Free technical library

Finance, money circulation and credit. Cheat sheet: briefly, the most important

Directory / Lecture notes, cheat sheets

Comments on the article

1. ESSENCE OF FINANCE

The term "finance" comes from the Latin finis - end, end, finish. In the Ancient World and the Middle Ages, in monetary relations arising between the state and the population, the word “finis” meant final settlement, completion of monetary payment. Persons who paid contributions to various government bodies received a document - fine. From the name of this document came the Latin term “financia”, which meant cash payment. The long process of development of commodity-money relations has changed the content of the phenomenon of finance.

Today finance - this is an objective economic phenomenon, which is a system of formation, distribution, redistribution and use of monetary funds of subjects of society. On the one hand, this phenomenon acts as an economic category, and on the other hand, it is a subjective cost instrument of activity.

As the economic category finance expresses economic relations over the production, distribution and use of gross domestic product and national income. These relations are manifested in the creation and use of targeted funds of funds by various economic entities (the state, business entities, interstate organizations, individuals, etc.).

Finance as subjective value instrument the functioning of economic entities form a specific decision-making mechanism regarding the processes of formation and use of monetary funds.

Finances act in monetary form, but not all monetary relations are financial. Monetary relations turn into financial ones when, as a result of the production of goods and the provision of services, funds of funds are created during their sale.

Funds of funds created at the level of the state, local governments are called centralized funds and monetary funds created at the level of economic entities, households - decentralized.

The object of finance is financial resources, representing a set of funds of funds at the disposal of economic entities, the state, households. The sources of financial resources are:

- at the level of economic entities - profit, depreciation, income from the sale of securities, bank credit, interest, dividends on securities issued by other issuers;

- at the population level - wages, bonuses, wage supplements, social payments made by the employer, travel expenses, income from entrepreneurial activities, profit sharing, transactions with personal property, credit and financial transactions; social transfers, including pensions, allowances, scholarships; consumer credit;

- at the level of the state, local governments - income from state and municipal enterprises, income from the privatization of state and municipal property, income from foreign economic activity, tax income, state and municipal credit, issue of money and income from the issue of securities.

2. FUNCTIONS OF FINANCE AS A MANIFESTATION OF THEIR ESSENCE

As an economic category, finance has functions. There are two main, dialectically interconnected functions - distribution and control, carried out simultaneously.

1. distribution function finance is that:

- through the distribution and redistribution of newly created value, national needs are met, sources of financing for the public sector of the economy are formed, and budgets and extra-budgetary funds are balanced within the framework of the unified budget system of the Russian Federation;

- the newly created value is subject to distribution in order to fulfill the monetary obligations of enterprises to the budget, banks, counterparties. Its result is the formation and use of centralized funds of funds, the maintenance of the non-productive sphere of the economy.

The main objects of the distribution function of finance are mandatory payments to the budget and extra-budgetary funds, as well as sources of financing the budget deficit. A special role is played by the process of redistribution of income between different levels of budgets.

2. Control function finance consists in the implementation of the control of the ruble over the real money turnover, in which the state is a participant, the formation of centralized funds of funds. Ruble control has two forms:

- control over changes in financial indicators, the status of payments and settlements;

- control over the implementation of the financing strategy.

In the first case, a system of sanctions and incentives is applied, using coercive or incentive measures. In the second case, we are talking about the implementation of a long-term financial policy, in which the main attention is paid to the foresight of changes and the early adaptation of the order and conditions of financing to them. Constant changes and updates in the financial system require an adequate response from all branches of government.

The control function of finance always has a specific form of manifestation. It can be directed to a budget of a certain level, an off-budget fund, an enterprise or institution, etc.

The control function of state and municipal finance is implemented in the following main areas:

1) control over the correct and timely transfer of funds to centralized funds;

2) control over compliance with the specified parameters of centralized funds of funds, taking into account the needs of industrial and social development;

3) control over purposeful and efficient use of financial resources.

Many modern economists distinguish other functions of finance. They are subjective in nature and serve as management tools.

Regulating function is closely connected with the intervention of the state with the help of finance in the process of reproduction.

Stimulating function state and municipal finance is to ensure the development of various spheres of public life through a system of benefits and economic programs.

Fiscal function of finance related to supporting unprofitable, but necessary sectors of the economy. It is carried out using a variety of methods and techniques (investment, taxation, limiting, etc.).

3. THE ROLE OF FINANCE IN THE SOCIO-ECONOMIC DEVELOPMENT OF THE SOCIETY

The role and importance of finance has changed at different stages of the development of society. In market conditions enterprises are endowed with greater independence in the distribution of sales proceeds and the use of financial resources. During the primary distribution with the help of finance, funds are created to replace the means of production consumed in the production process. At the same time, enterprises can choose one of several depreciation methods, a form of cashless payments when paying for raw materials, calculate the optimal working capital stock, and choose a strategy for financing core activities.

After deduction from the cash proceeds of the fund for reimbursement of expenses, payment of certain tax payments, a payroll fund is created at enterprises, and the remaining part of the proceeds is the net income (profit) of the enterprise. After paying tax payments levied to the budget, enterprises can distribute the remaining net profit as they see fit. With the help of finance, enterprises create trust funds of funds used for social and economic development.

In the course of secondary distribution or redistribution, the state budget and off-budget funds are formed. With the help of these funds, financial regulation and stimulation of production are carried out, national programs are financed, the maintenance of the non-productive sphere, defense and management, and the concentration of financial resources is achieved in the main directions of scientific and technological progress. Serving the process of distribution of national income, finance acts as an important economic lever for improving the proportions between the accumulation fund and the consumption fund, as well as within them. With the help of finance, there is a redistribution of financial resources between the territories of the country, sectors of the economy, and divisions of social production. By redistributing between sectors of production, finance contributes to the accelerated development of priority sectors, which, in turn, ensure the development of scientific and technological progress. The redistribution of funds between the territories contributes to the alignment of their economic and social development.

Without the participation of finance, the social development of society is impossible, since the funds for financing all social events are obtained from the distribution of national income through the budget and social non-budgetary funds. The entire non-production sphere is financed from the budget, funds are allocated for social security.

In modern conditions, the role of finance in the socio-economic development of society is manifested in the following main areas:

- activation of the domestic capital accumulation policy;

- use of budgetary and tax policy in order to develop the economy and strengthen it;

- state support for industrial investments and financing of investment programs that ensure the preservation and development of the scientific and technical potential of the country;

- use for the purposes of industrial investment opportunities of the financial market;

- Strengthening the social orientation of the state budget;

- achieving social justice in relation to various categories, strata and social groups of citizens.

4. GENERAL CHARACTERISTICS OF FINANCIAL RESOURCES

Financial resources are the most important source for the implementation of expanded reproduction, the socio-economic development of society. Increasing the volume of financial resources - one of the most important tasks of the financial policy of the state. A decrease in the volume of financial resources has a negative effect on the development of society, leads to a reduction in investment, a decrease in consumption funds, and creates disproportions in the distribution of the social product and national income. The influence of financial resources on the economic development of society is not one-sided. In turn, the composition and volume of financial resources depend on the level of economic development of the state, on the efficiency of production. Economic growth serves as the basis for increasing the volume of financial resources, and the amount of financial resources allocated to the expansion and development of production contributes to an increase in its efficiency.

It is necessary to distinguish between the centralized financial resources of the state and the decentralized financial resources of enterprises. Decentralized financial resources are formed in the form of various national funds, primarily the budget and extra-budgetary funds, the funds of which are used to carry out the most important functions of the state, such as the development of the national economy, the financing of social and cultural events, the provision of defense needs and the maintenance of the political superstructure of society. Sources of centralized financial resources are national income and partly national wealth in the case of its involvement in economic circulation and effective use, borrowed and borrowed funds.

The main sources of financial resources of enterprises are profit and depreciation, as well as borrowed and borrowed funds. The volume of decentralized financial resources depends on the same factors as the volume of centralized ones, but their value is also influenced by the degree of centralization. The emergence and development of the financial market gives business entities new opportunities to expand the composition of financial resources and increase their volume by issuing securities, using borrowed funds from various credit organizations and commercial loans, placing temporarily free funds on deposits in commercial banks, etc.

The formation and use of financial resources can be carried out not only in stock, but also in non-stock form. Centralized financial resources are formed and used mainly in the form of cash funds, which include, for example, the budget, the social insurance fund, the road fund, the fund for the reproduction of the mineral resource base and other extra-budgetary and special funds consolidated in the budget. At the enterprise level, financial resources can be created and used both in stock and non-stock form.

The volume of financial resources of the state and enterprises are directly dependent, since the source of the formation of state budgetary and extrabudgetary funds is the gross domestic product created by economic entities.

5. FINANCIAL RESOURCES OF THE STATE AND ENTERPRISES, THEIR COMPOSITION AND STRUCTURE

Financial resources of the state are part of the financial resources of the national economy, which include financial resources of the production and non-production spheres, as well as the population. The main sources of formation of the state's financial resources are national income, borrowed and attracted funds, income from the state's foreign economic activities, and partly - national wealth. Most of the state's financial resources are concentrated in the centralized fund of state funds - the state budget, which makes it possible to finance the state's performance of its functions.

In recent years, the state's financial resources have been largely replenished through government borrowing in the domestic and foreign financial markets. This method of increasing the volume of financial resources can be considered effective, provided that there are opportunities for the timely repayment of public debt.

Financial resources are the material basis for the functioning of the state, and most of them are created during the distribution of national income. Financial resources are mobilized in the state centralized funds of funds by tax and non-tax methods, and the vast majority is accumulated by the state with the help of taxes.

The composition financial resources of enterprises includes own, borrowed and attracted funds. The own financial resources of enterprises include profit, depreciation charges, authorized and additional capital, as well as the so-called sustainable liabilities of the enterprise, including sources of financing that are constantly in circulation of the enterprise, for example, reserves formed in accordance with the constituent documents of the enterprise or legislation. Borrowed funds include loans from commercial banks and other credit organizations, and other loans. Attracted financial resources are funds raised by issuing shares, budgetary allocations and funds from extra-budgetary funds, as well as funds from other enterprises and organizations raised for equity participation and for other purposes.

The structure of the financial resources of enterprises differs depending on the organizational and legal form of the enterprise, its sectoral affiliation and other factors.

Despite the differences in the composition and structure of the financial resources of individual enterprises, in their total volume for production enterprises, the largest share is occupied by own funds.

The structure of financial resources changed along with the development of the economy. Under the conditions of a command-administrative economy, the share of the financial resources of domestic enterprises was occupied by the state budget and loans from the State Bank of the USSR, enterprises were not able to use such sources of financial resources as issuing securities, attracting foreign investment, loans from commercial banks. The development of the financial market gives enterprises new opportunities to expand the composition of financial resources and increase their volume.

6. FINANCIAL MARKET, ITS STRUCTURE AND ROLE

Financial market - this is a market where temporarily free cash is redistributed between various economic entities by making transactions with financial assets.

Different authors include different components in the composition of the financial market. The most frequently mentioned sectors of the financial market are the securities market and the credit market. Quite often, the composition of the financial market includes markets: currency, gold, insurance.

When analyzing trends in the development of the financial market, practitioners, as a rule, analyze such segments as the securities market, credit and currency markets.

When separating segments of the financial market, it is assumed that their common property is the redistribution of temporarily free cash, which makes it possible to unite these segments under the common name "Financial Market". At the same time, each of these segments has its own characteristics, which distinguishes them into separate components of the market.

Thus, in the securities market, transactions are made with such a specific product as securities, through their purchase and sale or other civil transactions. The issuer, through the issue of securities, attracts additional funds, and the investor, by purchasing these securities, expects to receive income or pursues other goals (for example, when purchasing ordinary shares, to acquire voting rights in the management of the company). In this case, the investor can sell these securities on the market.

In the credit market, there are no acts of sale and purchase, and, having concluded a loan agreement, neither the lender nor the borrower can sell it. Credit organizations attract temporarily free funds, and then issue them on credit, thus redistributing them. A distinctive feature of this market is the fact that the redistribution in this case is carried out on the principles of lending, that is, repayment, urgency and payment, and through intermediaries, mainly through banks. Business entities can lend to each other directly, bypassing banks, but in this case they must have economic ties with each other, and lending is carried out when goods are delivered (commercial credit).

Transactions with foreign currency values ​​are carried out on the foreign exchange market. Currency values ​​include: foreign currency and securities denominated in foreign currency. This is the most liquid market. The object of the foreign exchange market is any financial claims expressed in foreign currency, and the subjects are financial and investment institutions. Foreign exchange market entities carry out the following types of operations: hedging (insurance of open currency positions), interest rate arbitrage, purchase and sale of currency through cash (spot) and forward (forward) transactions, as well as swaps (simultaneous implementation of purchase and sale transactions with different maturities performance).

The financial market and especially the securities market, or the stock market, are not only a means of redistributing financial resources in the economy, but in their totality they constitute a very important indicator of the state of the entire financial system and the economy as a whole.

7. FINANCIAL SYSTEM AND CHARACTERISTICS OF ITS LINKS

Financial system represents a combination of various spheres or links of financial relations, each of which is characterized by features in the formation and use of funds of funds, a different role in social reproduction.

The financial system of Russia includes the following links of financial relations: 1) national finance (state budget, off-budget funds, state credit); 2) insurance funds; 3) finances of enterprises of various forms of ownership.

The above links are usually divided into centralized and decentralized spheres of financial relations.

General government finance - it centralized funds monetary resources that are created through the distribution and redistribution of national income created in the branches of material production.

insurance links financial system, other forms and methods of formation and use of monetary funds are used, which are characterized by decentralization processes.

Enterprise Finance are also represented by decentralized funds of funds of economic entities of various forms of ownership, formed from cash income and savings of the enterprises themselves.

The financial system is a single system since it is based on a single source of resources for all links. unifying the basis of a unified financial system are corporate finance.

Plays a central role in public finance the state budget, which is a centralized monetary fund and ensures that the state performs its inherent functions. The main and main source of formation of the state budget are taxes from enterprises and the population.

In addition to the state budget, in any economy are formed and used off-budget funds, where the funds of the federal government and local authorities are concentrated to finance expenses not included in the budget. According to their economic content, extra-budgetary funds are divided into two groups - social and economic off-budget funds. Formation of off-budget funds is carried out at the expense of obligatory earmarked contributions.

An important element of national finance is state loan. State credit is a special form of monetary relations between the state, individual citizens, legal entities and individuals, as well as foreign states, international organizations regarding the formation and use of the loan fund.

State debt represents the entire amount of issued but not repaid government loans with accrued interest on them on a certain date or for a certain period.

insurance funds provide social protection of society, compensation for losses from natural disasters and accidents, and also contribute to their prevention.

occupy a special place in the financial system finances of enterprises and organizations, which are basis of the unified financial system of the country. They serve the process of creating and distributing the social product and the national income. Their economic condition determines the degree to which centralized funds are provided with financial resources.

8. FINANCIAL POLICY: TYPES AND OBJECTIVES

The totality of state measures for the use of financial relations for the performance by the state of its functions is financial policy.

Content of financial policy quite complex, as it covers a wide range of activities:

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

2) creation of an adequate financial mechanism;

3) management of the financial activities of the state and other economic entities.

The basis of financial policy account for strategic directions. Objectives of financial policy sent to:

1) to ensure conditions for the formation of the maximum possible financial resources;

2) establishment of a rational distribution and use of financial resources from the point of view of the state;

3) organization of regulation and stimulation of economic and social processes by financial methods;

4) development of a financial mechanism and its development in accordance with the changing goals and objectives of the strategy;

5) creation of an effective and maximally business-like financial management system.

Home goal of public financial policy - the most complete mobilization of financial resources and increasing the efficiency of their use for the socio-economic development of society.

An important component of financial policy is the establishment financial mechanism.

The most important directions of the state financial policy are: budgetary, tax, investment, social, customs policy.

budget policy states, first of all, must be considered as a set of measures to implement the interaction of budgets of different levels. The main task in budget policy has been and remains to strengthen public finances, reduce the budget deficit, and create favorable financial conditions for the development of sectors of the national economy.

Tax policy is the activity of state authorities and local self-government bodies to forcibly withdraw part of the income received by economic entities and the population in order to form the revenue side of the relevant budgets.

Investment Policy is a set of measures to create conditions for attracting domestic and foreign investment, primarily in the real sector of the economy. The main objective of this policy is to create conditions for investors to profitably invest in the Russian economy.

Social financial policy connected primarily with the solution of the problems of financial support for the rights of citizens of Russia, established in the Constitution of the Russian Federation. At present, social financial policy covers pension policy, immigration policy, policy of financial assistance to certain social groups of the population, etc.

Customs policy is a symbiosis of tax and pricing policy, restricting or expanding access to the domestic market of goods and services and encouraging or restraining the export of goods and services from the country.

Financial policy of the enterprise is a purposeful activity of financial managers to achieve the goals of doing business.

9. FINANCIAL MECHANISM AS A TOOL FOR THE IMPLEMENTATION OF FINANCIAL POLICY

An important component of financial policy is the establishment of a financial mechanism through which all state activities in the field of finance are carried out.

The financial mechanism is a system of forms, types and methods of organizing financial relations established by the state. financial mechanism - this is the outer shell of finance, manifested in financial practice. The elements of the financial mechanism include financial resources, methods of their formation, a system of legislative norms and standards that are used in determining the income and expenditure of the state, the organization of the budget system, enterprise finance and the securities market.

The financial mechanism is the most dynamic part of financial policy. Its changes occur in connection with the solution of various tactical tasks, and therefore the financial mechanism is sensitive to all the features of the current situation in the economy and social sphere of the country. One and the same financial relationship can be organized by the state in different ways. Thus, the relations that arise between the state and legal entities in the formation of the budget can be based on the collection of taxes or non-tax payments. The financial mechanism is divided into directive and regulatory.

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

In this case, the state develops in detail the entire system of organizing financial relations, which is mandatory for all its participants. In a number of cases, the directive financial mechanism can be extended to other types of financial relations in which the state is not directly involved.

Such relations are of great importance for the implementation of either the entire financial policy (corporate securities market), or one of the parties to these relations - an agent of the state (finance of state-owned enterprises).

Regulatory financial mechanism defines the basic rules of the game in a specific segment of finance that does not directly affect the interests of the state. This kind of financial mechanism is typical for the organization of intra-economic financial relations in private enterprises. In this case, the state establishes a general procedure for the use of financial resources remaining at the enterprise after paying taxes and other obligatory payments, and the enterprise independently develops forms, types of funds, directions for their use.

Financial management involves purposeful activities of the state associated with the practical use of the financial mechanism. This activity is carried out by special organizational structures. Management includes a number of functional elements: forecasting, planning, operational management, regulation and control. All these elements ensure the implementation of financial policy measures in the current activities of state bodies, legal entities and citizens.

10. FINANCIAL POLICY OF RUSSIA AT THE PRESENT STAGE

The creation of market relations is unthinkable without a fundamentally new financial policy. In the course of the implementation of the new financial policy, many problems were revealed; by the beginning of the reforms, developments on financial and budgetary issues were formulated at a declarative level, and in fact, reforms began to be carried out by trial and error.

To overcome the financial crisis, the Government of the Russian Federation has developed a number of areas of financial policy for the post-crisis period. The interconnection of financial policy and structural reforms should be carried out in the following areas:

- increasing the efficiency of the budget system, reducing budget expenditures and the budget network, strengthening control over the expenditures of recipients of budget funds through the Federal Treasury system;

- improvement of the banking system;

- improvement of interbudgetary relations and budgetary federalism;

- liquidation of non-monetary settlements and non-payments;

- development of land reform;

- adoption of a set of measures to protect the rights of small investors;

- creation of legislative conditions for attracting foreign investment. The strategic directions of the financial policy of the state should be such measures that will lead to the economic growth of the country.

For strengthening of the national currency it is necessary to implement a set of measures to limit speculation in the foreign exchange market and stop the illegal export of capital abroad. It is necessary to increase the commodity supply of the ruble by carrying out structural restructuring of the economy.

The challenge for the coming years is strengthening depositors' confidence in credit organizations and investment institutions. To do this, it is necessary to create a reliable system of deposit insurance, to allow, under certain conditions, foreign banks to attract funds from the population of Russia, to increase interest rates on deposits, to observe reasonable limits on the yield of government securities, and to develop a set of measures to expand the rights of small investors in the stock market.

The strategic objective of financial policy is achieving a balance of budgets at all levels, why it is necessary to implement a coordinated, unified budget policy of the federal center, subjects of the Russian Federation, municipalities in order to strengthen public finances and suppress manifestations of regional separatism.

Support the country's economy reduction of the tax burden. It is necessary to implement the adopted laws to reduce the tax burden, as well as to analyze their impact on the economy and budget revenues.

An important direction in improving the budget policy is optimization of the structure of budget expenditures and reduction of budget expenditures on articles where possible. It is necessary to increase budget spending on the national economy. It is necessary to further reduce the cost of servicing the public debt.

Financial policy should be linked to monetary policy. One of the directions of state policy in this area is activation of the Bank of Russia on the open market.

In the near future, such a budget problem as increasing the efficiency of the use of state property.

11. GENERAL CONCEPT OF FINANCIAL MANAGEMENT. OBJECTS AND SUBJECTS OF CONTROL

Public Financial Management can be defined as the use by public authorities of political and economic power on behalf of society and over society to manage financial resources for the purposes necessary and recognized by this society.

In the financial management system, there are object and subject of management. Control objects are groups of financial relations, and subjects - financial management bodies. The vast majority of authors refer to financial relations of economic entities and the population with state and local authorities regarding the payment of mandatory payments to budgets and extra-budgetary funds and the allocation of funds from these funds.

Relationships can also be attributed to the objects of financial management:

- between business entities regarding the distribution of income (joint funds, equity participation, penalties, etc.);

- between insurance organizations, on the one hand, and business entities and the population, on the other hand, regarding the formation and use of insurance funds;

- between business entities and higher organizations regarding the formation and distribution of funds of funds created by the higher organization;

- within enterprises, institutions, organizations for the distribution of revenue, the formation of cash income, savings, cash funds and their use.

The objects of financial management can also be classified according to the links of the financial system of the Russian Federation. On this basis, the following objects of financial management should be distinguished: public finances, finances of business entities and local finances.

The subjects of financial management are the legislative and executive authorities and management in accordance with the competence in the financial sector. It is legitimate to classify them according to the links of the financial system. Thus, the current management of public finances is carried out by the Ministry of Finance of the Russian Federation and its territorial bodies. Local financial management is carried out by the financial authorities of the municipalities. Large economic entities create specialized financial management bodies (departments of finance, financial departments or departments), in small organizations, financial management functions are included in the job responsibilities of economists, mainly chief accountants.

К functions financial management should include financial planning and forecasting, financial analysis, financial control, accounting for financial resources from cash, as well as the regulation of finances based on the use of all these functions.

The influence of the subject on the object of control can be carried out with the help of both administrative, and economic management methods. Administrative and administrative methods involve the development of orders, instructions, other administrative documents, their communication to subordinates and control over execution. Economic methods based on the material interest of the staff in improving the efficiency of their functions.

12. FINANCIAL MANAGEMENT BODIES AND THEIR FUNCTIONS

Financial management is carried out through the use of the appropriate administrative apparatus. General financial management is carried out by the highest authorities and management: the President of the Russian Federation and his Administration, the Federal Assembly, the Government of the Russian Federation.

The President of the Russian Federation (Administration of the President of the Russian Federation) regulates the activities of financial bodies, has the right to veto financial legislation, signs the federal law on the federal budget of Russia, prepares and sends the Budget Message to the Federal Assembly.

Federal Assembly approves financial laws, considers the draft federal budget of Russia and approves the law on the federal budget.

The Russian government forms the federal budget, is a single center for financial management, develops the conceptual foundations of financial policy.

The main body carrying out the current management of public finances is Ministry of Finance of the Russian Federation.

The main task Ministry of Finance of the Russian Federation - development of a unified state financial, credit, monetary policy, as well as a policy of auditing, accounting and accounting, mining, production, processing of precious stones, customs payments, including the determination of customs duties for goods and vehicles. To fulfill its tasks, the Ministry carries out the following main functions: - development of the draft federal budget and the forecast of the consolidated budget of the Russian Federation;

- forecasting and cash planning of the execution and execution of the federal budget, drawing up a report on the execution of the federal budget and the consolidated budget of the Russian Federation;

- financial control and supervision in the financial and budgetary sphere;

- improvement of budget planning methods and the procedure for budget financing, methodological guidance in this area, as well as in the field of drawing up and executing the federal budget;

- management of the state internal and external debt of the Russian Federation;

- exercising the functions of an issuer of government securities of the Russian Federation;

- coordination of budgetary and monetary policy in accordance with the objectives of macroeconomic policy.

An independent legal entity that is part of the Ministry of Finance of the Russian Federation is Federal Treasury.

The structure of the Federal Treasury includes the Main Department of the Federal Treasury, territorial bodies in the subjects of the Russian Federation, Federal Treasury bodies in districts, cities and urban areas. When controlling all receipts and payments of funds from budgets and extra-budgetary funds in the structure of executive power, the Treasury performs the functions of a cashier and chief accountant. The information received from the Treasury allows the leadership of the Ministry of Finance of the Russian Federation and the Government of the Russian Federation to objectively evaluate the work of government bodies and optimize the distribution of budgetary flows among ministries and departments.

13. CONTENT, SIGNIFICANCE AND TASKS OF FINANCIAL PLANNING

Planning is the main means of using economic laws in the process of managerial activity. Planning is a complex process of early decision-making, including research, analysis and actual planning.

As a type of management activity, planning is aimed at choosing the optimal alternative for the development of the management object, calculated for a certain time period:

- always represents a preliminary decision based on a comprehensive analysis aimed at achieving the required results in the future;

- must be flexible and capable of adapting to constant changes in the management object itself, changes in the external environment, i.e. the planning process is an integration process;

- the role is not only in predicting the future state of the object and not in passive adaptation to changes, but in the active transformation of the planning object.

