revenues will be 14.02 trillion. rubles.
A similar reduction occurred with the plan for 2017. Costs amounted to 15.36 trillion. rubles, and the receipts in the treasury were at the level of 14.5 trillion. rubles. Previously, income and expenses according to plan were 15.6 trillion. rubles. In 2018, Russia is also waiting for the scarce budget: expenses 16.39 trillion. rubles, and incomes 15.9 trillion.
The budget deficit will be covered by increasing the public debt from 12.3% in 2015 to 14.3% by 2018.
In the materials of the Ministry of Finance, it is also indicated that, due to the gradual reduction of duties on oil and petroleum products, the Russian treasury will lose 444 billion rubles, but an increase in mining tax will bring 618 billion rubles to the budget.
In addition, it was previously reported that on the calculations of the financial department, the salaries of officials and military will fall under the reduction. This does not mean that they will fall, they will simply won't rise, as it was originally planned. Also, the government can try to save on pensions. If earlier the Russians offered to choose between 6% of the cumulative part or 2% of their salary, now it is worth a choice between 6% and zero cumulative part.
The Ministry of Finance took up the budget revision for the next 3 years against the background of reducing the rate of economic growth in Russia and stagnation in industry. In mid-September, it became known that the Government decided to reduce all unprotected states of the State Cases by 5-10% to release money and redirect them to more important needs. At the same time, the President asked not to call it a sequisode of the budget. The conditions that today have developed in Russian practice, according to different estimates, the nature of the transition economy is still. Thus, the relationship arising in the process of formation and further spending of financial resources is most important and relevant. In order to identify the weaknesses of these processes, as well as find ways to improve their mechanisms, an analysis should be carried out based on the statistical data of the past years. The use of financial resources by state authorities and local self-government for the current 2015 and planned 2016 is focused mainly to fulfill the social obligations of the state, conducting measures to maintain the long-term sustainability of the country's pension system, funding for large-term projects, as well as the effective management of state financial resources. The budget policy of the state is aimed at achieving the country's strategic goals, which are contained in such legal acts as decrees of the President of the Russian Federation and the concept of the long-term socio-economic development of the Russian Federation for the period up to 2020 and others. The main tasks of the budget policy for the current and plan years This, first, reducing the risks of the imbalance of all budgets of the budget system of the Russian Federation, reducing the role of foreign economic factors in the federal budget income articles, the allocation of additional allocations for improving the wage system of federal institutions, an increase in the amount of pension payments and benefits every year, financing scientific activities and Others. According to long-term budget policies, it is also planned to reduce the costs of the federal budget by 1.5%, hereinafter 4.8% and 2.4% compared with previous years. Government borrowing and receipts from federal property privatization processes These resources from 2015 to 2016 will act as the main source of budget funding. 2015 on forecasts should increase these resources twice. Nevertheless, modern trends in the use of financial resources are aimed at reducing many classical states of state expenditure such as, for example, education and health care. This is due to the back plan for the rear of less priority consumables, which are inferior to the expenditure by creating favorable conditions for the budget system of the Russian Federation. However, according to the main directions of the budget policy, the costs of consolidated budgets of regions should increase to 39%, and the expenditures of the same regions on education should be equal to 40.5% of all regional expenses. The expenses of consolidated budgets themselves increase to 26% compared with previous periods. The question arises: how to increase the amount of costs for several items without finding additional sources of income. The most ineffective but most popular solution Reducing other expenses. Improving the efficiency of using financial resources The long-standing problem of the state, which concerns all levels of the budget system. One of the measures to achieve improvements and get efficiency is the creation and adoption of program documents. An example of the practice is a program to improve the efficiency of budget spending for the period up to 2012, which was approved by the President of Russia. With its help, new "budget rules" was introduced, a reform relating to state and municipal institutions was carried out. The achievements of this program can also be considered that the concept of the "electronic budget" was approved. Nevertheless, the problem is not fully resolved, and problems are open to the further reform of the budget process and the control of state and municipal level, the provision of services to the state, to improve the use and distribution of inter-budget transfers and the improvement of the legal framework of the state's financial relations. For this reason, it is important to take documents at the federal level focused on long-term development and perspective. These documents include budget strategies of the Russian Federation, the essence of which is to prepare the forecast of the country's economic and social development. As soon as the forecast is compiled, it will be possible to predict economic processes and regulate budget and tax policies. A very important role is played by the management of financial resources at the level of certain territories of the country, where the principle of independence gives the right to local governments themselves to dispose of the financial resources of the regional budget. To achieve efficiency in the activities of local governments, it is necessary to take the following solutions: 1) Reduce financial assistance from the federal budget to the budgets of the constituent entities of the Russian Federation. 2) improve the quality of finance management in subjects. Despite the practically no lack of deficit in the budgets of state extrabudgetary funds, they need to be improved and improving efficiency from the use of income of their budgets. So, for example, the problem has long been discussed associated with the issuance of pension payments, has found its decision. The State Duma adopted the laws on pension reform, which have been introduced from 2015 a new procedure for accrualing pension payments. It is assumed that the bar will rise gradually and after 10 years will reach the value of 15 years. In other words, the new system provides a choice and clearly distinguishes the requirements for one or another amount of pensions. Thus, to obtain effective results from the spending of certain state and municipal financial resources, it is necessary to conduct reforms, allocate priority articles of expenses, approve social and economic programs, to make strategies, as well as reduce the share of transfers to stimulate their own budget revenues of all levels of the budget system RF. The Budget Code gives such a definition of a budget: budget The form of education and consumption of the fund of funds intended for financial support for the objectives and functions of the state and local self-government, the costs carried out by lending to the Bank of Russia state budget and its role in the economy The Budget Code of the Russian Federation considers the budget as the form of education and consumption of funds fund, which should be intended for financial support of the functions and objectives of the state and local self-government. According to the budget code of the Russian Federation, the budget This is a form of education and spending money intended for financial support for the tasks and functions of the state and local self-government. According to Art. 6 Budget Code of the Russian Federation The budget system is based on economic relations and the state device a set of budgets of all levels and state extrabudgetary funds. The Budget Code gives such a definition of a budget: budget The form of education and spending fund of funds intended for financial support for the tasks and functions of the state and local government.
There are main risks of socio-economic growth in 2018 - 2019:
1) achieve an unsatisfactory indicator of the predicted values \u200b\u200bof the volumes and growth rates of GDP, including due to the possible difficulties of attracting financial resources in order to provide the planned index of domestic demand;
2) reduced oil prices and natural gas in world markets due to the possible slowdown in the growth of the world national economy and the development of alternative oil and gas production technologies in the countries - traditional resource types of data;
3) departing the ruble exchange rate to the US dollar from the predicted levels due to the high dependence of the national currency rate from the state of the world national economy and financial markets;
4) achieve an unsatisfactory indicator of the intended growth of investment activity, including due to the preservation of the high dependence of the growth rate of investments in fixed assets from the dynamics of investments of fuel and energy and transport complexes;
5) Achievements of the unsatisfactory indicator of target inflation levels that are associated with possible more necessary than is projected by the weakening of the ruble exchange rate to the US dollar, the increase in food prices and housing and utilities services. However, despite some negative trends in Russian financial policies, the reforms are reforming extensive development prospects, both the public and private sector of the economy.
