From the moment the financial system appeared in Russia, discussions arose about the problems of determining its fundamental points. In the totality of all the problems, there is a discussion about the degree of social orientation of the financial system, a problem related to the limits and methods of government intervention in the financial processes of private and public financial institutions, the degree of their transparency, the importance and need for control of their activities by society.

The main steps in this area could be tightening control over operations in the financial market, in particular, over the formation of debt state corporations, over cross-border capital movements, over the issue of financial instruments.

It is required to carry out a whole range of measures that should affect the reduction of the shadow element in the movement of financial and credit resources into the real sector of the economy from financial institutions, corruption costs and administrative barriers. The implementation of such measures should contribute to expanding the availability of loans and increasing the share of long-term lending, as well as increasing the efficiency of use budget sources financing.

The Russian financial market due to the impact of the global economic crisis is going through one of the most difficult periods of its development. The crisis has revealed problematic aspects of the functioning of the Russian market valuable papers, which are associated with the need to strengthen market institutions, improving legal regulation, further development judicial system. It should be noted that the country’s leadership promptly set a task for regulators financial market on the need to develop instruments for regulating the financial market. One of the options for solving this problem is the creation of an International Financial Center in Moscow.

The development of the securities market in Russia has received last years a powerful impulse with the advent of the repo market, the importance of which is difficult to overestimate. Operations on the repo market make it possible to refinance transactions with securities and help increase the liquidity of the Russian stock and bond market. A well-functioning repo market is a special element money market, with the help of which the Bank of Russia can effectively carry out refinancing operations as part of its monetary policy.

The Central Bank of Russia plays a major role in regulating transactions in the financial market. IN Lately amendments were made to the Federal Law “On the Securities Market” at the initiative of the Central Bank.

The development of the financial market in Russia, the ultimate goal of which is to attract investment, is impossible without modernizing the judicial system. Currently, there are serious difficulties in resolving disputes in the financial market. This is due to imperfection legislative framework, lack of necessary professional knowledge among judges and significant bureaucracy when considering cases.

Thus, solving current problems of regulating the Russian financial market will make it possible to bring it closer to European standards.

Other problems of the Russian financial system are problems in the budgetary sphere:

A high degree of concentration of financial resources in the country’s federal budget, which reduces the importance of regional and local budgets;

The current practice of forming territorial budgets, which basically retains the mechanism of centrally established standards for contributions to local budgets;

The tendency to transfer expenses downwards without corresponding support by revenues, which leads to subsidies to previously balanced local budgets;

Adoption federal authorities the power of such decisions that are addressed to lower management structures, but are not accompanied by sufficient financial resources;

The dominant role of regulatory revenues in the structure of funds received by regional and local budgets and the low share assigned to territories tax payments.

Shortages in tax payments, the main reasons for which were: deterioration of macroeconomic and financial indicators compared to those adopted in the budget; growth of non-payments in the national economy; direct tax evasion, concealment of their income by many taxpayers (impossibility of controlling all small and medium-sized enterprises).

These problems are solved by:

Theoretical development and justification of the principles of constructing the budget system of the Russian Federation.

Creation of a real budget mechanism that allows you to put the developed principles into practice.

Development and adoption of regulations on the delimitation of powers and functions between government bodies at different levels, distribution of expenses between parts of the budget system and types of budgets in accordance with the powers and functions of government bodies at different levels.

Creation of a new system of interbudgetary redistribution of financial resources based on the use various forms providing financial assistance to the constituent entities of the Federation and local governments.

Development of new principles for drawing up, reviewing, approving and executing the budget at each level of management.

Monetary policy should be aimed at stimulating economic growth and investments, taking into account the experience of other countries.

So, we can say that only when integrated approach to the problem of improving and stabilizing the Russian financial system, it is possible to achieve the desired results, i.e. to form a modern socially oriented financial system that functions properly in market conditions.

The financial system is a certain ordered set of financial relations, as well as bodies (institutions) that implement these relations. The links of the financial system can be grouped into three blocks, each of which has its own internal structure:

1) Centralized finance –

The state budget;

Off-budget funds;

State credit;

Property and personal insurance funds;

Stock market;

2) Decentralized finance –

Commercial enterprises and organizations;

Financial intermediaries (credit organizations, pension funds, investment funds, insurance organizations);

Not commercial organizations;

3) households.

Each link performs its functions in social reproduction.

Thus, centralized finance is a tool for regulating the national economy as a whole. With their help, monetary resources are mobilized into the budget system, where further distribution occurs between industries, regions, and individual population groups. Decentralized finance is a regulator economic relations within individual economic entities and form the basis of finance. Household finance is personal finance, i.e. financial relations between individuals living together and running a common household.(*)

The basis of centralized finance of the Russian Federation is a three-level budget system, including the federal budget and the budgets of federal extra-budgetary funds – first level, budgets of federal subjects and budgets of territorial extra-budgetary funds – second level, and local budgets (budgets municipalities) – third level. The budgets of the two upper levels (excluding GBF budgets) make up the state budget.

Off-budget funds– these are funds accumulated for targeted financing of expenses not included in the state budget. This is a special type of expense associated primarily with pension provision, medical and social insurance and specially separated in order to exclude their inappropriate use.

State loan is a special form of financial relations between the state, individuals and legal entities, combining two types of monetary relations - finance and credit - and having the properties of both. As a link in the financial system, it serves the formation and use of centralized monetary funds state and performs two functions - fiscal and regulatory. In this case, the state often acts as a borrower, and individuals and legal entities act as lenders. The state attracts additional financial resources through the sale of government securities.

Property and personal insurance funds are intended to compensate for damage caused to enterprises and the population, as well as to pay material support to the insured and his family upon the occurrence of an insured event. The main function of insurance is the formation of a fund Money, carried out as payment for risks assumed by specialized commercial organizations - insurance companies. Insurance is divided into voluntary and compulsory. The main types of insurance are social, property and personal.

Stock market, on which capital circulation occurs, ensures the movement of capital into industries with higher profitability and serves to mobilize and effectively use temporarily free funds. Its participants always focus on obtaining a higher income compared to investments in banks.

The second block of the financial system consists of decentralized finance, and above all finance of commercial enterprises and organizations. This is largely an independent link in the financial system, serving material production, creation of GDP, its distribution within enterprises and redistribution through the budget and the World Bank Fund.

Financial intermediaries create secondary income of economic entities through financial (portfolio) investments.

Non-profit organizations play a relatively minor role in the financial system.

The third block of the financial system is finance households, which are the material basis of their lives. They implement the function of control over upcoming earnings and expenses within a separate economic unit of society.

The main links of the financial system of the Russian Federation are presented in the diagram.