Currently, financial planning is understood as an activity to achieve a balance and proportionality of financial resources. The movement of financial resources is reflected in the relevant financial plans, consisting of revenue and expenditure parts. An important role in ensuring the proportionality and balance of economic development is played by financial resource balances (financial balance sheets). financial balance is a summary of all revenues and expenditures of the budget and state off-budget funds, it also includes the profit of organizations remaining at their disposal, and depreciation. The financial balance is built on the basis of a comparison of income with expenses. The excess of expenses over income (income over expenses) determines the deficit (surplus) of the financial balance.

The financial balance is the main analytical tool in designing the budget of the Russian Federation and forecasting the sources of capital investments formed on the territory of a constituent entity of the Russian Federation. It is compiled on the basis of the reporting financial balance for the previous year, the expected results for the current year and the main parameters of the forecast for the socio-economic development of the Russian Federation.

The most important part of financial planning is budget planning. In the process of budget planning, directions for the distribution and redistribution of budgetary resources are determined in accordance with the goals and objectives set in the Budget Message of the President of the Russian Federation and specified in the budget policy. As part of financial planning, budget planning is one of the most important tools for regulating the economy and is subject to the requirements of the state's financial policy.

Under financial forecasting understand the foresight of the possible financial situation of the state, the rationale for the long-term indicators of financial plans. Financial forecasting precedes financial planning and is based on the concept of developing the country's financial policy for the medium and long term. Financial forecasts make it possible to outline and analyze various options for financial support for the development of the country and its regions, forms and methods for implementing financial policy.

14. FINANCIAL CONTROL AS A FORM OF MANIFESTATION OF THE CONTROL FUNCTION OF FINANCE

Financial control - this is a form of implementation in practice of the control function of finance, the public purpose of which is, in particular, to control the rational distribution of the social product, the formation, distribution and use of centralized and decentralized funds of funds and financial resources. Financial control is one of the varieties of activities of authorities and administration, a manifestation of the important role of finance in social reproduction.

Financial control - this is a set of actions and operations carried out by subjects of control to verify the validity of the processes of distribution of the social product, the formation, distribution and use of income and savings of the state, business entities and the population.

In the study of financial control, it is distinguished sphere, object and subject. Sphere of financial control - these are practically all monetary transactions, as well as transactions and operations carried out on the basis of cash settlements.

The object of financial control are monetary distribution and redistribution processes in the formation, distribution and use of financial resources, cash funds, income and savings.

The subject of audits are financial and other economic indicators.

The effect of financial control extends to all four stages of the reproduction process (production, distribution, exchange, consumption), as well as to the non-productive sphere.

The need for the existence of financial control stems from the characteristics of commodity-money production, which cannot exist without the timely and complete formation, reasonable distribution and effective use of funds of funds and financial resources.

With the help of financial control, the following tasks are solved:

- ensuring optimal proportions of distribution and redistribution of financial resources between the territories of the country, sectors and spheres of the national economy, production and non-production sectors, business entities and the population;

- ensuring the timeliness and completeness of the fulfillment of financial obligations to the budget, extra-budgetary funds, counterparties of economic entities;

- identification of on-farm reserves to increase financial resources and improve production efficiency;

- ensuring economical and efficient use of financial resources and increasing the efficiency of financial investments. Financial control is classified depending on the entities exercising it, the time and methods of its implementation.

Depending on the entities exercising it, the following types of financial control are distinguished: state, departmental, independent (audit), on-farm.

Forms of financial control depend on the time (terms) of its implementation: preliminary, current, subsequent.

Depending on the sources of the verified data, there are documentary and actual control.

Financial control methods include checks, audits, analysis, examination, supervision.

15. FINANCIAL MANAGEMENT

Financial resource management - this is the activity of governing bodies aimed at maximizing the volume of financial resources and increasing the efficiency of their use. In a financial resource management system, as in another managed system, one should single out the object and subject of management. The object management are integral parts of financial resources, and subjects - financial management bodies.

Financial resource management objects can be classified by groups of financial relations. On this basis, the following control objects should be distinguished: public financial resources; financial resources of economic entities; local financial resources.

The subjects of financial management are the legislative and executive authorities and management in accordance with their competence in the financial sector. They can be classified according to levels of power.

К financial management functions should include financial planning and forecasting, financial analysis, financial control, accounting for financial resources and other funds, as well as through the use of all these functions of financial regulation.

The consolidated balance sheet of Russia is a set of the federal financial balance sheet and the financial balance sheets of the constituent entities of the Federation. The financial balance of a constituent entity of the Russian Federation is a summary of all income and expenses of the consolidated budget of a constituent entity of the Russian Federation, territorial branches of state extra-budgetary funds.

The analysis of the financial balances of the constituent entities of the Russian Federation serves as a method that allows, at the stage of macroeconomic forecasting, to determine the feasibility of certain proposals and decisions made by federal government bodies regarding the financial security of the constituent entities of the Russian Federation. The problem in this case is the lack of strategic planning of financial resources, which is one of the most important areas for improving the management of the territory's financial resources.

Another problem of effective management of financial resources is the complexity of its assessment. To date, it is rather problematic to assess the effectiveness of managing the financial resources of the country and its territories, since there are no specific goals for managing them and a system of performance evaluation indicators.

All financial resources of the subject of the Federation can be divided into three groups: those created and used on its territory, going beyond its borders, and resources coming from outside. For analysis and management, the financial resources created and remaining on the territory of the subject of the Federation are of great importance. Despite the fact that in many regions they do not have a high share in the total volume of financial resources, it is precisely this part of them that the regional authorities can really independently plan and find opportunities for their growth. Therefore, for the effective management of the financial resources of the subject of the Russian Federation, it is important to resolve the issue of interbudgetary relations between federal and regional authorities, as well as between the authorities of the subject of the Federation and municipalities located on its territory.

16. BUDGET. ITS SOCIO-ECONOMIC ESSENCE AND ROLE

The budget is a complex, multifaceted phenomenon. Firstly, in its economic essence, the budget expresses certain financial relations that have their own specifics, secondly, the budget is the financial plan of the state, consisting of revenue and expenditure parts and having the force of law, thirdly, it is a fund of funds.

The essence and significance of the budget are determined by economic relations in society. The funds necessary for the state to perform its functions are centralized at the disposal of the relevant authorities and management in the form of cash funds. Chief among these funds is the budget.

The budget provides the governing bodies with the opportunity to perform their functions and is the fund in which, through the distribution of the social product and national income, a part of the funds from all sectors of the economy is mobilized. The state budget is an integral part of public finance, the leading link in the financial system, so it has the same basic features as finance in general. At the same time, the budget has its own specifics, which makes it possible to single it out as an independent economic category.

Budget Relations represent a special form of distributive and redistributive relations associated with the creation and spending of a special centralized fund of funds designed to meet national needs and finance socio-economic programs that are important for the whole country.

The scope of budgetary relations is narrower than that of financial relations, but at the same time they are leading in comparison with other areas of financial relations. The budget can be called the central element of the financial system, since all other links in one way or another, to a greater or lesser extent, are connected with it by certain economic relations. Thanks to the budget, the distribution and redistribution of the social product and national income between the territories of the country, sectors of the economy, production and non-production areas, business entities, and the population is carried out.

The budget is formed by receiving certain incomes into this fund, which are then spent for specific purposes. Revenues and expenditures of state budgets are approved by law in the form of a financial plan. The volume of budget revenues and expenditures and their structure depend on the level of economic development, priority areas of socio-economic development, and other factors.

In this way, budget is a system of monetary relations regarding the distribution and redistribution of the social product with the aim of forming and spending a centralized fund of funds used to perform national tasks and approved by law in the form of a financial plan, consisting of revenue and expenditure parts.

The need for the existence of the budget is due to the fact that in the conditions of commodity-money relations, the state cannot perform its functions without appropriate funding. The budget is the fund in which the funds of the sectors of the economy are accumulated through the distribution and redistribution of the social product and national income.

17. FUNCTIONS OF THE BUDGET

As an economic category, budgetary relations are an integral part of financial relations, therefore, they also have the basic functions of finance.

The budget performs the following tasks:

1) redistribution of national income;

2) state regulation and stimulation of the economy;

3) financial provision of the social sphere and implementation of the social policy of the state;

4) control over the formation and use of centralized funds of funds. Distributive the function of the budget is manifested through the formation and use of centralized funds of funds at the levels of state and territorial authority and management. With the help of the budget, the state regulates the economic life of the country, economic relations, directing budgetary funds to support or develop industries and regions. Regulating economic relations in this way, the state is able to purposefully accelerate or restrain the pace of production, the growth of capital and private savings, and change the structure of demand and consumption.

Redistribution national income through the budget has two interrelated, occurring simultaneously and continuously stages: l) the formation of budget revenues; 2) use of budgetary funds (budget expenditures).

During the formation of budget revenues and the use of budgetary funds, the following tasks are solved: state regulation economic and social processes in the country.

By centralizing part of the financial resources in the budget, the state is able to meet the national needs with funds - the accelerated development of progressive sectors of the national economy, the reproduction of skilled labor, the development of science and technology, and the provision of the country's defense capability.

Through the budget, the national income is redistributed throughout the territory, as well as from production to non-manufacturing area, why the budget creates funds to finance the needs in the field of health, education, culture, management, defense. Through budgets, through budget financing, financial resources are redistributed between sectors of the production sector in order to develop them proportionally. Through the budget, inter-territorial and inter-sectoral redistribution of national income is carried out. Thus, the interests of the country's economic development and the interests of the proportional development of the regions are observed.

plays an important role in local economic and cultural construction budget regulation. With the help of budgetary regulation, an inter-territorial distribution of funds is carried out on a large scale, providing the necessary sources of income to regional and local budgets.

The role of the budget in the non-production sphere is great, where it is the main source of funding. It is through the state budget that funding for social and cultural events, government and defense comes.

And finally, budgets are fulfilled control a function that implies the possibility and obligation of state control over the receipt and use of budgetary funds.

18. BUDGET SYSTEM OF THE RUSSIAN FEDERATION AND THE PRINCIPLES OF ITS CONSTRUCTION

budget device - this is the structure and principles of building the budget system.

Budget system - this is a set of budgets of the state, administrative-territorial formations, budgetary independent state institutions and funds, based on economic relations, state structure and legal norms. The budget system is the main link in the financial system of the state.

The construction of the budget system of the Russian Federation is based on the Constitution of the Russian Federation and the constitutions of the republics within the Russian Federation.

The budget system is built on the basis of the following principles.

1. The principle of unity of the budget system, which is ensured by the unity of budget legislation, the monetary system, budget classification, forms of budget documents and budget reporting, budget policy, etc.

2. The principle of delimitation of income and expenditure between the levels of the budget system.

3. Independence of budgets of all levels expressed in the presence of each budget of its sources of income, in the right of each budget to independently spend them at its own discretion, to determine the sources of financing the budget deficit in the approval of each budget by the relevant representative bodies, in the execution of each budget by the relevant executive authorities; in the inadmissibility of compensation at the expense of the budgets of other levels of the need for income and additional expenses.

4. The principle of a balanced budget means that the volume of expenditures must be equal to the volume of revenues plus the sources of financing the budget deficit (the size of the budget deficit of the levels is limited by the Budget Code). At the same time, the budgets of all levels must be approved without a budget surplus. Surplus is the excess of budget revenues over expenditures. If, during the preparation of the budget, an excess of revenues over expenditures is detected, then before the approval of the budget, the budget surplus is reduced in the following sequence:

- decrease in income from the sale of state and municipal property;

- reduction of income from the sale of state stocks and reserves;

- direction of budgetary funds for additional repayment of debt obligations; transfer of a part of incomes to budgets of other levels.

If these measures are impractical, then the tax revenues of the budget should be reduced.

5. The principle of efficient and economical use of budgetary funds.

6. The principle of budget credibility means the reliability of all budget indicators, their adequacy to the current economic situation. Violation of this principle leads to serious financial consequences. An example is the budget crisis of 1997 and the sequestration of the budget (proportionate reduction in public spending on all budget items, except for protected items).

7. The principle of completeness of reflection of budget revenues and expenditures means the need to reflect them in the budgets in full and without fail.

8. The principle of publicity i.e., the need to publish laws on budgets and reports on their implementation in the open press.

9. The principle of targeting and targeted nature of budgetary funds means that budget funds are allocated to specific recipients with an indication of the purpose of their use.

19. THE ROLE OF THE STATE BUDGET IN THE SOCIO-ECONOMIC DEVELOPMENT OF THE SOCIETY

In the financial system of the country, the budget occupies a leading place. According to the Budget Code of the Russian Federation, the budget is a form of formation and spending of a fund of funds intended for financial support of the tasks and functions of the state and local government.

A part of the national income is concentrated in the state budget, which is then redistributed, which makes it possible to carry out state regulation of the economy and ensure the implementation of the necessary social policy.

The budget serves as a prerequisite and financial basis for the functioning of the state. In modern conditions, the state, in addition to maintaining all branches of government, government, law enforcement and external defense, also affects important economic and social processes. Therefore, with the help of the budget, issues of financial regulation are solved both at the macro level throughout the country, the entire economy, and in individual regions and at the level of local government.

In view of the special importance of the budget for all spheres of public life, its preparation, approval and implementation take place on the basis of laws established by the representative government, and the adopted budget itself is also a law.

The economic significance of the budget lies in the fact that it generates a significant part of the demand for the final product, at the expense of its funds a significant share of the income of the population is formed, large volumes of products are purchased (primarily for military purposes), state material reserves increase, and in some cases capital investments are made. Within the framework of the budget, subsidies, guarantees, subsidies, loans are provided to support certain enterprises, and assistance is provided to other countries. The state budget provides funding for scientific institutions that carry out fundamental scientific research, which, in turn, are the basis for the development of applied science and the creation of new technology.

By directing the necessary funds through the budget to the most promising branches of science, the state thereby ensures the development of the country's productive forces. Within the framework of the budget, the public debt is formed and serviced. All this makes it possible to coordinate the economic life of the state, rationally allocate monetary and material resources, promotes technical progress and enhances the economic potential of the state.

Significant financial flows pass through the budget, it directly affects the formation of the most important economic and financial indicators: the volume of production, investments, real incomes, the unemployment rate, the amount of money supply, the level of interest, the exchange rate.

The state budget, being the main plan of the state, gives the authorities a real economic opportunity to exercise power. The budget reflects the amount of financial resources needed by the state and thus determines the tax policy in the country. The budget fixes specific areas of spending, redistribution of national income and gross domestic product, which allows it to act as an effective regulator of the economy and social processes in the country.

20. BUDGETARY FEDERALISM AND THE SYSTEM OF INTERBUDGETARY RELATIONS

The federal structure of Russia, the delimitation of rights and powers between the center and the subjects of the Federation are a prerequisite for financial and budgetary federalism.

Fiscal federalism - this is the division of powers between the central authorities, the authorities of the constituent entities of the Federation and local governments in the field of finance and, in particular, in the budgetary sphere. Fiscal federalism is implemented mainly in the course of the budget process when mobilizing budget revenues and spending budget funds.

Fiscal federalism is based on the following basic principles:

1) legislative delimitation of powers on expenditures between authorities of all levels of government;

2) providing the relevant authorities with the necessary financial resources for the performance of their functions;

3) ensuring vertical and horizontal alignment of incomes of all parts of the budget system;

4) the presence of formalized transparent and understandable methods of budget regulation that are uniform for each link of the budget system;

5) the independence and equality of each budget included in the budget system, which are expressed in the independence of the budget process, including the determination of the directions for the use of budget funds, the controllability of budget execution by the relevant representative authorities, etc.

The rapid development of fiscal federalism in the Russian Federation was facilitated by the adoption of a number of federal laws. In accordance with the Law of October 10, 1991 "On the Basics of the Budget Structure and Budget Process in the RSFSR", the subjects of the Federation do not set the amount of income and expenses, they have the right to independently determine the directions for the use of budget funds. The Law of the Russian Federation of December 27, 1991 "On the Fundamentals of the Tax System in the Russian Federation" divided all taxes into federal, regional and local, assigning them to the respective budgets.

An important stage in the development of fiscal federalism was the Law of the Russian Federation of 1993 "On the basics of budgetary rights and rights to form and use extra-budgetary funds of representative and executive bodies of state power of the republics within the Russian Federation, the autonomous region, autonomous districts, territories, regions, cities of Moscow and St. Petersburg, local governments", in which for the first time in the history of the budget of Russia the most important principle of formation of local budgets was fixed, based on the calculation minimum budget. In turn, the minimum expenditures of local budgets should be calculated on the basis of minimum social and financial standards.

In 1994, in accordance with Decree of the President of the Russian Federation No. 2268, a new form of redistribution of funds between the federal and regional budgets was introduced into the mechanism of fiscal federalism - the transfer of funds from the federal budget to regional budgets by forming a fund for financial support of regions and calculating the amount of allocated funds based on special developed formula. This method has also begun to be used in relations between regional and local budgets. The use of the method helps to objectify the interbudgetary distribution of funds.

21. BUDGET PLANNING

Budget planning is an integral part of financial planning and one of the most important tools of state regulation of the economy.

budget planning is the process of determining that part of financial resources that can be accumulated in the budget for the planned period and used for various purposes. The basis of budget planning is budget forecasting, which refers to the process of making forecasts (assumptions) about possible future budget conditions. Budget planning is based on budget forecasting and indicators of the socio-economic development of the country and its territories.

The main tasks of budget planning:

- determination of the total amount of budgetary resources and their distribution among individual ministries and departments, specific budget recipients;

- determination of the necessary proportions between centralized and decentralized financial resources;

- identification of financial reserves of the state and municipal authorities;

- calculation of revenues and expenditures of budgets with a breakdown by articles and time periods;

- ensuring the balance of budgets or sources of covering their deficits (determining the directions for spending surpluses);

- budgetary regulation;

- state financial control over the implementation of the budget.

Budget planning is carried out by the relevant state authorities and financial authorities: the Ministry of Finance of the Russian Federation, territorial financial authorities, tax authorities, budget recipients.

When implementing the budget planning process, various methods are used.

Normative method is based on the use of such norms and standards as norms for the distribution of regulatory revenues, the maximum size of the budget deficit, minimum socio-economic standards, norms of budget security, etc.

In recent years, it has become widespread program-target method. It provides for the preparation of specific programs to solve the tasks set, indicating the sources of their financing and the direction of the use of funds under the program.

Index method is based on the use of various indices that reflect the dynamics of prices, the standard of living of the population, income and expenses, the deflator index, etc.

Balance method links budget revenues and expenditures, allows you to identify an excess or shortage of budget funds.

Analytical method is mandatory for use, since the budget planning process begins with an economic analysis of the execution of budget revenues and expenditures for the previous period. This method allows you to identify the dynamics of the budget.

Method of expert assessments allows you to determine trends in budget development based on the knowledge and experience of highly qualified experts.

Method of mathematical modeling It is used most often in budget forecasting and allows you to identify the best option for the development of the budget, taking into account the influence of various factors and their changes.

The reform of budget planning and the transition from traditional methods to performance-based budgeting are currently under way.

22. BUDGET PROCESS, ITS STAGES

Budget Process - this is the activity of state authorities and administration, as well as local governments, regulated by the norms of law in the preparation, consideration and approval of draft budgets and budgets of extra-budgetary funds, as well as their implementation and control over them.

The main document regulating the budget process is the Budget Code of the Russian Federation.

The budgeting process consists of four steps: preparation of draft budgets, their consideration, approval, execution and control.

Draft budgets are compiled by the Ministry of Finance of the Russian Federation (federal budget), the relevant financial authorities of the constituent entities of the Russian Federation and municipalities on the basis of forecasts of socio-economic development and consolidated financial balances, as well as the Budget Address of the President of the Russian Federation. Consideration and approval of budgets for the coming financial year is the prerogative of the legislature. The execution of budgets is carried out by the executive financial authorities on the basis of the budget schedule. Budget list - a document on the quarterly distribution of budget revenues and expenditures and receipts from sources of financing the budget deficit, establishing the distribution of budgetary appropriations among recipients of budgetary funds.

The draft federal budget begins to draw up no later than 10 months before the start of the next financial year (in Russia it coincides with the calendar year). The draft federal budget is drawn up in three stages: planning the main indicators of the budget and its expenditures in accordance with the functional classification; distribution of limiting volumes of financing for the next financial year by recipients of budgetary funds; consideration of the draft federal budget and adoption of the draft federal law on the federal budget for submission to the State Duma for consideration.

The State Duma considers the draft federal budget in four readings.

The execution of the federal budget is carried out in accordance with revenues and expenditures by the relevant executive authorities. In the Russian Federation, treasury budget execution has been introduced based on the reflection of all operations and funds of the federal budget on the balance sheet accounts of the Federal Treasury. The right to open and close accounts belongs to the treasury, it is prohibited to carry out operations with budgetary funds, bypassing the treasury accounts.

At present, the Federal Treasury departments for the constituent entities of the Russian Federation have introduced a system of a single account of the Federal Treasury (TENS). The program for the transition to the TEN was approved in 2000. It provides for the centralization of accounting and the optimization of the flow of income and federal budget funds. The functioning of the TSA is a qualitatively new technology for the execution of the federal budget.

Decree of the Government of the Russian Federation of May 22, 2004 No. 249 approved the Concept for Reforming the Budget Process in the Russian Federation in 2004-2006. The concept is aimed at improving the effectiveness of budget expenditures and optimizing the management of budget funds at all levels of the budget system of the Russian Federation.

23. METHODS OF BUDGET REGULATION

In the course of the development of the Russian budget system, the methods of distributing revenues between budgets have changed.

For the budget system of pre-revolutionary Russia, a model of income distribution between budgets was typical, which can be called horizontal. The state budget and territorial budgets were, as it were, in the same plane, each budget was assigned its own taxes and fees. At the same time, financial assistance to territorial budgets from the state budget was difficult, since territorial budgets were not included in the state budget, and there was no legal basis for such assistance. Under these conditions, the following model of formation of territorial budgets operated: P = D,

where P is the amount of income;

D - the amount of own income.

The size of budget revenues predetermined the size of expenditures. Such a system of income distribution operated in many countries until the middle of the XNUMXth century. On the one hand, this system ensured to a large extent the financial independence of territorial authorities at all levels, since territorial budgets were formed at the expense of their own taxes. However, as budget expenditures for public needs (education, health care, improvement of settlements) grew, the own revenues of territorial budgets could not provide for these expenditures. At the same time, there was no sufficiently effective and legislatively established mechanism for the state to provide financial assistance to the territories. All this had a negative impact on the state of territorial budgets, the local economy, and the social development of society.

The first step in eliminating these shortcomings in the distribution of budget revenues was taken in the USSR in the 30s. This was facilitated by the fact that, firstly, the territorial budgets were included in the state budget of the USSR. Secondly, the employees of the People's Commissariat of Finance created a new model for the distribution of national revenues. This model can be called fan. Its essence was that, despite the existence of taxes assigned to each budget link, a mechanism was introduced for shared deductions to territorial budgets from national revenues and taxes. In addition to their own revenues, territorial budgets began to receive regulatory revenues. The local budgets were entrusted with the financing of the vast majority of national expenditures related to the life support of the population (education, health care, housing and communal services, etc.). In turn, this predetermined the change in the principle of formation of local budgets. The size of the local budget began to be determined by the amount of expenditure on the local economy. To ensure these expenses, the necessary amount of regulatory revenues was allocated from the higher budget. Thus, local budgets began to be formed according to the following model:

P \uXNUMXd Dobst + Dreg,

where P is the amount of expenses;

Dsobst - the amount of own income;

Dreg - the amount of regulatory income.

The advantages of this model were so obvious that it began to be applied later in many countries, including those with market economies.

In practice, this model is currently used in Russia, and primarily in the relationship between regional and local budgets.

24. BUDGET CLASSIFICATION. PRINCIPLES OF BUDGET CLASSIFICATION

According to the composition, sources, directions of use and other features, budget revenues and expenditures are diverse. In order to ensure planning and accounting for income and expenses within the framework of the country's unified budget system, they are classified. Grouping according to homogeneous features of budget revenues and expenditures, located and encrypted in the prescribed manner, is budget classification.

The nature of groupings and their principles are determined by the socio-economic content of budget revenues and expenditures, the structure of the national economy, and the management system. The regulation of sources of income and the determination of the goals of budget expenditures is a prerequisite for the functioning and efficiency of the entire budget process.

The basis of the budget classification is such a grouping of indicators that gives an idea of ​​the socio-economic, departmental and territorial section of the formation of income and the direction of funds, their composition and structure.

The classification creates conditions for combining estimates and budgets into general codes, facilitates their consideration and economic analysis, simplifies control over budget execution, full and timely accumulation of funds, and their use for their intended purpose. It makes it possible to compare income and expenses according to budget execution reports, which contributes to the observance of financial discipline, economical spending of funds, and control over the implementation of financial plans.

Given the independence of all parts of the budget system, the classification provides the basis for a unified methodological approach to the preparation and execution of all types of budget for comparability of budget indicators in the sectoral and territorial context.

Changes that have taken place in budget practice and are associated with changes in the system of state structure and management, with the independence of all types of budgets, the expansion of the rights of state and local governments in the preparation and execution of their budgets, changes in the revenue and expenditure parts of budgets, as well as the decoding of individual articles income and expenditure, required the introduction of a new budget classification.

The most important requirements for the new classification were simplicity, clarity and a clearer reflection of the sources of budget revenues and areas of spending funds. An important task of the new classification was to ensure international comparability of the composition and structure of indicators of the revenue and expenditure parts of the budget, their true content.

The current budget classification has been introduced since 1997. It includes:

1) classification of incomes of the budgets of the Russian Federation;

2) functional classification of expenditures of the budgets of the Russian Federation;

3) economic classification of expenditures of the budgets of the Russian Federation;

4) classification of sources of internal financing of budget deficits of the Russian Federation;

5) classification of sources of external financing of the federal budget deficit;

6) classification of types of state internal debts of the Russian Federation and subjects of the Russian Federation;

7) classification of types of public external debt and external assets of the Russian Federation;

8) departmental classification of federal budget expenditures.

