KUNGUR FORESTRY TECHNICAL TECHNIQUE

Test by discipline:

“Finance, money circulation and credit”

Performed: student

groups BU-51sz

5th year correspondence course

Zernina Elena

Checked:

Kainaeva L.P.

Introduction

1. Nature, essence, forms and functions of money

1.1 The nature of money

1.2 The essence of money

1.3 Forms of money

1.4 Functions of money

2. Enterprise financing various forms property: joint stock companies; budgetary enterprises; insurance companies

Practical task

Conclusion

Bibliography

Introduction

IN market economy the most important indicator well-being of the state, entrepreneurs, and the entire population of the country is the stability of finances and money circulation. Financial results are the end result of the activities of millions of people. Absence financial resources on state level and at the enterprise level indicates economic crisis society. To overcome this crisis it is necessary financial recovery state economy. At the same time, finance has become the main lever government regulation economy in order to get the country out of the crisis.

Economic activity in a market economy confronts all private owners with economic process requirements for high competence in the field of finance and credit. Knowledge of these disciplines is the key to successful work in all spheres of human activity.

1. Nature, essence, forms and functions of money

1.1 The nature of money

Before the primitive tribes stood complex issue: how, in what exchange ratios, to make fair exchanges of certain goods? Since there was no generally accepted equivalent (equal in value of a product) with which to measure the value of other goods, it was then impossible to find a satisfactory answer. Therefore the initial simple exchange one useful thing to another was random and disposable. In subsistence farming, the product satisfied the needs of the producer and his family, that is, it had for them use value .

Later, goods began to be produced in a wide variety. The owner of a product could exchange it for several other useful products, each of which served as its equivalent. This expanded form of exchange goods (T1 = T2 = T3). There is a comparison of goods that are different in type, quality, and purpose. The basis for measuring goods is their price (not price!), i.e. socially necessary labor spent on the production of goods. However, in this case, one thing was directly exchanged for another, which did not always suit sellers and buyers. If, suppose, a grain owner wanted to buy fur, and a fur trader needed fish, then the exchange became impossible or too difficult.

The social division of labor (separation of agriculture and cattle breeding, and then crafts) required a constant exchange of labor products. In every country and major economic regions appeared in local markets general equivalents - the most popular products for which other useful things could be exchanged. For example, among the Greeks and Arabs it was cattle, among the Slavs it was fur. In order to ensure the comparability of various labor costs, the concept of exchange value appears.

Exchange value is the ability of a product to be exchanged for other goods in certain proportions. For example, 1 sheep = 2 bags of grain.

However, the various local equivalents did not meet international trade requirements. From the totality of goods, one product gradually stands out, for which all the others are exchanged - universal equivalent : money. Historians have found evidence that among the peoples of the world, a variety of goods played the role of money: salt, cotton fabric, copper bracelets, gold dust, horses, shells, and even dried slaves. As social wealth increases, the role of the universal equivalent is assigned to precious metals(silver, gold), which, due to their rarity, high value with small volume, homogeneity, divisibility and other useful qualities, began to play the role of monetary material.

Bimetallism persisted until late XIX V. However, in Europe in the 18th-19th centuries. gold and silver coins were used in circulation, payments and other transactions along with paper money. The invention of the latter is attributed to ancient Chinese merchants. Initially, receipts for acceptance of goods for storage, payment of taxes, and issuance of a loan acted as additional means of exchange. Their circulation expanded trade opportunities, but at the same time often made it difficult to exchange these paper duplicates for metal coins.

Paper money is convenient to use and easy to carry. It is good to remember the words of the great Englishman Adam Smith, who said that paper money should be considered as a cheaper instrument of circulation. Indeed, during circulation, coins are worn out and some of the precious metal is lost. In addition, the need for gold in industry, medicine, and the consumer sector is increasing. And most importantly, trade turnover on a scale amounting to trillions of dollars, marks, rubles, francs and other monetary units is simply beyond the power of gold to service. The transition to paper money circulation sharply expanded the scope of commodity exchange. The value of paper money is determined only by the number of goods and services that can be purchased with this money. XX century marked by the transition to the circulation of paper money and the transformation of gold and silver into goods that can be bought at market price.

1.2 The essence of money

Money is a special type of universal commodity, used as a universal equivalent, through which the value of all other goods is expressed. Money is a unique commodity that functions as a means of exchange, payment, measurement of value, and accumulation of wealth. IN modern economy The circulation of money is an invariable condition for the circulation of almost all types of goods. Thanks to money, it is possible to have a single measure of value, which is necessary when comparing and exchanging goods.

Money is a good that functions as a means of measuring the value of other goods (universal equivalent) or as a means of making payments in exchange (medium of exchange). Money is those goods that have perfect liquidity. Money - economic category, in which relationships between people are manifested and with the help of which they are built. The purpose of money is to save transaction costs market interactions.

The essence of money is that it is a specific commodity, with natural form which combined the social function of a universal equivalent. The essence of money is expressed in the unity of three properties:

Money directly provides unlimited exchange for any product;

Days express the exchange value of goods. With the help of money, the price of a product is determined, which makes it possible to quantitatively compare goods with different consumer values;

Money acts as the materialization of universal labor time contained in a commodity.

1.3 Forms of money

Money in its development came in two forms: real money and signs of value (substitutes for real money).

Real money - money whose nominal value (the value indicated on it) corresponds to the real value, i.e., the value of the metal from which it is made. Metal money (copper, silver, gold) had different forms: first in pieces, then in weights. The coin of the later development of monetary circulation had established by law features (appearance, weight content). The round shape of the coin turned out to be the most convenient for circulation (less wearable), the front side of which was called obverse, reverse – reverse and sawn-off shotgun - edge. In order to prevent the coin from being damaged, the edge was cut.

Substitutes for real money (signs of value) - money whose nominal value is higher than its real value, i.e., the social labor spent on its production. These include:

Metal signs of value - worn gold coin, billon coin, i.e. small coin made of cheap metals, such as copper, aluminum;

Paper tokens of value, usually made of paper. There are paper and credit money.

Paper money - representatives of real money. They appeared as substitutes for gold coins in circulation (in Russia - in 1769). They were easier to store and were convenient when paying for small quantities of goods. The right to issue belongs to the state. The difference between the nominal value of money and the cost of issuing it forms the income of the state treasury. They perform two functions: a medium of exchange and a means of payment. The absence of gold exchange prevents paper money from leaving circulation. The reasons for the depreciation of paper money are their excess issue, the discrepancy between the country's exports and imports.

Credit money – arise when the purchase and sale is carried out on credit, i.e., on an installment plan. Credit money has gone through the following development path: bill of exchange – accepted bill of exchange – banknote – check – electronic money – credit cards.

1.4 Functions of money

Economic essence and the role of money is manifested in its functions. All functions of money are reflected in their standard definition: money is a means of payment for goods and services, a means of changing value, and also a means of storing value.

Money performs the following five functions: a measure of value, a medium of exchange, a means of payment, a means of storage and savings, and world money.

1. Measure of value. Money acts as a measure of value. Society finds it convenient to use a monetary unit as a scale for measuring the relative values ​​of various goods and resources. Thanks to monetary system we do not have to express the price of each product in terms of all the other products for which it could be exchanged; we should not express the cost of meat in terms of grain, pencils, cigarettes, cars, etc. Using money as a common denominator means that the price of any product only needs to be expressed in terms of a monetary unit. This use of money allows parties to a transaction to easily compare the relative values ​​of different goods and resources. Such comparisons make it easier to make rational decisions. As a measure of value, money is also used in transactions with future payments. Some difficulties in determining prices arise in connection with the transition from the use of money, which has intrinsic value, to the use of banknotes that cannot be exchanged for gold. When using full-fledged money, their gold content is usually fixed, which makes it possible to have such a value as a price scale.

- Price scale– weight content of gold in a monetary unit. Prices are linked to the price scale. The government of any country can change the previously established price scale. This change is called currency reform.

- Currency reform - a transition from one measure of value to another, accompanied by a decrease in the total amount of money.

2. Means of payment. Money acts as a means of payment. This function of money manifests itself, first of all, in servicing payments outside the scope of trade (taxes, social payments, interest on loan). Money is easily accepted as a means of payment. This is a convenient social invention that allows resource owners and producers to be paid with a “commodity” (money) that can be used to purchase any of the entire range of goods and services available in the market.

Participating as a means of payment are: cash, And non-cash money. Cash – between individuals, non-cash – in the main turnover.

3. Medium of exchange. Money acts as a means of circulation and maintenance of trade turnover. First of all, money today is a medium of exchange; money can be used in the purchase and sale of goods and services. As a medium of exchange, money allows society to avoid the inconveniences of barter exchange. Introducing convenient way exchange of goods, money allows society to benefit from geographic specialization and the division of labor between people.

Of great importance velocity of money: the faster the turnover occurs, the less money is needed to circulate the goods. When money performs the function of a medium of exchange, it is important that the volume of effective demand corresponds to the supply of goods. Supplying circulation with the necessary mass of banknotes becomes of great importance.

4. A means of accumulation (savings). Money that is not involved in circulation forms monetary savings. This is cash held by citizens, as well as balances in bank accounts. People can store their wealth in the form of jewelry, art, houses, stocks and bonds, and many other forms. However, money is more suitable for this function because it is inherently liquid.

- Liquidity– the ability to use the asset as a means of payment, and the ability of the asset to maintain its nominal value unchanged.

Money by definition has perfect liquidity. They can be used as a means of payment, and since they function as a measure of value, they do not change their own nominal value in terms of the price scale. All other types of assets have liquidity only to a greater or lesser extent.

Owning money, with rare exceptions, does not bring cash income, which is extracted when storing wealth, for example in the form real estate(property) or securities (stocks, bonds, etc.). However, money has the advantage that it can be used immediately by a firm or household for any purpose. financial liability.