Many elements of public policy, including budget and tax areas, are not fully focused on stimulating the innovative development of the country. The formation of conditions for the modernization of the economy and changes in the economic growth model is not completed. For the budget system of the country, risks caused by the high dependence of the economy and, accordingly, budget revenues from foreign economic conjuncture are preserved.
Summing up all of the above, it can be noted that conducting a rational and responsible financial policy is a necessary condition for the proper functioning of the Russian economy and, consequently, the implementation of the strategic priorities for the development of the country.
3.2. The growth factors of the state financial resources at the present stage
The current growth rates of nominal incomes of the population are about 8% per annum (for October), in the first 10 months revenues increased by 8.5% with respect to the same period last year. By December, the growth rates of rated incomes somewhat slow down (up to 6-7%) and slightly will increase to 8-9% by March. But these are nominal income. Taking into account inflation is much worse.
At the end of October, real incomes decreased by 0.5%, in November, the fall is already 1.5% (in accordance with updated inflation data), in December, the fall will accelerate to 3% (also as in the 2008 crisis). According to official data, Rosstat, by the end of November, inflation is already 9.1% per annum. By the end of December, at best, 10.3%, but it may be worse. By March, the fall in income can reach 5%, which will be the worst indicator from the 2008 crisis.
Actually, below comparing the pace for changing the nominal and real incomes of the population (since November my estimates of changes in income)
In the public sector, among most of the category of state employees and officials, income (in the first 4 months 2015) is either maintained at 2013, or moderately indexed by 6-10%, which is not enough to compensate for price growth. In the budget, due to the stagnation of the economy and the loss of oil and gas income, there is simply no money for large-scale injections, appliances and wage growth.
In the mood business is pessimistic and against the background of falling demand and profitability of the business, even 5-7% of the rated wages can be success.
By the way, there is a unambiguous correlation between real income and expenses.
On the schedule, the real expenses of the population from the GDP report and real incomes (according to my calculations using the nominal income and the amount of inflation).
According to expenses, data only for the 2nd quarter, but knowing income trends, you can estimate the potential change in the expenditures of the population. Following the above-illustrated correlation, in the first half of 2015 there may be a fall in the expenditure of the population by 5-7%. The population's mood, in general, carefully suspicious, which will contribute to an increase in the norm of savings, fearing the dismissal and loss of the source of income.
Lending to the population (as hardly the main driver increase in consumer activity for the last 2 years) for December of this year slows down to 12-15% (in 2012 it was 45% of growth, in 2013 about 30%). In the first half of 2015 lending can slow down to 5% of growth.
Deflation trends. Reducing the rate of lending, an increase in the norm of savings, extremely depressed demand. This, by the way, will limit the rampant prices in 2015, i.e. Above 15-18% is unlikely to raise inflation.
Russia is increasingly being implemented in the budget process financial instruments and mechanisms focused on the implementation of the above-mentioned priorities of state financial policies, such as:
application of budget rules in terms of use of oil and gas revenues of the federal budget;
formation of the federal budget expenditures in the structure of state programs;
attracting significant amounts of government domestic borrowings that level the growth in public debt service costs.
Although the initial draft federal budget for 2015 and on the planned period was designed to conservatively evaluate the main macroeconomic indicators of the Russian economy, in comparison with the indicators of previous budgets: the slowdown in economic growth, the lower level of world oil prices, the weakening of the ruble rate to the US dollar and Continuing capital outflow from the country. The real economic situation destroyed even these very conservative forecasts.
Today, when developing a budget project, an adequate assessment of the probability of negative scenarios, which could significantly increase risks for the Russian economy. And therefore, the budget replaced the approach of the full functional dependence of the Russian economy from the state of the external markets of raw materials.
In recent years, Russia's growth potential was estimated by the majority of experts in low 2-3%, in 2013, GDP growth amounted to 1.3%, and its deceleration in 2014 was even more significant and growth was only 0.6%. In such a situation, according to experts, questions about the ways of stimulating the economy go to the fore.
Now, when the state is limited in resources, development tasks still need to be solved, but now in the conditions of sanctions and, focusing on the import substitution programs. It is clear that fiscal stimulation has its borders. Stimulating demand, we should not stimulate assets bubbles, should not stimulate inflation.
But when we are talking about state demand, you need to remember that we are implementing a federal contract system, and this is a rule of organization of this demand. Import substitution development This is also an additional demand that is presented to the products of domestic producers.
All export support measures This is also an additional demand for the external world on the products of our enterprises. The current situation is important to use for the operational buildup of domestic industries, however, import substitution must be considered as a lot of forced measure and not to raise it into the rank of strategy, we should not close from global competition.
Of course, in the conditions of limited state financial resources, it should be about revising the mechanisms for financing budget spending. Unfortunately, today we are at the initial stage of reformatting budget expenditures from the departmental costs of expenses in the program configuration of the submission of the federal budget.
It is necessary to state that the full-fledged system of state programs, allowing the set of interrelated activities and intersectoral interaction with the help of a complex to achieve their goals and solve the intended tasks, currently has not yet been formed. Government target programs It is still, in fact, reformatted under the new requirements of the budget process. Old tasks of old targets and old programs.
The problem is that the transition to the program principle involves the need to change the decision-making system itself ensuring real competition of state programs. That is, more efficient programs should have the right to receive more enlarged financing, since they give the result. Less efficient programs that do not give results, in theory, should be folded.
Of course, over the past few years, a certain progress has been made in building a system of economic rules: they created a budgetary rule, transferred to the new rules for organizing public procurement under the contract system, in the monetary sphere, practically switched to inflation targeting. Thus, the prerequisites are created to achieve a budget balance in the long term.
But at the same time coordination of these rules This is a problem that is still waiting for its solution. Moreover, certain contradictions are laid within the rules themselves.
Thus, the impact of the process of slowing economic growth and the corresponding slowdown in the growth of budget revenues through the budget rule will activate its impact on changing the expenditure part of the budget, significantly restraining them.
If we consider that a certain part of the costs of the economy in the framework of the budget order artificially slows down, it is clear that not only inflation processes, but also economic growth will be naturally slowing down.
As a kind of leveling of this influence, a general installation is introduced that in the near future the main source of budget expenditures This source associated with their absolute increases, but with optimizing budget expenditures (both structural and technological) and increasing their effectiveness.
The mechanism of the reserve ruble as a means of increasing the financial resources of the country. For the domestic economy, the internationalization of the ruble brings with them both benefits and costs. The most obvious advantages of the ruble internationalization include the following.
The most importantly positive consequence of turning the ruble into a reserve currency is to include global capital over the redistribution processes. In other words, Russia will regularly receive a significant additional influx of long-term investments, and to consequently increase financial resources. The redistribution of global capital between reserve currencies means providing significant advantages in the global competitive struggle to those countries that emit currencies used by global investors as a reserve. These benefits are implemented in the form of additional resources for the development of enterprises of the country, the acquisition of assets in other countries, for additional growth in the well-being of the population, etc. Therefore, the presence of Russia has the currency considered as a reserve, extremely important to increase its role in the world arena, sustainable social-economic development, the growth of the life level of citizens.