FACULTY OF MANAGEMENT

TEST

discipline: FINANCE AND CREDIT

topic: MODERN FINANCIAL SYSTEM OF RUSSIA

Completed by: Babina A.V.

group No. 23-253P

grade book No. 981

Checked:

Saint Petersburg

St. Petersburg Academy 1

management and economics 1

Introduction 3

The financial system of Russia is a set of financial institutions, each of which contributes to the formation and use of appropriate monetary funds, and government bodies and institutions that carry out financial activities within their competence. The presence of various institutions within the financial system is due to the fact that finance covers the entire economy of the country and the social sphere. 3

The financial system today is the subject of debate and discussion. As problems modern society problems that the financial system is designed to solve can be called: insufficient rates of economic development, imbalances in the development of the economic system, a lag in adaptation to changes in external commodity and financial markets, excessive social tension that negatively affects the reproduction process, a low level of satisfaction of the individual’s needs, etc. 3

1. Main links of the financial system of the Russian Federation 5

2. Financial management and financial policy 10

3. State financial management bodies 14

Conclusion 20

Introduction

The financial system of Russia is a set of financial institutions, each of which contributes to the formation and use of appropriate monetary funds, and government bodies and institutions that carry out activities within their competence financial activities. The presence of various institutions within the financial system is due to the fact that finance covers the entire economy of the country and the social sphere.

The financial system today is the subject of debate and discussion. The problems of modern society that the financial system is designed to solve include: insufficient rates of economic development, disproportions in the development of the economic system, lag in adaptation to changes in external commodity and financial markets, excessive social tension that negatively affects the reproduction process, low level of satisfaction needs of the individual, etc.

The financial system represents financial relations grouped according to certain characteristics. Financial relationships, as such, are present almost everywhere in our lives. So, they develop between the state, on the one hand, and individuals and legal entities, on the other; between two legal entities, as well as between individuals. It follows that our personal finances, household finances (finances of the population) and the family budget constitute a certain sphere of financial relations, i.e. are part of one of the links in the financial system.

That is why, today, more than ever, it is important to have an idea of ​​the financial system of the Russian Federation, to know its structure and to monitor its changes in order to be competent in this matter.

1. The main links of the financial system of the Russian Federation

Financial system - is a system of forms and methods of education, distribution and use of state and enterprise funds. 1

The financial system is a collection various fields(links) of financial relations. These links are characterized by the peculiarities of the formation and use of funds of funds, as well as their different roles in social reproduction.

The role of the state in the socio-economic development of society determines the need to centralize a significant part of financial resources at its disposal. Therefore, the basis centralized(or national) finance are the budgets of the corresponding levels (in the Russian Federation there are federal, regional and local budgets). 2

In addition, public finances also include state extra-budgetary funds and government lending.

Federal, regional and local budgets represent a form of formation and use of centralized funds of funds necessary to ensure the functions of the state and local governments. The budget plays a leading role in creating economic conditions for ensuring national security, maintaining government bodies, conducting fundamental research, ensuring environmental protection, maintaining and developing social and cultural sphere, as well as enterprises of various forms of ownership.

An important link in national finances is also state extra-budgetary funds - funds of funds formed outside the budget and intended, as a rule, to implement the rights of citizens in the field of social and medical security.

State loan reflects credit relations associated with the state's mobilization of temporarily free funds of enterprises, organizations and individuals on the terms of repayment, payment and urgency to finance government expenditures. The borrowers in a state loan are legal entities and individuals, and the creditor is the state represented by its executive authorities.

State debt is formed as a result of credit relations in which the borrower is the state, and the creditors are citizens, enterprises and organizations, including foreign ones. Public debt is used, as a rule, to cover the budget deficit, as well as to stabilize money circulation in the country.

Distinguish public internal debt – debt obligations of the Government of the Russian Federation to legal entities and individuals, expressed in national currency, as well as public external debt - Government borrowings from various foreign sources, denominated in foreign currency.

National finance plays a leading role in regulating economic processes and distribution relations at the macro level. The formation and distribution of national finances are centralized; national finances are accumulated at the disposal of the state and local governments.

Decentralized finance- This is the finance of the credit and banking sector, insurance companies, commercial enterprises and non-profit organizations. 1

By attracting free funds from business entities and individuals, the finances of the credit banking system and insurance are formed.

The finances of the credit and banking system (or credit funds) serve as the main source of satisfying the demand of business entities and individuals for additional monetary resources. Even with a very high level of self-financing, as a rule, only one’s own funds are not enough to conduct business.

Credit funds serve not only the current needs of enterprises, but also their investment activities.

The consumer lending market is currently growing very dynamically; individuals have the opportunity to get a loan to purchase household appliances and furniture, Vehicle and real estate, payment for educational services, etc.

The credit banking system also includes the financial market. We especially note that the financial market serves as one of the mechanisms through which the finances of the credit banking system participate in lending to the state - through the acquisition of government securities. 2

Insurance company finances represent a link in the financial system that provides coverage for possible losses in the event of unfavorable events - insured events.

Insurance funds are provided by insurance funds, which can be organized in the following organizational forms:

Centralized insurance (reserve) fund;

Self-insurance funds;

Insurance funds of insurers (insurance companies).

Centralized insurance fund is formed at the expense of national resources, has natural form contains stocks of products, materials, raw materials, food, which are constantly updated. The purpose of this fund is to compensate for damage and eliminate the consequences of natural disasters and major accidents that caused great destruction and casualties. The sources of formation of the centralized insurance fund are the replenishment of state stocks and reserves.

Self-insurance funds are formed by business entities in order to ensure their own activities in the event of unfavorable situations and are used to cover losses, repay bonds and repurchase shares (in the absence of other funds), as well as to purchase fixed assets. The size of self-insurance funds is not regulated by law.

Insurance funds of insurers (i.e. insurance companies) are created by a large circle of participants, which may include enterprises and individuals. Such insurance funds have a targeted use: for example, a fire insurance fund for real estate, a fund for insurance of civil liability of car owners resulting from road accidents, etc.

Policyholders (participants in the insurance fund of insurers) contribute relatively small sums of money (compared to the possible amount of damage in the event of an insured event) to the fund - insurance premiums, and since insurance cases are relatively rare and, as a rule, occur only for a small number of policyholders; at the expense of the total collected insurance premiums, the insurer covers all losses incurred by the policyholders. 1

Until 1990, the USSR had a state monopoly on insurance; now, along with state insurance organizations, there are many non-state insurance companies that have licenses to carry out insurance activities.

Business Finance are formed from their own cash income and savings of these enterprises. The basis of the country’s unified financial system is the finances of commercial enterprises, which serve the reproduction and distribution of the gross domestic product and form the predominant part of the financial resources of the national economy.