5. World money. The function of “world money” is money in the system of international economic relations. They function as a universal means of payment, the universal means of purchase and the universal materialization of social wealth. The world money was gold as a means of regulating the balance of payments and credit money of individual states, exchanged for gold: mainly the US dollar and english pound sterling.

Since the forties of the twentieth century, global community is looking for a replacement dollar just like anyone else national currency.

In order to ease international liquidity problems, the International Monetary Fund introduced special drawing rights(SDR). The SDR unit price was determined based on the weighted average rate of the five leading currencies.

For countries participating in the European monetary system was introduced in March 1979 ECU– paperless monetary units in the form of entries in accounts in the central banks of member countries. The value of the ECU was determined based on the weighted average exchange rate of the 12 member countries. To determine the share of a particular currency in the ECU, GNP (domestic national product) participating countries.

Currently, EU countries make payments in new currency – Euro .

All five functions of money represent a manifestation of the single essence of money as a universal equivalent of goods and services; they are in close connection and unity. Logically and historically, each subsequent function presupposes a certain development of previous functions.

2. Financing of enterprises of various forms of ownership: joint-stock companies; budgetary enterprises; insurance companies

The basis of market relations is money. They connect the interests of the seller and the buyer. The buyer pays money to the seller, and then expects to sell the results of his work and receive money for it. He gives some of them to the bank to repay the loan and to budgets of different levels in the form of taxes, and uses the rest for own needs. Market relations are, first of all, financial relations, when participants in market relations expect to earn money and use it for various purposes, creating their own corresponding cash funds.

Enterprise finance is economic, monetary relations arising as a result of the movement of money: on their basis, various monetary funds operate at enterprises.

Financial relations enterprises consist of four groups. These are the relationships:

With other enterprises and organizations;

Inside the enterprise;

Within associations, enterprises that include relationships with a parent organization; within financial and industrial groups, as well as holding companies;

With the financial and credit system - budgets and off-budget funds, banks, insurance, exchanges, various funds.

Financial relations with other enterprises and organizations include relations with suppliers, buyers, construction and installation transport organizations, mail and telegraph, foreign trade and other organizations, customs, enterprises, organizations and firms of foreign countries.

The largest in volume cash payments group is the relationship of enterprises with each other related to the implementation finished products and acquisition of material assets for economic activity. The role of this group of financial relations is primary, since it is in the sphere material production national income is created, enterprises receive revenue from sales of products and profit. The organization of these relationships has a direct impact on the final results production activities.

Financial relations within an enterprise include relations between branches, workshops, departments, teams, etc., as well as relations with workers and employees. Relations between divisions of the enterprise are associated with payment for work and services, distribution of profits, working capital, etc. Their role is to establish certain incentives and financial responsibility for the high-quality fulfillment of accepted obligations. Relations with workers and employees are payments of wages, bonuses, benefits, dividends on shares, financial assistance, as well as collection of money for damage caused, withholding taxes. At the same time, it is very important that employees of enterprise departments receive exactly what they earn.

Financial relations of enterprises with higher organizations include relations regarding the formation and use of centralized funds, which in conditions of market relations are an objective necessity. This is especially true for financing investments, replenishing working capital, financing import operations, scientific research, including marketing. Intra-industry redistribution Money, as a rule, on a repayable basis plays an important role and contributes to the optimization of enterprise funds.

In the conditions of property privatization, when a significant part of the shares of privatized enterprises remains in the hands of the state, the following international experience plays a large role: in many countries the main share (up to 90%) of funds from privatization goes to special funds to support privatized enterprises. Financial and industrial groups are created, as a rule, with the aim of combining financial efforts in the direction of developing and supporting production, obtaining maximum financial result. There may be centralized monetary funds, commercial loans to each other, or simply financial assistance. The same applies to the relationship between enterprises and holding conditions.

Relations with the financial and credit system are diverse.

First of all, these are relations with budgets of various levels and extra-budgetary funds associated with the transfer of taxes and deductions. Tax system Russia is imperfect and does not contribute to normal production activities. World experience shows that it is possible to reduce high inflation rates only through supporting production and developing investment. Tax, as well as credit and customs policies should be aimed mainly at this. In particular, in many countries some or all of the increase in production is not subject to taxes. This is beneficial for both enterprises and the state, since taxes from such enterprises go to in full, and after a year they increase sharply.

Relations with the insurance department financial system consist of transfers of funds for social and health insurance, as well as insurance of enterprise property.

Financial relations of enterprises with banks are built both in terms of organizing non-cash payments and in relation to obtaining and repaying short-term and long-term loans. The organization of non-cash payments has a direct impact on the financial position of enterprises. Credit is a source of formation of working capital, expansion of production, its rhythm, improvement of product quality, and helps eliminate temporary financial difficulties of enterprises.

Banks currently provide enterprises with a number of so-called non-traditional services: leasing, factoring, forfeiting, trust. At the same time, there may be independent companies specializing in performing these functions, with which they have direct relationships, bypassing the bank.

Currently, there are a number of serious problems in the relations of enterprises with banks. The practice of non-cash payments is primitive: prepayment, barter, cash, non-payment. Credit is very expensive, so its share in the formation of working capital of enterprises is very low (on average no more than 10%). Long-term loan practically not used to finance investments. Non-traditional Banking services also have not received serious development.

Financial relations of enterprises with the stock market involve transactions with securities. Stock market in Russia it is not yet developed enough.

The most important aspect financial activities enterprises is the formation and use of various funds. Through them, economic activity is provided with the necessary funds, as well as expanded reproduction; financing scientific and technological progress; foundation and implementation new technology; economic incentives; settlements with the budget, banks.

Such funds include the following:

When organizing an enterprise, it must have an authorized capital, or authorized capital, through which fixed assets and working capital are formed. Organization of authorized capital is its effective use, management is one of the main and most important tasks financial service enterprises. Authorized capital is the main source own funds enterprises. Amount of authorized capital joint stock company reflects the amount of shares issued by it, and of state and municipal enterprises - the size of the authorized capital. The authorized capital is changed by the enterprise, as a rule, based on the results of its work for the year after making changes to the constituent documents. You can increase (decrease) the authorized capital by issuing additional shares(or withdrawal of a certain number of them from circulation), as well as by increasing (decreasing) the par value of old shares.

To the cash fund of the enterprise (“ additional capital") relate:

Results of revaluation of fixed assets, i.e. their revaluation;

Share premium of a joint-stock company (income from the sale of shares in excess of their nominal value);

Free money and material values for production purposes;

Budget allocations for financing capital investments;

Funds for replenishing working capital.

Reserve capital is the cash fund of an enterprise, formed through deductions from profits. Designed to cover losses, and in a joint-stock company also to repay the company’s bonds and repurchase its shares.

The accumulation fund is funds allocated from net profit enterprises and aimed at production development. Naturally, net profit alone is not always enough to finance a production development program. In this case, the enterprise forms investment fund, concentrating all funds allocated for the development of production, including net profit, and a depreciation fund intended for the simple reproduction of fixed assets, as well as attracted and borrowed sources.

In a joint-stock company there is the concept of “share capital”, which means the amount of the company’s assets minus its debts. Thus, the share capital is practically the sum of the fixed assets of the joint-stock company, which includes all of the above funds (with the exception of the investment fund), as well as some others.

The consumption fund is created through deductions from net profit and is used to pay dividends (to joint stock companies), one-time incentives, financial assistance, and payment additional holidays, food, travel and other purposes.

The foreign exchange fund is formed at enterprises receiving foreign exchange earnings from export operations or purchasing foreign currency for import transactions. For these purposes, enterprises in commercial bank licensed Central Bank Russian Federation, for foreign exchange transactions a foreign currency account is opened.

In addition to the permanent cash funds discussed above, enterprises periodically create operating cash funds.

Twice or once a month, the enterprise creates a fund for paying wages. Its basis is the wage fund.

To ensure timely payment of wages, enterprises solve a number of problems. For these purposes, the necessary funds are accumulated in the account, and in their absence, enterprises turn to the bank for a loan to pay wages. The definition is important optimal timing payment of wages and the number of days required for this.

Typically, once a year (less often - once a quarter) a fund must be formed to pay dividends on shares to shareholders.

Periodically, the enterprise organizes a fund for payments to the budget of various taxes. Late payments to the budget by an enterprise entail penalties.

In addition to the above, a number of other funds of funds are created at the enterprise: to repay bank loans, develop new equipment, research work, and deductions from a higher organization.

Practical task

1. Review and draw up a loan agreement individual. Give an example with calculations.

Tsvetov Mikhail Ivanovich

Wage: within 6 months. – 104,772.82 rubles, average per month: 17,462.14 rubles.