25. CONTENT, SIGNIFICANCE AND TASKS OF BUDGET POLICY

The most important link in the economic policy of the state is budget policy. It reflects all its financial relationships with legal entities and individuals. Budget policy is implemented in the activities of financial and tax authorities, the monetary authority (the Bank of Russia), control and accounting authorities.

Main challenge in budget policy there has been and remains the strengthening of public finances, the reduction of the budget deficit, the creation of favorable financial conditions for the development of sectors of the national economy. When planning budget policy, the state should proceed from the need to ensure economic social stability. The most acute problem affecting the socio-economic relations between the state and society is the imbalance between the obligations of the state and the financial resources available to it. Therefore, the state is not in a position to fully finance activities that meet these obligations. First of all, this concerns the social guarantees provided for by the Constitution.

In the long-term economic program developed and approved by the Government of the Russian Federation, the following main directions of the financial and budgetary policy of our state are defined: 1) reducing the tax burden on the economy;

2) streamlining state obligations;

3) concentration of financial resources on the solution of priority tasks;

4) reducing the dependence of budget revenues on the world price environment;

5) creation of an effective system of interbudgetary relations and public finance management.

Проведение tax reform should reduce the tax burden, simplify the tax system, equalize the conditions of taxation for all payers and increase the level of management of the entire taxation system.

There will be a review of the size and structure state obligations. This will be done on the basis of a transition to targeted social support for citizens, which implies the clarification and reduction of a number of social obligations established by federal laws.

Foreseen reduction in public administration costs by reducing the functions of state power and reducing the number of civil servants.

Financing defense spending will be based on approved military doctrine. Expenses will take into account the need to re-equip the army while reducing the number of individual branches of the military and gradually transferring part of the army to a professional basis.

Judicial support is one of the most important functions of the state. Therefore, a transition to full financing of the judiciary at the expense of the federal budget is ahead, which will make it possible to achieve the independence of judges, including from the decision of regional authorities.

The key challenge is improvement of interbudgetary relations. There should be a clear delineation of similar and tax powers between the links of the budget system and the creation of a new mechanism for financial support of the territory.

An Important Direction of Fiscal Policy - Creation of an effective system of public finance management. Translation of all budgets into treasury execution strengthen public control over the use of budgetary resources.

26. LINKS OF THE BUDGET SYSTEM, THEIR CHARACTERISTICS

Budget system - this is a set of budgets of the state, administrative-territorial formations, budgetary independent state institutions and funds, based on economic relations, state structure and legal norms. The construction of the budget system depends on the form of state and administrative structure of the country.

The construction of the budget system of the Russian Federation is based on the Constitution of the Russian Federation and the constitutions of the republics within the Russian Federation. In accordance with the Constitution of the Russian Federation (Articles 71 and 132) and the Budget Code of the Russian Federation (Article 10), the budget system of the Russian Federation consists of three levels:

1) the federal budget;

2) budgets of subjects of the Russian Federation (regional budgets);

3) local budgets.

Federal budget - the main link in the budget system of the Russian Federation, which is the monetary fund of the federal authorities of the Russian Federation. With its help, the authorities (representative and executive bodies) concentrate in their hands a significant part of the domestic product used to carry out national administrative, legal, political, military and socio-economic functions.

The government uses the budget for economic impact on the non-state sphere of the country's economy. Through the mechanism of income and expenditure, it has an impact on the nature of economic reproduction and development, employment of the population, the level of consumption and social development of society.

Through the federal budget, foreign economic and political activities of the state are carried out.

subjective (republican, territorial, district and regional) budgets. Their tasks include providing political, administrative, social and other functions of state-national and administrative-territorial entities with financial resources, economic impact on the production activities of organizations within their territories, as well as solving socio-economic and cultural problems.

In the context of the transition to a market economy, the role and importance of the budgets of the constituent entities of the Russian Federation is steadily increasing.

local budgets. They are often combined with subject budgets and are called territorial budgets. But their distinguishing feature is the finite character of budgets. Local budgets include all budgets that do not have divisions, namely the budgets of settlements, districts, cities.

The exceptions are the budgets of cities that have district division, and district budgets, including settlements.

Local budgets provide financial resources to local governments, the implementation of local socio-economic tasks, as well as the performance of a number of functions delegated from higher authorities in the field of socio-cultural and political events.

Despite significant differences, all three links of the budget system express a single socio-economic content - the relationship between the existing socio-economic structure and the financial policy of the state.

RF budgetary system is a complex economic category, expressing the totality of economic relations between public authorities, non-state economic entities and individuals.

27. ESSENCE AND SIGNIFICANCE OF STATE CREDIT

State loan - this is a set of economic relations between the state represented by its authorities and management on the one hand, and individuals and legal entities on the other, in which the state acts as a borrower, lender and guarantor.

In quantitative terms, the activities of the state predominate as borrower funds. Volumes of operations as creditor, i.e. when the state provides loans to legal entities and individuals, it is much lower. In cases where the state assumes responsibility for the repayment of loans or the fulfillment of other obligations assumed by individuals and legal entities, it is guarantor.

As an economic category, state credit is at the junction of two types of monetary relations - finance and credit - and bears the features of both. As a link in the financial system, it serves the formation and use of centralized monetary funds of the state, i.e., extra-budgetary funds.

As one of the types of credit, public credit has a number of features that distinguish it from classical financial categories. It is voluntary.

Government credit is different from other types of credit. When borrowing funds by the state, the loan is secured by all the property owned by it, the property of a given territorial unit or any of its income.

At the level of the central government, government loans do not have a specific purpose.

As a financial category, government credit performs three functions of finance: distribution, regulation and control.

1. Through distribution the function of state credit is the formation of centralized state monetary funds or their use on the principles of urgency, payment and repayment. Acting as a borrower, the state provides additional funds to finance its expenses.

The placement of new government loans to pay off debts already issued is called refinancing the public debt.

2. Regulating function state credit lies in the fact that, entering into credit relations, the state voluntarily or involuntarily influences the state of money circulation, the level of interest rates in the money and capital market, production and employment. The state regulates money circulation by placing loans to various groups of investors.

An important role in stimulating the development of production and employment is played by loans provided at the expense of the budgets of the territories or extra-budgetary funds. With their help, the accelerated development of certain regions or the necessary areas of the economy of a particular territory is ensured.

3. Control function public credit is organically woven into the control function of finance. However, it has its own specific features: it is very closely related to the activities of the state and the state of the centralized fund of funds; covers the movement of value in both directions, since it implies repayment and compensation receiving funds; is carried out not only by financial structures, but also by credit institutions.

28. CONCEPT OF PUBLIC DEBT, MAIN ASPECTS OF MANAGEMENT

State debt - this is a system of financial relations regarding the redistribution of part of the gross product and national income in order to mobilize additional funds from the state.

Public debt can be classified according to several criteria:

- the location of the debt;

- levels of government;

- term of attraction of means;

- the nature of the income paid;

- the volume of expenses for the payment of public debt;

- the method of determining income, etc.

The most common is the classification depending on the location of the debt, in this case, public debt is divided into external and internal.

Public debt management consists in the implementation of a system of measures taken by the state related to determining the volume of borrowings, the composition of creditors, the forms and conditions for granting loans and their repayment.

The organizational structure of the public debt management system includes the authorities and administrations of the Russian Federation that perform the functions of public debt management in accordance with their competence and the tasks assigned to them. President of Russian Federation establishes the main priorities of budgetary policy for the short and medium term. Federal Assembly of the Russian Federation approves in the law on the federal budget for the next financial year the upper limit of the state external and internal debt. Government of the Russian Federation determines the organizational foundations of the system for managing public debt and financial assets, approves the main sources and conditions for borrowing, including the government borrowing program. Ministry of Finance of the Russian Federation manages the public debt in accordance with the established procedure. Central Bank of the Russian Federation advises the Ministry of Finance of Russia on the schedule of repayment of the state debt, taking into account the priorities of the unified state monetary policy. Ministry of Economic Development and Trade of the Russian Federation takes part in the analysis of the effectiveness of projects financed from external borrowings.

Public debt management is carried out using the following methods:

1) refinancing. Represents the repayment of the principal and interest on it at the expense of funds received from the placement of new loans;

2) cancellation. This is the refusal of the state to pay the principal and interest on all previously issued loans;

3) conversion. Adoption by the state of a decision to change the yield of previously issued loans;

4) innovation. An agreement between the lender and the borrower on the termination of obligations and their replacement with other obligations providing for other terms of repayment of loans;

5) unification. Consolidation of several obligations previously assumed by the state with replacement of previously issued financial instruments with new ones;

6) consolidation. Extending the duration of previously issued obligations.

There is no single indicator to measure the effectiveness of the public debt management system. The effectiveness of certain aspects of the activities of state bodies in this area is assessed.

29. EXTRA-BUDGETARY FUNDS, THEIR SPECIFIC FEATURES AND CLASSIFICATION

Outside the federal budget, state funds of funds are formed, which are managed by the state authorities of the Russian Federation. They are designed to implement the constitutional rights of citizens to social security, health care and free medical care. Extrabudgetary funds identify economic relations regarding the redistribution and use of financial resources to finance certain social needs that are spent on the basis of operational independence.

Extrabudgetary funds are created to achieve specific goals, and the need to create them is caused by the objective need to redistribute financial resources to finance the most important social and other needs of society that are not provided for in the budgets. With their help, two main tasks are solved: providing additional funds to priority sectors of the economy and expanding the volume of financing of social services for the population.

Extrabudgetary funds have a number of features, distinguishing them from other parts of the financial system:

- have a strictly target orientation;

- Funds are used to finance government spending, usually not financed from the budget or financed in small amounts;

- the vast majority of the income of the funds is formed at the expense of insurance premiums of legal entities;

- all property and funds of the funds are in state ownership and are not included in the budgets.

Extra-budgetary funds are one of the elements of such a link in the financial system as national finance, they are widely developed abroad. Sources for the formation of extrabudgetary funds can be special taxes and fees, appropriations from budgets, special loans, voluntary contributions, as well as income from the activities of the fund itself.

Most often, non-budgetary funds are classified according to the following criteria:

- terms of validity - permanent and temporary;

- accessories - state, local, interstate;

- areas of use - social, credit, economic, scientific, investment, etc.

Extra-budgetary social funds are the most developed. In Russia, the revenues of these funds account for more than half of the federal budget revenues. There are three state social non-budgetary funds: the Pension Fund of the Russian Federation (PFR), the Social Insurance Fund of the Russian Federation (FSS), the Federal and Territorial Funds of Compulsory Medical Insurance of the Russian Federation (FOMS). Social off-budget funds accumulate funds for the implementation of the most important social guarantees: state social security for old age, sickness, in case of loss of a breadwinner, for the birth and upbringing of children, health care and free medical care, etc.

Social off-budget funds are independent financial and credit institutions. The main source of income for the funds is the unified social tax. Funds of state federal and territorial off-budget funds are in federal and regional ownership. Draft budgets for off-budget funds are considered and approved by the State Duma and the Federal Assembly in the form of federal laws.

30. THE ROLE OF EXTRA-BUDGETARY FUNDS IN THE ECONOMIC AND SOCIAL DEVELOPMENT OF THE SOCIETY

The main purpose of extrabudgetary funds is compulsory insurance, which is a system of legal, economic and organizational measures created by the state aimed at compensating or minimizing the consequences of changes in the material and social situation of citizens and the onset of social insurance risks.

Main directions of activity The Pension Fund are: 1) targeted collection and accumulation of insurance premiums, as well as financing of expenses related to social protection of the population; 2) organization of work to recover from employers and citizens guilty of causing harm to the health of workers and other citizens, the amount of state disability pensions due to an industrial injury, occupational disease or loss of a breadwinner; 3) capitalization of the Fund's resources, as well as attraction of voluntary contributions to it from individuals and legal entities; 4) control over the timely and complete receipt of insurance premiums into the fund, as well as control over the correct and rational use of its funds; 5) carrying out research work in the field of state pension insurance; 6) explanatory work among the population and legal entities on issues within the competence of the Fund.

concentrated in Pension Fund of the Russian Federation funds are directed: for payment in accordance with the legislation in force on the territory of the Russian Federation, interstate and international treaties of state pensions; payment of allowances for the care of a child older than one and a half years; the provision of material assistance by the social protection authorities to the elderly and disabled citizens, etc.

Facilities Social Insurance Fund are spent for the following purposes: 1) payment of benefits for temporary disability; 2) health resort services for employees and their families; 3) financing of research works on labor protection; 4) insurance against industrial accidents and occupational diseases; 5) additional expenses for medical, social and professional rehabilitation; 6) organization and maintenance of a unified information system of social insurance; 7) compensation for harm caused to employees by injury, occupational disease or other damage to health associated with the performance of their labor duties; 8) rehabilitation of citizens affected by the accident at the Chernobyl nuclear power plant; 9) payment of benefits for pregnancy and childbirth, at the birth of a child, for caring for a child until he reaches the age of 1,5 years; to reimburse the cost of the guaranteed list of services and social benefits for burial; 10) health improvement of children; 11) expenses for the maintenance of the Fund's institutions themselves;

12) the balance of funds at the end of a particular financial year;

13) capital investments for the development of sanatorium-and-spa institutions of the Fund.

Facilities Compulsory Medical Insurance Fund are spent for the following purposes: 1) financing of targeted health care programs; 2) financing of professional training and retraining of personnel; 3) creation of a normalized insurance reserve (in case of a critical situation with the financing of compulsory medical insurance programs); 4) computerization of the compulsory health insurance system; 5) international cooperation on issues of compulsory medical insurance; 6) financing of scientific research in the field of medicine; 7) development of the material and technical base of healthcare; 8) alignment of levels of medical care in the territorial aspect; 9) payment for medicines; 10) provision of medical care in case of mass diseases, natural disasters, catastrophes; 11) maintenance of the Fund itself; 12) the balance of funds at the end of a particular financial year.

31. ESSENCE AND FUNCTIONS OF FINANCE OF COMMERCIAL ORGANIZATIONS (ENTERPRISES)

The finances of commercial organizations (enterprises), being the main link in the financial system, cover the processes of creation, distribution and use of gross domestic product and national income in value terms.

They function in the sphere of material production, where the total social product and national income are mainly created.

In accordance with the Civil Code of the Russian Federation, commercial organizations (enterprises) are created in the form of business partnerships and companies, production cooperatives, state and municipal unitary enterprises.

Modern commercial organizations (enterprises) operate in a constantly changing market environment with fierce competition. The main goal of their entrepreneurial activity is not so much the maximum profit, but the preservation and increase of their own capital, ensuring business stability.

In the course of entrepreneurial activity of commercial organizations (enterprises), certain financial relations arise related to the organization of production and sale of products, the provision of services and the performance of work, the formation of other financial resources and the attraction of external sources of financing, their distribution and use.

The material basis of financial relations is money.

Finance of commercial organizations (enterprises) - these are financial or monetary relations arising in the course of entrepreneurial activity, as a result of which equity, targeted centralized and decentralized funds of funds are formed, their distribution and use take place.

The finances of commercial organizations (enterprises) have the same functions as national finances - distribution and control. Both functions are closely related.

Through distributive function there is the formation of initial capital, formed at the expense of the founders' contributions, its advance in production, reproduction and capital increment, the creation of basic proportions in the distribution of income and financial resources, ensuring the optimal combination of interests of individual producers, business entities and the state as a whole. The distribution function of finance is associated with the formation of monetary funds and reserves of commercial organizations (enterprises) through the distribution and redistribution of incoming income. These include: authorized capital or authorized fund, reserve fund, additional capital, equity, accumulation fund, consumption fund, currency fund, etc.

Objective basis control function - cost accounting of costs for the production and sale of products, performance of work and provision of services, the process of generating income and funds. Finance as distributive relations provide sources of funding for the reproduction process (distribution function) and thus link together all phases of the reproduction process: production, exchange, consumption. The competitiveness of the enterprise, its financial stability depend on the efficiency of production, cost reduction, rational use of financial resources.

32. PRINCIPLES OF ORGANIZING THE FINANCE OF COMMERCIAL ORGANIZATIONS (ENTERPRISES)

Financial relations of commercial organizations and enterprises are built on certain principles related to the basics of economic activity.

The principle of economic independence cannot be realized without independence in the field of finance. Its implementation is ensured by the fact that business entities, regardless of the form of ownership, independently determine the scope of economic activity, sources of financing, directions for investing funds in order to generate profit and increase capital, improve the welfare of the company's owners.

It is impossible to talk about complete economic independence, since the state regulates certain aspects of the activities of commercial organizations (enterprises). Commercial organizations of all forms of ownership legally pay the necessary taxes in accordance with the established rates, participate in the formation of off-budget funds. The state also determines the depreciation policy. Legislation determines the need for the formation and exchange of a financial reserve for joint-stock companies.

implementation self-financing principle - one of the main conditions of entrepreneurial activity, which ensures the competitiveness of an economic entity. Self-financing means full self-sufficiency of costs for the production and sale of products, performance of work and provision of services, investment in the development of production at the expense of own funds and, if necessary, bank and commercial loans.

Currently, not all commercial organizations (enterprises) are able to implement this principle. Organizations in a number of industries, producing products and providing services necessary for the consumer, for objective reasons, cannot ensure their profitability. Such enterprises, as far as possible, receive state support in the form of additional funding from the budget on a returnable and non-refundable basis.

Objective necessity principle of material interest is ensured by the main goal of entrepreneurial activity - making a profit. For an enterprise, this principle can be implemented as a result of the state implementing an optimal tax policy that can provide financial resources not only to the needs of the state, but also not to reduce incentives for entrepreneurial activity through an economically sound depreciation policy and the creation of economic conditions for the development of production.

The principle of liability means the presence of a certain system of responsibility for the conduct and results of financial and economic activities, the safety of equity capital. Financial methods for implementing this principle are different and are regulated by Russian law. This principle is currently implemented most fully.

The principle of securing financial reserves is dictated by the conditions of entrepreneurial activity, associated with certain risks of non-return of funds invested in the business. The implementation of this principle is the formation of financial reserves and other similar funds that can strengthen the financial position of the organization (enterprise) at critical moments of management.

33. BASIS FOR THE FORMATION AND USE OF FINANCIAL RESOURCES OF THE ENTERPRISE

The material embodiment of the finances of enterprises is obtained in financial resources.

Financial resources of the enterprise - this is a part of the money in the form of income, savings and external receipts received by the enterprise in the distribution of the gross product through the financial system. Part of the financial resources used by the enterprise in circulation and generating income is enterprise capital.

The financial resources of the enterprise are formed at the expense of: depreciation; profit received from all types of economic and financial activities; additional share contributions of participants in partnerships; funds received from the issue of bonds; funds mobilized through the issuance and placement of shares in joint-stock companies of open and closed types; long-term loan from a bank and other lenders.

The financial resources of enterprises include own, borrowed and borrowed funds. Enterprises' own financial resources include profit and depreciation charges, some authors include in the composition of their own financial resources of enterprises authorized and additional capital, as well as the so-called stable liabilities of the enterprise, including sources of financing that are constantly in circulation of the enterprise (for example, reserves formed in accordance with the constituent documents of the enterprise or under the law). To borrowed funds include loans from commercial banks and other credit organizations, other loans. To attracted financial resources include funds raised by issuing shares, budget allocations and extra-budgetary funds, as well as funds from other enterprises and organizations raised for equity participation and for other purposes.

The structure of the financial resources of enterprises differs depending on the organizational and legal form of the enterprise, its sectoral affiliation and other factors. So, for example, as part of the financial resources of agricultural enterprises there are budget allocations, enterprises with a high level of technical equipment have a large share of depreciation deductions, enterprises with a seasonal nature of production have borrowed funds.

Despite the differences in the composition and structure of the financial resources of individual enterprises in their total volume by production enterprises, the largest share is occupied by own funds, they account for about half of the total financial resources. The structure of financial resources changed along with the development of the economy. The development of the financial market gives enterprises new opportunities to expand the composition of financial resources and increase their volume.

It is necessary to distinguish between the concepts of "cash" and "financial resources". Financial resources make up only part of the money. The accounts of enterprises receive proceeds from the sale of products, non-operating income and other funds, but only a part of these funds is financial resources, since the other part is advanced into production in the form of working capital. Sales proceeds do not apply to financial resources. Only after its distribution through the financial system are profits, depreciation and other types of financial resources formed.

34. FINANCE OF NON-PROFIT ORGANIZATIONS

Institutions and organizations engaged in non-commercial activities (i.e., not setting the goal of their activities to make a profit) provide a variety of services, including social, managerial, public order, national defense, etc. In a market economy, institutions and organizations engaged in non-commercial activities have switched to new business conditions, which has led to a significant expansion of the composition of their financial sources.

Under financial resources institutions and organizations engaged in non-commercial activities are understood as the funds mobilized by them from various sources for the implementation and expansion of their activities. Sources of formation of financial resources are formed depending on the type and nature of the services provided. Services may be provided to consumers on a paid, free or mixed basis.

Sources of formation of financial resources of institutions and organizations engaged in non-commercial activities:

1) budget funds allocated on the basis of established standards;

2) funds received for the provided paid services;

3) proceeds from the lease of premises, structures, equipment;

4) voluntary contributions and material assets donated to institutions and organizations;

5) other cash receipts.

Institutions and organizations engaged in non-commercial activities, having an independent balance sheet and current account, can attract short- and long-term loans for their activities.

Mobilization and use of financial resources in non-profit institutions and organizations are carried out on the basis of budget financing and self-financing. The functioning of non-profit institutions and organizations on the basis of self-sufficiency and self-financing means full reimbursement of costs from the proceeds from the provision of paid services. The formation and use of their financial resources is reflected in the financial plan for the relevant items of income and expenses.

Public associations function on a non-commercial basis: creative unions, public organizations, charitable foundations, associations, etc. Due to the voluntary nature of the creation of public associations, the main source of their financial resources are entrance and membership fees. The use by public associations of budgetary funds formed on the basis of obligatory payments of taxpayers is unacceptable.

Financial resources in non-profit institutions and organizations are used: 1) to cover current costs, including for settlements with third parties and payment of interest on loans; 2) for the formation of economic incentive funds.

Economic incentive funds include:

1) a fund for industrial and social development;

2) material incentive fund (wage fund);

3) fund of foreign exchange deductions.

The sources of formation of economic incentive funds are: 1) the total income of the institution; 2) specific receipts.

For the preparation of estimates, control figures, economic standards and the state order are used.

35. ESSENCE AND FUNCTIONS OF HOUSEHOLD FINANCE

Household finances, as well as the finances of society as a whole, are economic monetary relations for the formation and use of funds of funds in order to ensure the material and social conditions of life of members of the economy and their reproduction. Being a link in the financial system at the level of an individual family, they are the primary element of the socio-economic structure of society.

In market conditions, the household plays an exceptionally important role, since it primarily performs the function of owners of privately owned means of production. Under market conditions, households:

1) act as buyers of goods and services;

2) provide market entities with factors of production (primarily labor force);

3) perform the function of saving a part of the total income and acquire real and financial assets.

The socio-economic essence of household finance is manifested through their functions.

Undoubtedly, the most important function of household finance is distributive function, since household finances, as well as finances in general, are a tool for the cost redistribution of the value of the gross social product. Moreover, household finances play a crucial role at the final stage of the redistribution process, immediately preceding the stage of consumption.

The second function of households is control function since in order to maintain a certain (achieved) level of consumption, the household is forced to control the distribution of income received among various funds, as well as to monitor the intended use of funds from these funds.

An important function of the household in the system of social reproduction is investment function which lies in the fact that households are one of the main providers of long-term financial resources for the country's economy.

Household incomes serve as the main source of satisfaction of their needs for goods and services, as well as accumulation and savings.

Household income can be conditionally divided into income in cash and in kind. Household cash income is most often subdivided according to the sources of their income:

- salary with various accruals and additional payments;

- pensions, allowances, scholarships and other insurance and social benefits;

- income from entrepreneurial activity;

- Income from operations with personal property and cash savings in the financial and credit sphere.

In-kind income includes products received in personal subsidiary plots, as well as in-kind payments to agricultural enterprises.

From the point of view of the frequency of implementation, three groups of household expenditures are distinguished:

- short-term;

- medium-term;

- long-term expenses.

Depending on the functional purpose of the expenses incurred by households, they are divided into the following main groups:

- personal consumption expenses;

- taxes and other obligatory payments;

- cash savings and savings.

36. ECONOMIC ESSENCE OF INSURANCE, ITS DIFFERENTIAL FEATURES AND FUNCTIONS

Economic category of insurance is an integral part of finance. However, if finance as a whole is associated with the distribution and redistribution of income, then insurance covers the sphere of exclusively redistributive relations.

We can distinguish the following essential features that characterize the specificity of this category.

1. When insuring, monetary redistribution relations arise, due to the presence of the probability of the onset of sudden unforeseen and insurmountable events, i.e., insured events.

2. When insuring, the distribution of the damage caused between the insurance participants is carried out, which is always closed. The emergence of such redistributive or layout relations is due to the fact that the random nature of the damage entails material or other losses, which, as a rule, do not cover the entire economy, not the entire territory, but only part of them.

3. Insurance provides for the redistribution of damage both between territorial units and in time, while the effective redistribution of the insurance fund within one year requires a fairly large territory and a significant number of objects to be insured.

4. A closed distribution of damages determines the return of funds mobilized to the insurance fund. The insurance payments of any insurance made to the insurance fund have only one purpose - compensation for the probable amount of damage on a certain territorial scale and within a certain period.

Insurance - this is a set of special closed redistributive relations between their participants regarding the formation of a target insurance fund at the expense of monetary contributions, intended to compensate for the probable damage caused to business entities, or to equalize losses in income due to the consequences of insured events that have occurred.