The main source of operation and development of commercial enterprises is making a profit. At the same time, enterprises have real financial independence, independently managing the financial results of their activities, forming production and social funds, seeking the necessary funds for investment, including using the financial resources of other parts of the financial system. 1

The provision of national monetary funds with financial resources significantly depends on the state of finances of commercial enterprises. In turn, various enterprises can use bank loans, insurance funds, budget resources, and sometimes government loans in their activities. 2

Nonprofit Finance take an indirect part in reproduction processes, since the goals of the functioning of such organizations are not directly related to making a profit. The activity of non-profit organizations is to provide socially significant services, the consumption of which is accompanied by strong external effects for the entire society and each individual member. Such services include, first of all, the sphere of national security, education, healthcare, etc.

The state, by adopting relevant laws and regulations, influences through the financial system the formation of both centralized and decentralized financial resources. For this purpose, tools such as taxes, a credit system, a pricing mechanism, etc. are used.

National finances are organically connected with other parts of the financial system. On the one hand, the main source of budget revenue is the gross domestic product created in the sphere of production; then, through taxation, the budget and social extra-budgetary funds are formed. On the other hand, the process of expanded reproduction is carried out by enterprises not only at their own expense, but also with the possible attraction of direct allocations from the budget or government credit.

In addition, enterprise finance is also connected with the credit system. If there is a lack of own funds, especially for replenishing working capital, enterprises use bank loans.

To solve their financial and economic problems, enterprises can also attract funds from other economic entities, the most common of which is the issue of securities - shares, bonds, etc. 1

Thus, the single essence of the financial system determines the interconnection and interdependence of the links of the financial system.

Financial system of the Russian Federation, its main links, their relationship

“Financial system”, considered as a scientific category, is not always interpreted unambiguously in various educational publications.

More often, the financial system is considered as a set of interconnected and interacting parts, links, elements directly involved in financial activities and contributing to its implementation. It consists of financial institutions (organizations, institutions that carry out and regulate financial activities) and financial instruments that create the necessary conditions for the flow of financial processes. The scientific definition of the concept “financial system”, revealing its essence and systematizing the organization of financial relations in the country, seems to us to be as follows.

The financial system is a collection of various spheres and links of financial relations, each of which is characterized by features in the formation, distribution and use of funds, a different role in social reproduction, and state and corporate financial management bodies.

The structure of the financial system of the Russian Federation, which emerged as a result of market transformations in the 1990s, includes the following areas and links in the organization of financial relations (Fig. B.M.1.2).

State and local finance (centralized finance);

Finance of business entities (decentralized finance).

Levels of state and municipal finance:

Federal budget;

Budgets of the constituent entities of the Russian Federation (regional);

Municipal budgets (local);

State credit;

State Insurance Fund;

Stock market.

Links of finance of economic entities:

Finance of commercial organizations (enterprises);

Finance of non-profit organizations (enterprises);

Finance of individual entrepreneurs.

The financial system is not only a set of spheres and links of financial relations, in the process of which funds of funds are formed and used, but also a system of financial institutions, i.e. institutional financial system. The set of financial institutions (departments) represents the apparatus for managing the financial system. The structure of the financial system management apparatus in the Russian Federation will be considered in block 2.

Let us consider the sphere of financial relations “state and municipal finance": concept, essence, links, let's trace their relationship.

State and municipal finances are monetary relations that develop between state authorities and local governments. On the one hand, and by legal entities and individuals, on the other, in the process of value distribution and redistribution of national income (partially national wealth) in connection with the formation, distribution and use of centralized monetary funds that meet the financial needs of the state and local government in solving economic, political and social tasks.

Consequently, state and local finances are formed using methods of distribution and redistribution of national income (through taxes, tax benefits etc.) The forms of use of centralized funds are budgetary and extra-budgetary funds intended for state regulation of the economy, meeting the social needs of citizens, the needs of defense and public administration and for solving other economic, political and social problems. The role of state and local finance in social reproduction is to create conditions for expanded reproduction at both macro and micro levels, as well as to actually meet the needs of expanded reproduction at the macroeconomic level (at the level of the national economy as a whole) and the implementation of social guarantees to Russian citizens in within the framework of the Constitution of the Russian Federation.

In terms of economic content, state and local finances of the Russian Federation are heterogeneous and include the following links:

Federal budget;

Budgets of the subjects of the Federation;

Municipal budgets;

State extra-budgetary trust funds;

State credit;

State Insurance Fund;

Stock market.

Let's look at each part of state and local finance.

Federal budget. The most important role in the financial system of the Russian Federation is played by the federal budget. With its help, financial resources are mobilized at the disposal of the state, through which state federal and regional targeted programs (national projects), national defense, state security and law enforcement, social sphere, measures are being taken to structurally restructure the economy, stabilize it, and fulfill international and domestic obligations. The federal budget consists of two interrelated parts: revenue and expenditure. In the revenue part federal budget the sources of cash receipts and their quantitative characteristics are indicated. The expenditure part includes the directions, areas in which money is spent, and their quantitative parameters.

The federal budget is the fund of funds of the Government of the Russian Federation.

The state budget. In modern Russian scientific and educational economic literature, the concept of “federal budget” is often identified with the concept of “state budget”, which, in the author’s opinion, is unlawful. In the USSR there was a single state budget, which had the force of law, and the budgets included in it were part of it. With the transition of the Russian Federation to a market economy, the concept of “state budget” lost its meaning as a single centralized state budget with the force of law. All budgets of the modern budget system of the Russian Federation function autonomously: the budgets of municipalities with their income and expenses are not included in the budgets of the constituent entities of the Russian Federation, and the budgets of the constituent entities of the Russian Federation with their income and expenses are not included in the federal budget. Each level of government is vested with certain budgetary powers, budgets at all levels are independent, and the budget reform being carried out in the country is aimed, first of all, at increasing the independence of budgets and the effective (effective) use of budget funds.

Consequently, the concept of “state budget” in modern conditions the functioning of budgets in Russia is identical to the concept of “consolidated budget of the Russian Federation”. The main difference between the consolidated budget of the Russian Federation as an economic category and the state budget is that the budgets included in it function independently and each budget is approved in the form of a corresponding law ( federal law, law of a constituent entity of the Russian Federation, regulatory legal act of a representative body of government of a municipality). The consolidated budget of the Russian Federation as a statistical set of budget indicators, characterizing aggregated data on income and expenses, sources of funds and areas of their use in the Russian Federation as a whole, is not approved in the form of a federal law. Its indicators are widely used in budget planning and forecasting, as well as in calculations characterizing different kinds security of the inhabitants of the country, individual territories (for example, budget expenses for medical care, education per capita and other average per capita budget expenditures). The concept of “consolidated budget” was included for the first time in the Law of the RSFSR “On the Fundamentals of Budgetary Structure and budget process in the RSFSR" dated October 10, 1991 in connection with the abolition of the state budget of the Russian Federation, which included all budgets of the Russian budget system.

The budget of a constituent entity of the Russian Federation (regional budget) is a regional fund of funds intended to financially support the tasks and functions assigned to government bodies of the constituent entities of the Russian Federation.