Payment schedule by consumer credit(in loan currency)

payment date	Payment for billing period	Balance of loan debt	Note
Amount of payment	including
Interest	Repayment of basic loan amount	Commissions and other payments
10.02.09	1028,80	473,24	555,56	19444,44	48 days
10.03.09	824,05	268,49	555,56	18888,88	28 days
10.04.09	844,33	288,77	555,56	18333,32	31 days
10.05.09	826,79	271,23	555,56	17777,76	30 days
10.06.09	827,34	271,78	555,56	17222,20	31 days
10.07.09	810,35	254,79	555,56	16666,64	30 days
10.08.09	810,35	254,79	555,56	16111,08	31 days
10.09.09	801,86	246,30	555,56	15555,52	31 days
10.10.09	785,70	230,14	555,56	14999,96	30 days
10.11.09	784,87	229,31	555,56	14444,40	31 days
10.12.09	769,26	213,70	555,56	13888,84	30 days
10.01.10	767,89	212,33	555,56	13333,28	31 days
10.02.10	759,39	203,83	555,56	12777,72	31 days
10.03.10	732,00	176,44	555,56	12222,16	28 days
10.04.10	742,41	186,85	555,56	11666,60	31 days
10.05.10	728,16	172,60	555,56	11111,04	30 days
10.06.10	725,42	169,86	555,56	10555,48	31 days
10.07.10	711,72	156,16	555,56	9999,92	30 days
10.08.10	708,44	152,88	555,56	9444,36	31 days
10.09.10	699,94	144,38	555,56	8888,80	31 days
10.10.10	687,07	131,51	555,56	8333,24	30 days
10.11.10	682,96	127,40	555,56	7777,68	31 days
10.12.10	670,63	115,07	555,56	7222,12	30 days
10.01.11	665,97	110,41	555,56	6666,56	31 days
10.02.11	657,48	101,92	555,56	6111,00	31 days
10.03.11	639,94	84,38	555,56	5555,44	28 days
10.04.11	640,49	84,93	555,56	4999,88	31 days
10.05.11	629,53	73,97	555,56	4444,32	30 days
10.06.11	623,50	67,94	555,56	3888,76	31 days
10.07.11	613,09	57,53	555,56	3333,20	30 days
10.08.11	606,52	50,96	555,56	2777,64	31 days
10.09.11	598,02	42,46	555,56	2222,08	31 days
10.10.11	588,43	32,87	555,56	1666,52	30 days
10.11.11	581,04	25,48	555,56	1110,96	31 days
10.12.11	572,00	16,44	555,56	555,40	30 days
24.12.11	559,23	3,83	555,40	0,00	14 days
Total:	5704,97	25704,97

Here's the calculation:

First payment date: 02/10/2009

18% / 365 = 0.0493 20,000 rub./36 months. = 555.56 rub. (basic payment amount)

February: 48 days

0.0493*48=2.366 (% rate)

20,000 rub.*2.366%=473.24 rub. (% amount per loan)

555.56 rub.+473.24 rub.=1028.80 rub. (total payment amount)

20,000 rub.-555.56 rub.=19,444.44 rub. (amount of remaining debt)

March: 28 days

0.0493*28=1.3804 (% rate)

19444.44 rub.*1.3804%=268.49 rub. (% amount per loan)

555.56 rub.+268.49 rub.=824.05 rub. (total payment amount)

19444.44 rub.-555.56 rub.=18888.88 rub. (amount of remaining debt)

April: 31 days

0.0493*31=1.5283 (% rate)

18888.88 rub.*1.5283%=288.77 rub. (% amount per loan)

555.56 rub.+288.77 rub.=844.33 rub. (total payment amount)

18888.88 rub.-555.56 rub.=18333.32 rub. (amount of remaining debt)

May: 30 days

0.0493*30=1.479 (% rate)

RUB 18,333.32*1.479%=RUB 271.23 (% amount per loan)

555.56 RUR + 271.23 RUR = 826.79 RUR (total payment amount)

18333.32 rub.-555.56 rub.=17777.76 rub. (amount of remaining debt)

Annex 1: Banking agreement– for 3 l. in 1 copy.

2. Make calculations to determine the creditworthiness, solvency and degree of possible bankruptcy in your company

Among the main evaluation criteria financial situation enterprises belongs solvency. Financial condition Enterprises can be assessed from a short-term or long-term perspective. In this regard, there are long-term And current solvency. Long-term solvency determined to assess the enterprise's ability to pay off its long-term obligations. Under current solvency or liquidity understand the ability of enterprises to fully pay off their short-term obligations. This is one of the most important characteristics of the stability of the financial position of an enterprise.

To assess solvency and liquidity, liquidity indicators of enterprise assets are used: coefficient absolute liquidity, critical liquidity ratio(intermediate coverage ratio) and current ratio(coverage ratio). The differences between these ratios are due to the set of liquid funds used as coverage short-term liabilities. The first coefficient is of relatively great interest for suppliers, the second for banks, and the third for shareholders.

Absolute liquidity ratio(quick liquidity ratio) shows what part of the short-term debt the company can, if necessary, repay in the near future, and reflects solvency as of the balance sheet date. It is the most stringent indicator of liquidity.

Cap=A1/P1+P2

At the beginning of the period:

Cap=1,072,000/0+1,353,000=0.79

At the end of the period:

P1=approximation to balance, f. №5=0

Critical liquidity ratio(crisis or intermediate liquidity ratio, adjusted liquidity ratio) assesses the solvency of enterprises, subject to timely settlements with debtors for the period average duration one revolution accounts receivable.

It is defined as the ratio of the amount of receivables with a maturity of up to 1 year, cash and short-term financial investments to short-term liabilities (the total amount of short-term loans and borrowings and accounts payable).

Kpr=A1+A2/P1+P2

At the beginning of the period:

A1=str250+str260=0+1,072,000=1,072,000

A2=str240+str270=0+0=0

P1=approximation to balance, f. №5=0

P2=str610+str620+str630+str660=1,353,000+0+0+0=1,353,000

Kpr=1,072,000+0/0+1,353,000=0.79

At the end of the period:

A1=str250+str260=0+1,078,000=1,078,000

A2=str240+str270=0+0=0

P1=approximation to balance, f. №5=0

P2=str610+str620+str630+str660=1,355,000+0+57,000+0=1,412,000

Kpr=1,078,000+0/0+1,412,000=0.76

The ratio is considered acceptable if Kpr >=1, which indicates solvency within 2-4 weeks. According to other sources, the value of this indicator can be taken in the amount of 0.8 to 1. In our case, the KPR at both the beginning and the end of the period does not meet the standards.

Current ratio(overall liquidity ratio, coverage ratio, total coverage ratio) characterizes the solvency of the enterprise for the period of the average duration of one turnover of all current assets.

The coefficient is calculated as the ratio current assets to the amount of short-term liabilities (short-term borrowed money, accounts payable, dividend payments and other short-term liabilities).

Kp=A1+A2+A3/P1+P2

At the beginning of the period:

A1=str250+str260=0+1,072,000=1,072,000

A2=str240+str270=0+0=0

P1=approximation to balance, f. №5=0

P2=str610+str620+str630+str660=1,353,000+0+0+0=1,353,000

Kp=1,072,000+0+4,000/0+1,353,000=0.79

At the end of the period:

A1=str250+str260=0+1,078,000=1,078,000

A2=str240+str270=0+0=0

A3=str210-str216+str220+str230+str140=0-0+4,000+0+0=4,000

P1=approximation to balance, f. №5=0

P2=str610+str620+str630+str660=1,355,000+0+57,000+0=1,412,000

Kp=1,078,000+0+4,000/0+1,412,000=0.76

For a normally operating enterprise, Kp >=2, growing equity, accounts receivable approximately correspond to accounts payable, there are no losses or overdue debts, the volume of inventories and costs does not exceed the minimum sources of their formation - own working capital, long-term loans and borrowings. A high KP may be associated with a slowdown in the turnover of funds invested in inventories, an unjustified increase in accounts receivable, while at the same time, a decrease in KP means an increasing risk of insolvency. In our case, Kp is significantly lower than the standard and decreased at the end of the period, which means the risk of insolvency.

To a group of enterprises with acceptable financial instability can be classified as enterprises in which the amount of cash, short-term financial investments, accounts receivable and other current assets plus inventories (i.e. current assets as a whole) is equal to or greater than the sum of short-term and long-term debt, accounts payable and other short-term liabilities together with outstanding on time loans.

TO on the verge of bankruptcy include insolvent enterprises. At enterprises in a crisis situation, the total value of current assets is less than the sum of funds for short-term and long-term debt, accounts payable and other short-term liabilities, together with loans outstanding on time.

The balance sheet structure is considered unsatisfactory and the company is considered insolvent if one of the following conditions is met:

1.Kp (coverage ratio) at the end of the reporting period< 2.

Kp at the end of the period =0.76

2.Koss (coefficient of self-sufficiency working capital) less than 0.1.

Koss = equity capital - non-current assets / current assets

Koss=str490-str190/str290=82,000-336,000/1,193,000=-0.2

IN in this case indicators that are less than the standards mean that the balance sheet structure can be considered unsatisfactory and the company insolvent.

If at least one of these ratios is less than the standard, an analysis is carried out for potential bankruptcy.

An external sign of the insolvency (bankruptcy) of an enterprise is the suspension of its current payments: the enterprise does not provide, or is obviously incapable of, ensuring the fulfillment of creditors' claims within three months from the date they become due.

If the balance sheet structure is unsatisfactory, in order to check the real possibility of the enterprise to restore its solvency, the solvency restoration coefficient (Quosst) is calculated for a period of six months as follows:

Quosst=Kk+6/T(Kk-Kn)/2

where Kk, Kn - actual value coverage ratio (Kp) at the end and beginning of the reporting period;

6 - period of restoration of solvency in months;

T - reporting period in months;

2 - standard value of the coverage coefficient (Kp).

If Kvoost< 1, то это свидетельствует о том, что у фирмы в ближайшие 6 месяцев нет реальной возможности восстановить платежеспособность.

If Quosst>1, then this means there is a real opportunity to restore solvency and allows you to postpone declaring the enterprise insolvent for 6 months.

If the balance sheet structure is satisfactory (Kp>2; Koos>0.1), to check the stability of the financial position, the coefficient of loss of solvency (Kutr) is calculated for a period of 3 months:

Kutr=Kk+3/T(Kk-Kn)/2

If Kutr>1, then this means that the company has a real opportunity not to lose solvency in the next 3 months.

If Coutre<1, то фирма в ближайшие 3 месяца может утратить свою платежеспособность.

The considered system for assessing potential bankruptcy is applied to state-owned enterprises and enterprises that have a share of state (municipal) property in their authorized capital.

Regardless of the form of ownership of the debtor enterprise, if it is unable to meet its current obligations, creditors may apply to the arbitration court with an application to declare the debtor enterprise insolvent (bankrupt). The formal condition for this is the debtor’s failure to fulfill his obligations after three months from the date of the deadline for fulfilling these obligations.

In accordance with the Law “On the Insolvency (Bankruptcy) of Enterprises,” reorganization, liquidation procedures, and settlement agreements are applied to the debtor.