The essence of insurance is manifested in its functions, they allow you to identify the features of insurance as a link in the financial system. The main determinants are:

1) risk function, since the insurance risk as the probability of damage is directly related to the main purpose of insurance to provide financial assistance to victims;

2) insurance also has warning function, associated with the use of part of the insurance fund to reduce the degree and consequences of the insurance risk;

3) saving money with the help of insurance for "survival" is associated with need for insurance coverage achieved family income, i.e. insurance may have savings function;

4) control function insurance expresses the properties of this category to the strictly targeted formation and use of the insurance fund. This function follows from the above three specific functions and manifests itself simultaneously with them in specific insurance relations. The need for insurance is to ensure the safety of state, private and personal property, the continuity of social reproduction, compensation for damage in the event of an insured event, cover possible losses for legal entities, ensure financing of preventive measures and measures to eliminate the consequences of adverse events.

37. CLASSIFICATION OF INSURANCE

Insurance covers various objects and subjects of insurance liability, forms of organization of activities. To streamline the diversity of economic relations and create a single and interconnected system, it is necessary insurance classification. It is a system of division into branches, types, varieties, forms and systems of insurance relations.

Insurance industry - this is a link in the classification of insurance, characterizing in a broad sense the insurance of life and health of a person, material values, obligations of insurers to third parties.

Based on the objects of insurance, there are three branches of insurance: personal, property, liability insurance.

Insurance type expresses the specific interests of policyholders related to the insurance protection of specific objects. Personal insurance includes the following types: life insurance, accident and illness insurance, medical insurance.

Property insurance includes the following types: land transport insurance, air transport insurance, water transport insurance, cargo insurance, insurance of other types of property, insurance of financial and business risks.

Liability Insurance includes the following types: civil liability insurance for vehicle owners, carrier liability insurance, civil liability insurance for enterprises that are sources of increased danger, professional liability insurance, liability insurance for failure to fulfill obligations, insurance for other types of civil liability.

Varieties of insurance - this is the insurance of homogeneous objects in a certain amount of insurance liability. Varieties of personal insurance are: children's insurance, marriage insurance, mixed life insurance.

Types of property insurance are: insurance of buildings, fixed and current assets, household property, means of transport, animals, insurance of financial and business risks.

Types of liability insurance are: insurance against damage in the course of economic and professional activities, insurance against losses due to interruptions in production, etc.

Insurance is carried out both mandatory and voluntary.

Compulsory insurance is mandatory in accordance with existing legislation. At the same time, the types, conditions and procedure for its implementation are also determined by the relevant laws.

Voluntary insurance is that the relationship between the insured and the insurer is built on the basis of an agreement between them. At the same time, the rule of voluntary insurance is established by the insurer independently on the basis of current legislation.

Depending on the system of insurance relations implemented in the insurance process, there are reinsurance, co-insurance, double insurance, self-insurance. In insurance practice, some risks are only reinsured, others are co-insured. Major risks are co-insured: industrial, aviation, space, transport. In mass types of insurance, only reinsurance is appropriate.

38. INSURANCE MARKET AND ITS STRUCTURE

Insurance market - this is a special system of insurance relations, in which the purchase and sale of insurance services as a commodity takes place, the supply and demand for them are formed. The objective basis for the development of the insurance market is the need arising in the process of reproduction to ensure the continuity of this process, expressed in the provision of financial assistance in the event of unforeseen adverse events. In the insurance market, the insurance fund is formed and used to cover the resulting damage, and at the same time, the commercial interests of insurance organizations are ensured.

Subjects of the insurance market - these are insurers, policyholders, insured and insurance intermediaries.

Insurers - These are legal entities that have a state license to conduct insurance operations and organize the formation and spending of the insurance fund. The insurers may be state insurance organizations, joint-stock insurance companies, mutual insurance companies and insurance pools.

Policyholders - These are legal entities and individuals who have an insurable interest and enter into relations with the insurer by virtue of law or on the basis of an agreement.

As the intermediaries, performing the functions of concluding insurance contracts, insurance agents and brokers (acquisitioners) can act as an intermediate link between the insurer and the insured.

Principles of operation insurance market are determined by the general conditions of development and the state of the economy.

One of the fundamental principles is demonopolization of the insurance business. The implementation of this principle means that any insurance company can carry out insurance activities in the market, regardless of their form of ownership.

An important principle for the formation and development of the insurance market is competition of insurance organizations for the provision of insurance services, attraction of policyholders and mobilization of funds to insurance funds.

The principle of competition in the organization of the insurance business must, where necessary, be combined with the principle cooperation between insurers.

The next principle of the functioning of the market is freedom of choice for policyholders of the conditions for the provision of insurance services, forms and objects of insurance.

An important principle of organizing the insurance business is the principle reliability and guarantees of insurance protection.

Principle publicity allows the insured to consciously decide on the choice of an insurance company.

The product offered on the insurance market is insurance service. An insurance service can be provided on the basis of a contract (in voluntary insurance) or on the basis of a law (in compulsory insurance).

Price insurance service gets its expression in insurance rate and is formed on a competitive basis when comparing supply and demand, but it is based on the amount of insurance compensation and the cost of doing business.

The list of types of insurance that the insured can use is assortment of the insurance market.

The conditions for the implementation of insurance services that are developing in a particular region at a given time are called insurance market conditions.

The objective basis of the demand for insurance services is the need for insurance, which is realized as insurance interest.

39. THE NEED AND ESSENCE OF MONEY

In the process of the development of commodity exchange, there is a successive change in the forms of value (a simple or random form of value, then a full or expanded one passes into a general one, and then into a monetary one). Money spontaneously stood out from the total mass of commodities at a certain historical stage.

Preconditions appearance of money are:

- the transition of society from subsistence to commodity economy;

- social division of labor (agriculture and cattle breeding, and then the allocation of crafts);

- property isolation of producers of goods, i.e., the appearance of owners. Necessity the emergence of money was the requirement to comply with the equivalent exchange of goods. The appearance of money not only facilitates the exchange of goods, but marks the transition of economic relations to a new qualitative state, as it allows the process of buying and selling goods to be separated in time and space.

Economic entity money lies in the fact that as a result of the development of commodity exchange, a specific commodity type is distinguished from the total mass of all other commodities, with the natural form of which the social function of the universal equivalent grows together.

The essence of money is expressed in the unity of three properties:

- general direct exchangeability;

- an independent form of exchange value;

- external material measure of labor.

Money is a historical, developing category inherent in commodity production. Since their inception, they have undergone significant changes, manifested in the transition from the use of one type of money to another, as well as in changing the conditions for their functioning. In certain areas of money circulation and in different periods, various views (metal, paper, credit) and forms (coins, banknotes, banking instruments, plastic cards, etc.) money.

In pre-capitalist formations, the role of money was played by certain types of goods, different in different areas (furs, shells, livestock, etc.). Then metals (copper, bronze) emerged from the mass of goods, then precious metals - gold, silver, which had certain physical properties - homogeneity of monetary material, divisibility, preservation from damage, transportability, unsuitability for use for production and other purposes in the form of ingots, and then and coins.

With the development of economic relations (the emergence of the capitalist mode of production, which required a significant amount of money), paper money appears, substitutes for real money (banknotes, treasury notes), non-cash money in the form of deposits in bank accounts, non-cash money of non-bank turnover.

In modern conditions, when cash and non-cash circulation money have their own value significantly lower than the nominal value indicated on them, we can say that money is increasingly different from a commodity and is turning into an independent economic category. The functioning of money has acquired the features of an independent process and separated from the movement of goods and services, while retaining some of the properties inherent in the product (for example, when determining the price of money through supply and demand for them).

40. FUNCTIONS AND ROLE OF MONEY IN A MARKET ECONOMY

The essence of money as an economic category is manifested in their functions, which express the inner basis, the content of money, are carried out with the participation of people. Money performs five main functions: measures of value, means of circulation, means of payment, means of accumulation and savings, world money.

Как the measure of value money acts as a measure of the cost of social labor for the production of goods, which makes the goods commensurable. The value of goods expressed in money is called at the price. At the heart of prices and their movement - the law of value. To compare the prices of goods of different value, they must be reduced to a single scale, that is, expressed in the same monetary units.

Performing a function means of circulation money acts as an intermediary in the exchange of goods. In contrast to the function of the measure of value, where commodities are ideally valued in money before their circulation begins, money must actually be present when commodities circulate, but they participate in the exchange process fleetingly. This feature uses cash.

Function means of payment money is fulfilled upon repayment of a debt obligation, when there is a gap in time between the provision of a service and payment for it, i.e., there is no oncoming movement of goods, services and money, and credit relations appear. This function can be performed by both cash and non-cash money.

Means of accumulation, savings and formation of treasures carry out money that is temporarily unmoved by their owners (savings - for legal entities and individuals in the form of balances in bank accounts, generating income in the form of interest when banks convert them into active money capital in another circulation process, savings - for individuals in the form of cash, treasure formation - refers only to actual gold and silver money).

function of world money is performed by servicing economic ties between subjects of different states. At the same time, money can be a means of payment (when settling the balance of payments, repaying external loans, etc.), a means of purchase (when buying goods abroad directly), and a universal means of transferring wealth.

The results of the application and impact of money on various aspects of the activity and development of society characterize them role.

1. With the help of money, various types of social relations are carried out: financial - distribution and redistribution (expanded reproduction, formation and spending of budgets of various levels, etc.); credit relations; public (payment and service of external debt, etc.).

2. There is a distribution of the gross national product, when money is involved in the acquisition of real estate, land.

3. Money determines prices that express the value of goods, including real estate, jewelry, intellectual property, intangible assets, etc.

4. Money improves the conditions for the conservation of value. In various socio-economic conditions, the role of money changes. If, under the administrative-command model of the economy, the possibilities of direct exchange of money for goods were limited, then during the transition to a market economy, such opportunities expand significantly, the role of money in exchange transactions increases.

41. TYPES OF MONEY

In its evolution, money went through the following stages: metallic money; paper money; credit money; electronic money.

Historically paper money arose from metal circulation and acted as deputies of silver and gold coins that were previously in circulation.

The essence of paper money lies in the fact that they are banknotes issued by the state to cover its budget deficit and endowed with a forced exchange rate. The Treasury is the issuer of paper money.

The expansion of the scope of commercial and bank credit in the context of the acquisition by commodity relations of a general nature led to the emergence credit money.

Credit money has gone through the following stages in its development: bill, banknote, check, electronic money and its latest variety - credit card.

Bill - a document drawn up in the form prescribed by law, and an unconditional, abstract monetary obligation to pay the amount indicated in it at the specified time and at the specified place. The features of the bill are:

- abstractness;

- indisputability;

- negotiability (refers to a bill of exchange). Banknote circulation - the next stage in the development of credit money, which arose on the basis of bill circulation.

Bill is the obligation of the bank. A banknote differs from a bill in two important ways: firstly, in terms of urgency; secondly, in terms of security.

The next loan instrument is check, which appeared later than the bill and banknote, with the creation of commercial banks and the concentration of funds in current accounts.

Check - this is a monetary document of the established form, containing an unconditional order of the drawer (account holder) to a credit institution to pay the amount specified in it to the holder of the check. Check is a type of bill of exchange drawn by the account holder to a commercial bank. A check as a short-term monetary document does not have the status of legal tender, the issuance of checks into circulation is not regulated by law, but is entirely determined by the needs of commercial circulation.

In internal circulation checks are used:

- to receive cash in banks (personal checks);

- for payments for goods and services (order and bearer);

- as a tool mediating non-cash payments (settlement and accepted checks). On the basis of checks, a system of non-cash payments arose, when most of the mutual claims between legal entities are repaid without the participation of cash and payment is made only on the balance, and for the most part also in a non-cash manner.

The mechanization and automation of banking operations, the transition to the widespread use of computers in the practice of bank settlements contributed to the emergence of new methods for repaying or transferring debt using electronic money.

The highest achievement of modern banking practice based on the introduction of computers is the ability to replace checks electronic credit cards, not only replacing cash and checks in settlements, but also giving their owner the right to receive a short-term loan from the bank. Currently, four types of credit cards are used, of which the most widespread are banking and trading.

42. MONEY TURNOVER, CONCEPT, STRUCTURE

The process of continuous movement of banknotes in cash and non-cash forms is called cash flow, or, in other words, it is the sum of all payments made by legal entities and individuals in cash and non-cash forms for a certain period of time.

Money turnover consists of separate channels of money movement, through which they move towards each other (moreover, flows that are quantitatively unequal in absolute value), for example, between the Central Bank and commercial banks; between enterprises and organizations; between banks and enterprises; between banks and the population; between individuals, etc.

Issue of money into circulation happens all the time. Cash are issued into circulation when banks issue them to their customers in the course of cash transactions.

Non-cash money are released into circulation by commercial banks when a loan is granted to a client. At the same time, customers repay loans and deposit cash at the bank's cash desk. As a result, the total amount of money in circulation may not increase.

Under issue of money is understood as such release of money into circulation, which leads to a general increase in the money supply in circulation.

The structure of cash flow can be characterized according to different criteria: according to the economic content and according to the form of money functioning in it.

According to the economic content of the individual parts of the money turnover, serving different areas of monetary relations, it can be subdivided:

- on monetary and commodity turnover (monetary settlement), serving the market of means of production, the market for consumer products and services, the labor market;

- money turnover associated with payments of a non-commodity nature (monetary and credit and monetary and financial turnover), servicing the credit resources market, the securities market, the foreign exchange market. At the same time, money freely moves from one part of the money turnover to another in accordance with the emerging market conditions as a result of the law of supply and demand.

The most common is the classification of money circulation depending on the form of money functioning in it - into cash и cashless.

Cash turnover - part of the money turnover, equal to the sum of all payments made in cash for a certain period of time, is the process of continuous circulation of cash (banknotes, treasury notes, change coins). Cash turnover in the Russian Federation is organized by the state represented by the Central Bank. This turnover serves the receipt and expenditure of most of the monetary income of the population. In Russian reality, cash also serves most of the economic relations of legal entities, especially private entrepreneurs.

Cashless turnover - the amount of payments for a certain period of time made without the use of cash by recording accounts in credit institutions or by mutual settlements of economic agencies.

All transactions related to the supply of material assets and the provision of services are completed cash payments, which can take both cash and non-cash form.

43. CASH TURNOVER

Cash turnover - the movement of cash in the sphere of circulation and their performance of the functions of a means of payment and a means of circulation. This is a part of the money turnover, equal to the sum of all payments made in cash for a certain period of time, this is the process of continuous circulation of cash (banknotes, treasury notes, change coins). This turnover serves the receipt and expenditure of most of the monetary income of the population. In Russian reality, cash also serves most of the economic relations of legal entities, especially private entrepreneurs.

Cash is used:

- for the implementation of the circulation of goods and services;

- for settlements on the payment of wages, payments equated to it;

- to pay for securities and pay income on them;

- for payments of the population for communal services. Cash turnover in the Russian Federation is organized by the state represented by the Central Bank.

Acceptance and disbursement of cash cash settlement centers at the territorial main departments of the Bank of Russia, which form a revolving cash desk for this purpose, as well as reserve funds. Reserve funds banknotes and coins represent a stock of banknotes not issued in circulation for the regulation of cash resources.

Cash is issued into circulation by the Bank of Russia on the basis of an emission permit - a document giving the right to the Bank of Russia to support the working cash register from reserve funds of banknotes and coins. This document is issued by the Board of the Bank of Russia within the limits of the emission directive, i.e., the maximum release of money into circulation established by the Government of the Russian Federation.

An important role in stabilizing money circulation in Russia was played by the Regulation “On the Rules for Organizing Cash Circulation in the Territory of the Russian Federation”, approved by the Bank of Russia on January 5, 1998, which is mandatory for the implementation of territorial offices of the Bank of Russia, cash settlement centers, credit institutions and their branches , including institutions of the Savings Bank of the Russian Federation, as well as organizations, enterprises and institutions on the territory of the Russian Federation.

Basic principles of organizing cash circulation in the Russian Federation are as follows:

- all enterprises and organizations must keep cash in commercial banks (with the exception of the amount of the limit set by the servicing bank);

- banks set cash balance limits for enterprises of all forms of ownership;

- over the limit, cash can be kept at enterprises for the issuance of funds for wages, social payments for no more than three days;

- the circulation of cash serves as an object of predictive planning;

- management of money circulation is carried out in a centralized manner;

- the organization of cash circulation aims to ensure the stability, elasticity and economy of monetary circulation. The territorial institutions of the Bank of Russia control the work of banking institutions in organizing cash circulation, compliance by enterprises with the procedure for conducting cash transactions and working with cash in accordance with the above Regulation.

44. CASHLESS MONEY TURNOVER AND PRINCIPLES OF ITS ORGANIZATION

Cashless turnover - the amount of payments for a certain period of time made without the use of cash by recording accounts in credit institutions or by mutual settlements of economic agencies.

Payments made in a non-cash form can significantly save on distribution costs. On the part of the state, in this case, the possibility of studying and regulating macroeconomic processes improves.

Non-cash settlements on accounts opened with banks are carried out in the forms established by law:

a) settlements by payment orders;

b) settlements under a letter of credit;

c) payments by checks;

d) collection settlements.

The development of market relations has changed principles of organizing cashless payments, according to which the payer became the main subject of the payment transaction.

The fundamental principle of the modern system of cashless payments is legal regime for settlements and payments. In accordance with the legislative and regulatory acts adopted in the Russian Federation, the organization and uninterrupted settlements are ensured by compliance with the following principles:

- non-cash payments are carried out on bank accounts that are opened by customers (both legal entities and individuals) in credit institutions for the storage and transfer of funds;

- maintenance by participants of liquidity settlements at a level that ensures uninterrupted payments;

- the presence of an acceptance (consent) of the payer for the payment, and only in certain cases, determined by law, direct debiting of funds is allowed.

Another important principle of organizing cashless payments is payment urgency. The implementation of this principle allows enterprises to organize the liquidity management of their balance sheet, rationally plan cash flow, and determine the need for borrowed funds.

The third principle of organizing cashless payments is the principle of unconditional fulfillment of obligations, or, otherwise, - security principle. Operational security of payment is ensured by the availability of a sufficient amount of first-class liquid funds. The prospective security of payments is determined by the solvency and creditworthiness of the payer at the stage of establishing contractual relations.

The next principle is control all participants in the settlements (supplier, consignor, recipient of funds, consignee, payer, bank) for the correctness of their commission, compliance with the established provisions on the procedure for their implementation. Control is divided into preliminary, current and subsequent.

The principle of civil or property liability participants in settlements for breach of contractual obligations means that the party that violated the terms of the contract must compensate the other party for the penalty.

One of the principles of organizing cashless payments is variety of payment forms и freedom of choice counterparties of the instrument that best meets the terms of the transaction.

All principles of organization of non-cash payments are interconnected and interdependent. Failure to comply with one of them may lead to violation of others.

All these principles are clearly traced in the Regulation on non-cash payments in the Russian Federation of November 3, 2002 No. 2-P, developed by the Central Bank of the Russian Federation.

45. LAW OF MONETARY CIRCULATION. MONEY SUPPLY AND VELOCITY OF MONEY

The law of money circulation expresses the economic interdependence between the mass of circulating goods, the price level and the velocity of money circulation.

This relationship is a combination of two types of dependence:

- a direct relationship between the amount of money needed as a medium of circulation, and the sum of the prices of goods and services sold;

- an inverse relationship between the amount of money needed as a medium of circulation and the rate of circulation of money.

All this can be expressed by the following formula: K \uXNUMXd S / C,

where K is the amount of money needed as a medium of circulation; S is the sum of prices of goods and services sold; C is the average number of turnovers of money as a medium of circulation.

With the emergence of the function of money as a means of payment, the formula becomes somewhat more complicated, and the law that determines the amount of money in circulation takes on the following form:

K = (S1 - S2 + S3 - P) / C, where S1 is the sum of prices of goods and services; S2 - the sum of prices of goods sold on credit; S3 - amount of payments on obligations; P - mutually extinguishing payments.

In economics, there is another point of view, which is shared by representatives of the quantitative theory of money and supporters of the monetarist concept. The American economist I. Fisher formulated the following exchange equation:

MXV = PXQ, where M is the mass of money in circulation; V - velocity of money circulation; P - average price of goods and services; Q - (the number of goods sold and services provided.

The amount of money in circulation, multiplied by the number of turnovers in sales acts per year, equals the volume of the gross national product.

From the equation of exchange, you can derive the amount of money needed for circulation:

M = PXQXV, where M is the mass of money in circulation, money supply; V - velocity of money circulation; P x Q = V - nominal volume of GDP.

Thus, enough money is needed for circulation to be able to sell at current prices the entire volume of goods produced within the framework of the national economy and services rendered.

Money supply - this is the amount of cash and non-cash funds, as well as other means of payment.

Taking into account the experience of foreign countries, the Central Bank of the Russian Federation carries out calculations of the following monetary aggregates: M0 - cash in circulation; M1 = M0 + funds in settlement, current and special accounts of legal entities, funds of insurance companies, demand deposits of the population in banks; M2 = M1 + time deposits of the population in Sberbank; M3 ^ M2 + certificates and government bonds.

The change in the volume of the money supply is determined not only by the increase in the amount of money in circulation, but also by the acceleration of their turnover.

Velocity of circulation of money - this is the speed of their turnover when servicing transactions.

The main indicators characterizing the velocity of money circulation are: the indicator of the velocity of money circulation in the circulation of income - the ratio of the gross national product to the money supply (aggregate M1 or M2); an indicator of the turnover of money in the payment turnover, i.e. the ratio of the amount of funds transferred on bank current accounts to the average value of the money supply.

As follows from the law of money circulation, an increase in the velocity of money is equivalent to an increase in the money supply.

46. ​​MONETARY SYSTEM: ITS ELEMENTS AND TYPES

The form of organization of monetary circulation in the country, which has developed historically and is enshrined in national legislation, is monetary system.

Depending on the form in which money functions, the following types of monetary systems are distinguished: a system of metallic circulation and a system of circulation of credit money that cannot be exchanged for gold.

metal circulation system, in which the monetary commodity directly circulates and performs all the functions of money, and credit money is exchanged for metal.

Depending on the metal, which in a given country was adopted as a universal equivalent and base of monetary circulation, there are:

1) bimetallism - a monetary system in which the state legislates the role of a universal equivalent for two precious metals (usually gold and silver), provides for the free minting of coins from both metals and their unlimited circulation;

2) monometallism - a monetary system in which one metal serves as a universal equivalent and the basis of monetary circulation, functioning coins and tokens of value (banknotes) are exchanged for metal. Historically, there have been three types of monometallism: copper, silver and gold.

Depending on the nature of the exchange of signs of value for gold, there are three types of gold monometallism:

- gold coin standard (free circulation of gold coins);

- gold bullion standard (it was possible to exchange tokens of value for gold only upon presentation of an amount corresponding to the price of a standard bullion);

- gold exchange standard (when banknotes were allowed to be exchanged for foreign currency exchangeable for gold).

The system of circulation of credit and paper money not exchangeable for currency metal characterized by the fact that real, full-fledged money is ousted from circulation and credit money is not exchanged for gold.

Any monetary system is a set of elements regulated by state laws.

Modern monetary systems include the following elements:

- monetary unit - the name of monetary unit established in the legislative order;

- types of money - legal tender;

- the procedure for securing banknotes with inventory items, gold, freely convertible currency, securities and other debt obligations in the assets of banks;

- emission mechanism, which is a legislatively fixed procedure for issuing money into circulation;

- the structure of the money supply in circulation;

- state or credit apparatus that organizes and regulates money circulation in the country;

- the mechanism of monetary regulation, which involves not administrative methods of management, but economic ones, when the state creates such conditions in the markets that force banks, financial institutions and the population to make the decisions necessary for the state;

- the procedure for establishing the exchange rate;

- the procedure for conducting cash transactions in the economy in the form of a set of general rules, forms of primary cash documents, reporting forms that enterprises and organizations of all forms of ownership should be guided by when organizing cash and money turnover passing through their cash desks.

47. MONETARY SYSTEM OF THE RUSSIAN FEDERATION

The legal basis for the functioning of the monetary system in Russia is determined by the federal laws of April 26, 1995 "On the Central Bank of the Russian Federation (Bank of Russia)" and of February 3, 1996 "On banks and banking activities" with subsequent additions and changes. These laws determined the legal foundations of the monetary system, as well as the tasks, functions and powers of the Bank of Russia in organizing monetary circulation and the monetary system.

According to these laws:

1) the official currency in the country is the ruble;

2) the Bank of Russia has the exclusive right to issue cash, organize its circulation and withdrawal on the territory of the Russian Federation, it is responsible for the state of money circulation in order to maintain normal economic activity in the country;

3) the ratio between the ruble and gold or other precious metals is not established by the Law, and the exchange rate of the ruble against foreign monetary units is determined by the Central Bank of the Russian Federation;

4) types of money that have legal tender value are banknotes and metal coins, which are backed by all assets of the Bank of Russia, including gold reserves, government securities, and reserves of credit institutions held in the accounts of the Central Bank of the Russian Federation;

5) samples of banknotes and coins are approved by the Bank of Russia;

6) cash and non-cash money operate on the territory of Russia.

In order to organize cash circulation on the territory of the Russian Federation, the Bank of Russia has the following obligations:

1) forecasting and organization of production, transportation and storage of banknotes and coins, as well as the creation of their reserve funds;

2) establishment of rules for the storage, transportation and collection of cash for credit institutions;

3) determination of signs of the solvency of banknotes and the procedure for replacing damaged banknotes and coins, as well as their destruction;

4) development and approval of the rules for conducting cash transactions in the national economy.

Currently, the Regulations of the Central Bank of the Russian Federation "On the procedure for conducting cash transactions in credit institutions on the territory of the Russian Federation" are in force.