IN modern Russia The role of regional government bodies in managing the economy and social sphere, in coordinating socio-economic processes in the relevant territory is increasing, and therefore the importance of the budget of a constituent entity of the Federation in the socio-economic development of the region is increasing, its influence and directions of influence on social production and the material well-being of citizens are growing .

Municipal budget ( local budget) is a local fund of funds intended to financially support the tasks and functions assigned to local governments.

The municipal budget is the basis of the financial resources of local government (municipal district, urban district, city and rural settlement, other municipalities determined by the legislation of the constituent entities of the Russian Federation). The budgets of municipalities may include, as an integral part of the budget, the income and expenses of individual settlements and territories that are not municipalities.

State off-budget trust funds (STF)

These funds are organizationally separate from the budgets and operate independently, but are managed by the government bodies of KIRCTN.

State extra-budgetary funds are funds federal government and executive authorities of the constituent entities of the Russian Federation.

State off-budgetary trust funds include, first of all, state off-budget social funds:

· Pension Fund of the Russian Federation;

· Social Insurance Fund of the Russian Federation;

Federal Mandatory Fund health insurance;

· territorial compulsory health insurance funds.

They are formed to provide financial support for the implementation of the constitutional rights of citizens to social Security by age, illness, disability, loss of a breadwinner, for the birth and raising of children, as well as for free medical care and health protection. The volume of state extra-budgetary social funds (in terms of income and expenses) is quite impressive: in recent years they have exceeded 60% of the federal budget.

State extra-budgetary funds also include economic extra-budgetary funds of federal and regional significance, through which the state’s needs in solving economic tasks. To date, most of them have been abolished by law, the rest have been consolidated into the corresponding budgets while maintaining the target orientation of the consolidated funds, the so-called target budget funds.

The federal budget, the budgets of the constituent entities of the Russian Federation, the budgets of municipalities and state extra-budgetary targeted social funds together form the budget system of the Russian Federation, which we will consider in detail in block 4, structural unit 4.3.

State loan

State credit is a specific link in the financial system that reflects credit relations regarding the mobilization (borrowing) by the state on a paid and repayable basis of temporarily free funds of various economic entities to finance government expenditures that are not covered by budget revenues, as well as the provision by the state of loans and guarantees to other economic entities within the country and abroad.

Thus, state loan is a system of economic relations of the state, on the one hand, legal,

The state attracts additional financial resources through government borrowing by selling bonds, treasury bills and other types of government securities on external and domestic financial markets. In this role, the state acts as a borrower of funds. State credit allows you to cover the budget deficit in a civilized way, promoting the outflow of money from circulation, it mitigates the severity of problems in the sphere of monetary circulation.

At the same time, the state itself may have temporarily free monetary resources and in this case can act as a creditor.

Due to its special social and legal significance, the state can assume responsibility for repaying loans taken by various economic entities, i.e. can act as a guarantor.

The Russian Federation uses state credit more often as loans to finance the federal budget deficit (throughout the 90s of the last century there was a deep federal budget deficit) and the budgets of the constituent entities of the Russian Federation, which are still experiencing a shortage of monetary resources.

Thus, state credit is a system of economic relations between the state, on the one hand, and legal entities, individuals, foreign economic entities, on the other hand, regarding the formation of the state loan fund.

We will look at the concept of “state loan” in more detail above.

The state insurance fund is the totality inventories and financial reserves of society intended for the prevention, localization and compensation of damage caused by natural disasters and other emergency events.

The insurance fund is an integral part of the system reserve funds. The insurance fund is created centrally at the expense of budget resources by the insurance method, as well as directly by legal entities and individuals through self-insurance. IN market economy The role of insurance is growing sharply, since all business entities operate under risk conditions. And every person now must rely mainly on himself, on his safety stock, his savings. During your work you need to purchase for yourself medical insurance, health insurance, earn a decent pension, etc.

Stock market

A stock market is a market (organized and over-the-counter) in which securities are bought and sold, and their prices are determined by supply and demand.

Russian legislation considers the concepts of “stock market” and “securities market” to be identical. An organized stock market is a stock exchange.

The main function of the stock exchange is to enable public companies, the state and local governments to raise capital by selling securities to investors, i.e. V in this case The stock exchange performs the function of the primary market.

The stock exchange also functions as a secondary market, allowing investors to sell their securities to other investors, providing liquidity and reducing the risks associated with investing.

Thus, the stock market is a special type of financial relations arising as a result of the purchase and sale of special financial assets- valuable papers. The main task stock market– ensuring the process of capital flow in the industry with high level income. The stock market serves to mobilize and effectively use temporarily free funds. Its peculiarity is that stock market participants expect to receive a higher income compared to investing money in a bank. At the same time reverse side Increased income results in increased risk.

What does centralization of financial resources give the state? Thanks to various functional purpose of the above-mentioned links of state and municipal finance, the state can exert a diverse influence on the economic and social processes occurring in society, and achieve acceptable solutions to sectoral and territorial problems.

Centralization of financial resources gives the state the opportunity to:

Pursue a unified financial policy;

Ensure the development of production and social infrastructures;

Redistribute funds in the interests of regulating the economy in order to increase its overall efficiency;

To achieve equalization of the degree of satisfaction of the social needs of citizens within the established social standards.

The main source of government revenue is national income. But during periods of emergency circumstances and events (war, major natural disaster, radical economic reforms etc.) the previously accumulated national wealth acts as a source of state income, some elements of which (gold reserves, foreign exchange reserves, insurance reserves, sales of energy resources) are involved in economic turnover.

A. Yes, they are legal, since this is the basis for collecting a debt, that is, civil liability. 4 page

A. Yes, they are legal, since this is the basis for collecting a debt, that is, civil liability. 5 page

"Financial system of the Russian Federation"

Introduction

financial market economics

It is believed that the concept of a financial system is a development of a more general definition - finance. In theory, a system is something that solves a problem. The problems of modern society that the financial system is designed to solve include:

insufficient rates of economic development;

disproportions in the development of the economic system;

lag in adaptation to changes in external commodity and financial markets;

low level of satisfaction of the individual's needs, etc.

There are two main types of systems: closed and open. A closed system has rigid fixed boundaries, its actions are independent of the environment surrounding the system. An open financial system is characterized by fairly frequent and intensive interaction with external environment. Financial resources and information are objects of exchange with the external environment through the permeable boundaries of an open system. The openness of the financial system in market conditions is due to the variety of forms of ownership, in particular, joint stock ownership.

The variety of forms of ownership opens up the possibility of creating a number of financial instruments: leasing, franchising, pledge, mortgage, etc. This openness is determined by the ability to freely sell and buy currency, securities, carry out foreign economic insurance transactions, participate in the activities of international financial organizations, etc.