Appendix 2: balance sheet of JSC Repka

Conclusion

Thus, the finances of enterprises of various forms of ownership are the basis of the country’s unified financial system. They serve the process of creation and distribution of social product and national income. This condition determines the degree of provision of centralized funds with financial resources. The enterprise operates profitably, stands firmly on its feet - and it’s good for the budget, since there is someone to collect taxes from. The enterprise is unprofitable, the products are not on the market, there is no money in the accounts - and the treasury is in trouble. What will you recover from the losses? Such an enterprise itself needs financial assistance.

Enterprise finance is part of the financial system, its link and characterizes monetary relations associated with the formation, distribution and use of monetary resources to fulfill their obligations to the state, other enterprises and firms, employees, etc. Money is one of the greatest inventions of mankind. They constitute the most unique aspect of economics. “Money puts a spell on people. Because of them they suffer, for them they work. People come up with the most ingenious ways to get it and spend it. Money is a fascinating, repeating, mask-changing riddle.”

Money is perhaps one of the most important elements of any economic system in making the economy work. If the current monetary system works well, then it infuses vitality into all stages of the production process, into the circulation of income. and costs, contributes to the full use of existing production capacity and labor resources. Conversely, if the functioning monetary system works poorly, intermittently, then this can become the main reason for a decrease or sharp fluctuations in the level of production, employment, rising prices and a decrease in household incomes.

Bibliography

1.Drobozina L.A., Finance. Money turnover. Credit: textbook. for universities. – M.: UNITY, 2000.

2. Kovaleva A.M., Finance: textbook. allowance. 2nd ed., - M.: Finance and Statistics, 1997.

3.Polyak G.B., Finance. Money turnover. Credit: textbook. for universities, 2nd ed. – M.: UNITY-DANA, 2002.

4. Podshivalenko G.P., Investments: textbook/number. authors, M.: - KNORUS, 2008.

5.Rudenko V.I., Finance. Money turnover. Credit: Lecture notes. A guide to preparing for the exam. for students all forms of education. 3rd ed. – Rostov n/d.: Phoenix, 2006.

6. Senchagov V.K., Arkhipov A.I., Finance, money circulation and credit: Textbook - 2nd ed., revised. and additional – M.: TK Welby, Prospekt Publishing House, 2004.

7. Sheremet A.D., Sayfulin R.S., Enterprise finance. – M.: INFRA-M, 1999.

The quarter of a century that elapsed from the beginning of the First to the Second World War brought a lot of new things into the monetary sphere. Naturally, an attempt to comprehend this new thing led to a revision of some established views in foreign literature on issues of money circulation and credit.
The instability of the foundations of the capitalist system caused by the First World War and its consequences could not but affect the monetary sphere. The pre-war monetary system collapsed under the weight of the world war, which caused enormous expenses, depletion of the economies of the warring countries and the growth of national and international debt.
The unprecedented scale of inflation, which has become global, was one of the indicators of the general crisis of the capitalist system.
Back in 1920, describing the depreciation of the currencies of European countries caused by the war at the Second Congress of the Comintern, Lenin said:
“This fact shows that the mechanics of the world capitalist economy are completely disintegrating. Those trade relations on which the receipt of raw materials and the sale of products rest under capitalism cannot be continued; It is not possible to continue them precisely on the basis of the subordination of a number of countries to one country - due to changes in the value of money" 1.
The crisis of the capitalist system also manifested itself in the inability of capitalism to restore and maintain the stability of money necessary to ensure the normal course of capitalist reproduction and normal world economic relations.
Even before the start of the global economic crisis of 1929, in a speech at the plenum of the Central Committee of the All-Union Communist Party of Bolsheviks in April 1929, Comrade Stalin emphasized, “... that capitalist stabilization is not strong and cannot be strong, that it is being shaken and will continue to be shaken debt of events, due to the aggravation of the crisis of world capitalism"2.

The fragility of post-war stabilization and, in particular, the post-war organization of monetary systems was revealed with all its force during the global economic crisis of 1929-1033. This crisis turned out to be the most pressing and the most severe of all world economic crises precisely because it played out in the context of a general crisis of capitalism. As Comrade Stalin pointed out,... “the crisis was not limited to the sphere of production and trade and also captured the credit system, currency, the sphere of debt obligations, etc., breaking up the traditionally established relations both between individual countries and between social groups in individual countries *1.
The breakdown of traditionally established relations between individual countries and individual social groups, noted by Comrade Stalin during the global economic crisis, manifested itself in various forms, prompting a revision of a number of customary ideas.
So, for example, even on the eve of the global currency crisis, which began with the collapse of the gold standard in England on September 21, 1931, the marked breakdown was extremely clearly revealed in the movement of short-term loans and in the sphere of debt relations associated with them.
The usual pursuit of cash in conditions of economic crises, caused by disturbances in the process of capital circulation and, at the same time, a lack of capital in the form of money, reached unprecedented proportions during the world economic crisis of 1929-1933.
Foreign short-term investments, which had accumulated mainly during the period of stabilization of currencies in a few “golden centers,” were feverishly withdrawn, creating a threat to the very stability of these centers. The growth of this threat further spurred the demand for short-term investments by creditors, as well as the flight of national capital from a number of Countries England, the USA and France alternately experienced attacks on gold reserves throughout 1931-1930.
Under these conditions, the usual reasons for the movement of short-term investments, namely changes on the side of the balance of payments, turned out to be almost weightless in the face of new factors generated by the situation of the general crisis of capitalism.
Purely commercial incentives for capital migration and, in particular, the attractiveness of short-term investments by countries with higher discount rates in the big market have lost their significance.
Suffice it to point out that the increase in the discount rate in countries that were subjected to a gold attack did not provide an influx of capital! in these countries, as well as stopping their seizures and leaks from these countries.
II reasons for the demand for short-term investments, and the choice of refugees for them by creditors were determined by new factors, unusual for previous periods, primarily the desire to
maximum mobility and liquidity of capital in conditions of aggravating political and economic; instability of capitalism.
It is no coincidence that in foreign literature, especially under the influence of the global economic crisis, the motives of “anticipation” have become so widespread.

More on the topic THE MAIN PROBLEMS OF MONEY CIRCULATION AND CREDIT AS COVERED BY MODERN BOURGEOIS ECONOMISTS:

1. 5. Soviet model of \r\neconomics and Soviet \r\neconomic science
2. THE MAIN PROBLEMS OF MONEY CIRCULATION AND CREDIT AS COVERED BY MODERN BOURGEOIS ECONOMISTS

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FEDERAL AGENCY FOR EDUCATION

State educational institution of higher professional education

RUSSIAN STATE TRADE AND ECONOMICS UNIVERSITY

GOU VRO "RGTEU"

Chelyabinsk Institute (branch)

TEST

Option 16

By discipline Finance, money circulation and credit

Well 1 Speciality Commerce (trading business)_____

Group KS 1 Cipher KzS-08-15M____________________ _

FULL NAME. Temnikova Veronika Valerievna_____________

Full name of the teacher ___________ _

Magnitogorsk 2009

1 What is the main feature of government credit 3

2 What two forms of government credit do you know? 4

3 What is public internal debt. What are the problems in this regard today?

What is the dynamics of government internal debt in recent years? 5

4 What government loans do you know? 7

5 When the state acts as a creditor 10

6 What are government guarantees 12

Question No. 1 What is the main feature of a state loan?

State credit is an economic relationship between the state and individuals and legal entities, constituent entities of the Russian Federation, local governments, foreign states, and international organizations. In these economic relations, the state plays the role of borrower, lender and guarantor.

The main feature of this form of credit is the indispensable participation of the state in the person of executive authorities at various levels. Carrying out the functions of a creditor, the state, through the central bank, provides loans to:

Specific industries or regions that have a special need for financial resources, if the possibilities of budget financing have already been exhausted, and loans from commercial banks cannot be attracted due to market factors;

Commercial banks in the process of auction or direct sale of credit resources on the interbank loan market.

The state acts as a borrower in the process of placing government loans or when carrying out operations on the market for government short-term securities.

The main form of credit relations with a state loan is one in which the state acts as a borrower of funds.

It should be noted that during the transition period it should be used not only as a source of attracting financial resources, but also as an effective tool for centralized credit regulation of the economy.

An important role in the system of public finance is played by state and municipal credit, which, for the sake of simplicity, is usually referred to simply as state credit.

State credit expresses the totality of credit relations between the state and legal entities and individuals. In these relations, the state acts as either a borrower, a guarantor, or a lender. Where the state acts as a borrower and guarantor, this is a state loan in the narrow sense of the word (or state borrowing). Relations in which the state acts as a creditor of legal entities and individuals are called state lending.

State credit in the narrow sense of the word as an economic category is at the junction of two types of monetary relations - finance and credit, integrating their features. Indeed, in this case, according to its intended purpose, state credit is an instrument for the formation of state monetary funds, and therefore a link in the state financial system. But according to the methods of raising funds, it represents a form of credit. State credit is singled out as an independent category because it differs significantly from such classical financial categories as taxes, excise taxes, and duties. So, unlike the latter, it is returnable and paid in nature. The state must not only return the borrowed amount, but also pay interest on its use. In addition, a state loan, like a loan in general, is limited to a specific period known in advance to the parties involved. The Budget Code of the Russian Federation provides that any debt obligations of the Russian Federation are repaid within the terms determined by the specific terms of the loan, but cannot exceed 30 years. Further, unlike taxes and fees, state credit is purely voluntary and, moreover, discrete, one-time in nature. It may or may not repeat. Taxes and fees are permanent and regular. Finally, state credit, due to its voluntariness, has a selective, selective nature, and taxes and fees are levied on all taxable economic entities.