The Government of the Russian Federation, together with the Central Bank of the Russian Federation, develops the main directions of economic policy, including monetary and credit. The implementation of monetary regulation of the economy by the Central Bank is carried out by using tools generally accepted in a market economy: changes in interest rates on loans to commercial banks, reserve requirements and operations on the open market. It regulates the amount and rate of growth of the money supply. For the implementation of emission and cash regulation, cash services for credit organizations, as well as enterprises and organizations, the main territorial departments of the Central Bank, cash settlement centers have circulation cash desks for receiving and issuing cash and reserve funds of bank notes and coins. Reserve funds of banknotes and coins are stocks of banknotes and coins not issued into circulation in the vaults of the Central Bank.

Thus, the monetary system of Russia is a typical modern monetary system using credit tokens of value, not redeemable for gold, regulated by the Central Bank of Russia through economic regulations and monetary policy instruments.

48. INFLATION: ITS ESSENCE AND TYPES

Inflation - a phenomenon inherent exclusively in paper money circulation, meaning the overflow of the sphere of circulation with an excess mass of paper money compared to the needs of trade, their depreciation and, as a result, an increase in prices for goods and services, a fall in the purchasing power of money. That is, inflation is caused primarily by the overflow of money circulation channels with excess money supply in the absence of an adequate increase in the mass of commodities.

Economists interpret the essence of inflation in different ways:

- as an overflow of money circulation channels with excess paper money, causing their depreciation in relation to gold, goods, foreign currency, which retains its former real value or has depreciated to a lesser extent;

- like any depreciation of paper money;

- as an increase in the general price level;

- as a multifactorial process that does not have an unambiguous interpretation.

The underlying causes of inflation are both in the sphere of circulation and in the sphere of production and are very often determined by economic and political relations in the country (disruption of reproductive processes, disproportionate development of the national economy, peculiarities of state policy, issuing and commercial banks).

In modern conditions, inflation throughout the world is chronic, ubiquitous, all-encompassing. This is caused not only monetary, but also non-monetary factors often political.

There are the following types and forms of manifestation of inflation.

1. According to the degree of manifestation:

- creeping inflation - inflation, expressed in a gradual long-term increase in prices, when the average annual rate of price growth is 5-10%;

- galloping inflation - inflation in the form of an abrupt increase in prices, when the average annual rate of price growth is from 10 to 50%;

- hyperinflation - inflation with a very high rate of price growth, when price growth exceeds 100% per year (the IMF takes 50% price growth per month for hyperinflation).

2. By way of occurrence:

- administrative inflation - inflation generated by "administratively" controlled prices;

- cost inflation - inflation, which is manifested in the growth of prices for factors of production (in particular, resources), as a result of which the costs of production and circulation grow, and with them the prices for manufactured products;

- demand inflation - inflation, which is manifested in the excess of demand over supply, which, of course, leads to an increase in prices;

- supply inflation - inflation, which manifests itself in rising prices due to an increase in production costs in conditions of underutilization of production resources;

- imported inflation - inflation caused by the impact of external factors, such as excessive inflow of foreign currency into the country and an increase in import prices;

- credit inflation - inflation caused by excessive credit expansion.

3. According to the manifestations inflation happens:

- open - inflation due to free (open) price growth of consumer goods and production resources;

- hidden (suppressed) - when inflation occurs as a result of a shortage of goods, accompanied by the desire of the state to keep prices at the same level. In this case, there is a "washout" of goods in the open and their flow to the shadow, "black" markets, where prices, of course, grow.

49. SOCIOECONOMIC CONSEQUENCES OF INFLATION

Inflation refers to the system of general economic categories and manifests itself in those socio-economic formations in which commodity-money relations exist. Inflation is depreciation of money, a drop in their purchasing power caused by price increases, commodity shortages and a decrease in the quality of goods and services.

Inflation is characteristic of any models of economic development in which government revenues and expenditures are not balanced, and the ability of the central bank to conduct an independent monetary policy is limited.

Having become a constant factor in economic life, inflation significantly complicates the system of economic relations, it requires constant attention and special measures to keep it at a "normal" level. The decisive characteristic of inflation is its magnitude. The degree of impact on the economy and on the whole society depends precisely on the level of inflation.

The socio-economic consequences of inflation are expressed as follows:

1) the volume of production decreases, since fluctuations and price increases make the prospects for the development of production uncertain;

2) there is a transfer of capital from production to trade and intermediary operations, where the turnover of capital is faster and more profit is made, and it is also easier to evade taxation;

3) speculation expands as a result of sharp and uneven price changes;

4) credit relations are limited, since no one believes in debt;

5) depreciate the financial resources of the state.

The main negative social consequence of inflation is the redistribution of wealth and income if incomes are not indexed and loans are issued without taking into account the price index. The redistribution of GDP and NI occurs in various directions:

- between different spheres of production, sectors of the economy, regions of the country due to uneven price growth;

- between the population and the state, which uses the excess money supply as additional income (there is an inflation tax);

between strata and classes of the population. Unequal price growth leads to social stratification, property inequality is aggravated, which negatively affects savings and current consumption. Inflation is especially dangerous for persons with fixed incomes (pensioners, dependents, civil servants);

- between debtors and creditors. Debtors benefit from the impairment of a cash loan. Inflation, especially hyperinflation, leading to aggravation of economic and social contradictions, requires the state to take measures to overcome inflation and stabilize the monetary system. Overcoming inflation is a necessary condition for normal economic development and the effective functioning of the monetary and financial systems. But reducing inflation cannot be viewed as an end in itself, as a way to automatically increase production. The processes of reducing inflation and increasing production must occur simultaneously, since they determine each other. This is especially clear for Russian conditions. Prolonged inflation in Russia is the result of an unsuccessful general economic policy that did not ensure production growth, although a sharp restriction of the money supply had a temporary effect of reducing inflation.

50. FORMS AND METHODS OF ANTI-INFLATION POLICY

The main goal of anti-inflationary policy - do inflation-driven and mitigate its negative socio-economic impacts.

The main form of stabilization of the monetary system is the anti-inflationary policy of the state with the help of:

1) monetary reform;

2) state regulation of the inflationary process.

Monetary reform - full or partial transformation of the monetary system, carried out by the state in order to streamline and strengthen monetary circulation.

It is carried out by various methods (nullification, restoration, devaluation, denomination) depending on the economic situation of the country, the degree of depreciation of money, state policy by adopting a one-time legislative act.

State regulation of the inflationary process means a set of government measures aimed at limiting price increases and stabilizing the monetary system by:

1) deflationary policy;

2) income policy.

deflationary policy provides for the regulation of money demand through the monetary and tax mechanism by reducing government spending, raising interest rates for loans, increasing the tax burden, limiting the money supply. This policy generally leads to a slowdown in economic growth.

Income policy involves parallel control over prices and wages by completely freezing them or setting a limit to their growth. Its implementation can cause social contradictions.

Russian inflation is distinguished by its originality, which is due to the conditions of its development due to specific reasons that react poorly to the monetary policy cited by the state. To stabilize the monetary system and implement an effective anti-inflationary policy, the state needs:

- improvement of the economy as a whole, overcoming the decline in investment activity and ensuring acceptable production growth rates;

- development and implementation of the state economic strategy, contributing to the formation of competitive, high-tech and science-intensive production;

- strengthening incentives for industrial accumulation among entrepreneurs and the population;

- changing the structure of production assets in order to expand the production of consumer goods;

- stimulation of credit investment activity of banks;

- improvement of the tax system, paying particular attention to the regulatory role of taxes;

- formation and development of a single all-Russian market for goods, credit, currency, land, labor, etc.;

- restoration of state structures of management and control over prices, incomes, distribution of material and financial resources while maintaining free market prices;

- creation of conditions for the transformation of foreign dollar reserves into industrial goods for the national economy;

- change in monetary policy, as well as in the payment and settlement mechanism in favor of cashless payments in order to closely link all elements of market commodity-money relations;

- stimulating expert production, including weapons, and pursuing a reasonable protection policy.

51. NEED FOR CREDIT

Credit - a loan in cash or commodity form on terms of repayment, payment and urgency. The impact of credit on the national economy is ambiguous. Some experts believe that credit arises from poverty, lack of property and resources from business entities. According to other experts, a loan destroys the economy, because you have to pay for it, and this greatly worsens the financial situation of the borrower, leading him to bankruptcy.

The emergence of credit occurs not in the sphere of production of products for their domestic consumption, but in the sphere of exchange, where the owners of goods confront each other as owners, legally independent persons, ready to enter into economic relations. The specific economic basis on which credit relations appear and develop is circulation and turnover of funds (capital).

The circulation and turnover of capital are distinguished by continuity. At the same time, this does not exclude fluctuations in its circulation and turnover. In the process of capital movement, the ebb and flow of funds, fluctuations in the need for resources and sources of its coverage are formed. They can be observed in connection with the movement of both fixed and working capital of enterprises.

A similar situation arises in the movement of working capital. Fluctuations in its circulation and turnover of circulating capital are more diverse.

On the basis of the uneven circulation and turnover of capital, the emergence of relations that eliminate the discrepancy between the time of production and the time of circulation of funds, resolve the relative contradiction between the temporary settling of funds and the moment when the need arises for their use in the national economy becomes natural. That relationship is credit.

Credit becomes an inevitable attribute of a commodity economy. A loan is taken not because the borrower is poor, but because, due to the objectivity of the circulation and circulation of capital, he lacks his own resources to the full extent.

Society is interested, firstly, in avoiding the deadening of the released resources, and secondly, in the economy developing continuously on an expanded scale.

The uneven circulation and turnover only characterizes the fact of the release of funds in one link and the need for them in another area; in circulation and turnover, therefore, the possibility of the emergence of credit relations is inherent.

In order for the possibility of a loan to become a reality, certain conditions are needed, at least two:

1) a loan becomes necessary if the interests of the lender and the borrower coincide;

2) participants in a credit transaction - the lender and the borrower - must act as legally independent entities materially guaranteeing the fulfillment of obligations arising from economic ties.

In order for a credit transaction to take place, it is required that its participants mutually show interest in a loan that has certain qualities. Any interest that generates action is primarily due to objective processes, a specific situation that makes the emerging mutual interest inevitable.

52. ESSENCE OF CREDIT AND ITS ELEMENTS

The economic category “credit” represents a certain type of social relations associated with the movement of value (in monetary form). This movement involves the transfer of funds - a loan for a time, and the borrower retains ownership rights.

Credit, acting in the form of money, cannot be identified with money. Credit relations differ from money relations:

1) composition of participants. The seller and the buyer participate in monetary relations, while the value of the goods in the form of commodities is converted into money. In credit relations, there are a lender and a borrower, between whom relations arise regarding the movement and return of value;

2) functions. Money performs five functions, while the functions of credit are quite different;

3) the participation of money and credit in the very process of deferment and payments;

4) use value received by the participants in the relationship.

From the outside, a loan is a temporary borrowing of funds, its essence lies in social relations associated with the movement of value.

When analyzing the essence of a loan, three elements should be distinguished: 1) the subject; 2) object; 3) loan interest.

Subjects credit relations is lender and borrower.

Creditor provides a loan for a time, remaining the owner of the loaned value. To issue a loan, the lender must have certain funds. Their source can be their own savings, as well as borrowed funds received from other economic entities. In modern conditions, the creditor bank provides a loan at the expense of its own capital, borrowed funds stored in the accounts of its customers, as well as mobilized through the issue of securities. When placing the loaned value, the lender controls its productive use, so that the loan is received and for it he has an income.

Borrower receives a loan and undertakes to repay it by the due date. The borrower is not the owner of the loaned capital, he is only its temporary owner. He uses the loan in production or circulation in order to extract income, and returns the loan after it has participated in the circuit and received additional profit.

Object credit relations is loan capital - money capital, isolated from industrial capital, having a special form of movement and having a certain specificity.

With the development of credit relations, the only source of formation of loan capital is temporarily free funds of the state, legal entities, voluntarily transferred by financial intermediaries for subsequent capitalization and profit. Today, such funds are concentrated in deposit accounts with credit institutions and provide their owners with a fixed income in the form of interest on these deposits.

Cost of loan capital is the ability to exchange between the lender and the borrower, and use value - the ability to generate profit, part of which the borrower gives to the lender in the form of loan interest.

Loan interest - this is a kind of price of the loaned value, transferred by the creditor to the borrower for temporary use for the purpose of its productive consumption.

53. FUNCTIONS AND ROLE OF CREDIT

The functions of credit, like any economic category, express its essence. They are objective in nature and show interaction with the external sphere.

1. redistributive function. In a market economy, a loan moves money capital from one area of ​​economic activity to another, providing the latter with higher profits. This redistributive process affects not only the value of the gross domestic product and national income, but also the value of national wealth in certain periods.

The state should regulate credit relations in order to ensure the attraction of credit resources to production.

2. Cost saving function. By mobilizing temporarily released funds in the process of circulation of industrial and commercial capital, credit makes it possible to make up for the lack of own financial resources of individual enterprises. An enterprise often turns to a loan to provide itself with the necessary amount of working capital. As a result, the capital turnover of an economic entity accelerates. In general, savings in the total distribution costs are ensured.

3. The function of replacing cash with credit. Credit accelerates not only commodity, but also money circulation, displacing cash from it. As a result of the replacement of cash by non-cash transactions, the mechanism of economic relations in the market is simplified, and money circulation is accelerated.

4. The function of accelerating the concentration of capital. The development of production is accompanied by a process of concentration of capital. Borrowed capital enables the entrepreneur to expand the scale of production and additional profit. The concentration of capital, even on a small scale, brings positive economic results in Russian conditions as well.

5. stimulating function. Credit relations, which involve the return of temporarily borrowed value with an increment in the form of interest, encourage the borrower to use the loan more rationally, to more rationally manage the economy when obtaining a loan.

In the economic development of the country, credit plays a significant role, which is characterized by the results that appear during its functioning for all participants in society: individuals, business entities, the state. It manifests itself in the implementation of all forms of credit in different ways:

1) redistribution of material resources in the interests of developing production and selling products when providing and mobilizing funds from individuals and legal entities;

2) impact on the continuity of production processes and sales of products;

3) participation in the expansion of production, when credit resources are used as a source of increasing fixed assets, capital costs;

4) accelerating the receipt by the consumer of goods, services, housing at the expense of borrowed funds;

5) regulation of cash and non-cash money circulation. The Bank of Russia, being a monopolist in the field of issuing cash, organizes their circulation, and also manages non-cash payments made by the credit system, thus stimulating the entire production process.

54. BASIC PRINCIPLES OF CREDIT

Credit relations in the economy they function in accordance with the basic principles, which, along with the elements of credit, reveal its essence. The basic principles of the loan: repayment, urgency, payment, security, target character, differentiation.

Loan Repayment means the need for a timely return of funds to the lender after the completion of their use in the borrower's economy. The borrower cannot dispose of the received loan as its own capital. He is obliged to return the amount received by transferring the appropriate amount of money to the account of the creditor, which ensures that he is able to continue commercial activities.

The loan is returned at the moment when the released funds enable the borrower to return the funds received for temporary use. The return process is important for both the lender and the borrower.

Urgent credit assumes that the borrower should repay the loan amount not at any time acceptable to him, but within a precisely defined period established by the loan agreement. Violation of the loan repayment period is the basis for the lender to apply economic sanctions to the borrower in the form of an increase in the interest charged, and with a further delay (in Russia - more than three months) - the provision of financial claims in court. Meeting the deadline for the borrower is a guarantee of receiving a loan.

Loan Repayment expresses the need for the borrower to pay for the right to use credit resources. The economic essence of the payment for a loan is manifested in the actual distribution of additional income received when using a loan between the borrower and the lender. The loan repayment is in the form loan interest.

Security of credit - the necessary protection of the property interests of the creditor from a possible violation by the borrower of the obligations assumed in the contract. This principle in practice finds expression in such forms as a loan secured by inventory items or financial guarantees in the form of securities. It is especially important in a period of general economic instability.

Purpose of the loan used for most credit relations and expresses the need for targeted use of the creditor's funds. Usually, the loan agreement specifies the specific purpose of using the loan received. With the help of such a condition, the lender not only controls compliance with the loan agreement, but also gains confidence in the return of the loan and interest, i.e. the implementation of this principle is an additional loan security. Violation of this obligation may become the basis for early withdrawal of the loan or the introduction of an increased (penalty) loan interest.

Loan differentiation applied by a lender, usually a lending institution, to different categories of borrowers. The lender can divide borrowers based on individual interests, depending on security, use of loans, etc., applying differentiated terms of the loan agreement to each group.

The basic principles of credit are used by participants in credit relations (borrowers and lenders) to influence all stages of the production cycle.

55. BASIC FORMS AND TYPES OF LOAN

Forms of credit are closely related to its structure and, to a certain extent, to the essence of credit relations. The elements of the structure of the loan are the lender, the borrower and the loaned value, so the forms of credit can be considered depending on the nature of: the lender and the borrower; loaned value; target needs of the borrower.

Depending on the loaned value, there are commodity, monetary and mixed (commodity-money) loan forms.

Depending on who is the lender in the loan transaction, the following forms of credit are distinguished: banking, economic (commercial), state, international, civil (private, personal).

The forms of credit can also be distinguished depending on target needs of the borrower. In this regard, there are two types of loans: productive and consumer. productive form the loan is related to the peculiarity of the use of funds received from the lender. With this form of credit, loans are used for the purposes of production and circulation, for productive purposes.

consumer form of credit, unlike its productive form, it is used by the population for consumption purposes, such a loan is not directed to create new value, but must satisfy the consumer needs of the borrower.

In some cases, other forms of credit are also used, in particular: direct and indirect; explicit and hidden; old and new; main (primary) and additional; developed and undeveloped, etc.

Direct form of credit reflects the direct issuance of a loan to its user without mediated links. Indirect form of credit occurs when a loan is taken to lend to other entities.

Under explicit form of credit refers to a loan for a predetermined purpose.

Hidden form of loan arises if the loan is used for the purposes stipulated by the mutual obligations of the parties.

Old form of credit can be modernized, acquire modern features.

К new forms of credit include a lease loan.

The main (primary) form of modern credit - monetary credit, while commodity credit acts as additional form.

Developed и undeveloped form of credit characterize the degree of its development.

Loan type - this is a more detailed description of its organizational and economic characteristics.

The loan is divided into types depending on the industry focus (industrial, agricultural, commercial).

The classification of the loan is also determined lending objects.

Classification of credit by type depends on its security. According to the nature of security, loans with direct and indirect security are distinguished. According to the degree of security, it is possible to distinguish loans with full (sufficient), incomplete (insufficient) security.

Classified credit and depending on urgency of lending. Allocate short-term, medium-term and long-term loans.

Credit can be classified by type and depending on payment for its use. Allocate paid and free, expensive and cheap loans.

In world banking practice, other criteria for classifying loans are also used. In particular, loans can be divided into loans issued in national and foreign currencies to legal entities and individuals, etc.

56. LOAN INTEREST

Loan interest - a peculiar price of the value lent for temporary use (loan capital).

The existence of loan interest is due to the presence of commodity-money relations, which, in turn, are determined by property relations. Loan interest arises where one owner transfers to another a certain value for temporary use, as a rule, for the purpose of its productive consumption.

The development of market relations in Russia determined the transformation loan interest functions, inherent in it in the system of administrative-planned economy: the stimulating function and the function of profit distribution into a more widely interpreted regulatory function.

In the transition economy, the prerequisites have not yet been created that would allow interest to realize this function in full. At the same time, in the conditions of the modern Russian economy, there are separate elements of economic regulation associated with loan interest. This is manifested in the role that interest plays in the economic sphere:

- through the rate of interest, the ratio of demand and supply of credit is balanced. It promotes a rational combination of own and borrowed funds;

- the rate of payment for resources set by the Bank of Russia, along with the required reserve ratio and the conditions for the issuance and circulation of government securities, is gradually becoming an effective means of managing commercial banks;

- by means of interest, the volume of deposits attracted by the bank is regulated;

- The interest rate policy of a commercial bank is already aimed at the appropriate management of the liquidity of its balance sheet. Differentiation of the level of loan interest for active operations depending on the liquidity of investments leads to the correspondence of the demand for a risky loan on the part of borrowers to the liquidity requirements of the banks' balance sheet. Similarly, the role of interest on deposit operations is traced as an incentive to attract the most stable funds into the turnover of a credit institution.

In general, the strengthening of the role of loan interest in the economy and its transformation into an effective element of economic regulation are directly related to the state of the economic situation in the country and the progress of reforms. Modern economic relations are characterized by the strengthening of the role of loan interest as a result of the manifestation of its regulatory function.

When forming the market level of loan interest, the deviation of its value from the average rate of return is influenced by both macroeconomic and private factors that underlie the interest rate policy of individual creditors.

Macroeconomic factors: the ratio of supply and demand for borrowed funds, the level of development of money markets and securities markets, international capital migration, the state of national currencies, the state of the balance of payments, the risk factor, the monetary policy of the Bank of Russia, inflationary depreciation, taxation.

Private Factors are determined by the specific conditions of the lender's activity, its position in the market for credit resources, the nature of operations and the degree of risk. In addition, the formation of the level of individual forms of loan interest has its own characteristics.

57. COMMERCIAL LOAN

A commercial loan is a loan provided by enterprises to each other when selling goods in the form of a deferred payment of money for the goods sold.

Commercial credit is one of the earliest forms of credit relations, it became widespread in the era of capitalism, which was associated with a frequent shortage of funds to pay for the supply of raw materials, goods and services provided. This loan is based on the deferral of payment by the seller of the goods and the provision by the buyer of the promissory note as its promissory note to pay the purchase price after a certain period. The two most common types of bills are: plain, containing the obligation of the borrower to pay a certain amount directly to the lender, and transferable (draft), providing for a written order from the lender to the borrower to pay a specified amount to a third party or to the bearer of the bill. The circulation of bills expands the possibilities of providing commercial credit, since it can change hands. At the same time, an endorsement is made on the bill of exchange - an endorsement. The more endorsements on a bill, the wider the range of its circulation and the greater the guarantee of its payment.

Commercial credit is the basis of the entire credit system. The need for a commercial loan stems from the very process of reproduction: the discrepancy between the timing of production and sale. As a result, some manufacturers entered the market with goods, while others had a need to buy goods. However, having not sold their products, they do not have the funds, and therefore a trade transaction will take place only with a sale with installment payment.

Hence the purpose of this form is to accelerate the sale of goods and the entire process of capital circulation and to extract additional profit.

A commercial loan has certain disadvantages:

- limited by the size of the reserve capital of the loan. Sale with installment payment is possible if the entrepreneur has a surplus of capital;

- depends on the condition of its return flow. With a decline in production, loans are not returned and the chain of credit links is broken, and its size is reduced;

- has a strictly defined direction, i.e., is provided by one enterprise to another, associated with the first technological chain. In the opposite direction, commercial credit is not possible.

In Russia, commercial credit until recently had a limited scope. The expansion of its application is hampered by inflation, the crisis of non-payments, and the unreliability of partnerships.

In practice, the following types of commercial loans are used:

1) with a fixed maturity;

2) with a return after the actual sale of goods received on credit;

3) on an open account, when the secondary delivery of goods on the terms of a commercial loan is carried out to pay off the debt on the previous delivery.

In the presence of a developed credit system, a commercial loan is intertwined with a bank loan, since the lender, having a bill of exchange - the obligation of the borrower, can take it into account in the bank and receive a bank loan against it. But in this case, the essence of a commercial loan does not change.

58. BANK CREDIT

Bank loan - the main form of credit in a market economy. This is a loan in which the owners of available funds lend them to borrowers through banks. The subjects of a bank loan are, on the one hand, the bank as a lender, and on the other, an enterprise, organization and population as borrowers.

A bank loan always acts in the form of money, and the object of lending is money capital. Because of this, in bank credit, loan capital is finally separated from industrial capital and carries out its movement independently of it. Speaking in monetary form, a bank loan overcomes the limitations of a commercial loan in many ways - size, timing, direction.

Bank credit plays a different role in the process of social reproduction. If it is used to expand production, to invest in the fixed and working capital of the borrower, then a bank loan is called loan of capital. If a bank loan is used to make payments, to pay off old debt obligations, then a bank loan is called loan of money.

Banks provide loans to various categories of borrowers: enterprises, firms and corporations, individuals, banks and other credit organizations, as well as local authorities.

Bank credit provided to enterprises and corporations mediates the reproduction process as a whole. According to the timing of delivery, it is divided into short term, medium term and long term. Short term loan is provided for a period of up to one year and serves the movement of the working capital of the enterprise, contributes to the timely implementation of settlements, increases the solvency of enterprises, strengthens their financial position. Medium and long term loans are intended to meet investment needs. e. the loan serves the movement of fixed capital, is used for construction and reconstruction, the development of new industries, the introduction of new technologies and other activities related to the expanded reproduction of fixed assets.

Bank loan to the population provided in cash for various purposes: the purchase of expensive goods, housing, overhaul of residential buildings, household equipment, etc.

A special type of bank loan is a loan provided by one bank to another, or interbank loan. Creditor banks provide loans either to maintain their profitability at the required level, or to ensure the development of correspondent relations with other banks. For borrowing banks, interbank loans serve as a means of regulating liquidity, as well as an additional source of financial resources for expanding profitable investments.

In modern conditions for the bank, the main criteria for granting a loan are the degree of risk, liquidity and profitability of credit operations. In this regard, banks pay great attention to the analysis of the creditworthiness of their customers, the effectiveness and payback of lending activities. The importance and expansion of the forms of ensuring the repayment of bank loans has increased.

59. CONSUMER LOAN

Consumer credit - This is the provision of payment by installments to the population when buying durable goods. Credit is provided by trading firms and specialized financial companies in commodity form. Consumer credit is closely related to bank credit, as debt obligations of buyers are used by trading firms and financial companies to obtain bank loans. Thanks to this connection, an extended interpretation of consumer credit has arisen. In accordance with this, consumer credit is understood as a set of commodity and monetary loans provided by firms, banks and the state to the population to meet its personal needs. In developed countries, consumer credit has become widespread. In Russia, such a loan is provided both in commodity and in cash. The commodity form in the form of installment payment has a loan provided to the population for the purchase of durable goods, housing construction, and the purchase of apartments. In cash, a loan is issued for the construction and repair of individual houses, garden houses, for urgent needs. In this case, the loan can be issued in cash or in the form of transfers.