The definition is well known: “the financial system is a system of forms and methods of formation, distribution and use of funds from the state and enterprises.” In another work, three interconnected areas are distinguished in the totality of financial relations: finances of economic entities (enterprises, organizations, institutions), insurance, and public finances.

We will consider the financial system as a form of organizing monetary relations between all subjects of the reproduction process for the distribution and redistribution of the total social product.

The topic of the course work is very relevant for today, since a reliable financial system is the core in the development and functioning of a market economy and a necessary prerequisite for the growth and stability of the economy in the state. This system is the basis that mobilizes and distributes the savings of the society and facilitates its daily operations. A market economy operating according to market principles includes many elements, but the most important is to create a sound financial system. Once a sound financial system is in place, money and capital markets, especially primary and secondary markets for national government securities, can develop.

The purpose of the course work is to reveal the essence and structure of the modern financial system in the market economy of the Russian Federation and the trends of its development.

Course work determines the formulation of the following tasks:

identification of main functions;

disclosure of the main areas and links of the financial system;

consideration of the state and development of the financial system over recent years.

1.The essence and structure of the financial system

.1 Concept and functions of the financial system

The state governs society and consists of a number of structures: political, economic, social, religious, etc.

The basis economic structure constitute relations that have arisen in the state, in which four subjects participate: the state, the region, the economic entity, and the citizen. Each subject has its own rights and obligations. By entering into relationships with each other, they participate in commodity-money relations, which leads to the creation of the financial system of the state.

By definition, a financial system is a set of financial relations. By their nature, financial relations are distributive, and the distribution of value is carried out primarily among subjects. Subjects form monetary funds for special purposes depending on the role they play in social production: whether they are direct participants in it, whether they organize insurance protection or carry out government regulation. It is the role of the subject in social production that acts as the first objective criterion for the classification of financial relations.

The financial system within a particular country includes:

the state financial subsystem, which ensures the receipt of funds into the budget and their expenditure;

banking subsystem, which contains financial institutions that provide settlements, loans, investments, and cash transactions;

a subsystem for the circulation of government securities, which serves to attract funds on the secondary securities markets.

There are a number of reasons why financial institutions differ significantly from each other in different countries. These include the level of availability and sophistication of technology and different sizes, as well as differences in historical, cultural and political development a certain state. The functions of the financial system are also transformed over a certain period of time, that is, they are subject to change. Functions in financial institutions can change significantly and also expand.

Analyzing the main function of the financial system, which is the efficient distribution of financial resources, at the most general level we can talk about six basic or key functions of this system:

Providing ways to move economic resources over time, across state borders and from one sector of the economy to another.

Provide ways to manage risk.

Providing settlement methods that facilitate trade.

Providing a mechanism for pooling financial resources and dividing ownership in various enterprises.

Providing price information to coordinate decentralized decision-making in different sectors of the economy.

Providing ways to solve the incentive problem.

The first function, the movement of resources in time and space, means that the financial system provides ways to move economic resources over time, from one geographic region to another, and from one economic sector to another.

Student loans, home equity loans, retirement savings, and capital investments all result in the movement of resources from one point in time to another. The financial system also plays a very important role in the movement of resources in space. Sometimes the capital needed to implement a particular business project is located very far from the place where it could be used most effectively. So, for example, households in Germany can, by saving money, accumulate capital that, quite possibly, could most effectively be used somewhere in Russia. And the financial system provides a number of mechanisms that facilitate the movement of monetary resources from Germany to Russia. Increasing the efficiency of the economy is greatly facilitated by all kinds of innovations, thanks to which scarce monetary resources flow from where they do not bring high income, and are used where they give greater profit.

Just as financial resources move, risks also move—the second function. There are intermediaries in the financial system, e.g. Insurance companies who specialize in activities related to risk transfer. They charge clients who want to reduce their risk special premiums and pass them on to investors who, for a fee, agree to pay the claims and bear the risk.

Often, capital and risks are linked together and transferred through the financial system simultaneously, as a result of which the financial flow also characterizes the flow of risks.

The third function of the financial system makes it possible to make payments in ways that stimulate the exchange of goods, services and assets. It is one of the most important functions of the financial system because it provides people and businesses with efficient ways to make payments when purchasing goods and services.

One example of increasing the efficiency of the payment system is the replacement of a means of payment such as gold with paper money. Today, gold is a scarce resource used in medicine and jewelry, and paper money is the main means of payment. Compared to gold, the authenticity of paper money is easier to verify and is much more convenient to use in everyday life, for example, to carry in your pocket. In addition, printing money is a much less expensive process than mining, melting and minting gold coins. The efficiency of payments has increased even more thanks to the subsequent emergence of alternative means of making payments: checks, credit cards and electronic payment systems.

The fourth function of the financial system provides a mechanism for pooling financial resources for the founding of a large-scale enterprise or for dividing the capital of large enterprises into shares among a large number of owners.

IN modern economy The minimum amount of investment required to run a full-fledged business often exceeds the monetary resources of an individual or even a large family. The financial system provides the opportunity (for example, through stock markets or banks) to pool household funds into larger capital, which is subsequently used by firms in need.

Thanks to the financial system, individual households are able to participate in investments that require large sums money by pooling their resources and then dividing their shares in the total investment.

For its fifth function, the financial system provides price information that helps coordinate independent decisions made in different sectors of the economy.

Newspapers, radio and television provide daily information on securities prices and interest rates. Of the millions of people who receive this information, relatively few are professional securities traders. However, very often people who are very far from the stock market use information based on stock quotes to make financial decisions.

Solving psychological problems of incentives is the sixth function of the financial system. These problems arise because parties to contracts often do not have the ability to constantly monitor and control each other. There are three types of incentive problems. They received the following names: the “moral hazard” problem, the “adverse choice” problem and the “committee-commissioner” problem.

The problem of moral hazard or irresponsibility arises when ownership of an insurance policy causes the insured party to accept greater risk or be less willing to prevent an event leading to a loss. It is the irresponsibility of one of the parties that often causes such problems to arise. Another problem that arises due to the uneven amount of information between the parties to a transaction is the problem of adverse selection. It lies in the fact that people who purchase insurance against a particular type of risk are usually much more exposed to that risk than the general population. The problem in the relationship between the principal and the commission agent is that the commission agent often makes decisions that are different from those that the principal would have made if he had all the knowledge that the commission agent has and made decisions on his own. As a result, a contradiction often arises between the interests of commission agents and principals.

1.2 Characteristics of spheres and links of the financial system

The financial system is the entire set of links and spheres; a set of institutions of the financial system that exists in an enterprise, in a state, etc. The first area where finance is needed is the state. The system by which the government collects and spends funds is called public finance. In addition to the state, there are various types of enterprises, therefore, the second sphere is called enterprise finance. This is a tool through which a company raises funds. The third area is other finance (including insurance finance).

Links of the first sphere: 1. State budget (huge financial resources are concentrated in it). 2. Extra-budgetary funds (money that is concentrated in the hands of non-governmental but government organizations).3. State loan.