In addition, other important positive consequences of turning the ruble in reserve currency should be noted. Minimization of foreign trade costs. In connection with the transfer of contracts for rubles, currency exchange costs disappear. Currency risks for residents no longer exist, which makes it possible to more reasonably plan investments. The operating costs are reduced (associated currency and hedge operations by international payments and account management in various currencies).
Transparency of foreign trade and the conjuncture of financial markets. Prices are becoming more transparent because counterparties in the framework of the ruble zone are easier to compare them, which helps strengthen competition. In addition, pricing transparency increases in financial markets. With international lending and investing in rubles, priority is gaining a credit, and invaluable risk.
Reducing export income volatility. Currently, due to the fact that export contracts are nominated in dollars or euros, ruble revenue depends on fluctuations in exchange rates. After translating foreign trade on rubles, export revenues stabilize, and, as a result, the volatility of economic growth will decrease. In addition, trade volumes are stabilized within the zone of the ruble (in the CIS).
Increase the size of the financial sector. Since significant amounts of ruble resources will be stored in accounts in Russian banks, they will increase ruble liabilities. The inflow of capital to the country for purchases of reserves by foreign investors will lay the foundation for the growth of foreign obligations and assets of the banking sector nominated in rubles.
The development of the market for long-term instruments. Choosing a ruble as a reserve currency, foreign central banks will be interested in acquiring long-term debt obligations with a high credit rating. Thus, they will contribute to the formation of the market for conservative investors and will ensure the demand for long-term instruments, the deficit of which is experiencing Russia.
Reduced financing costs. An increase in the size of the banking sector will lead to the appearance of a discount (negative award) for liquidity. Thanks to the influx of foreign capital, interest rates on the CCTV and the liquid ruble market will decrease.
Improving the sustainability of the national economy to external shock. The growth of the banking sector and strengthening the securities market will contribute to greater stability of the national economy. Problems will disappear with current financing of its development, which will reduce the country's vulnerability before external shocks.
Financing trade deficit. It is easier to cover the hypothetical deficit of the trade balance, since capital flows are nominated in the same currency as current payments. Russia will be able to freely finance this deficiency through the issue of ruble debt instruments.
Minimizing the costs of Russian citizens leaving abroad. When leaving the border with tourist or business purposes, it will be easily and minimal losses in the course difference to exchange the ruble on the local currency on the cash market of countries - the main partners of Russia. In addition, Russian citizens speaking by consumers of imported goods and services will receive additional savings when buying these goods and services due to the fact that the ruble rate will be resistant to strengthen. At the same time, the status of the reserve currency brings with them serious costs. For this reason, a number of countries, including Japan and China, are not stimulated or even prevents the dissemination of national currencies outside their economies.
The main negative consequence of the status of the status of the reserve currency is the inevitable strengthening of the ruble rate leading to the weakening of the competitive advantages of Russian producers. Another negative effects of the reserve currency runt of the status rules should also be indicated. Conclusion
Financial resources are monetary resources that are under the jurisdiction of the state, local governments and entrepreneurs applied to the goals of expanded production, meeting the socio-cultural needs of society and to fulfill their goals.
The volume and structure of financial resources directly related to the level of production growth: the larger the scale of production and above its result, the greater the volume of mobilized and applied financial resources.
The complicating economic and political situation will inevitably lead to the need to grow public, mainly public finances. The growth of budget expenditures will affect the growing need of financial resources for large investments in the modernization of industries, to develop new technologies, in training. In other words, the stimulation of the economy will inevitably become expensive for the consolidated budget of the country.
Of course, you should not simplify the problem, bringing it only to the need to increase budget spending. One of the key elections facing the government This is a choice of policies aimed at maintaining economic growth due to current consumption, or sustainable growth policies, which suggests proportional to the distribution of costs between current consumption and infrastructure investments ("Investments in the Future"). But, of course, now is the time when we must think about the proposal support mechanisms.
Budget policy should be focused not only to ensure the current life of society, but also to create prerequisites for future development. It is in the future structure of the economy that new sources of income are formed not only by corporations, but also the budget. From this point of view, the infrastructure development refers to key conditions for increasing the total factor performance (labor productivity, return from private capital, etc.) and the formation of prerequisites for long-term sustainable growth.
For many years, one of the main focus of Russian budget policy was considered the sustainability of public finance, which was provided by a low level of public debt, as well as the accumulation of sovereign funds.
The structure of the use of GDP testified that in Russia there is a fairly large reserve of unsatisfied consumer demand. Accordingly, artificial deterrence of the use of GDP for final consumption has formed a niche of consumer demand, which was covered by the growth of imports.
Today, in the conditions of sanctions, to a significant extent provoking the sharp drop in the ruble exchange rate, excessive importance from imports entailed many economic problems that could be avoided.
The state financial policy occupies a significant place in state activities and is a fundamental element in the Financial Management System. For the proper functioning of the state economy, it is necessary to carry out balanced financial policies within the country's economy.
On the degree of its rationality, the pace of development of industry, agriculture, transport, communications and other industries, as well as subjects of the Russian Federation, depend on the degree of its rationality. Therefore, the important and relevant direction is the definition, analysis and research of financial policy problems, as well as the search for optimal ways to solve these problems.
In accordance with these issues and strategic development of the Russian Federation, the following goals and objectives are determined:
Reduction of public debt;
Stabilization of the national currency and a decrease in inflation rate consistently from year to year
Transition to medium-term planning;
Balance of budgets of all levels and state extrabudgetary funds;
Improving the model of budget federalism;
Improving the reliability and reliability of economic forecasting;
Increase in subventions to regions from the federal budget to implement the federal authority transferred to them
The need to revise fiscal policy.
Thus, through these goals and tasks, it is necessary to ensure the balance and sustainability of the budget system, strengthen its role in stimulating the long-term growth of the economy and raising the standard of living of the population, accelerating the innovative development of the country and the formation of a sustainable retirement mechanism for a long term.
Undoubtedly, the policy held by the government in the field of finance is ambiguous. It contains both positive aspects and many negative points. Large, often a negative impact on it is provided by political aspects of economic decisions.
List of sources used
Finance is part of economic relations in society, however, in practice, we are not dealing with abstract relations, but with real money. The distribution and redistribution of value by finance is accompanied by the movement of cash in the form of income, revenues and accumulations constituting in aggregate financial resources, that are material carriers of financial relations.
With a wide use of the term "financial resources" interpretation of it differently. In Russia, he was first used to be the preparation of the first five-year plan of the country, which included the balance of financial resources.
In a more general sense, the "resource" in dictionaries is considered as a supply that serves as a source of satisfaction of the needs, formation of funds. Since finance is economic relations mediated by money, it is obvious that only such resources are understood under financial resources that have a monetary form, in contrast to material, labor, natural and other resources. Thus, one can make the first conclusion that financial resources exist only in monetary form.