A consumer loan can be used for investment purposes and for the current needs of individual borrowers. Banks do not directly participate in credit relations between citizens and trading firms. This consumer loan differs from the bank, provided to the population in cash. However, consumer credit is closely related to bank credit, as merchants and installment finance companies use consumer debt to obtain bank loans.

The specificity of a broadly understood consumer loan is the fact that the borrower here is an individual who takes out a loan to meet their personal needs.

Lending to consumer needs of the population is carried out on the same principles as lending to legal entities: repayment, urgency, target orientation, payment, security. An important condition for issuing loans is the solvency of the borrower. Consumer credit for current needs is short-term. It is provided for up to two years. A consumer loan for investment is long-term. The borrower is required to provide a report on the use of the loan, documents confirming its intended purpose.

The use of consumer credit has become widespread abroad, which is associated both with a wide range of goods offered for sale and with an increase in their cost. The demand for durable goods depends on the level of income, so consumer credit, by increasing the opportunity to purchase goods, artificially increases the demand for them. An increase in income levels may lead to a reduction in lending.

Prospects for the development of consumer credit in Russia depend on many factors, primarily on the degree of stabilization of the credit and financial markets, as well as the growth in the regularity of receiving income by the main part of the population.

60. STATE LOAN

State loan - this form of credit relations, when the state acts as a creditor or debtor. Initially, such a state credit arose and began to develop, in which the state acted as a debtor. The reason forcing the state to borrow money in the loan capital market was the state budget deficit.

Government credit is different from other types of credit. So, if when providing a bank loan, some specific values ​​​​usually act as collateral - goods in a warehouse, work in progress, then when borrowing funds by the state, all property owned by it, the property of a given territorial unit or any of its income.

At the level of the central government, government loans do not have a specific purpose. Whereas borrowing at lower levels quite often has a clearly defined target orientation.

Acting as a creditor, the state, through the central bank or the treasury system, lends:

1) priority sectors, regional or local bodies that are in need of financial resources when it is impossible to provide budget financing from commercial banks due to market factors;

2) commercial banks and other credit institutions in the process of direct or auction sale of credit resources in the interbank credit market.

A characteristic feature of public credit - unproductive use by the state of funds mobilized by means of loans. As a borrower, the government places government loans through banks or on the government short-term securities market. The reason for the growth of such credit is the budget deficit, which is mainly associated with unproductive military and administrative expenses. This is the main form of public credit. Its expansion, associated with a chronic budget deficit, makes it necessary to increase the cost of servicing loans - their repayment and payment of interest, which ultimately leads to a huge public debt. As a result, state credit becomes a regenerator for its further growth.

Government loans can be classified as follows.

1. Depending on the subjects of loan relations, state loans are divided into placed by central and local governments.

2. Depending on the location - internal and external.

3. Depending on the circulation in the market, government loans are divided into market and non-market.

4. Depending on the period of attraction of funds, they are divided into short-term, medium-term and long-term.

5. Depending on the security of debt obligations, government loans are mortgaged and unsecured.

6. Depending on the nature of the paid income - interest-bearing, winning, interest-winning, no-losing and interest-free loans.

7. Depending on the terms of circulation - loans with the right of early repayment and without it.

8. According to the placement methods, loans are placed on a voluntary basis, by subscription and involuntarily.

61. LEASE LOAN

Leasing is an agreement on the long-term transfer of movable and immovable property for productive use. Credit relations in a leasing transaction arise between the lessor, which can be a financial company or a commercial bank, and the lessee - a company that uses leased objects in its activities.

К subjects leasing transaction includes the parties involved in it.

They can be divided into two groups:

- straight, directly involved in the transaction: the lessor acquiring the leasing object and transferring it for use, the lessee of the property and the supplier (manufacturer or owner of the leasing object) selling it to the lessor;

- indirect, which include commercial banks, insurance companies, brokerage and other intermediary firms that facilitate the conclusion of a leasing agreement, including by providing a loan for the acquisition of a leasing object.

Leasing transactions can be classified according to various criteria.

1. By the deadline:

- operational leasing, when the lease term of the property is less than the standard term of its service. Such leasing is used when renting machinery, equipment, and due to high risks (the risk of not finding the next lessee, the risk of damage to the object of the transaction, the risk of early termination of the contract), the leasing payment rates are set at a higher level than with other types of leasing;

- financial leasing, which is provided for the entire payback period of the property. In addition, it provides for the impossibility of early termination of the leasing agreement, therefore, as a rule, it is concluded for such objects, the cost of which is high.

Both types of leasing after the expiration of the contract give the lessee the opportunity to: purchase the object of leasing at the residual value; conclude a new contract at a preferential rate; return the object of the transaction to the lessor.

2. On a territorial basis:

- internal leasing, when all participants in the transaction are representatives of one country;

- international leasing, when one or all participants in the transaction represent different countries or one of the parties has the status of a joint venture. Wherein export leasing is considered in which the foreign country is represented by the lessee, and imported - when the foreign company is the lessor.

3. By the nature of lease payments:

- cash payments;

- compensation payments, when they are made by the supply of goods produced on the leased equipment, or in the form of the provision of counter services;

- mixed payments.

4. According to the composition of the participants in the transaction:

- direct leasing, in which the owner of the property independently leases it (bilateral transaction);

- indirect leasing, in which the transfer of property is carried out through intermediaries (tri- or multilateral transaction).

A special case of direct leasing - leaseback, in which the leasing company acquires property from the owner and leases it to him.

Leasing as a form of lending has a number of advantages for all participants in a leasing transaction.

62. INTERNATIONAL LOAN

International credit represents the movement of loan capital in the sphere of international economic relations, associated with the provision of commodity and foreign exchange resources.

International credit as a kind of credit category is associated with such economic categories as money, price, profit, balance of payments, exchange rate, etc. It plays an important role in implementing the requirements of the law of value and other economic laws.

An international loan operates on the principles of repayment, urgency, payment, security, targeted nature at the expense of external and internal sources.

International credit in the field of international economic relations performs the following functions.

1. Redistributions loan capital between countries, when with its help there is an overflow of capital into countries with a low rate of profit, contributing to its equalization and transformation into an average rate of profit.

2. Savings circulation costs in the field of international economic relations by replacing gold as world money with such instruments of circulation as bills of exchange, checks, bank transfers, certificates of deposit, electronic money, as well as SDRs, euros and hard national currencies.

3. Accelerations concentration and centralization of capital: firstly, as a result of accelerating the process of capitalization of profits and obtaining additional profits in connection with the attraction of foreign capital, secondly, with the creation of transnational corporations and transnational banks, and, thirdly, by providing concessional international loans to large enterprises .

4. regulation the country's economy - attracting foreign investment, and primarily the capital of international monetary and regional organizations, which contributes to the growth of GNP and its distribution.

Forms international credit can be classified as follows:

- according to sources - internal и external;

- by appointment - commercial, which are directly related to foreign trade and services; financial, i.e. direct investment, construction of facilities, purchase of securities, repayment of external debt, foreign exchange intervention; intermediate - loans for servicing mixed forms of export of capital, goods, services, "engineering", or the performance of contract work;

- by type - commodity, which are provided by exporters to importers in the form of a deferred payment for goods sold or services rendered; currency, provided by banks in cash;

- by loan currency - in currency of the debtor country, в the currency of the creditor country, в third country currency and international currency (SDR and euro);

- according to security - secured (commodity documents, bills of exchange, securities, real estate, etc.); blank, i.e. under the obligations of the debtor (solo bill with one signature);

- from the point of view of the form of provision - cash, certificates of deposit, bonds, consortium loans;

- according to deadlines - overtime (daily, weekly, up to three months), short term (up to one year) medium term (one to five years) long-term (over five years). When prolonging or extending short-term and medium-term loans, they become long-term, and often with a state guarantee.

63. CREDIT SYSTEM OF RUSSIA AT THE PRESENT STAGE

The modern credit system of Russia operates in accordance with two specialized federal laws: the Law "On Banks and Banking Activities in the RSFSR" and the Law "On the Central Bank of the RSFSR", as well as the Civil Code of the Russian Federation and other regulations.

According to these regulations, a credit institution is a legal entity that, in order to make a profit as the main goal of its activities, on the basis of a special permit (license) of the Central Bank of the Russian Federation, has the right to carry out banking operations.

The Federal Postal Service and the State Corporation "Agency for the Restructuring of Credit Organizations" (ARCO), whose banking operations are regulated by special federal laws, can be considered a separate link in the credit system.

Bank is a credit institution that has the exclusive right to carry out the following banking operations in aggregate: attract funds from individuals and legal entities to deposits, place these funds on its own behalf and at its own expense on the terms of repayment, payment, urgency, open and maintain bank accounts of individuals and legal entities.

Non-bank credit institution - a credit institution that has the right to carry out certain banking operations. Permissible combinations of banking operations for non-bank credit organizations are established by the Central Bank.

The Russian banking system is two-level. At the first level is the Central Bank of Russia, which works mainly with credit institutions, at the second level are Russian commercial banks, as well as branches and representative offices of foreign banks.

Non-bank credit organizations (NCOs) can be divided into two groups.

1. Settlement, which are entitled to carry out the following banking operations: opening and maintaining bank accounts of legal entities; making settlements on behalf of legal entities, including correspondent banks, on their bank accounts.

Depending on the functional purpose, NCOs can provide services to legal entities, including credit institutions, in the interbank, foreign exchange and securities markets, carry out settlements with plastic cards, collect funds, bills of exchange, payment and settlement documents, and provide cash services to legal entities, transactions for the purchase and sale of foreign currency in non-cash form. NCOs are not entitled to attract funds from legal entities and individuals as deposits for the purpose of placing them on their own behalf and at their own expense.

2. Collection organizations, on the basis of a license issued by the Bank of Russia, are entitled to carry out collection of funds, bills of exchange, payment and settlement documents.

The modern banking system of the Russian Federation has already experienced two major crises. The first - in August 1995, the second - in August 1998.

In order to restore the normal functioning of the banking system and its restructuring, in 1999 a Agency for Restructuring Credit Institutions. The restructuring of credit institutions is understood as a set of measures applied to credit institutions aimed at overcoming their financial instability and restoring solvency or at the implementation of liquidation procedures.

64. BANKING SYSTEM

The modern banking system of Russia is a system of transition. It acts as a market model, divided into two tiers: the first tier covers the institutions of the Central Bank of the Russian Federation, which issues money into circulation (emission), its tasks are to ensure the stability of the ruble, supervision and control over the activities of commercial banks. The second tier consists of commercial banks and credit institutions, whose task is to serve clients of enterprises and organizations, providing them with a variety of services (lending, settlements, cash, deposit, currency transactions, etc.).

Signs of the banking system:

- includes elements subordinate to a certain unity, corresponding to common goals;

- has specific properties;

- capable of interchangeability of elements;

- is a dynamic system;

- acts as a "closed" type system;

- has the nature of a self-regulating system;

- is a controlled system. The elements of the banking system are banks, some special financial institutions that perform banking operations, but do not have the status of a bank, as well as some additional institutions that form the banking infrastructure and provide elements of the banking system.

In practice, a variety of banks operate. Depending on one or another criterion, they can be classified as follows.

According to the form of ownership they distinguish state, joint-stock, cooperative, private and mixed banks.

According to the legal form of the organization banks can be divided into open and closed types of limited liability companies.

By functional purpose banks can be divided into issuing, deposit and commercial.

By the nature of the operations performed banks are divided into universal and specialized.

Types of banks can be classified and by the industries they serve. These can be diversified banks serving mainly one of the industries or sub-sectors.

By number of branches banks can be divided into non-branch and multi-branch.

By service sector banks are divided into regional, interregional, national, international.

By scale of activity it is possible to distinguish small, medium, large banks, banking consortia, interbank associations.

In terms of capital.

Special purpose banks and credit organizations (not banks) also operate in the banking system.

The elements of the banking system include banking infrastructure. It includes various kinds of enterprises, agencies and services that ensure the vital activity of banks. The banking infrastructure includes information, methodological, scientific, personnel support, as well as means of communication, communications, etc.

Banking legislation is a special block of the banking system. Currently, there are three laws in force in Russia directly related to the work of banks: federal laws "On the Central Bank of the Russian Federation (Bank of Russia)", "On banks and banking activities", "On the insolvency (bankruptcy) of credit institutions".

The banking system cannot exist without banking market. Banking resources are concentrated on it, and banking products are also traded.

65. THE CENTRAL BANK AND ITS PLACE IN THE BANKING SYSTEM

The main link in the banking system of any state is the country's central bank.

In different states, such banks are called differently: people's, state, emission, national, reserve, simply a bank, etc. The Bank of England, established in 1694, is considered the first issuing bank.

Subsequently, in addition to the role of the issuing center, the role of the state treasurer, intermediary between the state and commercial banks, and the conductor of the state's monetary policy was assigned to central banks. Central banks, created on the basis of commercial banks, were then nationalized. Currently, their capital is fully or partially owned by the state.

Usually, the main legal act regulating the activities of the national bank is the law on the central bank of the country. It establishes the organizational and legal status of the central bank, the procedure for appointing or electing its senior staff, the procedure for relations with the state and the national banking system.

Along with the law on the central bank, the interaction between the central bank and credit institutions is regulated by the law on banking.

To determine the role of the central bank in the economic and political processes in the country, the degree of its independence is very important. Economic independence is usually understood as the ability of the central bank to use the instruments at its disposal without significant restrictions. The degree of political independence of the central bank is determined by the level of independence in its relations with government bodies in the choice and implementation of monetary policy.

Central banks are the regulatory link in the banking system, so the main goal of their activities is to strengthen monetary circulation, protect and ensure the stability of the national currency and its exchange rate against foreign currencies; development and strengthening of the country's banking system, ensuring efficient and uninterrupted settlements.

Traditionally, the central bank has five main tasks - it is designed to be:

1) emission center of the country, i.e., enjoy the monopoly right to issue banknotes;

2) economic regulator monetary methods, i.e., to conduct monetary and foreign exchange policy;

3) bank of banks, i.e., to carry out transactions not with commercial and industrial clients, but mainly with the banks of a given country: to keep their cash reserves, the amount of which is established by law; provide them with loans (lender of last resort), exercise control and supervision;

4) government banker, i.e. to support government economic programs and place government securities; provide loans and settlement operations for the government, hold (official) foreign exchange reserves;

5) the main settlement center of the country, acting as an intermediary between other banks of the country when performing non-cash payments.

As the "bank of banks", the central bank provides credit institutions with the opportunity to refinance. At the same time, according to the law, the central bank has the right to limit the commercial banks of the country in credit funds.

66. STATUS, STRUCTURE AND MAIN OBJECTIVES OF THE CENTRAL BANK OF THE RUSSIAN FEDERATION

The Central Bank of the Russian Federation operates on the basis of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" dated July 10, 2002 No. 86-FZ.

The actual independence of the country's central bank is a necessary condition for the effectiveness of its activities, which often conflicts with the government's short-term goals. Its independence is especially important in terms of limiting the government's ability to use money emission to cover the budget deficit.

At the same time, the independence of the central bank from the government is relative in the sense that economic policy cannot be successful without clear coordination and close coordination of its main elements - monetary and financial policies.

The authorized capital and other property of the Central Bank of the Russian Federation are federal property. However, the Central Bank of the Russian Federation is not financed from the budget, it carries out its expenses at the expense of its own income. At the same time, making a profit is not the goal of the Bank of Russia. The Central Bank transfers to the federal budget 50% of the received balance sheet profit at the end of the year. The Central Bank directs the remaining profit to reserves and funds for various purposes.

The Central Bank of the Russian Federation is accountable to the State Duma, which appoints and dismisses the Chairman of the Bank and members of the Board of Directors of the Central Bank. It considers the annual report of the Central Bank and the audit report, determines the audit firm to audit the annual report of the Central Bank.

Within the limits permitted to it by the Constitution and laws, the Central Bank of the Russian Federation is independent in its activities. Federal state authorities and other authorities do not have the right to interfere in its activities. Moreover, the regulations issued by the Central Bank of the Russian Federation within its competence are binding on the federal authorities.

The activities of the Central Bank of the Russian Federation in modern conditions should be subordinated to three goals:

- protecting and ensuring the stability of the ruble, including its purchasing power and exchange rate against foreign currencies;

- development and strengthening of the banking system of the Russian Federation;

- ensuring efficient and uninterrupted functioning of the settlement system.

The Bank of Russia forms a single centralized system with a vertical structure. The Bank's system includes the central office, territorial offices, and local branches. The national banks of the republics are territorial institutions of the Central Bank of the Russian Federation. Territorial institutions do not have the status of a legal entity and do not have the right to make decisions of a normative nature.

Territorial institution of the Central Bank - This is a separate subdivision of the Central Bank, which performs part of its functions on the territory of a constituent entity of the Russian Federation and is part of a single centralized system of the Central Bank.

Operations of the Central Bank of the Russian Federation are divided into two groups: passive and active. To passive include operations by which the resources of the Central Bank are formed, to active - resource allocation operations.

The main sources of the Central Bank's resources are the issuance of banknotes and funds of commercial banks on correspondent accounts, on the account of required reserves, deposits of commercial banks and budget funds.

The bulk of the Central Bank's funds are invested in securities and various currency values ​​placed with non-residents.

67. FUNCTIONS OF THE CENTRAL BANK OF THE RUSSIAN FEDERATION

The Bank of Russia performs the following functions: 1) develops and implements a single monetary policy; 2) monopoly issues cash and organizes its circulation; 3) is a lender of last resort for credit institutions, organizes a refinancing system; 4) establishes the rules for making settlements in Russia; 5) establishes the rules for conducting banking operations, accounting and reporting for the banking system; 6) maintains the accounts of the budgets of all levels of the budgetary system of the Russian Federation; 7) carry out effective management of the gold and foreign exchange reserves of the Bank of Russia; 8) establishes and publishes the official exchange rates of foreign currencies against the ruble; 9) establishes the procedure and conditions for the implementation by currency exchanges of activities to organize transactions for the purchase and sale of foreign currency, issues, suspends and revokes permits for currency exchanges to conduct these operations; 10) carries out state registration of credit institutions, issues and revokes licenses of credit institutions and organizations involved in audit; 11) exercise supervision over the activities of credit institutions; 12) register the issue of securities by credit institutions;

13) carries out all types of banking operations;

14) carries out currency regulation, determines the procedure for making settlements with foreign states; 15) exercise currency control; 16) takes part in the development of the forecast of the balance of payments, organizes its compilation; 17) conducts analysis and forecasting of the state of the Russian economy; 18) perform other functions.

The Bank of Russia is entitled to carry out the following operations with Russian and foreign credit institutions:

- provide loans for a period not exceeding one year secured by securities and other assets;

- buy and sell government securities on the open market;

- buy and sell bonds of the Bank of Russia and certificates of deposit;

- buy and sell foreign currency and payment documents in foreign currency;

- buy and sell precious metals and other currency values;

- carry out settlement, deposit and cash transactions, accept securities and other valuables for storage and management;

- issue guarantees and guarantees;

- carry out operations with financial instruments used to manage financial risks;

- open accounts in Russian and foreign credit institutions in Russia and foreign countries;

- issue checks and bills in any currency;

- carry out other banking operations. The Bank of Russia is not entitled to:

- carry out banking operations with legal entities that do not have a license to conduct credit operations, and individuals;

- acquire shares of credit and other organizations;

- carry out real estate transactions;

- engage in trade and production activities;

- to prolong the granted credits. The Bank of Russia is not entitled to provide loans to the Government of the Russian Federation to finance the budget deficit, to buy government securities during their initial placement.

68. MONETARY POLICY OF THE CENTRAL BANK OF THE RUSSIAN FEDERATION

Money-credit policy is an integral part of the state’s economic policy, the main strategic goals of which are to improve the well-being of the population and ensure maximum employment. In connection with these main guidelines for the government's macroeconomic policy are usually ensuring GDP growth and reducing inflation.

In accordance with the objectives of macroeconomic policy adopted for the current year, the ultimate goals of monetary policy Bank of Russia.

The ultimate goals of monetary policy determine its intermediate goals in the form of setting certain benchmarks for the growth of the money supply, calculated taking into account the necessary ratio in the given economic conditions between the dynamics of GDP and the money supply.

The development of monetary policy is carried out directly by the Central Bank of the Russian Federation (Bank of Russia). The implementation of the approved monetary policy is also entirely entrusted to the Bank of Russia. The law regulates the tools and methods that the Bank of Russia can use in this case.

Interest policy The Bank of Russia is used to influence market interest rates in order to strengthen the national currency.

reserve requirement policy The Bank of Russia uses as a method of regulating the overall liquidity of the banking system and controlling monetary aggregates by reducing the money multiplier. Reserve requirements are established in order to limit the credit capacity of banks and maintain a certain level of money supply in circulation.

Open market operations - These are transactions for the purchase and sale by the Bank of Russia of government bonds, treasury bills and other government securities, short-term transactions with securities with a reverse transaction later.

Under refinancing of commercial banks refers to lending by the Bank of Russia to credit institutions, including the accounting and rediscounting of promissory notes. Currently, the Bank of Russia provides banks that have entered into the General Loan Agreement with the following types of secured loans: intraday loans; overnight credits; pawn loans. An integral part of the refinancing policy pursued by the Bank of Russia is its deposit transactions with credit institutions.

Currency regulation implies the development and implementation by the Bank of Russia of the exchange rate policy.

When implementing the chosen currency policy, the Bank of Russia uses a wide range of methods, which can be conventionally divided into market and administrative.

К market methods it is possible to include the carrying out by the Bank of Russia of events for the purchase and sale of foreign currency on the stock exchange and interbank market (currency intervention) to influence the ruble exchange rate and the total demand and supply of money.

Administrative Methods are based on forcing market participants to take actions aimed at changing the demand and supply of foreign currency in the market.

Direct quantitative restrictions may be used by the Bank of Russia in exceptional cases for the purpose of conducting a unified state monetary policy after consultations with the Government of the Russian Federation.

The adoption of current decisions in the field of monetary policy is within the competence of the Board of Directors of the Bank of Russia.

69. THE CONCEPT OF A COMMERCIAL BANK, ITS FUNCTIONS

Commercial Bank - a credit institution that has the exclusive right to carry out certain banking operations.

The concept of a credit organization is defined in the Federal Law “On Banks and Banking Activities”. A credit organization is a legal entity that, in order to make a profit as the main goal of its activities, on the basis of a license from the Bank of Russia, has the right to carry out banking operations provided for by federal law.

A credit organization can be formed on the basis of any form of ownership as a business company, i.e. a commercial bank can be created in the form of an open joint stock company, a closed joint stock company, a limited liability company.

There are two types of credit institutions in Russia:

- commercial Bank;

- non-banking credit institution. A non-bank credit organization performs a limited range of operations.

In addition to commercial banks and non-bank credit institutions, foreign banks may be registered in Russia.

The main operations that a commercial bank performs are raising capital, placing it on favorable terms, as well as performing a number of services to clients.

Federal law prohibits commercial banks from engaging in industrial, insurance and trading activities.

A commercial bank, like any enterprise, institution, has a certain management structure. The main governing body is the meeting of shareholders or the meeting of shareholders. The supreme governing body is the meeting of shareholders. The most operational management body is the Board of Directors of the bank, which is elected at the meeting of shareholders of the bank. The Board of the Bank is headed by the Chairman, who is elected from among the members of the Board of the Bank by secret ballot.

Among functions of a commercial bank four that underlie the definition of a bank and define its essence stand out:

1) function of accumulation and mobilization of temporarily free funds is one of the most important functions of the bank. Commercial banks play a leading role in attracting free funds of all economic agents and turning them into capital in order to attract profit. In performing this function, banks act as borrowers;

2) credit mediation function. The performance of this function contributes to the expansion of production, financing of industry, facilitating the creation of reserves, expanding consumer demand, facilitating the financial activities of the government, reducing distribution costs;

3) function of intermediary in making payments and settlements;

4) function of creating means of payment. In addition to the four fundamental functions, an additional function of a commercial bank is often distinguished - the function of organizing the issue and placement of securities. It is carried out through investment operations and is of great importance in an elastic credit system, which is a necessary condition for maintaining a relatively stable growth rate of the economy. The expansion of the significance of this function has led to the fact that banks become direct competitors to the stock exchanges, through which the bulk of the retail sale of securities is realized.

70. TYPES OF COMMERCIAL BANKS IN THE RUSSIAN FEDERATION

Commercial banks can be classified according to the following criteria.

1. By form of ownership. Depending on the ownership of capital, there are:

- public banks, when the capital of a commercial bank belongs to the state. There are two types of state banks: central banks and state commercial banks;

- joint-stock banks - the most common form of ownership of banks at the moment. The equity capital of such banks is formed through the sale of shares. Joint stock commercial banks are subdivided into an open joint stock company, when there is an open sale of shares, and a closed joint stock company, the shares of which are distributed only among its founders or other predetermined circle of persons. This form is progressive, since it makes it possible to expand the bank through additional attraction of funds through the issuance of shares and a corresponding increase in equity;

- cooperative (share) banks whose capital is formed through the sale of shares;

- municipal banks formed at the expense of municipal (city) property or managed by the city. The main task of such banks is to serve the needs of the city in banking services;

- mixed banks, when the bank's own capital combines different forms of ownership;

- joint banks, or banks with the participation of foreign capital, i.e. their authorized capital belongs to foreign participants or branches of banks in other countries.

2. By nature of economic activity it is possible to allocate issuing, commercial, specialized banking institutions. Emissive A bank is a bank that issues banknotes and is the center and regulator of the banking system (Central Bank). Commercial banks are credit organizations that provide credit and settlement services to industrial, commercial and other enterprises and organizations, as well as the population. Specialized banking institutions may engage in lending to any particular type of activity. These include mortgage, investment, savings, industry and other banks.