Links of the II sphere (enterprise finance): 1) finance of enterprises operating on a commercial basis; 2) finances of institutions and organizations that carry out non-commercial activities; 3) finances of public associations (trade unions, political parties, public funds).

Insurance is a specific area that has its own links: 1) Social insurance (all methods); 2) Personal insurance; 3) Property insurance; 4) Liability insurance; 5) Insurance of business risks.

1.3 General government finances

Let's take a closer look at national finances. They include the budget system (state budget), state extra-budgetary trust funds, state credit, state insurance fund.

The state budget is a form of formation and use of a centralized fund of funds to ensure the functions of government bodies. He is the main one financial plan countries, approved every year as law. IN state budget a significant share of national income is concentrated to finance the main directions of the national economy, socio-cultural events, defense of the country, maintenance of the state apparatus, etc. With its help, the redistribution of national income is carried out, which makes it possible to purposefully influence the pace and development social production and society as a whole.

Off-budget funds are funds from the federal government and local authorities associated with the financing of expenses not included in the budget. Off-budget funds have strictly special purpose:

Pension Fund of the Russian Federation;

Social Insurance Fund of the Russian Federation;

State Employment Fund;

compulsory health insurance funds.

State credit system reflects credit relations regarding the mobilization by the state temporarily free funds enterprises, organizations and the population on the basis of repayment to finance government expenditures.

The insurance system provides compensation for possible losses from natural Disasters and accidents, and also contributes to their prevention.

Interaction between the subsystems of the financial system is carried out, as a rule, through the mediation of institutions of the banking system.

Each subsystem, in turn, is divided into links depending on industry affiliation, forms of ownership, nature of activity, etc. The interrelations of the financial system are based on the finances of economic entities (enterprises), financial support reproduction costs, carried out in three forms:

self-financing;

lending;

government funding.

1.4 Finance of business entities

Finances of business entities - an integral part unified system finance. An economic entity is an artificial entity created by a group of individuals or legal entities. This association allows not only to unite the entrepreneurial efforts of different people in one direction, but also to limit the scope of responsibility for the consequences of the activities of such a team. Typically, the founder is responsible for the results of the company's activities only to the extent of his contribution to the authorized capital.

However, the legislation allows the creation of such forms of association as a general partnership. Its participants (general partners), in accordance with the agreement concluded between them, engage in entrepreneurial activities on behalf of the partnership and are liable for its obligations with all the property belonging to them. Moreover, one person can be a participant in only one general partnership.

On the issue of economic entities, there is no consensus in the economic literature. What is included in the system of economic relations that determine the finances of business entities. Some scientists believe that financial relations that arise during the purchase and sale of goods, as well as monetary remuneration of labor, which affects the financial relations of the enterprise, but does not itself serve as an element of these relations, cannot be classified as finance. However, scientists who support the reproductive concept of finance classify the mentioned relations as financial, since they recognize the existence of financial relations in production and exchange. Thus, during the exchange, income is generated, from the sale of products from which the supplying enterprise forms consumption and accumulation funds. The implementation process may be accompanied by the application of financial sanctions for non-compliance with the requirements of supply contracts, the formation of mutual types of debt between the supplier and the buyer. Monetary relations arising in the payment of wages and bonuses are accompanied by the formation and expenditure of special funds: wages, consumption, working capital(in terms of costs of work in progress, stable liabilities). Supporters of the reproduction concept believe that financial relations are present at all stages of the circulation of enterprises' production assets.

In this regard, we can conclude that the finances of economic entities also perform a reproductive subfunction within the distribution function. Its content is to ensure correspondence between the movement of material and monetary resources in the process of their circulation during simple and expanded reproduction.

Based on the results of their activities, economic entities are divided into two groups. The main goal of the first is to make a profit; this is a group of commercial organizations. The main goal of the second is not to extract profit and distribute it among the founders; it is a group of non-profit organizations.

Commercial organizations include, in particular, the so-called enterprises real sector economy (industry, Agriculture...), financial sector enterprises (banking, investment, insurance companies), service sector.

Non-profit organizations include religious organizations political parties and movements, charities and other foundations. They can engage in entrepreneurial activity only if it contributes to achieving the statutory goals.

The finances of business entities, in comparison with the finances of other entities of society, are most regulated, since, being artificial entities, they must be completely controlled by the founders, as well as by the authorities. Main document financial statements serves as the company's balance sheet. However, it should be borne in mind that finance is a constantly developing and increasingly complex category, mirroring the development and complexity of the economy. Therefore, with the development of the economy in the field of finance, phenomena will constantly arise, again and again, that have not previously been encountered and, accordingly, are not subject to regulation.

Of the economic entities, the most regulated are banks, which are required to prepare, in particular, daily balance sheets. A completely justified measure, given that the bankruptcy of one bank can lead to the bankruptcy of all its clients. Another difference in the banking industry is that the failure of one bank undermines confidence in the entire industry.

A high degree of regulation implies a high degree of accountability. Indeed, the authorities ( tax authorities, statistical authorities...) can collect almost any information from business entities.

Cash fund

Commercial organizations have two monetary funds - a profit fund, that is, the result of economic activity, and a depreciation fund, that is, funds officially withdrawn from taxation in order to update fixed assets.

There may be a mistaken impression that the company has another cash fund, the income of which includes proceeds for work performed and the sale of property, and the expenses include all expenses. It can be called the “company budget”. But this cash fund does not belong to the company, since the company cannot dispose of it as arbitrarily as the profit fund. In particular, the revenue part of such a “budget” consists of funds belonging to customers and, if the company does not fulfill its obligations to supply goods, then these funds must be returned to the owners. Also, the authorized capital is not the company’s monetary fund. The funds of the management company are the property of the founders.

Liabilities

The presence of obligations is a natural situation for business entities. Moreover, this is not only attracting loans, but also obtaining a deferred payment for goods already received. Therefore, a company with a large amount of obligations may, all other factors being equal, look preferable to a company with a small amount of obligations.

In addition, a large volume of liabilities reduces the current size of the cash fund, which can be considered an indirect protection against the fact that the bank servicing the company's accounts goes bankrupt. At the same time, the growth of obligations also has a negative side - an increase in the risks of their non-fulfillment, an increase in the cost of servicing them.

Debt owed to a company is called accounts receivable. The company's debt to third parties is called accounts payable. It is generally accepted that overdue debt is debt whose term has exceeded three months.

The difference between the obligations of business entities and other entities of society is the completeness of accounting for obligations. Thus, companies do not keep records of liabilities in the amount current debt(that is, not in the amount of the principal amount of the debt), but in in full, that is, the principal amount of the debt plus interest that has not yet been accrued, but will only be accrued for the entire period of the loan.