However, financial resources are not the entire amount of funds used by state authorities and local government bodies, as well as business entities. In addition to financial resources in monetary form, credit resources are also functioning, personal cash incomes of the population and the like. Therefore, it is important to allocate such signs of financial resources that will allow them to be identified from the total amount of funds.
In any society, financial resources do not exist in themselves, they always have the owner or a person who has been delegated to them to dispose of them. Financial resources cannot be outside the property relationship. And only the part of the cash that is owned or disposal of business entities or bodies and local governments and serves the process of public reproduction, refers to financial resources.
Their belonging to a specific business entity or authorities and local self-government makes it possible to separate them from non-market income and population savings in the process of public reproduction.
However, not all cash entities of business entities can be attributed to financial resources, but only those that mediate the processes of production of goods, providing various kinds of services or are used to finance the functions of state authorities and local self-government.
From here it follows the following sign of financial resources - they are always used on the goals of extended reproduction, social needs, material stimulation of working, meeting other social needs..
Thus, under financial resources Money income, accumulation and receipts that are owned or disposed of business entities or bodies and local self-government and those used on the goals of expanded reproduction, social needs, material incentives for working, meeting other social needs 1 .
To sources of formation of financial resources are accepted The cost of gross domestic product, part of national wealth and revenues from foreign economic activity.
Part of the national wealth is involved in the economic turnover in the form of overgoing balances of budget funds; funds from sales of a part of the country's gold stock; Revenues from the implementation of excessive, confiscated and incomplete property, income from privatization, etc. From foreign economic activity, financial resources come in the form of income from foreign trade operations, external government borrowing, foreign investment, etc.
Types of financial resources - these are specific forms of income, revenues and accumulations, which are formed in business entities and entities of power as a result of financial distribution. They are: depreciation deductions, profit of the organization, tax revenues, insurance payments, etc..
The composition of the sources of financial resources of business entities will influence the field of activity (material production or non-production sphere), a method of maintaining the economy, i.e. Is the organization pursues the extraction of profits as the main goal of its activities (commercial organizations) or does not have such a goal and does not distribute the profit between participants (non-profit organizations), organizational and legal form, industry features, etc.
Financial resources of a commercial organization - These are cash income, accumulation and receipts that are owned or disposed of organization and intended to fulfill financial obligations, ensuring the reproduction costs, social needs and material incentives for working.
TO the main sources of formation of financial resources of a commercial organization relate:
revenue from sales, works and services;
revenue from other implementation (for example, retired fundamental funds, production reserves, etc.);
non-engine income (received fines, dividends and interest on securities, etc.);
budget resources;
The funds received in order to redistribute financial resources within vertically integrated structures and industries.
Types of financial resources of a commercial organization Profit from the sale of goods (works or services), from the sale of property, balance of income and expenses from non-dealerization activities, depreciation, reserve and similar funds formed by the profits of past years.
Directions of using financial resources of a commercial organization are: payments to the budgets of different levels and outside the budget funds, payment of interest for the use of the loan, repayment of loans, insurance payments, financing of capital investments, the increase in working capital, financing research and development works, fulfilling obligations to the owners of a commercial organization (for example , dividend payments), material promotion of enterprise employees, financing their social needs, charitable goals, sponsorship, etc.
Financial resources of a non-profit organization - These are monetary incomes, receipts and accumulations used to implement and expand the statutory activities of the organization. The organizational and legal form and the type of activity of the non-profit organization will influence the composition of the sources of financial resources, as well as on the mechanism of their formation and use.
TO the main sources of financial resources of non-profit organizations relate:
Contributions of founders and membership fees;
income from entrepreneurial and other income-generating activities;
budget resources;
gratuitous transfers of individuals and legal entities;
Other sources.
Types of financial resources of non-profit organizations Advanced fiscal funds, gratuitous transfer of legal entities and individuals, including grants, profits, depreciation (except budget institutions), reserve and similar funds (except budget institutions), etc.
Since 2007, in the Russian Federation, a part of funds that non-profit organizations receive in the form of gratuitous transfers of individuals and legal entities (donations) takes the form of target capital 2.
Financial resources of a non-profit organization are used To implement the main goal of its creation. These may be the costs associated with the wage of employees, the operation of the premises, the acquisition of equipment, payments to budgets and state extrabudgetary funds, capital investments, major repairs of buildings and structures, etc.
In addition to business entities, leading their activities as a legal entity, entrepreneurial activities can also be carried out by individual entrepreneurs who also formed financial resources.
Sources of financial resources of individual entrepreneurs Personal savings and revenues obtained by them as a result of economic activities. In addition, entrepreneurs can involve borrowed funds to carry out their activities.
Financial resources of individual entrepreneurs are used on expanding the case, payments to the budget and state extrabudgetary funds, costs for the wage of employees, charitable contributions and donations, etc.
If entrepreneurial activity stops, all the income received is directed to the personal consumption of the entrepreneur.
Sources of financial resources at the disposal of state authorities and local self-governmentThe gross domestic product is part of the value of national wealth and revenues from foreign economic activity.
Gross domestic product is the main source of formation of state and municipal financial resources. But sometimes, for example, during periods of economic crisis or the occurrence of emergency circumstances (revolution, war, large natural disasters, etc.), previously accumulated national wealth can be as a source of state and municipal financial resources.
Financial resources of state authorities and local self-government are:
tax revenues (tax on the profit of organizations, tax on income of individuals, a single social tax, etc.);
Nanalog Revenues (dividends on shares in state and municipal property, revenues from the delivery of state and municipal property for rent, interest received from the provision of budget loans
(budget loans), etc.);
gratuitous transfers (from budgets of other levels, state extrabudgetary funds, etc.);
Other income.
Use of financial resources that are at the disposal of state authorities and local self-governmentdirectly related to the functions of the state: economic, social, managerial, strengthening of defense capability; Through financial resources, the importance of society in the field of economic development, the financing of the social sphere, the implementation of state and municipal management, the strengthening of the country's defense capability, etc.
The formation and use of financial resources is carried out in stock or nephond form. The stock form is predetermined by the needs of state authorities and local governments that need financial resources to ensure their functioning, and some needs of business entities that extended reproduction. When forming and using their financial resources, both multipurpose funds and narrow sockets are used.
Financial funds have the following damn:
This is the injured part that has selected from the total amount of funds;
As a result of the separation, the monetary fund begins to function independently, and this independence is relative, continuous replenishment and use of funds;
It is always created to finance any goal, and the goals may be of different order, broad and narrow;
It has legal support in which questions are regulated by the procedure for its education and use.
The stock form of education and the use of financial resources has advantages compared to non-nephond.
The formation of separately functioning financial funds with a clear regulation of the procedure for their formation and use ensures the concentration of financial resources to perform urgent tasks, it makes it possible to efficiently manage them and facilitates control over their formation and use. However, if earlier the stock form was the main, then in the conditions of the market in the stock form formulate and used mainly financial resources of state authorities and local self-government. These funds include budgets relevant levels and extrabudgetary funds. The form of use of financial resources of business entities is currently less regulated by the state. The procedure for using financial resources by commercial organizations is determined by their constituent documents, and therefore here is a combination of stock and non-enemy forms. Part of the resources of business entities may be aimed at the formation of targeted funds (for example, economic incentives, reserve funds). The use of financial resources to fulfill financial obligations to budgets of different levels, state extrabudgetary funds, banks, insurance organizations, the payment of penalties is carried out in non-neutral form.