3. By terms of loans allocate banks short-term and long-term credit. Long-term lending banks, such as mortgage banks, issue loans for a period of more than five years. Short-term credit banks issue loans for up to three years, as a rule, universal commercial banks.

4. On an economic basis depending on the industry that banks serve in the first place, there are industrial banks, commercial agricultural banks.

5. By territory banks are divided into local, federal, republican and international.

6. Distinguished by size large, medium and small banks.

7. By volume and variety of operations banks are divided into universal banks that carry out all types of operations and serve a variety of clients, and specialized banks that focus on conducting one or two types of operations and serve a specific clientele (mortgage bank, investment bank, innovation bank, consumer credit banks, savings bank).

8. By the presence of a branch network A distinction is made between banks with and without branches.

71. PRINCIPLES OF ACTIVITY OF COMMERCIAL BANKS

The first and fundamental principle of the activity of a commercial bank is work within available resources. A commercial bank can make non-cash payments in favor of other banks, provide loans to other banks and receive money in cash within the balance of funds on its correspondent accounts.

Working within the limits of actually available resources means that a commercial bank must ensure not only a quantitative correspondence between its resources and credit investments, but also ensure that the nature of bank assets matches the specifics of the resources it has mobilized. First of all, this applies to the terms of obligations and requirements of banks.

To ensure self-sufficiency and profit, the bank must seek to agree on the price of attracting resources and the profitability of their placement. Attracting expensive resources implies that the bank has highly profitable areas for their placement, since otherwise it will incur losses from its core activities. The rigid dependence of the bank's assets on the nature of its liabilities should be taken into account when determining the economic standards for the activities of banks and when regulating their operations.

Within the limits of the resources available to banks, it is free to conduct its active operations. Administrative restrictions may be of a one-time, emergency nature. A commercial bank can work within the limits of actually attracted resources, while maintaining its liquidity, only with a high degree of economic freedom, combined with full economic responsibility for the results of its activities.

The second most important principle on which the activities of commercial banks are based is full economic independence, implying the economic responsibility of the bank for the results of its activities. Economic independence implies the freedom to dispose of the bank's own funds and attracted resources, the free choice of clients and depositors, the disposal of income remaining after taxes. The current banking legislation provided all commercial banks with economic freedom in the disposal of their funds and income. The economic responsibility of a commercial bank is not limited to current income, but also extends to its capital. The commercial bank assumes all risk from its operations.

The third principle is that the relationship of a commercial bank with its customers are built as normal market relations. When providing loans, a commercial bank proceeds primarily from market criteria of profitability, risk and liquidity. Orientation towards "general state interests" is incompatible with the commercial nature of the bank's work and will inevitably result in a liquidity and solvency crisis for it.

The fourth principle of the commercial bank is that bank regulation can be carried out only by indirect economic (rather than administrative) methods. The state determines the "rules of the game" for commercial banks, but cannot give them orders and directives regarding the directions and conditions for placing and attracting resources.

72. TYPES OF BANKING OPERATIONS AND TRANSACTIONS PROVIDED BY THE FEDERAL LAW No. 17-FZ DATED FEBRUARY 3, 1996 "ON BANKS AND BANKING ACTIVITIES"

The functions of banks are realized through their operations. According to the Law of the Russian Federation of February 3, 1996 No. 17-FZ "On Banks and Banking Activity", banking operations include: attraction of funds from individuals and legal entities in deposits (on demand and for a certain period); placement of attracted funds on its own behalf and at its own expense; opening and maintaining bank accounts of individuals and legal entities; making settlements on behalf of individuals and legal entities, including correspondent banks, on their bank accounts; collection of funds, bills of exchange, payment and settlement documents and cash services for individuals and legal entities; purchase and sale of foreign currency in cash and non-cash forms; attraction to deposits and placement of precious metals; issuance of bank guarantees; implementation of money transfers on behalf of individuals without opening bank accounts (except for postal orders).

In addition to the above, banks are entitled to carry out the following transactions: issuance of guarantees for third parties, providing for the fulfillment of obligations in cash; trust management of funds and other property under an agreement with legal entities and individuals; carrying out operations with precious metals and precious stones; leasing to individuals and legal entities special premises or safes located in them for storing documents and valuables; leasing operations; provision of consulting and information services.

The credit organization is entitled to carry out other transactions in accordance with the legislation of the Russian Federation.

All banking operations and other transactions are carried out in rubles, and in the presence of an appropriate license from the Bank of Russia - in foreign currency. The rules for carrying out banking operations, including their material and technical support, are established by the Bank of Russia in accordance with federal laws.

A credit organization is prohibited from engaging in production, trade and insurance activities.

A commercial bank has the right to issue, buy, sell, record, store securities, transactions with which do not require a special license in accordance with federal laws, and also have the right to exercise trust management of these securities under an agreement with individuals and legal entities.

There are three groups of operations of commercial banks: passive, active and commission-intermediary.

The division of banking operations into passive and active is based on their influence on the formation and placement of banking resources.

Bank resources - this is the amount of money that is at his disposal and can be used by him to carry out active operations.

As a result of passive operations the cash balances on the passive accounts of the bank's balance sheet increase.

Active Operations lead to an increase in funds in active accounts.

There is a close relationship between passive and active operations of a commercial bank. For successful operation, the bank must ensure the coordination of passive and active operations.

73. PASSIVE OPERATIONS OF COMMERCIAL BANKS

Passive Operations - these are operations to attract funds to banks, the formation of their resources. The passive operations of the bank include:

1) attraction of funds to settlement and current accounts of legal entities and individuals;

2) opening urgent accounts of citizens and organizations;

3) issue of securities;

4) loans received from other banks.

All passive operations of the bank associated with raising funds, depending on their economic content, are divided as follows: deposit, including obtaining interbank loans; issuance (placement of shares or securities of the bank).

The bank's resources consist of borrowed funds and equity.

Equity - these are funds owned directly by the bank, in contrast to borrowed funds that the bank has attracted for a while. The bank's equity capital performs a number of important functions: protective, operational, regulatory.

The bank's own funds (capital) are made up of the authorized capital and profit, from which the bank pays taxes, forms reserve and other funds, and pays dividends to its shareholders in the remaining amount.

Equity management plays an important role in ensuring the sustainability of the bank's liabilities and profitability. One of the ways to manage the bank's own capital is dividend policy.

Major banks are widely used issue of shares as an effective way to raise funds. Commercial banks issue ordinary shares, and preference shares.

In foreign practice, to increase the amount of equity capital, it is often used issuance of bonds.

Bank reserves formed at the expense of its profits and include:

- Reserve fund - designed to cover large losses;

- reserve fund for depreciation of securities, whose funds are used to cover losses arising from a fall in the price of securities;

- loan reserve, used to cover potential loan losses and charged to the bank's expenses;

- economic development fund, formed in the amount established by the meeting of shareholders and intended for the development of the bank. Involved funds occupy a predominant place in the structure of banking resources. Attracted funds according to the method of their accumulation are divided into Deposits и other borrowed funds. The bulk of the attracted funds of commercial banks are deposits.

Modern banking practice is characterized by a wide variety of deposits (deposits) and, accordingly, deposit accounts: demand deposits, time deposits, savings deposits, deposits in securities.

Deposits can also be classified by terms, categories of depositors, conditions for depositing and withdrawing funds, interest paid, the possibility of obtaining benefits on active bank operations, etc.

Other borrowed funds are resources that the bank receives in the form of loans or by selling its own debt obligations on the money market. Other borrowed funds differ from deposits in that they are acquired on the market on a competitive basis. Usually these are significant amounts, due to which the corresponding transactions are considered wholesale.

In modern conditions, the main sources of funds of a commercial bank are deposits of organizations and interbank deposits.

74. ACTIVE OPERATIONS OF COMMERCIAL BANKS

Active Operations is the placement of financial resources of a commercial bank. Active operations are divided into two types: credit operations and investments.

Credit operations - this is the relationship between the lender and the borrower to provide the first to the last with a certain amount of money on the terms payment, urgency, repayment, security. Credit operations are divided into active (the bank makes loans) and passive (the bank takes loans).

Credit transactions can be carried out in two forms - in form of loans and form of deposits. This means that credit operations are a broader concept than loan operations. Credit operations can be carried out by banks and other business entities (commercial credit).

Bank lending is divided into direct и indirect. Direct lending - this is a credit relationship of business entities directly with the bank. Indirect lending means that credit relations arise first between business entities, which subsequently apply to the bank for loans. Main types indirect bank lending are transactions with bills, factoring, leasing. Bank lending is carried out in strict compliance with the principles of lending. These include return lending, urgency, safety loan (in Russia, the following types of security are used - pledge, bank guarantee, surety, insurance liability of the borrower for repayment of the loan).

Credit price - bank interest rate. Due to this percentage, the bank covers its costs and makes a profit. A number of factors affect the interest rate:

- Demand for credit from borrowers;

- the refinancing rate of the Central Bank of the Russian Federation;

- credit term;

- type of loan;

- average interest rate of attraction in the interbank credit market;

- the state of money circulation in the country (in the period of inflation, the interest rate rises, in the period of deflation - falls).

Bank loans can be classified according to the following criteria:

- according to the terms of the loan, loans are divided into short-term, medium-term and long-term;

- by types of collateral - secured and unsecured;

- by types of borrowers - agricultural, industrial, municipal, trade, etc.;

- by directions of use - for the formation of working capital, investment, for the elimination of temporary financial difficulties, export, import, etc.;

- by size - small, medium, large;

- according to the method of provision - bills of exchange, with the help of open accounts, seasonal, etc. The credit process consists of four stages.

I stage. Assessment of the economic situation in the country, region, industry. On its basis, the credit policy of the bank is developed.

II stage. Providing bank loans. The borrower submits the necessary documents to the bank, and a loan agreement is concluded between the bank and the borrower.

III stage. Credit control.

IV stage. Repayment of a bank loan and interest on it.

To issue loans to customers, loan accounts are opened: a simple loan account, a special loan account, a checking account.

Investment operations of banks are long-term investments of funds in order to make a profit. In the narrow sense of the word, these are investments in securities.

75. CLASSIFICATION OF BANK LOANS

Most often in the economic literature there is a classification of loans according to the following criteria:

- purpose (purpose of the loan);

- scope of use;

- terms of use;

- provision;

- method of issuance and repayment;

- types of interest rates.

By appointment bank loans can be divided into the following groups: industrial, agricultural, trade, investment, consumer, mortgage.

Industrial loans are provided to enterprises and organizations for the development of production, covering the costs of purchasing materials, etc.

Agricultural loans are provided to farmers, peasant farms in order to facilitate their activities in cultivating the land, harvesting, etc.

consumer loans are provided to individuals to cover urgent needs, repair and purchase of apartments, houses, etc.

Mortgage Loans are issued secured by real estate for the purpose of building, acquiring or renovating housing.

Depending on the areas of use bank loans can be of two types: loans for financing of fixed or working capital. In turn, loans to working capital are divided into loans to the sphere of production and the sphere of circulation. According to the terms of use, bank loans are oncol (on demand) и urgent.

On-call loans are subject to return within a fixed period after receipt of an official notification from the creditor. Term loans taken to be divided into short term, medium term and long term.

Based on collateral, loans are divided into unsecured (blank) and secured. Depending on the type of security, they are usually divided into collateral, guaranteed and insured. Allotment accepted secured, undersecured and unsecured loans.

Secured loan - a loan secured by collateral.

The category of secured loans includes loans issued under the guarantee of the Government of the Russian Federation, constituent entities of the Russian Federation, the guarantee of the Bank of Russia.

Undercollateralized loan - a loan secured by collateral that does not meet at least one of the requirements for collateral for a secured loan.

unsecured loan - a loan that is unsecured or secured by collateral that does not meet the requirements for collateral for secured loans.

According to the method of issue, bank loans can be divided into loans that are compensatory and payment in nature. Compensatory a loan involves the direction of loan funds to the current account of the borrower in order to reimburse the expenses incurred by him earlier. Essence payment the loan consists in the fact that the borrower, as necessary, provides the bank with the settlement and payment documents that come to him and the loan funds are received directly to pay for these documents.

According to the methods of repayment, bank loans are divided into loans, redeemable at the same time and loans payable in installments.

According to the types of interest rates, bank loans can be divided into loans with fixed or floating interest rate.

76. ACCOUNTS OPENED BY CLIENTS IN THE BANK, THEIR TYPES AND PURPOSE

On the basis of a bank account agreement, depending on the nature of their activities and sources of financing, various types of accounts can be opened for clients: settlement, current, budget, deposit, loan, etc. Types of accounts opened with a bank for clients are predetermined by their legal status and nature of activity.

Checking account is the main account of the company. It is opened to enterprises, regardless of the form of ownership, that have the rights of a legal entity, and is intended for making settlements, primarily for its core business.

The current account concentrates the results of all banking operations on the main activity. The balance on the account indicates the free funds available to its owner.

Most Russian banks do not charge a fee for settlement servicing of accounts of legal entities.

Current accounts open to enterprises that do not have the characteristics that give the right to have a current account. The following operations are carried out on this account: transfer of funds from the current account of the head enterprise for the issuance of wages and travel expenses; issuing them; non-cash transfers to deposits of citizens, as well as deductions from wages.

budget accounts are opened to organizations (enterprises) financed from the federal budget (extrabudgetary funds). Depending on the nature of the accounted transactions, they are divided into revenue, expenditure, current accounts of local budgets and current accounts of extra-budgetary funds.

The funds received on the accounts are subject to strictly designated use on behalf of the financial authorities in accordance with the objectives of the activities of these enterprises. By agreement of the parties, a fee may be charged on the balances of funds on the specified accounts.

Deposit accounts of legal (individual) persons are opened for storage for a certain time of a part of the enterprise's funds at its request in a servicing bank or in any other bank. These funds are credited by transferring the corresponding amounts from settlement and current accounts.

In accordance with the laws "On Banks and Banking Activity" and "On Insurance of Deposits of Individuals in Banks of the Russian Federation", operations related to a deposit account can only be carried out by banks that have a special license to attract funds from individuals in deposits in rubles or foreign currency. Responsibilities for the payment of the amounts received and accrued interest on the deposit lie with the commercial bank.

Loan accounts can be opened to legal entities to reflect on them the amounts of the loan issued by the bank. The issuance of a loan is carried out by transferring the amount from loan accounts to settlement (current) accounts of bank customers. These transactions are documented loan agreements.

The loan agreement is bilateral. In this case, the borrower undertakes the obligation to perform certain actions to return the received, and the bank has the right to demand the execution of the loan agreement.

Banking rules govern the opening of other types of accounts, such as foreign exchange, securities transactions, bank cards, etc., in accordance with the types of banking operations.

77. SETTLEMENT AND CASH SERVICE FOR BANK CLIENTS

Settlement services - these are services for the implementation of settlement operations through settlement networks, in which a commercial bank is a participant in accordance with the settlement technology used. Settlement involves the receipt of settlement documents from payers, their processing, forwarding, bringing funds to the final recipient, crediting them to a bank account and issuing statements on the state of the account to its owner.

For settlements, enterprises and organizations open in the bank calculated or current accounts.

These accounts are intended and used for crediting proceeds from the sale of products (works and services), accounting for their income from non-operating transactions, amounts of loans received and other receipts, making settlements with suppliers, budgets for taxes and equivalent payments, with workers and employees for wages and other payments, as well as for payments by decisions of courts and other bodies that have the right to make decisions on the recovery of funds from the accounts of legal entities in an indisputable manner.

To open a settlement (current) account, it is necessary to conclude with the bank bank account agreement according to which the bank undertakes to accept and credit funds incoming to the account, to fulfill the client's instructions on transferring and issuing the corresponding amounts from the account and carrying out other operations on the account.

To open settlement (current account) a set of documents is provided to the bank, which include: an application for opening an account, a certificate of state registration, copies of constituent documents confirming the status of a legal entity, a certificate of registration with a tax authority, etc.

Closing settlement (current) account is carried out on the basis of termination of the bank account agreement, which is possible at the request of the client at any time.

Cash service assumes that the bank issues and accepts cash from the client. The procedure and terms for the delivery of cash are established by the bank for each enterprise in agreement with its head, based on the need to accelerate the turnover of money and their timely receipt at the bank's cash desks.

In the cash desks of the enterprise, cash can be kept within the limits established by banks in agreement with the heads of enterprises annually. Businesses are required to deposit all cash in excess of the established limits with the bank. Exceptions are made only for the issuance of wages, social payments and scholarships, which can be kept at the cash desks of enterprises for no more than three working days, including the day the money is received from the bank.

Banks at least once every two years check compliance with the procedure for conducting cash transactions by their customers. The range of enterprises subject to verification is determined by the head of the bank.

During the audit, the following are considered: the completeness of the posting of cash received from the bank; the completeness of the delivery of money to the cash desk of the bank; compliance with the conditions agreed with the bank for spending cash received at the cash desk; compliance with the established maximum amounts of cash settlements between legal entities; compliance with the cash limit.

78. FORMS OF NON-CASH PAYMENTS AND FEATURES OF THEIR APPLICATION

For non-cash payments, the following forms of settlements between the payer and the recipient of funds can currently be used: payment orders; payment requests; collection orders; letters of credit; checks.

Payment order is an order of the account holder (payer) to the bank serving him, executed by a settlement document, to transfer a certain amount of money to the account of the recipient of funds opened in this or another bank. With the help of payment orders, settlements are made in the economy both for commodity and non-commodity transactions.

Settlements by payment orders have a number of advantages compared to other forms of payment: a relatively simple document flow, faster cash flow, the ability of the payer to pre-check the quality of paid goods and services, the ability to use this form of payment for non-commodity payments.

Settlements for collection represent a banking operation through which the bank (issuing bank), on behalf of and at the expense of the client, on the basis of settlement documents, performs actions on behalf of the payer of the payment.

Settlements in the collection procedure are carried out on the basis of payment requests, the payment of which can be made by order of the payer (with acceptance) or without his permission (without acceptance), and collection orders, payment of which is made without the order of the payer (in an indisputable manner).

Payment request is a settlement document containing the demand of the creditor - the recipient of funds under the main agreement to the debtor (payer) for the payment of a certain amount of money through the bank.

The collection form of payment is also used for the indisputable debiting of funds from accounts. In this case, a settlement document called "collection order" is used.

Letter of credit represents a conditional monetary obligation accepted by the bank (issuing bank) on behalf of the payer, to make payments in favor of the recipient of funds upon presentation by the latter of documents that comply with the terms of the letter of credit, or to authorize another bank (executing bank) to make such payments. Unlike other forms of non-cash payments, the letter of credit guarantees payment to the supplier either at the expense of the buyer's own funds or at the expense of his bank.

Banks can open covered (deposited) and uncovered (guaranteed) letters of credit, as well as revocable and irrevocable.

Check - a security containing an unconditional order from the drawer to the bank to pay the amount specified in it to the check holder. The drawer is a person (legal or individual) who has funds in the bank, which he has the right to dispose of by issuing checks, the check holder is the person (legal or individual) in whose favor the check is issued, the payer is the bank in which the drawer’s funds are located.

Unlike settlements by payment orders, the check is transferred by the payer (drawer), bypassing the bank, directly to the payee (check holder) at the time of the business transaction, which presents the check to the bank for payment.

79. SECURITIES MARKET: FUNCTIONS AND STRUCTURE

Securities market - this is a set of economic relations that arise between various economic entities regarding the mobilization and placement of free capital in the process of issuing and circulating securities.

The securities market performs a number functions, which can be divided into two groups: 1) general market functions inherent in any market; 2) specific features that distinguish it from other markets.

К general market relate:

- commercial function associated with the receipt of profit from operations in this market;

- price function with the help of which the process of formation of market prices, their constant movement, etc. is ensured;

- information function on the basis of which the market produces and communicates to its participants information about the objects of trade;

- control function, related to the creation of rules for trade and participation in it, the procedure for resolving disputes between participants, the establishment of priorities and the formation of management and control bodies.

К specific can be attributed:

- redistributive function, ensuring the flow of funds between industries and areas of activity and financing the budget deficit;

- insurance function price and financial risks, or hedging, which is carried out on the basis of a new class of derivative securities: futures and options contracts. The securities market is a complex structure with many characteristics, and therefore it can be viewed from different angles.

Depending on the stage of circulation of a security, there are primary and secondary markets.

Primary The market is the acquisition of securities by their first owners. This is the first stage of the process of selling a security and the first appearance of a security on the market. Secondary the market is the circulation of previously issued securities, i.e., the totality of all acts of sale and purchase or other forms of transfer of securities from one owner to another during the entire period of circulation of the security.

Depending on the level of regulation, securities markets consist of organized and unorganized.

Organized the securities market is a circulation on the basis of the rules established by the governing bodies between licensed professional intermediaries - market participants on behalf of other participants. Unorganized the market is the circulation of securities without observing the rules uniform for all market participants.

Depending on the place of trading, there are exchange and over-the-counter securities markets.

Exchange The market is based on the trading of securities on stock exchanges, therefore it is always an organized securities market, since trading is carried out strictly according to the rules of the exchange and only between exchange intermediaries, which are carefully selected among all other market participants. OTC The market is the trading of securities without going through the stock exchange. It can be organized or unorganized.

Depending on the terms for which transactions are concluded, the securities market is divided into cash and urgent. Cash the securities market is a market with immediate execution of transactions within one to two business days. Urgent is a market in which transactions are concluded with a maturity exceeding two business days.

80. SECURITIES: PROPERTIES, CLASSIFICATION, SIGNS

Security paper - this is a special form of the existence of capital, which replaces its real forms, expresses property relations, can independently circulate on the market as a commodity and generate income.

A security has a number of properties:

- redistributes funds between sectors of the economy, territories and countries, groups and strata of the population, economic entities and the state, etc.;

- grants certain additional rights to its owners, in addition to the right to capital;

- ensures the receipt of income on capital and (or) the return of the capital itself.

A security has a number of properties that make it similar to money. The main property is exchange for money in various forms.

Distinguish nominal, bearer and order securities.

A bearer security has significant advantages over a registered security, since the process of transfer of rights to capital is carried out immediately by transferring the security from its owner to the buyer.

A registered security, unlike a bearer one, has two important properties: 1) its owner is always known; 2) all operations with this paper are available for control and taxation by the state, as they are subject to registration. Therefore, in a developed market, there is a tendency to increase the issuance of registered securities, since issuers are interested in this, on the one hand, because this allows the transfer of property rights, and on the other hand, the state, as it expands its tax base.

Depending on the forms of property relations, expressed by a security, distinguish equity и debt securities.

Securities existing in modern world practice are divided into two large classes: 1) main (shares, bonds, bills, mortgages); 2) derivatives (warrants, depositary receipts, futures contracts, options, etc.) securities.

Each type of securities is a certain set of them, for which all the features inherent in securities are common.

A security is characterized by a certain set of characteristics:

1) the period of existence of a security - the time of issuance into circulation, for what period of circulation or indefinitely;

2) form of existence - documentary or non-documentary;

3) nationality - domestic or foreign;

4) territorial affiliation - the region of the country in which the given security is issued;

5) the type of asset underlying the security or its underlying basis (commodities, money, total assets, etc.);

6) the order of possession - a security to a bearer or to a specific person (legal, natural);

7) the form of issue - issuance, i.e., issued in separate series, within which all securities are exactly the same in their characteristics, or non-issue (individual);

8) form of ownership and type of element;

9) the nature of negotiability - is freely traded on the market or there are restrictions;

10) economic essence in terms of the type of rights that a security provides;

11) risk level - high, low, etc.;

12) availability of income - whether some income is paid on the security or not;

13) form of investment - investing money in debt or for the acquisition of property rights.

81. MAIN TYPES OF SECURITIES

Promotion - this is an issuance security that secures the holder's rights to receive part of the profit of the joint-stock company in the form of dividends, to participate in management and to part of the property remaining after its liquidation.

According to the form of appropriation of income, they distinguish ordinary shares, which entitle the holder to a share in the authorized capital of the company, to participate in the management of the company by voting when making decisions at the general meeting of shareholders, to receive a share of the profits from the company's activities after payment to holders of preferred shares, and preferred shares.

Holder preferred shares has an advantage over the holder of ordinary shares in the distribution of dividends and property of the company in the event of its liquidation. Unlike ordinary shares, preference dividends are usually set at a fixed rate.

To make investment decisions in the process of analyzing securities, various valuations shares. In practice, the following types are distinguished: 1) nominal value; 2) book value; 3) market value.

Bond certifies the deposit of funds by its owner and confirms the obligation to reimburse him the face value of this security within the prescribed period with the payment of a fixed percentage. The fundamental difference between a bond and shares is that bondholders are not co-owners of a joint-stock company, but its creditors.

Current price bonds represents the value of the expected cash flow, adjusted to the current point in time.

An important asset is bill. Currently, financial markets operate with two main types of bills: promissory notes and transferable ones.

Promissory note (solo bill) is an unconditional debt obligation of the established form, expressing the obligation of the drawer to pay a certain amount of money to the creditor (bill holder) at a certain time and in a certain place. A promissory note is issued by the borrower.

Bill of exchange (draft) is a written order of the drawer (drawer) to the drawee (payer) on the payment by the latter of a certain sum of money to a third party.

Another type of securities deposit и savings certificates, representing a written certificate of the issuing bank on the deposit of funds, certifying the right of the depositor (beneficiary) or his successor to receive after the expiration of the established period the amount of the deposit (deposit) and interest on it.

Only banks can act as issuers of deposit and savings certificates. Deposit certificates are intended exclusively for legal entities, and savings - for physical. Certificates must be urgent.

The security is also check, containing a written request of the drawer to the payer to pay the check holder the amount specified in it.

Securities also include: 1) warehouse certificate - a document certifying the storage agreement concluded between the parties; 2) bill of lading - a document of title certifying the right of its holder to dispose of the cargo specified in the bill of lading and to receive the cargo after the transportation is completed.