Strict regulation of business entities also extends to influence. In any case, if shareholders make the appropriate efforts, they can make the application of “Influence...” relatively objective and amenable to their control. In this case, the traditional disadvantages of “Influence…” - susceptibility to emotions, arbitrariness - will be minimized.

“Influence…” applies to the finances of subsidiaries and affiliates. This means, in particular, intervention in the expenditure of funds, the formation of tariff policy, the implementation of procurement policy, and the policy of tax optimization.

However, if the insolvency or bankruptcy of the company is caused by the founders or other persons who have the right to give binding obligations for this legal entity instructions, or otherwise have the opportunity to determine his actions, such persons, in the event of insufficiency of the company’s property, may be assigned subsidiary liability for his obligations.

Criterion for assessing finances

From the point of view of the owners of commercial organizations, the criterion for assessing finances is data on the amount of profit, as well as information on the amount of funds that they can receive in the event of the sale or liquidation of the company.

In addition, they are used relative indicators, characterizing the intensity of use of initially invested funds and current financial condition company, for example, the amount of profit per one ruble of fixed assets, per share, per one ruble Authorized capital, per one ruble of revenue.

2. State and development trends of the financial system of the Russian Federation

.1 Contemporary issues development of the financial market in Russia in the context of globalization

Financial markets have always had a significant impact on the level and pace of social economic development. In the context of globalization, they are turning into a particularly powerful factor of economic, political and other influence on public life.

By providing resources external financing, the financial market forms investment and innovation support for social reproduction. Also, the development of financial markets is accompanied by a sharp increase in new derivative instruments and speculative transactions, which, given the global nature of financial capital, creates large-scale threats to social development.

In the context of increasing involvement of the Russian financial market in the global financial system, the problem of developing a well-founded strategy for its development has become urgent, allowing to ensure the necessary stability of the market in the face of negative external and internal influences.

The peculiarities of the Russian financial market include the significant asymmetry of its structural and functional organization. This is expressed primarily in the undiversified nature of the financial market, the low share of freely traded shares, the dominance of companies and banks with state participation, and high dependence on foreign capital.

The asymmetry of the financial market reduces its attractiveness for both Russian and foreign investors. For domestic participants it is too disconnected from the real sector, for foreign participants it is too risky and undiversified.

Despite the positive developments, the Russian financial market remains predominantly speculative. Thus, the share of the credit market in investments in fixed capital is about 10%.

Due to the existing structural and functional characteristics, the Russian financial market turned out to be very sensitive to external factors. High dependence on external conditions allowed the global crisis to quickly spread to Russian territory.

In conditions of economic development, state regulation of the financial market ensures the integrity, balance and stability of the entire financial system of the country. Direct government regulation is carried out through the creation of a system of legal norms, the implementation of which is ensured by government bodies. Indirect consists in the implementation of tax and monetary policies, management of state property, etc.

Recently, the issue of improving the regulation of the financial market has been increasingly raised, which is especially important during the period of overcoming the consequences of the crisis and the decline in the rate of development of the domestic economy. In addition, solving the problems defined by the strategy for the development of the financial market of the Russian Federation for the period up to 2020 also requires improving the quality of government regulation and involving the entire investment potential,

2.2 Problems of implementing project financing in Russia

One of the most effective ways For the implementation of large-scale long-term projects, the use of project financing is favored, which allows for optimal distribution of risks among numerous project participants. In the works of domestic and foreign authors there is no single approach to defining the term “project financing”. Moreover, it is necessary to recognize the fact that within our country the project financing method itself, used to organize the financing of investment projects, is periodically understood and interpreted insufficiently correctly. Project financing is very often confused with the concept of " investment loan", "project financing".

For example, project financing is understood as a modern form of long-term international lending. We are not talking about irrevocable subsidies, but about lending to investment projects for a certain period.

The most complete interpretation of project financing seems to be the provision of financial resources to a company for the implementation of an investment project in the form of borrowed funds and equity participation investors in the activities of a project company, when the collateral is the result of the project, and repayment of borrowings is carried out at the expense of cash flows according to the project.

Project financing is still quite rare banking service due to the fact that project financing is a highly costly mechanism and carries increased risks. However, if this is an interesting and profitable project, implemented by a team of professionals who also have experience in creating a successful business from scratch, banks can make an exception. In 2010, the scale of bank project financing continues to grow, as natural resource projects, energy projects, large infrastructure projects and projects in telecommunication networks are most often financed. Examples of the implementation of project financing are the projects “Blue Stream”, “Western High-Speed ​​Diameter”, Sakhalin-1,2,3, etc.

In times of crisis, there are a number of problems with project financing.

Firstly, this is the volume and mechanisms for financing energy and infrastructure projects. Financing should be provided to stabilize the labor market and solve the problems of energy shortages in the economy.

Secondly, the interaction of public and private structures in the process of implementing existing and initiating new projects.

Thirdly, during the financial crisis, the share of the private sector in project financing decreased slightly, and the share of government guarantees increased.

Fourthly, it is important to create an incentive and guarantee mechanism for investors and owners. Such a policy should lead to an increase in various preferential terms to attract resources to Russia and improve investment climate.

During 2008-2010, certain steps were taken to solve these problems. In 2008 an anti-corruption plan was adopted, and the Foreign Investment Law came into force, clarifying the legal regime in key sectors.

Solving all the problems posed and borrowing Western experience in project financing allows us to more actively develop and use the advantages of this form of financing in solving set investment tasks in Russia.

2.3 Modern tendencies in the development of national banking systems

At the end of XX - beginning of XXI centuries There was a rapid and deep globalization of the world economy, in particular, the process of globalization developed at an accelerated pace in the financial sector. As a result, thanks to the decisions taken at the Jamaican Currency Conference, a global financial system was formed, characterized by the absence of strict control and regulation over liquid and huge financial flows moving around the world, directed by economic entities to the most profitable sectors of different countries.

In the new global financial system, banks in developed countries began to play a significant role. The main trend of the past decades has been to strengthen and improve the activities of banking institutions in developed countries through expansion, diversification and increasing business value

Shortcomings in the past functioning of national banks were revealed during the global financial crisis of 2007-2009, as a result of which the total loss of the global financial system amounted to 2.2 trillion. US dollars,

The main drawback was the weakening of control over the activities of banks in different countries, which made it possible to develop and implement financial innovation in the form of highly profitable financial products secured by highly overvalued assets, and, as a result, taking on high risks.

As a result, the following main trends in the development of national banking systems have emerged.

Firstly, strengthening state control and regulation not only for the reliable and high-quality activities of banking institutions, but also for the systemic stability of the national banking sector. At the national level, many countries have already adopted a set of legislative acts establishing more stringent requirements for the activities of banking institutions. On international level The Basel Committee on Banking Supervision has developed a reform of the global banking sector, called “Basel III”.