1 See: Finance / Ed. V.M. Rodionova. - P. 10, 35.
2, see Article 2 of the Federal Law of December 30, 2006 No. 275-FZ "On the procedure for the formation and use of target capital of non-commercial organizations."
(Materials are presented on the basis of: A.G. Gryaznova. E.V. Markina Finance. Tutorial. 2nd ed. - M.: Finance and Statistics, 2012)
Consider the formation of financial resources on economic entities of the state.
Financial resources are a combination of all funds and revenues available at the disposal of a business entity.
At the enterprise level, financial resources are used on the formation of targeted funds (wage fund, production development fund, material promotion fund, etc.), fulfillment of obligations to the state budget, banks, suppliers, insurance bodies and other enterprises. Financial resources are also used to finance the cost of acquiring raw materials, materials, wages, etc.
Financial resources of enterprises are formed at the expense of own funds of enterprises and attracted funds. The main source of financial resources in the enterprise is profit.
Profit is a monetary expression of savings created by enterprises of any form of ownership. As Eco-64.
Profit performs two functions:
The economic interests of the state, business entities and each employee are concentrated in profits. Profit characterizes all parties to the financial and economic activities of enterprises, therefore the growth in the profit of economic entities indicates an increase in financial reserves and strengthening the financial system of the state.
The end result of the production and financial activities of business organizations is to obtain balance sheet profit, which includes profits from the production and sale of main products (works, mustache), from the sale of other products, as well as the balance of profits and losses from non-dealercy (fines, penalties, penalties and t. n.).
Along with profit in enterprises there are other sources of financial resources.
The structure and sources of financial resources of the enterprise are shown in Fig. 3.1.
As the economy transitions to market relations, the point of view on the formation of financial relations is gradually changing. However, the principles of organizing finance of enterprises have certain stability.
The general principles of the organization of financial resources are the following:
Principle 1. Financial resources in enterprises are formed at the expense of their own and attracted funds.
The initial creation of its own financial resources occurs at the time of the establishment of an enterprise (organization) when the authorized capital is formed (authorized capital).
Sources of education of the authorized Fund depending on the organizational and legal forms of enterprises can be:
Fig. 3.1.
The main sources of financial resources at the existing enterprises are proceeds from realized products (works, services), at the expense of which gross income and profit are formed, as well as depreciation. Partially they are formed due to revenues in the order of redistribution of funds (insurance compensation, dividends, budget funds).
Principle 2. Financial activities of enterprises are planned for the upcoming business year, taking into account indicators and results of activities for the last period and forecasts for the upcoming period. Some economists believe that the preparation of financial plans in the market conditions is not necessary. However, it is quite possible that in modern conditions for the transition to a market economy, financial plans are needed primarily for the enterprises themselves.
The purpose of the compilation of financial plans is to determine possible financial resources, capital and reserves based on forecasting the volume of economic activity, income and expenses. The plans include creating financial reserves and deductions to centralized funds. The plans reflect the direction of funds to finance working capital in the main activity and funding for investment activities (the formation of the capital investment fund).
Principle 3. Ensuring the safety of your own working capital. It is assumed that working capital should be maintained in full. If the amount of own working capital will decrease, the enterprise may lose financial stability and ultimately become bankrupt.
Introduction . 3
1.
The main elements and levels of state financial resources 4
1.1. The concept of the monetary system, its types and functions .. 4
1.2. Socialized National Monetary System .. 7
2.
Impact of financial resources on the pace of economic development ..
11
2.1. Financial resources of the country as the basis of it
Economic Development .. 11
2.2. Inflation: Essence and regulation .. 15
3.
The main directions of improving financial resources in the context of the Republic of Belarus .
20
3.1. Development of financial resources of the Republic of Belarus on
Modern stage. twenty
3.2. Forecasting and planning financial resources
The Republic of Belarus. 22.
3.3. Monetary system and standard of living: problems
and ways to solve them .. 25
Conclusion . 33
List
used sources .
36
Applications .. 38
Appendix 1 Equilibrium in the money market. 38.
Introduction
Banking
The system is one of the most important and inalienable structures of the market economy.
The development of banks and commodity production and circulation historically went parallel
And closely intertwined. At the same time, banks, conducting cash payments, lending economy,
Speaking by intermediaries in the redistribution of capital, significantly increase the overall
Production efficiency contribute to growth
Public labor performance.
Today at
Conditions of developed commodity and financial markets, the structure of the banking system
sharply becomes complicated. New types of financial institutions have appeared, new credit
Tools and methods of customer service.
Now in Belarus
And other CIS countries make up a new economic system. A transition from an administrative-managed highlyonopolized state banking structure to dynamic,
a flexible, private and collective ownership system of credit institutions,
Oriented commercial success, to receive profits.
Search is searching
Optimal forms of the device of the credit system, effectively working mechanism
In the capital market, new methods of servicing commercial structures. Creature
Sustainable, flexible and efficient banking system - one of the most important (and in
Also, the time is extremely difficult) tasks of economic reform in Belarus.
this work
represents the presentation of the basic principles of the organization and functioning of banking systems, and
also problems of formation, development and reform of the Belarusian banking
Systems. At the same time, the main attention is paid to the Belarusian banking system: its problems and trends of its development.
First part
The work is devoted to the general principles of the organization and management of credit
institutions (main types of credit and financial institutions and their functions, regulation of banks from the Central
Bank and other control bodies).
The second part of
Contains the analysis of the problems of the formation of the Belarusian banking system.
Ways to solve these
The problems offered by economists are considered
In the third chapter dedicated to the concepts of the development of a credit and banking system
Belarus.
1. Basic elements and levels
State financial resources
All that performs
Functions of money, and there is money. Money perform three functions:
1.
means of appeal
Used when buying goods and services);
2.
measure of value (cash
Unit is used as a scale for compulsion of relative
the values \u200b\u200bof heterogeneous goods and resources);
3.
Means of savings
(Convenient form of storage of wealth).
Price of money
determined in the money market; On the graph - at the point of intersection of the curves of demand
For money DM and expenses of SM (Fig. 1). The offer of money has the following structure: M1 + m2 + m3.
M1's money supply in a narrow sense consists of two elements: cash
(metal and paper money in circulation) and check deposits
(contributions to which checks are issued). Money offer M2 consists of
M1 + nonsense savings deposits and small (less than 100 thousand dollars) urgent
Deposits. The M3 money supply has the following structure: m2 + large (100 thousand
dollars and more) Urgent deposits. In the future, we will use
Determining money M1. SM money supply curve is
vertical straight, as at every moment in the money market is located
A certain amount of SM money. (See Fig. 1).
The cost of modern
money is no longer based on a strictly defined number of precious
Metals (as it were before), it is determined by the number of goods and services,
Which can be purchased for money in the market.