However, state credit in the narrow sense of the word differs from other forms of credit. Firstly, a regular loan, unlike a government loan, as a rule, is strictly targeted. The main purpose of the latter is to cover the state budget deficit. Secondly, a regular loan is issued against specific material security (production or inventory, work in progress, finished goods, debt claims, real estate, securities, etc.). The collateral for a state loan is not a specific type of value, but all the property of the state or its administrative-territorial subdivision. Thirdly, a regular loan in most cases is issued to ensure the continuity (uninterruption) of the production process, i.e. is productive in nature. Government credit, especially at the highest level, typically serves to cover budget deficits and is an unproductive state object of study for Russia as a lender, borrower and guarantor.

Question No. 2 What two forms of government credit do you know?

Government credit can take two forms: savings and government loans.

A savings business belongs to a state loan if the funds raised are directed to budget revenues. However, as a rule, savings banks, regardless of their form of ownership, operate on a commercial basis and the mobilized funds form their credit resources. Part of these resources can be used to purchase government securities and thus belong to government credit.

Question No. 3 What is public internal debt? What are the problems in this regard today? What is the dynamics of government internal debt in recent years?

The state internal debt of the Russian Federation is debt obligations The Government of the Russian Federation, expressed in the currency of the Russian Federation... to legal entities and individuals, unless otherwise established by legislative acts of the Russian Federation

Internal public debt is the financial obligations of the state arising in connection with the attraction of funds from non-governmental organizations and the population of the country for the implementation of government programs and orders.
In the Russian Federation, public debt includes debt obligations of the Government of the Russian Federation, expressed in the currency of the Russian Federation, to legal entities and individuals, unless otherwise established by legislative acts, and is secured by all assets at the disposal of the Government of the Russian Federation. Domestic debt covers debts of past years, newly arisen debts and debt obligations of the former USSR in the part assumed by the Russian Federation.

Problems of managing Russian debt and ways to solve them

Main tasks of debt management:

· reduction in the volume of external debt obligations and, accordingly, the cost of servicing them;

· optimization of the structure of external debt, increasing the share of its market component;

· optimization of the payment schedule for external debt, elimination of payment peaks;

· refinancing of external debt through domestic borrowings without significant deterioration in the debt structure in terms of payment terms;

· increasing the efficiency of using borrowed funds.

There is a need for legislative reform of the public debt management system of the Russian Federation and the priority implementation of necessary measures, which include

· development and adoption of the Federal Law on amendments to the Budget Code of the Russian Federation in terms of issues related to public debt management;

· development and adoption of a federal law on the public debt of the Russian Federation;

· development and approval of regulatory documents regulating the activities of Vnesheconombank as an agent for servicing state external debt and state external financial assets;

· creation of a unified database on the public debt of the Russian Federation;

· development and approval of a unified procedure for maintaining the State Debt Book of the Russian Federation, a constituent entity of the Russian Federation and the municipal debt book;

· development of criteria and mechanisms for assessing the effectiveness of borrowing and debt policy.

Ways to overcome

There are two main solutions: - strengthening administrative control over financial flows, complemented by tightening legislation and implementing systemic institutional changes that create a favorable investment climate.

The first way is the implementation of administrative measures against standard schemes for the illegal export of capital - understatement of export prices, non-return of foreign exchange earnings, fictitious import contracts with advance payment and inflated prices, corruption at customs, payments through offshore companies.

The second path is preferable for Russia. Measures to strengthen confidence in the Russian economy should include: improving the tax system and tax administration; budget balance; ensuring reliable operation of the banking system; protection of the rights of creditors and investors; transparency of financial reporting of all enterprises and organizations; the fight against crime and corruption, a dramatic improvement in the work of the prosecutor's office and the judicial system; strict compliance with federal laws throughout the Russian Federation, the end of arbitrariness and electoral privileges on the part of regional and local authorities.

Russia can hold out for a maximum of a year without refinancing and restructuring its external debts, without new loans to repay old ones, writing off part of the debt and installment payments. The federal budget should not be considered as the main guarantor of solvency, since it will not withstand the load of 12-15 billion dollars a year. Otherwise, all hopes for economic growth, through which the revenue side of the budget can be replenished, can be abandoned. Other solvency factors also do not work. Therefore, it is necessary to negotiate until the victorious end.

Problems associated with managing public debt, its regulation, and choosing the right debt policy are still quite relevant. Despite the fact that in recent years the situation in the government borrowing market has changed a lot, and for the better, we should not forget that any wrong step can lead to serious problems in the future. To avoid this, it is necessary to regularly monitor the process of issuing government loans, issuing government loans and guarantees. It is possible to correctly assess the situation only by knowing all the features of public debt, its management and having studied the accumulated experience.

To ensure uninterrupted financing of diverse needs, the state generates additional financial resources by mobilizing temporarily free funds of the population and economic structures, the main way of obtaining which is a state loan. The funds mobilized in this case are placed at the disposal of public authorities and, turning into additional financial resources, are used, as a rule, to cover the budget deficit. The source of repayment of government loans and interest payments on them are mainly budget funds.

Let's look at the dynamics of domestic public debt over the past 10 years.
The structure of government internal debt expressed in securities has changed - the largest weight is occupied by highly liquid long-term OFZ-AD securities, introduced since 2003. The issue of GKOs and OFZ-PK was stopped. In 2006, a new GSO debt instrument was issued.
Let's consider the current state of domestic debt as of April 14, 2008. The volume of government internal debt, expressed in government securities, as of April 14, 2008 amounted to 1,329,574.838 million rubles. The largest weight (more than 60% of the total debt) is occupied by federal loan bonds with debt amortization, the smallest (less than 1%) is government savings bonds with a constant interest rate.
Let's consider the structure of the Russian government's internal debt by maturity.
The volume of government internal debt, expressed in government securities, at the beginning of 2008 amounted to 1331.264 billion rubles. Deadline – 2036
The largest volume of repayment expenses falls on 2008-2012 and 2018, 2021, 2022, while the largest amount to repay (2010) is 131.124 billion rubles, and there is a tendency towards uniformity. From 2030 to 2033, for borrowings made before 2008, no payments to repay the debt are expected, which can be taken into account when borrowing in subsequent years.

Question No. 4 What government loans do you know?

Government loans are the main form of government credit.

According to legal registration, government loans are divided into those provided on the basis of government agreements and secured by the issue of securities. Agreements usually formalize loans from the governments of other states, international organizations and financial institutions. With the help of securities, funds are mobilized in the financial market.

Government loans can be issued using two types of securities - bonds and treasury bills (bills).

Bonds are a debt obligation of the state, under which the debt is repaid within a specified period and income is paid in the form of interest or winnings. They can be impersonal (to cover the budget deficit) and targeted (for specific projects).

A bond has a face value - a designated amount of debt - and a market price at which it is sold and resold, depending on its profitability, reliability and liquidity. The difference between the exchange price and the nominal value is the exchange rate difference.

Treasury obligations (bills) have the nature of a debt obligation aimed only at covering the budget deficit. Payment of income is carried out in the form of interest. Treasury bonds, as a rule, are issued for loans (sometimes medium-term - treasury notes), bonds - medium- and long-term.

Depending on the location of the loans, they are divided into internal - in the domestic financial market (represented by legal entities and individuals of a given country and non-residents) - and external - coming from outside governments, legal entities and individuals, other states, international organizations and financial institutions.

According to the right of issue, state and local loans are divided.

Government loans are issued by central government authorities. Revenues from them are sent to the State Budget.

Local loans are issued by local governments and directed to the relevant local budgets.

Based on the nature of the use of securities, there are market and non-market loans.

Bonds (Treasuries) market loans are freely bought, sold and resold on the securities market.

Non-marketable loans prevent securities from entering the market, meaning their owners cannot resell them.

Depending on the determination of security, government loans are divided into secured and unsecured. Secured loans reflect one of the basic principles of lending – material security. Collateral loans are secured by state property or specific income. Unsecured loans do not have specific financial support. Their reliability is determined by the authority of the state

Depending on the repayment period, debts are divided into short-term (repayment period up to one year), medium-term (from 1 to 5 years), long-term (over 5 years).

Based on the nature of income payment, government loans are divided into interest-bearing, winning and discount (with a zero coupon).

For interest-bearing loans, income is established in the form of borrowed interest. In this case, either a firmly fixed rate for the entire loan period or a floating rate can be set, that is, one that changes depending on various factors, primarily supply and demand in the credit market.

Interest income is paid on a coupon basis. It can be carried out annually, once every six months, or quarterly. For winning loans, income is paid based on drawings of winnings. In this way, not all creditors receive income, but only those whose bonds won.

Discount loans are characterized by the fact that government securities are purchased at a certain discount and repaid at par. This difference represents the lender's income. These securities have no coupons, which is why they are also called zero coupon bonds.

Depending on the nature of debt repayment, there are two options: one-time payment and payment in installments. When repaying in installments, three options can be used. First, the loan is repaid in equal installments over several years. Second, the loan is repaid in ever-increasing amounts. Third, the amount is constantly decreasing. The second option is used when an annual increase in state revenues is envisaged in the future, the third - on the contrary, when incomes will decrease or government spending will increase.

Depending on the state's obligations to repay the debt, loans with and without the right of long-term repayment are distinguished. The right to long-term repayment allows the state to take into account the situation on the financial market.

Thus, state credit is a set of fairly diverse forms and methods of financial relations.

This approach is aimed at creating favorable conditions for raising funds both for the state and for its loans. The variety of forms allows maximum consideration of the diverse interests of legal entities and individuals. In general, the classification of government loans is presented in Diagram 17.

State credit requires special control. This control applies to both the raising of borrowed funds and their repayment.

Attracting loans should be based on two principles: minimizing the cost of the loan and establishing the stability of government securities in the financial market.

The issuance of government loans is based on the following conditions:

– the presence of creditors who have temporarily available funds;

– creditors’ trust in the state;

– interest of creditors in providing loans to the state;

– the ability of the state to timely and completely repay the debt and pay income.