Secondly, the time of crisis demonstrated resilience national economies developing countries. This means that their financial institutions did not reduce the scale of their activities during the crisis, but, on the contrary, strengthened their influence and continued to develop. Accordingly, there is a risk that banks in developed countries may be forced out of the global financial arena.

Thirdly, currently in the world there is a balance between the consumption of financial resources and their savings. In the global financial system, the bulk of capital is accumulated in the banking systems of developing countries, which is subsequently used in developed countries. Banks in developing countries are overflowing with deposits, while banks in developed countries are experiencing a shortage of depositors' funds and rely on unstable financial markets to raise resources.

The inevitable increase in government spending and capital needs by developing countries will cause high volatility in financial markets and an imbalance in the consumption of financial resources and their savings in the global financial arena.

As a result, it is the banking institutions of developing countries that will continue to strengthen their role in the global financial arena, gradually displacing banks from developed countries. However, this threatens the global economy with new financial shocks.

2.4 The role of plastic cards in Russian payment turnover

Nowadays, the formation of the plastic card “industry” is taking place in Russia. All over the world, millions of trade, hotel and service enterprises are involved in the circulation of plastic cards; the number of users of such cards is approaching 500 million. Almost all banks in developed and developing countries work with cards. An analysis of the development of this “industry” shows that bank plastic cards are developing most successfully. And this is understandable, because the card itself is a payment instrument that crowns a system based on settlement and payment relations, i.e. non-cash payments carried out on a modern technical and technological basis. The resource base of banks also plays an important role, allowing them to constantly develop and improve technological and technical base. This, in turn, enables banks to constantly improve and expand the range of services provided to their clients. As is known, the dominant settlement and payment systems have become Europe, VISA and America Express, which are transnational corporations. Payment instruments of these systems are used in many countries of the world - both in domestic and external payment circulation.

The goal of developing card circulation is to reduce the volume of cash circulation through various forms and methods of non-cash payments and ensuring their protection. This can be done by creating a specialized system of settlement and payment relations, integrated into the Western European settlement and payment system. Within international systems Russian banks can use international payment instruments; these same payment instruments in rubles can be used in domestic payment turnover, which, by the way, is already actively used by leading Russian commercial banks. This could be an essential technical element for the practical implementation of full convertibility. Russian ruble.

Remains complex issue regarding the transition to chip cards (that is, equipped with microprocessors). Undoubtedly, “chip technology” has a future, and most importantly, it allows you to dramatically expand the circle of users of plastic cards (since pre-deposited money will be recorded on the card), without resorting to authorization in different modes. The breakthrough of a large volume of plastic cards into settlement and payment turnover does not mean that other payment instruments have become of secondary importance. Our main form of payment is still cash. Cash circulation generates huge costs associated with printing paper money, minting coins, issuing them into circulation, processing, transportation and storage. It is possible to reduce cash circulation and reduce the costs associated with servicing retail settlement and payment turnover only by using a variety of payment methods in this turnover. These are, first of all, advance payments, debit and credit cards, credit checks (in particular Eurocheckcard), bank and traveler's checks. At the same time, you always need to clearly understand what space can be effectively filled by a particular means of payment. The system of pre-notified payments, like plastic cards, is associated with the circulation of personal income. It consists in the fact that the bank automatically credits the client’s current account or debits from it amounts under a pre-concluded agreement.

A big problem in creating an “industry” of plastic cards is providing it with expensive technological equipment purchased in developed countries. It would be cheaper for Russian consumers to create this equipment in Russia according to VISA and European standards. For these purposes, an investment company with the participation of Western banks and firms is needed to select from numerous conversion enterprises those that could produce the appropriate equipment and communications. The market for the sale of such equipment in Russia is guaranteed for many years to come.

2.5 Priorities in the development of the Russian banking system in the context of financial globalization

The intensive development of the Russian banking system in recent years was determined by the process of transformation of a planned economy into a market economy.

As a result of the financial crisis, the Russian banking system suffered significant losses. The crisis led to a decrease in the number of credit institutions and the concentration of bank capital. To overcome the consequences of the financial difficulties of banks that emerged during the crisis, the Central Bank of the Russian Federation implemented comprehensive program restructuring of the banking system.

Thus, the priority of the current stage of development of the Russian banking system is to ensure sustainability. Therefore, in my opinion, the next stage of sustainable development will be built precisely on this basis. Sustainable development, understood as the desire to ensure the successful functioning of an organizational system (including a bank) in the long term, is a key component of management both for individual banks and for the Russian banking system as a whole in the medium term. Without solving these problems, ensuring the stability and efficiency of the Russian banking system will be a difficult task.

The successful development of the Russian banking system should be based on positive international experience. The most important aspect In this regard, the adaptation of international standards and best international banking business practices to the realities of the Russian banking system is advocated.

Conclusion

Financial systems arose with the emergence of class society and developed as part of the political, social and economic system of the state.

The history of economic development and finance shows that during periods of relative prosperity and sustainable development of the state, to revitalize business activity use a liberal approach, and in times of crisis and increasing social tension, the role of the state and public finance in social and economic transformations increases.

A broad and narrow interpretation of the subject of finance is possible, associated with the use of systems theory principles, known as aggregation and decomposition procedures in research.

An argument in favor of the fact that finance covers all stages of the reproduction process may be that the movement of funds is both spatial and temporal in nature. At the same time, movement in time exists objectively and always regardless of the will of economic entities. Such movement objectively ensures the redistribution of funds even when there is no spatial movement.

There is a close relationship between price, salary, credit with the possibility and intensity of sources of financial resources, time value financial flows. The presence of such a close relationship may make it possible to classify price, salary, and credit as relatively independent categories, but within the scope of financial relations.

System-forming financial instrument taxes that formally and directly ensure the inclusion of prices, wages, credit, and insurance in the sphere of finance.

The composition of decentralized finance, in addition to monetary relations that mediate the circulation of the monetary funds of enterprises, can also include monetary distribution and redistribution relations within financial and industrial groups, holdings, as well as the finances of entrepreneurs without forming a legal entity, the investment activities of citizens to maintain or change their social status.

Finance plays a different role in the activities of organizational and production systems operating in the product market as part of a sales strategy or marketing strategy.

There is an increasingly close connection between financial relations and property relations, which is reflected, in particular, in the development of privatization procedures, financial leasing, collateral, conversion of debt securities, etc.

Thus, having become familiar with the general issues of the structure of the financial system of the Russian Federation, we can say that finance is the monetary relations that arise in the process of distribution and redistribution of the value of the gross social product and part of the national wealth in connection with the formation of monetary income and savings among business entities and the state and using them for expanded reproduction, material incentives for workers, and satisfaction of social and other needs of society. The essence of finance is manifested in its functions: distribution, control and regulation. An important specific feature of finance, distinguishing it from other distribution categories, is that financial relations are always associated with the formation of cash income and savings, which take the form of financial resources.

List of sources used

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