The total demand for money DM consists of money demand for DT deals and demand for
Money as DA assets. The amount of money required for conclusion
Transactions, determined by the nominal GNP. In this case, the demand for money for transactions
varies proportional to the nominal GNP. Under DA is understood
Demand for money as a means of savings. Demand for money from assets
Changes back proportional to the rate of loan percent. The higher the bet
Loan percent, the less demand for money as assets and vice versa.
The demand curve for DM money is descending (Fig. 1).
We combine the demand I.
the offer of money in order to describe the money market and determine the equilibrium
percent rate (price of money). As in the market of products or resources,
The intersection of the curves of demand for money and money supply determines the price of equilibrium.
In this case, the "price" is the equilibrium interest rate, that is, the price,
Payable for the use of money (5%) (Fig. 1).
Equilibrium on monetary
The market is established by changing prices for bonds. With price change
On bonds interest rates change. With an equilibrium interest rate price
On bonds are constant, and the demand and supply of money are equal (200 billion dollars).
For example, the bond sold at a nominal value of $ 1000, and
Offer permanent interest pay $ 50 give annually
5%. I.e:
$ 50/1000 dollars. 100% \u003d 5%.
What happens to
presence non-equilibrium in the money market? How the money market is again
Reaches equilibrium?
Decrease case
Money Proposals in Economics: People are trying to get money through
Sales of available bonds. The proposal of securities increases, the price of them
Falls, the interest rate rises. At a higher interest rate
The amount of money that people want to have in their hands is reduced (150 billion.
Doll.). Equilibrium in the money market is achieved with a higher percentage
rate and with a smaller amount of money in the economy. For example, the price of the bond
fell to $ 667 for someone who buys a bond, interest rate
A permanent percentage of $ 50 per year will now be 7.5%: $ 50/667
dollars' 100% \u003d 7.5%.
Increase case
money supply in the economy: an excess of money in the economy increases demand for
Bonds, the price of them increases, the interest rate falls. In the money market
Restores equilibrium at a lower interest rate and with more
The number of money in the economy ($ 250 billion). For example, the price of the bond rose
up to $ 2,000 for who buys a bond, interest rate at constant
The percentage of $ 50 per year will be 2.5%.
A responsibility
States for the stabilization of the value of the currency suggests:
·
Conducting appropriate
fiscal policy;
·
Effective control by
offer money.
Normal
Production activities are impossible without a developed monetary
Systems. One entrepreneurs lacked their capital to create and
business development, other entrepreneurs have accumulated temporarily free
cash. These conditions contributed to the creation of a loan capital market,
Representatives of which bankers became. Banks accumulated temporarily free
cash and provided them in a loan under a certain percentage to those who
They needed.
Credit -
Providing goods and money in debt under the returns of the equivalent
The amount of debt plus the percentage of the creditor's income.
Sources of loan
Capital:
1)
Depreciation fund;
2)
fund accumulation fund;
3)
Cash accumulations
population;
4)
Other temporary free
money.
Distinguish commercial
and bank loan. Commercial loan is provided with goods. Actor
Appeals is a bill - a special debt obligation of the borrower,
Which he must pay a certain amount of money at a specified period.
The entrepreneur who received a bill makes a gearbox in it and uses
Instead of money to buy goods. Finding into the trade turnover, bill becomes
The simplest type of credit money.
More universal
Character has a bank loan issued by banks by entrepreneurs in the form
Cash loans. Unlike a commercial bank loan can
Provided in greater volume, for longer times and for any purpose.
There are other forms
Credit: Consumer, Mortgage, State.
Credit performs
The following functions:
1)
Redistinates temporary
free cash between industries, districts, states;
2)
saves costs
circulation;
3)
Accelerates turnover
Public capital.
Implementation of functions
The loan increases the efficiency of social production.
Monetary
The system of state is a combination of credit and financial institutions,
creating, accumulating and providing cash on the terms
urgency, payability and repayment. Credit system refers to infrastructure
Market economy. The credit system of the state develops from banking
Systems and non-bank credit and financial institutions capable of accumulating
Temporarily free funds and place them with a loan. Non-banking
Credit and financial institutions are represented by investment, financial and
Insurance companies, retirement funds, savings cashiers, pawnshops
and credit cooperation. These institutions perform many banking operations and
Compete with banks.
Regulation
The monetary system is carried out by the National Bank using the following
instruments:
1)
Operations on the open
market. To increase the offer of money in the economy, National Bank
Buys state securities from banks. To reduce the offer
Money Bank sells such papers to make money from the economy;
2)
Change rate
bank interest. If such a bet decreases (the loan is cheaper), then
The offer of money is increasing. When the interest rate increases (credit
More expensive), the offer of money is reduced.
3)
Change norm
Required reserves. All banks are required to keep a certain proportion of their deposits.
As a reserve. With an increase in the norm of reserves, banks reduce the volume
Customer lending, reducing the offer of money in the economy. With a decline
This norm of banks expand the money supply.
National Bank
Acts in accordance with the legislation of the Russian Federation.
Monetary
Policy is carried out by the Central Bank of the country.
Distinguish policies
Cheap and dear money.
Cheap money policy
lies in:
1)
purchase of securities;
2)
reducing the backup rate;
3)
decrease in the account.
All these measures lead
to an increase in the offer on the money market, so this policy got
The name of the "Policies of Cheap Money".
Politics of expensive money
lies in:
1)
sale of securities;
2)
Increase backup
norms;
3)
Raising the account.
Such politics
leads to a decrease in the supply of the money market.
Banking
The system of the Republic of Belarus operates on the basis of the following principles:
1. Action on
territories of the Republic of Belarus of the Bank of Belarus, Foreign Branches
banks and foreign banks.
2. Lubility
Receiving a license with banks to carry out activities in the territory
The Republic of Belarus.
3.
Non-interference of state bodies in the activities of banks, except
stipulated by the laws of the Republic of Belarus.
4. Prohibition
government agencies to require the implementation of unusual functions to banks, in
including administrative control functions for customer activities
Banks, with the exception of control over cash and currency transactions.
5.
The responsibility of state bodies and their officials to banks for
Acceptance of solutions that harm banks.
6. Remordation
Responsibility of banks and state: banks are not responsible for obligations
states, and the state is not responsible for the obligations of banks, if between
The Bank and the relevant state authority did not conclude an agreement on
Nasty or the state did not assume such an obligation.
National Bank
Of the Republic of Belarus - the central bank of the state. He, as in other countries,
endowed with the exclusive right emission of money, regulation and control
activities of credit institutions. National Bank is property
Belarus, accountable to parliament and ensures agreed
With financial policies of monetary policy. Chairman and members
The Board of the National Bank is appointed by the President in coordination with the lower
Chamber of Parliament. Annually, the National Bank submits for consideration and
Approval of Parliament, the main directions of monetary policy
Of the Republic of Belarus for the upcoming fiscal year and the report on work in general
credit system and directly to its activities.
Legal status
The National Bank has its own characteristics. First, he is
The economic entity and functions at the expense of own income. In this quality
He concludes civil transactions with government and commercial
Banks. These are transactions regarding the provision of centralized credit
Resources Government for financing the deficit of the republican budget.