Sources of repayment of government loans can be:

– income from investing borrowed funds in highly efficient projects;

– additional tax revenues;

– savings from cost reductions;

– issue of money;

– raising funds from new loans (debt refinancing)

Question No. 5 When the state acts as a creditor.

A state loan is a relationship in which the Russian Federation, a constituent entity of the Russian Federation or a municipal entity are lenders or borrowers. State and municipal loans can be received and provided by the Russian Federation, constituent entities of the Russian Federation and municipalities to legal entities and individuals, other budgets, foreign states, their legal entities and international organizations within the powers of the corresponding budget level.

The state, represented by the authorized executive body, enters into a loan agreement, in accordance with which it has corresponding obligations or requirements. The terms of the loan agreement are:

Duration of granting or receiving the loan;

Duties of the parties;

Conditions for ensuring loan repayment;

The interest rate for using the loan;

Other conditions.

In recent years, Russia has mainly acted as a borrower of funds. In 2002, external debt, according to experts, amounted to about 41% of GDP. It should be borne in mind that, according to international standards, the maximum amount of payments for servicing both external and internal debt should not exceed 30% of budget revenues; in 2002, this figure in Russia was 24.8%.

By providing loans or credits, the state acts as a creditor. In cases where the state assumes responsibility for repaying obligations undertaken by any entities (individuals, enterprises and organizations, constituent entities of the Russian Federation, local governments), the state acts as a guarantor. If the debtor pays his obligations in full and on time, then the state as a guarantor does not bear additional costs.

The state regulates money circulation by placing loans among various groups of investors. By mobilizing funds from individuals, it reduces effective demand. If production costs, such as investments, are financed through credit, there will be an absolute reduction in the cash supply of money in circulation. In the case of financing labor costs, for example, teachers and doctors, the amount of cash in circulation will remain unchanged, although the structure of effective demand may change.

Operations for the purchase and sale of government securities or the issuance of loans secured by them, carried out by the Central Bank of the Russian Federation, are an important tool for regulating the liquidity of commercial banks in the country. Loans secured by highly liquid government securities began to be provided by the Central Bank of the Russian Federation in April 1996.

By acting as a borrower in the financial market, the state increases the demand for borrowed funds and thereby contributes to an increase in the price of the loan. The higher the state's demand, the higher, other things being equal, the level of loan interest, the more expensive credit becomes for entrepreneurs. The high cost of borrowed funds forces businessmen to reduce investments in production, in; at the same time, it stimulates savings in the form of the purchase of government securities. If there is enough free capital in the country, the negative impact on production is insignificant. The unlimited activity of the state (as was the case in our country before the August 1998 crisis) in the financial market diverts a significant share of cash savings from the productive one! use, significantly slows down the pace of economic development, leading to an increase in public debt.

The state has a positive impact on production and employment by generating demand for domestically produced goods using funds borrowed from abroad, acting as a lender and guarantor. In particular, this may be expressed in supporting small businesses, exports or production in certain areas experiencing recession, by guaranteeing by the state loans provided by banks under relevant programs, by repaying debts to banks on loans provided to small entrepreneurs in the event of their bankruptcy, with the help of insurance risk of low rates of non-payment to exporters of national goods, etc.

Since the mid-90s, the activity of the Russian Federation as a lender in the domestic market has increased. Loans were provided to legal entities for structural restructuring of production, for settlements on targeted loans, in particular for the purchase of equipment, for the development, implementation and acquisition of the latest technologies and materials, including abroad. The activities of the Russian Federation as a creditor in the international arena are mainly limited to the CIS states (within the limits of funds received in the form of interest payments and amounts to repay the principal debt on previously granted loans).

In turn, the activities of the Russian Federation as a guarantor have been expanding in recent years. Traditionally, the state guarantees deposits of the population in Sberbank of the Russian Federation, acts as a guarantor for debt obligations of various companies and groups (in particular, it stimulates the creation and activities of financial and industrial groups); provides financial support for the export of goods and services produced by domestic producers.

Question No. 6. What are government guarantees?

State guarantees are a way of ensuring obligations, by virtue of which the guarantor region gives a written obligation to be responsible for the fulfillment by the person to whom the guarantee is given of obligations to a third party.

Article 116. Provision of state guarantees of the Russian Federation

Federal Law No. 310-FZ of December 30, 2008 introduced amendments to paragraph 1 of Article 116 of this Code, which come into force on January 1, 2009.

1. The Government of the Russian Federation has the right to make decisions in the form of an act of the Government of the Russian Federation on the provision of state guarantees to the Russian Federation in accordance with the federal law on the federal budget for the corresponding year and planning period. The Ministry of Finance of the Russian Federation has the right to make decisions on the provision of state guarantees to the Russian Federation in the amount and in cases established by the federal law on the federal budget for the corresponding year and planning period and acts of the Government of the Russian Federation adopted in accordance with it.

The act of the Government of the Russian Federation (act of the Ministry of Finance of the Russian Federation) on the provision of a state guarantee to the Russian Federation must indicate:

a person to ensure the fulfillment of whose obligations a state guarantee of the Russian Federation is provided;

limit of obligations under the state guarantee of the Russian Federation;

basic conditions of the state guarantee of the Russian Federation.

2. The Ministry of Finance of the Russian Federation, in accordance with an act of the Government of the Russian Federation (act of the Ministry of Finance of the Russian Federation), on behalf of the Russian Federation, enters into agreements on the provision of state guarantees of the Russian Federation, on ensuring the fulfillment by the principal of his possible future obligations to compensate the guarantor in recourse to the amounts paid the guarantor in fulfillment (partial fulfillment) of obligations under the guarantee, on the assignment to the guarantor of the rights of the beneficiary's claim to the principal, other contracts (agreements) in accordance with the act of the Government of the Russian Federation (act of the Ministry of Finance of the Russian Federation) and issues state guarantees of the Russian Federation.

The procedure and timing of compensation by the principal to the guarantor by way of recourse for amounts paid by the guarantor in fulfillment (partial fulfillment) of obligations under the guarantee are determined by the agreement between the guarantor and the principal. In the absence of an agreement between the parties on these issues, satisfaction of the guarantor's recourse claim against the principal is carried out in the manner and within the time frame specified in the guarantor's claim.

3. State guarantees of the Russian Federation cannot be provided to ensure the fulfillment of obligations of state or municipal unitary enterprises, with the exception of federal state unitary enterprises.

4. The total amount of obligations arising from state guarantees of the Russian Federation in the currency of the Russian Federation is included in the state internal debt of the Russian Federation as a type of debt obligation.

The total amount of obligations arising from state guarantees of the Russian Federation in foreign currency is included in the state external debt of the Russian Federation as a type of debt obligation.

5. The provision and execution of the state guarantee of the Russian Federation are subject to reflection in the State Debt Book of the Russian Federation.

6. The Ministry of Finance of the Russian Federation keeps records of issued state guarantees of the Russian Federation, reduction of public debt in the event of fulfillment by principals or third parties of the principal’s obligations secured by state guarantees of the Russian Federation, as well as in the case of payments made by the guarantor under issued state guarantees of the Russian Federation.

Federal Law of April 26, 2007 N 63-FZ Article 117 of this Code is stated in a new wording, which comes into force on January 1, 2008

Bibliography

1. Constitution of the Russian Federation, 1993

2. Budget Code of the Russian Federation, 1998

3. Tax Code of the Russian Federation, (Part 1) 1998, (Part 2) 2000 (with amendments and additions dated December 1, 2006)

4. Andrianov V.D. - Russia in the world economy, 1998, p. 68

5. Gorbunova O.N. - Socio-economic development and financial law, 1988

6. Gorbunova O.N. Financial Law, 1996

7. Gracheva E.Yu. - Financial law (schemes and comments), 1999, Gracheva E.Yu. - Financial law in questions and answers, 2003

8. Gracheva E.Yu. - Financial Law, 1998

9. Emelyanov A.M. - Finance, taxes and credit, 2001

10. Zhdanov A.A. - Financial law of the Russian Federation, 1995

11. Karaseva M.V. - Financial Law, 2000,

12. Kovalev V.V. - Finance, 2001

13. Lushin S.I. - Finance, 2000

14. Mandritsa V.M. - Financial Law, 2003

15. Melikhova L.V. - Financial Law, 2001, p. 65

1. Finance monetary appeal And credit

   Test >> Finance

   TECHNIQUE Test work in the discipline: " Finance, monetary appeal And credit" Completed by: student of group BU-51сз..., the entire population of the country is sustainable finance And monetary appeals. Financial results are the final result of activities...

2. Finance, monetary appeal And credit (4)

   Test >> Finance

   ... No. 1 In discipline: “ Finance, monetary appeal And credit" Completed Checked Ryazan 2009 ... and repayment monetary loans, with monetary relationships with financial... monetary turnovers as a means of payment, as opposed to turnovers as a means of payment appeals ...

3. Finance, monetary appeal And credit (5)

   Abstract >> Finance

   Test " Finance, monetary appeal And credit" Money as a commodity...inflation; cost distribution; means appeals

Questions: 1. The appearance, essence and functions of money.

2. Types of money, their properties and characteristics.

3. The concept of money circulation. Cash and non-cash circulation. 4. Money supply. Law of money circulation. Speed ​​of circulation of money.

5. Monetary system and its elements. Monetary system of Russia.

6. Inflation and forms of its manifestation. Features of the inflation process in Russia.

Topic 1.2. Finance. Financial policy. Financial system.

Questions: 1. Socio-economic essence and functions of finance. The role of finance. Money relations and financial relations.

2. Financial system. Its structure.

3. Financial management.

4. Financial policy.

5. Financial control. Essence, types, forms, methods.

Topic 1.3. Public finances.