82. PRIMARY AND SECONDARY STOCK MARKET

primary market is the market in which issuers sell securities to investors. More precisely, it is a mechanism for the issue and initial placement of issued securities. Speaking of the primary market, one should use the term placement of securities.

primary market - this is the market for the first and repeated issues of securities, where their initial placement among investors is carried out.

As a result of the sale of shares and bonds in the primary market, the issuer receives the funds he needs, and the papers end up in the hands of the original buyers. All other resales of securities form the secondary market.

The most important feature of the primary market is the complete information disclosure for investors, allowing to make an informed choice of a security for investing money. All activities in the primary market serve to disclose information: preparation of the prospectus, its registration and control by state authorities from the point of view of the completeness of the data presented, publication of the prospectus and the results of the subscription, etc.

Sale Mechanism (placement of securities) in the primary market can be different:

- in direct (private) contact without intermediaries;

- through financial intermediaries (underwriters);

- in the street market.

Private accommodation characterized by the sale (exchange) of securities to a limited number of previously known investors without a public offer and sale.

Public offer - this is the placement of securities during their initial issue by public announcement and sale to an unlimited number of investors. The relationship between a public offering and a private offering is constantly changing and depends on the type of financing that enterprises in a particular economy choose, on the structural changes that the government is implementing, and other factors.

A public subscription or public offering of securities applies if a corporation decides to go from a private company to a public company with a large number of shareholders. A public offering of a large number of replicated shares provides the issuer with huge funds.

Secondary market - these are relations that develop during the purchase and sale of securities previously issued on the primary market.

The basis of the secondary market is made up of transactions that formalize the redistribution of investment areas for investors, as well as individual speculative transactions.

The most important feature of the secondary market is its liquidity, that is, the possibility of successful and extensive trading, the ability to absorb large volumes of securities in a short time with small fluctuations in rates and low costs of implementation.

In the secondary market, operators are only investors, i.e., those who invest in securities for the purpose of generating income. In the secondary market, there is no accumulation of new financial resources for the issuer, but only reallocation of resources among subsequent investors.

Without a full-fledged secondary market, it is impossible to talk about the effective functioning of the primary market.

In the absence of a secondary market or its weak organization, the subsequent resale of securities would be impossible or difficult, which would discourage investors from buying all or part of the securities.

83. STOCK EXCHANGE

This is a part of the securities market organized in a certain way, on which purchase and sale transactions are made with these securities through the mediation of members of the exchange.

The activities of stock exchanges in Russia are regulated Federal Law "On the Securities Market". Stock exchanges and stock departments of commodity and currency exchanges - an organized securities market that operates on the basis of centralization of offers for the purchase and sale of securities issued by brokers - exchange members on the basis of instructions from institutional and individual investors. Any professional participants in the securities market can be members of the stock exchange.

The stock exchange has the right to establish quantitative restrictions on the number of its members. The stock exchange independently establishes the amount and procedure for collecting deductions in favor of the stock exchange. The stock exchange independently establishes the procedure for inclusion in the list of securities admitted to circulation on the exchange, the procedure listing и delisting.

Functions stock exchange:

- purchase and sale of securities;

- identification of the equilibrium exchange price;

- accumulation of temporarily free cash;

- provision of arbitration (dispute resolution mechanism);

- ensuring publicity and openness of exchange trading, availability of information;

- providing guarantees for the execution of exchange transactions;

- quality control of securities;

- mediation in settlements;

- development of ethical standards, a code of conduct for participants in exchange trading.

The following are allowed to be traded on the stock exchange:

- securities in the process of placement and circulation that have passed the issuance procedure provided for by federal law and are included by the stock exchange in the list of securities admitted to circulation on the stock exchange in accordance with its internal documents;

- other financial instruments in accordance with the legislation of the Russian Federation. The supreme body of the exchange is general meeting its members. Between meetings, the supreme body is exchange council. In addition to the above-mentioned management bodies, certain divisions are created at the exchange, each of which performs specific functions.

Exchange members or their representatives may act on the exchange as broker (concludes a transaction on behalf of the client or on his own behalf and at the expense of the client) or dealer (carries out the purchase and sale on its own behalf and at its own expense). The bidder is also broker (conducts a bargain and draws up a deal).

Methods for conducting exchange trading

1. open auctions, when there is a continuous comparison of buy and sell prices. The transaction is completed when the prices of the buyer and seller converge.

2. Order trading. The essence of this method lies in the fact that brokers leave written orders to brokers to buy and sell, indicating the price and quantity of securities.

Making transactions goes through four stages: 1) making the deal itself; 2) reconciliation of parameters and conclusion of a deal; 3) clearing (multilateral clearing); 4) execution of the transaction.

In general, the role of the exchange depends on the capacity and diversity of the securities market, bank credit. The stock exchange is only part of the securities market, organized and most strictly regulated.

84. REGULATION OF THE SECURITIES MARKET

The securities market as an integral part of the financial and credit system is object of state regulation, the main purpose of which is to protect the interests of investors from illegal actions on the part of issuers or intermediaries.

In the state regulation of the securities market, one can single out three main directions.

1. Development of certain rules governing the issue and circulation of securities and the activities of professional participants in the securities market, as well as control over compliance with the relevant regulations in force in the country.

In many countries, special administrative bodies have been created, which are entrusted with the functions of developing regulations on securities and monitoring compliance with these acts. In Russia, this body is Federal Commission for Securities and Stock Market under the Government of the Russian Federation (FCSM). The FCSM develops the main directions for the development of the securities market and coordinates executive authorities on market regulation issues, approves the standards for the issue of securities, prospectuses for the issue of securities, establishes mandatory requirements for transactions with securities, settlement and deposit activities and the procedure for maintaining the register. The powers of the FCSM do not extend to the procedure for issuing securities issued by the Government of the Russian Federation.

2. Issuance of licenses by state authorities for the right to engage in any type of activity in the securities market. In Russia, licensing is carried out by the FCSM or bodies authorized by it on the basis of a general license. In addition to licensing, state control over the activities of professional participants in the securities market is also carried out through professional certification, dealing with securities.

3. Taxation of income from operations with securities. The state influences the securities market through the taxation system, the introduction of a system of tax incentives and sanctions.

The procedure for taxation (tax rates, terms of their payment, as well as the responsibility of taxpayers) is established by the current legislation of the Russian Federation and may vary depending on the economic situation in the country.

For taxation of transactions with securities the primary placement stage and the secondary market are of great importance. The tax base for transactions with securities circulating on the organized market is defined as income from securities purchase and sale operations, reduced by the costs of these transactions, and for transactions with securities not circulating on the organized securities market - as income from transactions of purchase and sale of these securities, reduced by the costs of these transactions.

A feature of the current stage in the development of the stock market is the lack of a large set of state regulation tools due to the insufficient time for the development of this segment of the economy. This is also manifested in the fact that the main emphasis in the development of the securities market is placed on maximum self-regulation by professional market participants. Currently in Russia there is an insufficient legislative framework regulating the stock market.

85. CURRENCY SYSTEM: ESSENCE, TYPES, ELEMENTS

Currency system - this is a form of organization of currency relations, enshrined in national legislation (national system) or interstate agreement (world and regional systems). The monetary system is a combination of two main elements - currency mechanism и currency relations.

Under currency mechanism refers to the legal norms and institutions that represent them at the national and international levels.

Currency relations represent is a kind of monetary relations arising from the functioning of money in international circulation. Money serving international relations is called currency.

Distinguish national, world and regional currency system.

National currency system was formed within the framework of the national monetary system, which regulated the procedure for monetary settlements of a given country with other states. Gradually, she isolated herself from the monetary system. To a certain extent, the national monetary system depends on the place of the country in the world economy.

The main elements of the national monetary system: national currency; national regulation of international currency liquidity; exchange rate regime of the national currency; national regulation of currency restrictions and conditions for the convertibility of the national currency; regime of national currency and gold markets; national bodies that carry out currency regulation (legislative bodies, the Central Bank, the Ministry of Finance, the Ministry of Economy, the Customs Committee, etc.).

The national monetary system is based on the national currency. National currency - the monetary unit of the country. It exists in cash and non-cash forms. Its issuers are national commercial and central banks.

As economic relations internationalize on the basis of national currency systems, mechanisms for interstate regulation of international currency relations are formed - world and regional monetary systems.

Their basic principles are legally enshrined in interstate agreements.

The main elements of the world and regional monetary systems:

- international means of payment, performing the role of world money;

- conditions and regimes of convertibility of currencies;

- the mechanism and regime of exchange rates;

- forms of international payments;

- credit instruments of circulation and the procedure for their use in international settlements;

- international liquid assets and the procedure for their regulation;

- the regime of international currency and gold markets and interstate institutions that regulate currency relations.

The main element of any monetary system is international means of payment that perform the role of world money within this system. Gold, reserve currencies, international currency units act as international means of payment at different stages of the development of a market economy. Under the dominance of non-exchangeable credit relations, the role of world money is taken over by reserve currencies.

Reserve currencies - these are currencies with full convertibility, belonging to countries that occupy a dominant position in world production, trade, have an extensive strong credit system, a developed financial market, and significant amounts of international liquidity.

86. WORLD MONETARY SYSTEM

World Monetary System (MWS) is a mechanism linking individual national economies into a single world economy.

The MVS was gradually formed during the XNUMXth-XNUMXth centuries. Monetary relations between countries acquired a state-legal status.

The world monetary system includes a number of elements, the main of which are:

- forms of world money;

- conditions of mutual convertibility of currencies;

- regulation of currency restrictions;

- unification of international credit instruments of circulation and forms of international payments;

- legal registration of the status of the institution of international regulation of currency relations. Historically, there have been four AIM systems.

The first one was created in 1867 by the Paris Agreement, the second IAM was the result of an agreement between 30 countries at the Genoese International Economic Conference in 1922, the third IAM was formalized as a result of the Bretton Woods agreements of 1944. Now the fourth IAM is operating, the foundations of which were laid in 1976 G.

Its main elements and principles are: 1)based on several national reserve currencies of developed countries and international currency units. The currencies of all member countries of the International Monetary Fund (IMF) are linked to them;

2) each country - a member of the IMF independently determines the regime of the exchange rate of its currency, i.e., there is a regime of floating exchange rates;

3) gold cannot serve as a measure of value and a reference point in determining exchange rates;

4) interstate regulation of currency relations is provided by the IMF;

5) in parallel with the MVS, there are regional monetary systems.

The functions of an international payment and reserve means, as well as an instrument for regulating exchange rates in the modern world are performed by the so-called world money, whose role is currently played by reserve (key) currencies - american dollar, deutsche mark и japanese yen, as well as international currency units - SDR и Euro.

Status reserve have the currencies of those countries that occupy a dominant place in the world economy, the export of capital and the amount of gold and foreign exchange reserves.

SDR (Special Drawing Rights) is an international currency unit.

At present, the SDR performs limited functions within the IMF. Its role as an international means of accumulating foreign exchange reserves and an international means of payment is insignificant, and the volume of transactions in SDRs is relatively small.

Euro is the collective currency of the EU member countries. The value (rate) of the euro is determined according to the principle of a “basket of currencies”, which includes the currencies of all euro area countries. The euro is the single currency of the zone, recognized primarily to serve private transactions and only then used as an instrument for repaying international debt obligations, introduced into circulation in 1999.

The nature of the international means of payment used determines such important elements of the monetary system as convertibility, exchange rate, international liquid assets, etc. With the transition to the use of reserve currencies, the exchange rate and convertibility of currencies begin to depend on the state of the economy in the country. A currency can be fully convertible, partially convertible or non-convertible, and the exchange rate can be fixed or floating.

87. CURRENCY SYSTEM OF THE RUSSIAN FEDERATION

National currency system - the form of organization of the country's currency relations, fixed by national legislation; part of the country's monetary system.

The basis of the national monetary system is the legally established monetary unit of the state.

Money used in international economic relations becomes currency.

The basis of the monetary system of the Russian Federation - Russian ruble, put into circulation in 1993 and replaced the ruble of the USSR. With the transition to the Russian ruble, its gold content was not fixed.

Currently in Russia there is a regime floating exchange rate, which depends on supply and demand on the country's currency exchanges, primarily on the MICEX (Moscow Interbank Currency Exchange). The official exchange rate of the US dollar against the ruble is set by the Central Bank of Russia based on the results of trading on the MICEX.

The main legislative act in the field of currency relations of the Russian Federation is the Law of the RSFSR "On currency regulation and currency control", as well as other laws and regulations.

The movement of cash flows in the foreign exchange market of Russia is carried out:

- through foreign exchange transactions;

- currency-credit and settlement services for the purchase and sale of goods and services;

- operations with securities;

- foreign investments.

Currency transactions in Russia are carried out only authorized commercial banks, i.e. banks and other credit institutions that have received licenses from the Central Bank of the Russian Federation to conduct foreign exchange transactions.

There are three types of currency licenses: internal, extended and general. The greatest rights are granted by the general currency license.

A special license from the Bank of Russia is also required to conduct operations with gold.

Currency values ​​can be owned by both residents and non-residents.

Purchase and sale of foreign currency are carried out through authorized commercial banks. Foreign currency purchase and sale transactions may be carried out directly between authorized banks, as well as through currency exchanges operating in the manner and on the terms established by the Bank of Russia. At the same time, the purchase and sale of foreign currency, bypassing authorized banks, is not allowed.

Currency regulation carried out by the Central Bank of Russia. It establishes the procedure for the mandatory transfer, export and transfer of foreign currency and securities in foreign currency belonging to residents; issues foreign exchange licenses; conducts foreign exchange interventions on the main currency exchanges of the country - the MICEX and the St. Petersburg Stock Exchange.

Currency control carried out by the currency control authorities and their agents. The bodies of currency control are the Central Bank of Russia, as well as the Government of the Russian Federation.

Currency control agents there are organizations that, in accordance with legislative acts, can exercise the functions of currency control. Currency control agents are accountable to the relevant currency control bodies.

To strengthen the monetary position of Russia, it is necessary:

- overcoming the economic crisis;

- Ensuring economic growth based on increased investment in the manufacturing sector;

- elimination of the budget deficit;

- improvement of the state of the balance of payments;

- control over the growth of internal and external public debt.

88. EXCHANGE RATE AND METHODS OF ITS REGULATION

Exchange rate - an important element of the MVS. This is the price of the national currency of one country, expressed in the national currencies of other countries or in international currency units. Exchange rates are set in international currency markets depending on the supply and demand of national currencies, which, in turn, depend on many factors. First of all, the position of the currency of any country depends on the state of its economy and GDP growth rates, on the relative inflation rates in different countries, the place and role of the country in the world markets for goods, services, and capital. These conditions determine the purchasing power of national currencies in world markets, which underlies the formation of exchange rates.

In modern conditions, most countries use floating exchange rates, focused on leading key currencies. A number of countries use free floating courses.

The development of credit relations and the emergence of credit money accelerated the process of displacing gold not only from domestic money circulation, but also from the international monetary sphere.

Distinguish national и interstate regulation of exchange rates.

Main organs national regulation - central banks and ministries of finance.

Interstate regulation exchange rates are carried out by the IMF, the EMU (European Monetary System) and other organizations. The regulation of exchange rates is aimed at smoothing out sharp fluctuations in exchange rates, ensuring a balance in the country's foreign payment positions, creating favorable conditions for the development of the national economy, stimulating exports, etc.

The main methods of regulating exchange rates - foreign exchange interventions, discount policy and foreign exchange restrictions.

1. Currency interventions central banks are aimed at counteracting the depreciation of the national currency or, conversely, its increase. Currency interventions can be an effective method of influencing exchange rates in the short term, since it is not only interventions that cannot ensure such levels of rates that correspond to basic economic and financial indicators. The most effective are foreign exchange interventions accompanied by appropriate measures in the field of the general economic policy of the state.

2. Widely applied in foreign countries discount policy, consisting in the manipulation of the discount rate. In an effort to increase the exchange rate, the central bank increases the discount rate, which stimulates the inflow of foreign capital. The state of the balance of payments improves, the exchange rate rises. If the government aims to depreciate the exchange rate, the central bank lowers the discount rate, capital moves to foreign countries and, as a result, the exchange rate falls.

3. The exchange rate is affected currency restrictions, i.e., a set of measures and regulatory rules of the state, established by law or administrative order, aimed at restricting transactions with currency, gold and other currency values. Currency restrictions on current operations of the balance of payments do not apply to freely convertible currencies, to which the IMF includes the US dollar, the German mark, the Japanese yen, the British pound sterling and the French franc.

89. BALANCE OF PAYMENTS AND ITS ELEMENTS

Payment balance - it is the ratio of payments made by a country abroad to the receipts received by it from abroad, for a certain period of time (month, quarter, year).

Country's overall balance of payments form the balance of payments for current operations, the balance of movement of capital and loans, as well as the movement of gold and foreign exchange reserves. The country's overall balance of payments is always balanced, i.e., its active and passive operations are equal.

Distinguish payment balance of current operations, balance of movement of capital and loans и balancing articles.

The most important component balance of payments on current account - trade balance,reflecting the ratio of the value of exports and imports of goods for the corresponding period. The balance of payments on current operations also includes payments and receipts from insurance, commission transactions, tourism, interest and dividends on capital investments, payments on licenses for the use of inventions. The balance of payments also reflects the country's military spending abroad.

Balance of movement of capital and credits reflects payments and receipts on export-import of public and private long-term and short-term capital. This includes direct and portfolio investments, bank deposits, commercial loans, special financial transactions, etc.

The state of the balance of payments on current transactions has a direct impact on the exchange rate of the country. With a chronically passive balance of payments, the exchange rate falls, with an active one, it rises. It should be borne in mind that for the dynamics of the exchange rate, the balance of payments on current transactions is of primary importance not between two countries, but overall balance this balance in relation to all countries participating in the country's international settlements.

An important element of the balance of payments are balancing articles, which include state gold and foreign exchange reserves, external state loans, loans from international monetary and financial organizations.

should be distinguished from the balance of payments settlement balance, which represents the requirements and obligations of the country towards foreign countries. These claims and liabilities include state (gold and foreign exchange, etc.) and private assets, direct investments, loans received and granted, liabilities of financial and non-financial corporations. Unlike the balance of payments, the settlement balance includes all claims and obligations in relation to other countries for which payments have not been made.

The balance of payments is one of the objects of state regulation.

State regulation of the balance of payments - this is a set of economic, including currency, financial, monetary measures aimed at the formation of its main articles.

The interstate means of regulating the balance of payments include:

- harmonization of the terms of export credits;

- bilateral government loans, short-term mutual loans of central banks in national currencies under "swap" agreements;

- loans from international monetary and financial organizations, primarily the IMF.

90. INTERNATIONAL MONETARY AND FINANCIAL ORGANIZATIONS

In order to develop cooperation and ensure the integrity and stabilization of the world economy, mainly after the Second World War, international monetary and financial organizations were created. Among them, the leading place is occupied by International Monetary Fund (IMF) and group World Bank (WB).

The IMF and the WB group have common features. They are organized by analogy with a joint-stock company. Therefore, the share of the contribution to the capital determines the possibility of the country's influence on their activities. The headquarters of the IMF and the WB group is located in Washington. The WB Group includes the International Bank for Reconstruction and Development (IBRD) and three of its branches.

The main tasks of the IMF are as follows:

- promoting the balanced growth of international trade;

- provision of loans to member countries to overcome currency difficulties associated with the deficit of their balance of payments;

- abolition of currency restrictions;

- interstate currency regulation by monitoring the observance of the structural principles of the world monetary system, fixed in the Charter of the fund.

The IBRD, like the IMF, provides not only stabilization, but also structural loans. Their activities are interconnected.

The specifics of the IBRD is that it has three branches:

- International Development Association (IDA, established in 1960), provides preferential interest-free loans;

- International Finance Corporation (IFC, established in 1956), stimulates the direction of private investment in the industry of developing countries;

- Multilateral Investment Guarantee Agency (MAGI, established in 1988), carries out insurance.

International financial institutions - the IMF and the WB group - play an important role in regulating international credit relations.

European Bank for Reconstruction and Development (EBRD) established in 1990, location - London. The main goal of the EBRD is to promote the transition to a market economy in the countries of the former USSR, countries of Central and Eastern Europe. The EBRD lends to projects only within certain limits.

The EBRD specializes in lending to production, providing technical assistance for the reconstruction and development of infrastructure, and equity investments, especially for privatized enterprises. The EBRD's primary areas of activity, including in Russia, are the financial and banking sectors, energy, telecommunications infrastructure, transport, and agriculture.

Regional monetary and financial organizations of Western European integration are an integral part of its institutional structure. They aim to strengthen integration and create an economic, monetary and political union (EU). The main regional organizations of the EU are: European Investment Bank (EIB, Luxembourg), European Development Fund (ERF, 1958), European Guidance and Guarantee Fund for Agriculture (1969), European Regional Development Fund (ERFR, 1975), European Monetary Institute (EVI, Frankfurt am Main, 1994).

A special place among international monetary organizations is occupied by the Bank for International Settlements (BIS, Basel, 1930). Essentially it is a bank of central banks. The BIS facilitates their cooperation, accepts their deposits and provides loans.

Authors: Myagkova T.L., Myagkova E.L.

We recommend interesting articles Section Lecture notes, cheat sheets:

▪ Legal psychology. Lecture notes

▪ Family law. Lecture notes

▪ State and municipal finance. Lecture notes

See other articles Section Lecture notes, cheat sheets.

Read and write useful comments on this article.

<< Back

Latest news of science and technology, new electronics:

Artificial leather for touch emulation 15.04.2024

In a modern technology world where distance is becoming increasingly commonplace, maintaining connection and a sense of closeness is important. Recent developments in artificial skin by German scientists from Saarland University represent a new era in virtual interactions. German researchers from Saarland University have developed ultra-thin films that can transmit the sensation of touch over a distance. This cutting-edge technology provides new opportunities for virtual communication, especially for those who find themselves far from their loved ones. The ultra-thin films developed by the researchers, just 50 micrometers thick, can be integrated into textiles and worn like a second skin. These films act as sensors that recognize tactile signals from mom or dad, and as actuators that transmit these movements to the baby. Parents' touch to the fabric activates sensors that react to pressure and deform the ultra-thin film. This ... >>

Petgugu Global cat litter 15.04.2024

Taking care of pets can often be a challenge, especially when it comes to keeping your home clean. A new interesting solution from the Petgugu Global startup has been presented, which will make life easier for cat owners and help them keep their home perfectly clean and tidy. Startup Petgugu Global has unveiled a unique cat toilet that can automatically flush feces, keeping your home clean and fresh. This innovative device is equipped with various smart sensors that monitor your pet's toilet activity and activate to automatically clean after use. The device connects to the sewer system and ensures efficient waste removal without the need for intervention from the owner. Additionally, the toilet has a large flushable storage capacity, making it ideal for multi-cat households. The Petgugu cat litter bowl is designed for use with water-soluble litters and offers a range of additional ... >>

The attractiveness of caring men 14.04.2024

The stereotype that women prefer "bad boys" has long been widespread. However, recent research conducted by British scientists from Monash University offers a new perspective on this issue. They looked at how women responded to men's emotional responsibility and willingness to help others. The study's findings could change our understanding of what makes men attractive to women. A study conducted by scientists from Monash University leads to new findings about men's attractiveness to women. In the experiment, women were shown photographs of men with brief stories about their behavior in various situations, including their reaction to an encounter with a homeless person. Some of the men ignored the homeless man, while others helped him, such as buying him food. A study found that men who showed empathy and kindness were more attractive to women compared to men who showed empathy and kindness. ... >>

Random news from the Archive Navigation on atomic clocks will replace GPS 17.10.2012 The US Army has begun the final phase of developing microchip prototypes that will make the US Army resilient to the loss of the GPS navigation system. The threat of losing situational awareness and the ability to deliver precision strikes in the absence of GPS has long worried the US military. At the same time, for most countries, failures in the operation of GPS are the only hope to provide at least some effective resistance to the high-tech military machine of the United States. The US Army's CERDEC military research center has embarked on a major milestone in its program to develop devices to maintain high navigation accuracy in the absence of a GPS signal. We are talking about creating a batch of 500 prototypes of atomic clocks on a chip, or CSAC for short. The goal of the CSAC program is to ensure the functioning of the navigation and weapons systems of every combat unit of the US Army in any conditions. At the same time, equipment costs will be reduced and the power consumption of navigation systems will be reduced. Atomic clocks are an important element of a navigation system independent of GPS. In combination with other CSAC sensors, they can provide time synchronization in a combat tactical network, for example, in the event of spoofing (attempts to replace a true signal with a false one), and identify erroneous information. Ultra-precise atomic clocks make it possible to improve the accuracy of inertial navigation systems and create local navigation networks. Until now, bulky atomic clocks could only be installed on large platforms: ships, aircraft, etc. However, this option is not suitable for infantry ammunition and equipment. Therefore, miniature CSACs with a volume of approximately 15 cubic centimeters were created. These atomic clocks can be easily integrated into a wearable weapon, mobile computer or guided munition. CERDEC hopes that each supplier of new atomic clocks will eventually be able to produce more than 20 CSACs a year, in the price range of $300 or less.

News feed of science and technology, new electronics

Interesting materials of the Free Technical Library:

▪ section of the site Reference materials. Article selection

▪ article Conscription military service and its features. Fundamentals of safe life

▪ article What does musical tempo mean? Detailed answer

▪ Battery maintenance article. Standard instruction on labor protection

▪ article Signal compressor on an operational amplifier. Encyclopedia of radio electronics and electrical engineering

▪ article Fill the glasses. Focus Secret

Leave your comment on this article:

All languages ​​of this page

Arabic	Hebrew	Polish
Bengali	Hindi	Portuguese
Chinese	Italian	Spanish
English	Japanese	Turkish
French	Korean	Ukrainian
German	Malay	Vietnamese

Home page | Library | Articles | Website map | Site Reviews

www.diagram.com.ua
2000-2024