The size of the National Bank's participation in this financing is established in
Law on the budget for the upcoming fiscal year. National Bank provides
Your resources also commercial banks in the form of loans.
Secondly,
The National Bank is at the same time government authority,
endowed with the relevant powerful powers regarding business
subjects in terms of cash transactions, currency regulation and commercial
banks in all aspects of their activities.
Before
The National Bank has a major goal: to provide external and internal
Stability of the National Monetary Unit - Belarusian ruble. For these purposes
It uses as administrative levers by edition of mandatory for
fulfillment by commercial banks regulatory prescriptions and economic,
indirect methods of regulation, which are mainly in establishing
Economic standards. This, in particular, the size of the authorized capital, the ratio
own funds to the bank assets, the maximum risk size per one
Borrower, balance liquidity indicator and some others. Through this
The stability of the banking system is ensured, warning is overcome risk
Activities of individual banks.
National Bank
In the implementation of supervisory functions applies to violators of banking
legislation economic sanctions. In particular, in cases of systematic
Violations of established standards, non-fulfillment of the prescriptions of the National
Bank and on some other reasons The National Bank sends an indication
the Board of Bank, shareholders or other owners of banks on the adoption of financial measures
rehabilitation of the bank, its reorganization, replacement of bank management, liquidation
bank.
Economic
Sanctions establish measures of economic impact, including:
write-off in an indisputable order from the correspondent account of the bank of non-surprising
amounts to the credit resource regulation fund; Enhance the established norm
mandatory reserves posted by the Bank in the National Bank; recovery
fines; Introduction of special regimes of correspondent accounts; Introduction of special regime
The functioning of the bank.
Legislation
Belarus gives the National Bank with the right to force liquidation
banks. The development of the banking sector in the economy of the republic indicates
The difficulties of the processes occurring in it. Normal functioning of banks
It is possible in the presence of detailed sustainable banking legislation.
Currently, their activities are regulated by more than a thousand regulatory
acts. This requires their systematization and codification, which is done in the banking
Code of the Republic of Belarus, which at the time of preparation of this study
The benefits are under consideration by the National Assembly of the Republic of Belarus.
Direct
Service of enterprises and the population carry out commercial banks. They are
provide their customers with the following banking services: attract funds in
Deposits and deposits provide loans, carry out settlement and cash
Service, currency transactions, cash collection and some others
Services in the presence of a license of the National Bank.
In form
Property Banks may be state, joint-stock, commercial.
Nowadays, current legislation does not allow the creation of private banks, however,
In the first edition of the law, the creation of private banks was allowed. Create a bank can
at least three legal entities and individuals, the share of each participant may not exceed
35 percent of the authorized capital. On the national composition of participants in banks can
Be Belarusian, joint with the participation of the foreign side and foreign.
Banks in Ov
activities are not dependent on the state and are not responsible for obligations
States, as well as the state is not responsible for the obligations of banks.
According to the law O.
banks and banking activities are not included in the banking system
Organizations. However, such financial institutions in the republic
function. Under the legislation of developed countries in the banking system, except
Central Bank and Commercial Banks include the so-called Parabankovsky
institutions to which pension funds include insurance companies,
Investment funds, savings checks and some others. Developed
Market relations suggest presence in monetary sphere
specialized financial structures. Since it was noted, they are in
The Republic exists and their legal status, goals and functions fall under
definition of "non-bank financial organizations", the latter in the legislative
order must be installed as a link in the banking system of the republic
Belarus.
Despite
The short period of existence of the national banking system, its
Development occurs in quite difficult conditions that are reflection
The economic policies conducted in Belarus, the specifics of market transformations.
Currently, about 30 banks are functioning, which has enough
Developed branch network. They are able to provide their services to business
Subjects and population.
2. Impact of financial resources on
The pace of economic development
the main objective
Reform and restructuring of the banking system is the formation
Communities of credit and financial institutions capable of accumulating free
internal and external financial resources, their profitable placement, as well as
Providing the entire set of banking services to internal and external customers.
Basic
The problems of the banking system of Belarus are its overall financial weakness
(As of 1.04.01, it has passed assets in the amount of only 2 billion.
dollars), of which own funds were less than 17%, 44% - customer funds,
And 10% - funds of the National Bank. Almost half of all bank assets
Systems are placed in the form of loans to legal entities, most of which
represent low-loaded and unprofitable enterprises of the state
Sectors. Total amount of dubious, overdue and prolonged loans
It is 19.2% of the loans issued. In low-profile state valuable
Paper posted 8.7% of assets. Executions into mandatory reserves are
4.7%. Banking system of Belarus practically does not have financial instruments,
allowing to ensure the accumulation of monetary resources in real terms.
Very negative
The financial condition of the banking system affects the concentration of approximately 78%
all assets in six authorized semi-state banks forced
Working on government lending programs
low-efficient agriculture and housing construction. Represented by him instead
Benefits on mandatory reservation and interest rates do not allow
effectively regulate the money market by market tools and cause
Certain distortions in its work.
Financial
The recovery of the banking system should be carried out in two directions:
·
Restructuring
Debt of enterprises of the real sector of the economy in front of banks;
·
Recapitalization
banks themselves through attraction of additional funds in banking
System.
Restructuring
dubious to repayment of enterprises' debt can be held
In two ways: by implementing conciliation procedures and forced
way.
In case of refusal
enterprises from the conclusion of the settlement agreement, the bank has the right to initiate
The beginning of the bankruptcy procedure, regardless of the form of ownership of the enterprise
According to current legislation (bankruptcy law).
Recapitalization
banks themselves during the period of general rehabilitation of the economy may include
The following events.
1. For the purpose of operational
Safety of attracted funds in all commercial banks
Emergency temporary measures to restore the total liquidity of banking
Systems.
2. Significant
Increase the total capital of Belarusian banks during the first two
years after the transition to radical reforms.
3. Expand
The range of credit and financial institutions through the creation of specialized
non-bank credit and financial institutions (investment, mortgage,
leasing companies, creating mutual lending societies, etc.), assuming
The transition to this quality of banks that are not able to increase their own capital.
4. Stimulate
The priority recognition of a group of leading Belarusian banks on international
financial markets, including by assigning them the relevant credit
ratings.
5. Ensure
The transition of Belarusian banks to international accounting rules and
Providing basic statistics on commercial banks independent
analytical centers for systematic development and publication of internal
bank rating.
6. Limit
operations on active accounts of banks that did not create reserves for doubtful
loans (on 1.04.01 Total amount of dubious loans in 153 billion rubles
covered with reserves for these purposes by 84% excluding prolonged
overdue loans, and taking into account the last only 57%).
7. Suggest
all banks, overdue debt whose loans exceeded
5% of the amount of all loans issued, provide a plan of own
recovery, including a schedule for the conclusion of alleged global agreements with
Borrowers and initiation of bankruptcy procedures.