1. Socio-economic essence and role

state budget

2. Composition and structure of federal budget expenditures

3. Composition and structure of federal budget revenues

4. Budget deficit and methods of financing it

5. The essence and functions of state credit. Classification of government loans. Public credit management. Russian Federation as a borrower, guarantor and lender. 6. The concept of budget planning, the budget process, the foundations and principles of its organization, methods of financing it in Russia

7. The essence and role of territorial finance in the economic and social development of administrative-territorial entities. Composition of territorial financial resources. Legislative basis of territorial finance

8. Extra-budgetary funds of the Russian Federation. Socio-economic essence of extra-budgetary funds

9. Economic foundations and principles of social security

10. State pensions, social benefits

Topic 1.4. Finance of enterprises of various forms of ownership.

Questions: 1. The essence and functions of finance of commercial enterprises and organizations.

2. Principles of organizing the finances of an enterprise.

3. Factors influencing the organization of finances of an enterprise.

4. Revenue from sales of products. The concept of depreciation and accelerated depreciation.

5. Fixed and current assets, intangible assets: concept and general characteristics.

6. Profit and profitability as indicators of the efficiency of an enterprise. Distribution of enterprise profits. Types of profitability.

7. Characteristics and methods for calculating the main indicators of the financial condition of the enterprise.

8. Features of financial activity under various organizational and legal forms of business.

9. Financial planning: essence and content.

10. Financial aspects of drawing up a business plan.

Topic 1.5. Insurance system.

Questions: 1. Concept and socio-economic content of the insurance process. Insurance market. Participants in insurance relations.

2. Classification and types of insurance. Organization of the insurance process in the Russian Federation

3.Economic and financial basis of insurance

Section 2. Credit. Banks. Securities.

Topic 2.1. Loan capital and credit.

Questions: 1. Credit as a form of movement of loan capital.

2. Stages of development of credit relations. Basic principles of credit. Functions of credit.

3. Classification of loans. Forms of loans.

Topic 2.2. Banks. Banking system.

Questions: 1. The concept of a bank and the banking system. Central Bank and its functions

2. Commercial banks

Active and passive operations of banks. Commission and trust operations of banks. Bank profit. Bank liquidity. Correspondent relationships between banks

4. Cashless payments. Forms and principles of organization. Payments with plastic cards.

Topic 2.3. Stocks and bods market.

Questions: 1. Securities market: basic concepts.

2. Market structure, types of securities.

Section 3. Financing and lending of capital investments.

Topic 3.1. Capital investments.

Questions: 1. Basic concepts of financing and lending for capital investments.

2. Structure of capital investments.

3. Sources of funds for capital investments

4. Principles of short-term and long-term lending. Types of long-term loans. Mandatory conditions for long-term lending.

Topic 3.2. Investments. Investment policy.

Questions: 1. The concept of investments and their types.

2. Risky investments. Portfolio investment. Direct investments. Annuity. Transfer investments. State investment policy.

Section 4. Monetary system and international credit relations.

Topic 4.1 World monetary system. Monetary system of the Russian Federation.

Questions: 1. World monetary system.

2. Monetary system of the Russian Federation.

3. Balance of payments of the Russian Federation.

4. Problems of external debt of the Russian Federation

Topic 4.2. International credit relations.

Questions: 1. The concept of international credit, its functions and classification of its forms.

2. Foreign trade lending

3. International long-term loan

4. International monetary organizations

Section 1. Financial system.

Topic 1.1. Money, monetary circulation.

The appearance, essence and functions of money.

The role of money in a modern market economy.

The emergence of money is associated with the departure from a subsistence economy, the emergence of a social division of labor, the exchange of labor products and the need to compare different labor products.

Subsistence farming, characterized by a low level of development of productive forces, was characterized by the production of products for own consumption. The exchange concerned only the occasional surplus left over. The social division of labor (separation of agriculture, cattle breeding, and then crafts) gave rise to a constant exchange of labor products, i.e. the need for commodity production. Exchange is the movement of goods from one commodity producer to another and presupposes equivalence (livestock = grain = ax = linen), which requires comparison of goods that are different in type, quality, shape, and purpose.

The basis for measuring different goods is cost of goods , i.e. social labor expended in the process of production of a commodity and embodied in this commodity. When exchanging one product for another on the market, society thereby confirms that labor was spent on these goods, i.e. both goods have value. Due to the fact that the labor expended on the production of individual goods is different, the goods have different values. Hence the need arises to quantify social labor or value, i.e. the concept appears exchange value (1 sheep is equal to 1 bag of grain).

Exchange value - this is the ability of a product to be exchanged for other goods in certain proportions, i.e. a quantitative comparison of products is provided.

In natural production, the product satisfied the needs of the producer and his family, i.e. for them it mattered as use value (the ability of a product to satisfy any human need). When producing a product for exchange, the commodity producer is interested primarily in its value and only secondarily in its use value, because if a product does not have a use value, then no one needs it and it cannot be exchanged.

So, a product not intended for exchange has only a use value for the producer. When exchanged, a product must have value for the producer and use value for the buyer.

The evolution of the process of exchange of goods has led to the development forms of cost of goods . There are four forms of value: simple (or random), expanded, general and monetary.

First form - simple , or random , the form of value is characteristic of a low stage of development of productive forces. In subsistence farming, surplus products arose only periodically from case to case. Goods placed on the market accidentally measured their value through the medium of another good. The exchange value of such an exchange fluctuated sharply in time and space. However, already in this simple form of value the foundations of future money are laid (for example, 1 sheep is equal to 1 bag of grain).

For the pastoralist, the sheep is important not as a use value, but as a value that only manifests itself in exchange on the market. He needs the use value of grain. In the market, the commodity-sheep seeks its antipode and plays an active role, as the herder seeks to find grain in exchange for his commodity. Grain serves as a material (form) to express the value of a sheep, i.e. passively reflects the social labor expended in raising the sheep. Consequently, grain becomes an external manifestation of social labor, i.e. equivalent, and is in equivalent value form.

The equivalent form of value has the following features:

The use value of an equivalent commodity (grain) serves as a form of manifestation of its opposite - the value of a commodity (sheep);

Private labor, individual labor spent on the production of an equivalent commodity (grain), expresses its opposite - social labor;

Concrete labor contained in an equivalent product (grain) serves as a form of manifestation of abstract labor.

The second one is expanded form of cost . With the further division of labor and the growth of production, more and more products and goods enter the market. One good is exchanged with many other equivalent goods. For example,

1 bag of grain = 1 sheep

1 ax

1 arshin of canvas, etc.

Third - generalized form of value when a product becomes the main purpose of production. Each commodity producer, for the product of his labor, sought to obtain a universal commodity that everyone needed. In connection with such an objective need, goods began to be pushed out of the commodity mass, acting as a universal equivalent. Common equivalents were cattle, furs, and among the tribes of Central Africa - ivory. However, such goods did not stay in this role for long, since they did not satisfy the requirements of commodity circulation and their properties did not meet the conditions of equivalence.

As a result of the development of exchange, one commodity, mainly metal, becomes the universal equivalent over a long period. This process of designing a product as a universal equivalent is very complex and lengthy. He determined the appearance of the fourth form - monetary form of value .

The following features are characteristic of the monetary form of value:

One product monopolizes the role of the universal equivalent for a long time;

The natural form of a money commodity merges with its equivalent form. This means that the use value of the commodity-money is externally hidden, and only its general social form of value remains.

Money by its origin is a commodity. Having stood out from the general commodity mass, they retain their commodity nature and have the same two properties as any other product. Money arose spontaneously from exchange. Various goods acted as money, but precious metals - silver and gold - turned out to be more suitable.

Money - a historical category that develops at each stage of commodity production and is filled with new content, which becomes more complex with changes in production conditions. In the distant past, the universal equivalent was furs, livestock, and jewelry. Later, when exchange became systematic, metals began to be used as money, first copper, then silver and finally gold.

Thus, the peculiarity of money is expressed as follows:

Money is a spontaneously released commodity;

Money is a special privileged commodity that plays the role of a universal equivalent;

Money resolved the contradictions between use value and value inherent in all goods, including money.

To transform a product into money you must:

General recognition of this fact by both buyer and seller, i.e. both subjects cannot refuse when exchanging their values ​​for a given commodity-money;

The presence of special physical properties of the commodity-money, suitable for constant exchangeability;

Long-term fulfillment of the role of a universal equivalent by the commodity-money.

The essence of money as an economic category is manifested in its functions, which express the internal basis, the content of money.

Money performs the following five functions: measure of value, medium of exchange, means of payment, means of accumulation and savings and world money .

Money as a universal equivalent measures the value of all goods. However, it is not money that makes goods comparable, but the socially necessary labor spent on the production of goods that creates the conditions for their equalization. All goods are products of socially necessary labor, therefore real money (silver and gold), which has value, can become a measure of their value. In this case, measuring the value of goods in money occurs ideally, i.e. The goods owner does not necessarily have cash.

The value of a product expressed in money is called at the cost . It is determined by the socially necessary labor costs for its production and sale. The basis of prices and their movement is the law of value. The price of a product is formed on the market, and if supply and demand for goods are equal, it depends on the cost of the product and the value of money. When real money functions, the price of goods is directly proportional to the value of these goods and inversely proportional to the value of money. Due to the discrepancy between supply and demand in the market, the price of a product inevitably deviates from its value. Based on such deviations of prices (up and down) from the cost of the commodity producer, it is determined which goods are not produced enough and which are produced in excess.

Under the gold standard, prices depended on the value of the commodity, since the value of money—gold—was relatively constant. Under paper money and banknote systems, the prices of goods are expressed in terms of values ​​that do not have their own value, so they cannot accurately reflect the value of goods. This results in differences in prices for the same goods, which makes it difficult for the commodity producer to make correct rational decisions about the production of goods.

Quantitative assessment of the value of a product in money, i.e. the price of a commodity provides the opportunity to measure not only the products of social labor, but also part of the same monetary commodity - silver or gold. To compare the prices of goods of different values, it is necessary to reduce them to the same scale, i.e. express them in the same monetary units. Price scale in metal circulation, the weight amount of monetary metal accepted in a given country as a monetary unit and used to measure the prices of all other goods is called.