Besides,
adopt a set of measures to encourage banks to own financial
Improvement:
·
during
2-3 years to move to the preservation of general licenses only in banks having
international rating;
·
Develop
The mechanism of forced sale of a control package of banks, not regularly
observing prudential standards and affecting the safety of the whole
banking system, consolidating this right for banking supervisory authority
(or by the Bank restructuring agency);
·
Set
The share of the shares of enterprises in the assets of banks in order to encourage
them to the speedy restoration of monetary liquidity.
Government I.
The central bank should immediately implement the following actions.
1. Legal I.
actual restoration of the independence of the National Bank from the executive
the authorities as the necessary condition for the formation of a modern banking system responsible
In front of their creditors and depositors.
2. The withdrawal of funds
States and the National Bank from the authorized capital of commercial banks in
First of all - Belarusbank, Belagroprombank, with subsequent sale of them on
free auctions. This is necessary, first, to create equal conditions for
all banks, secondly, to eliminate the possibility of non-market pressure of organs
The authorities and the National Bank are on the money market through the banks dependent on it.
3. Restoration
a specialized savings bank operating exclusively with
population and money market. It will give the opportunity to raise the degree
preservation of savings of the population and strengthen the long-term cash market
resources.
4. Reorganization
Belagroprombank by its six (by the number of areas) of local
Land banks, transferring control packages to local authorities. it
will make it possible to form in the future around local land banks regional
financial markets.
5. Creation
The third level of credit and financial institutions - specialized
non-bank credit and financial institutions with limited licenses
powers and without the right to conduct settlement accounts of legal entities and individuals
(investment, trust, mortgage, etc. companies, mutual loan societies,
credit unions, etc.). As a result, an additional attraction will be attracted
funds for money market, including from the "gray" economy, specialization and
Improving the quality of the credit and financial services provided.
6. Institution
Special Non-State Fund for Insurance Deposits of Individuals and
urgent deposits of legal entities in the form of a joint stock company replenished
Due to the proportional irretrievable contributions of banks and non-banking
credit and financial institutions and intended to compensate
deposits in case of bankruptcy of credit institutions - members of the Foundation. It will increase
The degree of confidence in banks and thereby allow you to increase their resource database.
7. Restriction
operations on active accounts of banks that did not create reserves for doubtful
loans.
8. Development
mechanism of accelerated trial with borrower enterprises, not
able to repay the received bank loan, their bankruptcy and transfer
Property for temporary management on the recommendation of creditors' banks.
9. Development I.
The adoption of a mechanism forced sale of control packets of banks of banks, not
ensuring compliance with prudential standards and creating a threat
liquidity of the entire banking system. This will speed up the shift procedures.
owner in ineffective banks without their bankruptcy and social shocks,
Attracting more professional management and reducing the share of problematic
banks in the banking system.
10. Initiation
Creating a union of commercial banks that will take on a solidarity
Responsibility for the financial condition of the member countries of this Union, up to
institutions of a special non-state company insisting deposit risks
depositors and creditors of "Allied banks", on the one hand, and the provision
Recommendations Body supervising banks on forced
selling a controlling stake in banks experiencing financial problems with
The other side. This should prevent unexpected bankruptcy banks.
11. Allocation from
The composition of the National Bank for Commercial Bank Supervision Services,
and the creation of an independent authority. It will give the opportunity to divide
licensing, regulation and supervision over the status of banking
Systems and increase its transparency.
12. Transition K.
the calculation of all prudential standards, based on the equity of banks,
and not their authorized capital, which will reduce artificial
attracting new shareholders and increase the capitalization of already issued shares and their
Market value.
13. Attraction
On the territory of the country branches of reliable foreign banks, promoting their participation
In the capital of already existing Belarusian banks, including through the issue
American and European depositary receipts. This will attract additional
funds in the banking system and increase competition between commercial
Banks.
14. Transition K.
International Financial Reporting Standards for Belarusian Banks for
their speedy adaptation to global financial markets and obtaining relevant
bank ratings.
15. Provision
the necessary algorithm of actions to obtain Belarus's credit rating, and
Commercial banks - the corresponding bank rating. Banks not
having a corresponding generally accepted international ranking will be
Limited currency licenses. In addition, banks that do not have internal national
Rating, the internal license to work with the population will be limited.
16. Revision
In total bank legislation of the country in the direction:
·
clear
delimitation of the empowerment of monetary relations;
·
Competition
subjects of monetary relations;
·
General
law on the regulation of monetary relations;
·
Consideration
controversial issues in court;
·
material
administrative and other liability of any subject, including organs
government and management, for damage caused by illegal
actions;
·
Transparency
relationships of subjects;
·
informing
Public about the Policy of the Bank of Belarus and the state of credit institutions.
Proposed
Events are aimed at the financial strengthening of the Belarusian banking system,
giving it dynamic, transparency and access to global financial markets in
quality of full members of their participant. Unlike the block of monetary policy, their
Sales does not require complexity and can be carried out in different times
Extent preparation of relevant economic and political conditions.
Outside
from accepted methodological packages, the task of analysis is not formulated as
itself, but as a totality of assessments and conclusions on key issues in order to
get real material for building anti-inflation policy and
mechanisms for its implementation.
For
It is important to consider:
the dynamics of inflationary processes;
Types of inflation, their dominance at various time stages;
Basic (prevailing) factors defining specific processes of inflation and
their ratios;
The measures taken by anti-inflation policy with the assessment of their constructiveness (and
Fitness to further use), the degree of adaptation of state and
other structures to the specifics of this particular process of inflation and skill
"Manage" them.
Conditional
You can distinguish several stages of the development of inflationary processes that
differed both aspects and forms of manifestation of inflation and the predominance of individual
influencegogenic factors.
First
Stage (1990-1991) differed (especially in 1990 and the first quarter of 1991)
Pretty depressed inflation form. During this period, coating
There were only 16 kopecks. From the ruble. At the same time, consumer prices in 1990
Grow out only 5%, and in 1991 - about 2 times. In 1991, the rise in prices
It was still mainly carried out by their disposable revisions with
Parties to the state. Higher price increase (open form inflation) had
Place on the collective farm and "black" markets, in commercial trade. Only
A minor part of the prices was liberalized.
Basic
Factors of inflation and commodity deficit were the colossal deficit of the Union
Budget and conducted monetary emission. At the same time, macroeconomic policies and
Price regulation during this period was carried out at the level of the Union, possibilities
The republics in this regard were fairly limited.
Second
Stage (1992 - 1994) was characterized by a high level of inflation associated with
translation of depressed inflation in the open in the conditions of liberalization of prices and conduct
Expansionist monetary policy. Simultaneously on separate species
Products (a number of consumer goods, petroleum products, etc.) and services
(housing and communal, passenger transport) existed subsidized prices,
those. The depressed form of inflation was maintained. Average annual index
Consumer prices amounted to in 1992 11 times, in 1993 - 13, and in 1994. - 23.
times.
Inflation
In 1992 - 1994 Largely determined by objective reasons. Primarily,
This is a consequence of previously accumulated inflationary potential and unbalancement.
the economy is still before the release of prices, as well as "shock", which has experienced
National Economics (especially industry) after the release of prices.
Besides
In 1992-1994 The country used an expansionist concept
state regulation, which was characterized by relatively soft
Monetary and budget policy.
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