Commodity circulation includes: sale of goods, i.e. turning it into money and buying goods, i.e. transformation of money into goods (T - D - T). In this process, money plays the role of an intermediary in the exchange process. The functioning of money as a means of circulation creates conditions for the commodity producer to overcome the individual, time and spatial boundaries that are characteristic of the direct exchange of goods for goods. Money remains constantly in the exchange and continuously serves it. This means that money contributes to the development of commodity exchange.

Money, being a universal equivalent, i.e. providing its owner with the receipt of any product, they become the universal embodiment of social wealth. Therefore, people have a desire to accumulate and save them. To create treasures, money is taken out of circulation, i.e. the act of sale and purchase is interrupted. However, simply accumulating and saving money does not bring additional income to the owner.

Due to certain circumstances, goods are not always sold for cash. Reasons: unequal duration of periods of production and circulation of various goods, as well as the seasonal nature of the production and sale of a number of goods, which creates a shortage of additional funds for the business entity. As a result, the need arises for the purchase and sale of goods with payment in installments, i.e. on credit. Money as a means of payment has a specific form of movement: T - O, and after a predetermined period: O - D (where O is a debt obligation). With such an exchange, there is no counter-movement of money and goods; repayment of the debt obligation is the final link in the purchase and sale process. The gap between goods and money in time creates the danger of non-payment by the debtor to the creditor.

Foreign trade relations, international loans, and the provision of services to an external partner gave rise to the emergence of world money. They function as a universal means of payment, a universal means of purchase and a universal materialization of social wealth. World money acts as an international means in settlements of international balances: if payments of a given country for a certain period exceed its cash receipts from other countries, then money is a means of payment.

All five functions of money represent a manifestation of the single essence of money as a universal equivalent of goods and services; they are in close connection and unity. Logically and historically, each subsequent function presupposes a certain development of previous functions.

From the above, three main properties of money emerge that reveal its essence:

Money provides universal, immediate exchangeability. They can be used to buy any product;

Money expresses the exchange value of goods. Through them the price of the product is determined, and this provides a quantitative comparison of goods with different use values;

Money acts as the materialization of universal labor time contained in a commodity.

The role of money in a modern market economy. Modern capitalism has led to a modification of the functions of money. The universal nature of commodity-money relations also caused the full development of money as a universal equivalent. In today's society, all goods, services, natural resources, as well as people's ability to work, acquire the form of money. The qualitatively new role of money (as opposed to money of simple commodity production) is that it turns into money capital, or self-increasing value. This role can be traced through five previous functions.

In the first function, money not only measures the value of all goods and services, but also capital. When buying and selling various valuables for cash, money acts as a means of circulation for both goods and capital. Money as a means of accumulation and saving is concentrated in the credit system and provides the owner with profit. Accumulation in the form of gold hoarding (accumulation of gold in the form of bars, coins, jewelry by individuals, by purchasing it on the market in exchange for their national monetary unit) protects monetary wealth from depreciation. Money serves a variety of payment relationships, including labor ones. It was this function of money that ensured the widespread development of the capitalist credit system. Functioning on the world market, money ensures the flow of capital between countries. Money serves the production and sale of social capital through a system of cash flows between economic sectors, industries and regions of the country. The organizers of these cash flows are the state, business entities and, partly, individuals. Moreover, the turnover of the value of the social product begins and ends with the owner of the capital.

REVIEW OF THE SCIENTIFIC PUBLICATION "FINANCE, MONEY CIRCULATION AND CREDIT"

V.M. LUKASHEVSKY, Candidate of Economic Sciences, Senior Researcher at the Center for Information Support of Banking

activities and entrepreneurship INION RAS

Money circulation and banking operations have a significant impact on the destinies of individuals, the activities of groups, the development of nations and the evolution of the human community as a whole. Mastering modern knowledge in the field of money, finance and credit opens up broad prospects for an active creative and business life, achieving personal and social well-being. The acquisition, accumulation and effective use of such knowledge are of particular importance for future specialists, teachers and scientists both in the financial system and the real sector of the national economy.

The new edition of the textbook “Finance, Monetary Circulation and Credit”1, prepared by a team of authors - scientists who combine their scientific and practical activities with work in higher educational institutions of the country.

A distinctive feature of the updated textbook is that it reflects the latest trends and approaches in the development of domestic and foreign financial science and practice. At the same time, special attention is paid to the positive changes that occurred in financial and monetary policy in our country after the financial crisis on August 17, 1998. New problems that have arisen in recent years in the domestic and global financial systems have not been ignored.

Based on the concept that modern fiscal and monetary policy is the sphere of interaction between instrumental and institutional methods of managing financial and monetary circulation, the authors strive to present the basic concepts of the financial system not as abstract

"Finance, money circulation and credit: Textbook. 2nd edition, revised and supplemented / Edited by V.K. Senchagov, A.I. Arkhipov. - M.: Prospekt, 2004, 720 pp.

A characteristic feature is also that, when presenting the material in this textbook, the authors combine an interdisciplinary approach with a multi-level approach, i.e. reveal the operation of categories at the federal, subfederal and corporate levels.

The textbook includes 7 sections: Section I. Finance in a market economy Section II. Money and the country's monetary system Section III. Enterprise finance and financial management

Section IV. Public finances Section V. Securities market Section VI. Credit, banks and banking Section VII. International Finance In the first section, in addition to the chapters revealing the essence and functions of finance, the organization of management of the country’s financial system, new chapters “Financial policy of the state in the 20th century” were additionally introduced. and its prospects in the 21st century." and “The Role of Finance in Globalization.”

The second section defines the essence, functions, types and role of money in the economy, types and structure of monetary systems. Here, in the chapter devoted to types of inflation and its Russian characteristics, the main directions of anti-inflationary policy in our country are formulated.

The third section “Enterprise Finance and Financial Management” was missing in the previous edition of the textbook. Its writing and publication in the updated edition are due to the growing attention in our country and abroad to the problem of developing and strengthening corporate principles of managing economic processes. The basic concepts of enterprise finance are formulated here: “profit”, “net profit”, “income and costs”, “cash flows” and “financial results”. The chapter “Financial Management” outlines the methodological basis for making financial decisions, methods for assessing the financial stability of an enterprise, its solvency and liquidity, management

management of working capital and inventories. The effectiveness of investment management in connection with financial planning and planning of the main activities of the enterprise is shown.

Bearing in mind that the reliability and efficiency of the functioning of the financial and banking system and the national economy depend on the honesty, stability and mandatory observance of the legal status of public finances, the authors made an attempt in Section IV of the textbook to isolate state finances from the entire set of financial relations in the country. A significant amount of space in the section is devoted to the place and role of public finance in the economy, the country's budget structure, and the objective content of budgetary federalism as a financial category, the principles of which are defined by the Constitution of the Russian Federation.

Having paid attention to the economic essence and types of taxes, the features of the modern Russian tax system, the authors included the chapter “Insurance” in the “Public Finance” section. Its role in the financial system and budgetary sphere of the Russian Federation,” which was not in the previous edition. In connection with the statement of V.V. Putin, in December 2003, adopted by the State Duma the Law on the Organization of Insurance in the Country and the problem of expanding home insurance and motor third party liability, the inclusion of the corresponding chapter in the textbook should be recognized as an urgent step.

In Russia, due to the specifics of the development of market relations, banks are the supporting financial institutions during economic transformations. This is reflected in the textbook. While the section “Securities Market” was not subject to significant adjustments, the section “Credit, banks and banking” was enriched with a special chapter “The Central Bank of the Russian Federation: role and functions in the implementation of monetary policy.” It also provides a description of the current state of the domestic banking system, ways of reforming it and directions for further development.

The final section “International Finance” describes the principles of organization and regulation of the foreign exchange market, reveals the financial mechanisms of foreign economic relations, and provides the procedure for the formation and structure of the balance of payments, i.e. information, without the knowledge of which today the activities of an accountant, financier, and economist cannot be complete and effective. In the updated edition, the section is supplemented with a chapter devoted to the introduction of the euro currency, which discusses the mechanisms of mutual settlements among EU members (TARGET system)

and financial relations between member countries of the euro area and other participants in the global monetary system. In addition, it provides an analysis of the expected impact of this European currency on the Russian economy.

The section and textbook conclude with the chapter “Experience in financial analysis of the Russian economy,” which was not included in the first edition of the textbook. In this chapter, the authors, using rich statistical material, tried to present in the form of tables and diagrams a system of the most important indicators characterizing the dynamics of macroeconomic indicators of development in Russia, the USA, Europe and Japan, the state of the domestic budget system at different levels of its functioning, and to predict the dynamics of foreign direct investment in Russia depending on the global brand of capital flows.

The abundance of factual material, the connection between the presented theoretical principles and practical activities, and the comparison of data on the domestic financial system with similar foreign indicators raise the relevance and scientific and practical value of the textbook in question. Links to current regulatory and methodological documents, lists of recommended literature, test questions and assignments for each chapter facilitate the assimilation of the material presented.

As they say, you cannot embrace the immensity. And yet, life gives rise to new problems, and the next edition of this fundamental, comprehensive textbook will need to be supplemented with material devoted to the “budget surplus,” the feasibility of its formation and an analysis of ways to use it effectively. It seems that the textbook would have benefited if there had been some place in it to cover the activities of financial industrial groups and mutual funds.

In our opinion, at least a small amount of material in the textbook should also be devoted to issues of information support for financial and banking activities, including the operation of automated banking systems. It would be useful to dedicate at least a page of the textbook to a story about the activities of banking associations, primarily the Association of Russian Banks (ARB) and the Association of Regional Banks "Russia".

In general, the new edition of the textbook “Finance, Monetary Circulation and Credit” will serve to increase the level of qualifications and civilization of specialists managing economic processes at all levels of the national economy.