21 июня 2016г.
There is no doubt that the state financial management is an important part of socio-economic development. Financial policy is one of the most important instruments of state regulation. Let's try to reveal what the role financial system plays as an object of financial policy during realization. It is obvious that the model of the Russian budget system based on the filling of its most primary element - the federal budget, has exhausted itself, principally due to oil and gas revenues and in order to replace the diversified model of financing public expenditure have to be came.[7,p. 53] Let define the criteria which help us to assess the role of the financial system in the implementation of state financial policy. In my opinion, as the criteria for assessing the role of the public finances could be used following indicators: the level of budget revenue collection as a whole, taxes in particular; the level of implementation of budget commitments; the magnitude of the budget deficit and public debt dynamics; the level of monetization of the budget deficit; the value of foreign exchange reserves; dynamics of gross domestic product; the degree of implementation of legislation on the budget. Negative trends in the dynamics of these indicators require an adjustment to the implementation of financial policy to be done, due to the low level of revenue receipts in the budget does not allow to carry out an active financial policy. In terms of macroeconomic instability revenue receipts in the budget system of Russia are demonstrating a tendency to decrease. [8,p.249] For execution of expenditure obligations of budget the necessity of borrowing is appear and it leads to the growth of public debts.
In the corresponding financial situation the key direction in order to formation of adequate government financial policy is a balance between the objectives of the stabilization and stimulate economic growth to be found. Experts suggest four target areas of the country's financial policies: Stabilization - to maintain as low a budget deficit due to budget cuts and growth of the tax burden; forced - by stimulating the growth of the budget and the risks of destabilization of the balance of payments; mobilization - an attempt to solve the problem of the budget resources, or monetary financing of the Central Bank; Co-operation - defining development priorities and their funding together with government and business. In my opinion, the only true direction is cooperative financial policy. [1,p.179] But this direction requires using of significant financial resources in the industry as well as innovative development of economy. In this situation it is reasonably to use a financing mechanism of public-private partnership that either help to intensify economic growth and lead to an increase in the efficiency of budget spending. At the same time we should do not forget that the government funding without institutional reforms will not lead to the formation of innovative environment. Before determination of what of the institutional system under innovative model have to be created in Russia, it is need to be addressed and reflected in the financial policy of the state structure and resource aspects. The structure of the national economy determines the specificity of distribution and redistribution processes and has an impact on the financial system and the ongoing state financial policy. In the context of Russia's resource-based economy, export-oriented, the central bank can not effectively control the money supply. [6,p.157] The consequence of the inflationary process in the developing Russian financial system are the high interest rates, which leads to the high cost of raising debt capital for companies. The current structure of the Russian economy has not yet reached a level that meets the requirements of modern dynamic country. The structure of the Russian economy affects the functioning of the financial sector: determines the low capitalization of the stock market and a strong dependence on the world energy market. Consider these circumstances there is a necessity to increase the stability of the national economy by improving its structure, innovation, implementation of modernization in the provision of social services, the improvement of transport, energy and financial infrastructure, creating a favorable environment for business.[4,p.11]
The problem of centralization and decentralization of revenue expenditure is a next point on the list of the main problems of implementation of the financial policy of the Russian Federation. The current income tax system does not provide differentiation of adequacy of own tax revenue expenditure obligations.[5,p.180]
The process of creating a model of innovative economy must also be considered from the standpoint of the mechanism of realization of economic interests and motivation of potential investors. It is necessary to assess the nature of the innovation model from the standpoint of the existing problems in the current environment: time uncertainty of the state subjects and objects of innovation development of economy; the variability of the interests and motivations of the subjects of innovation; instability of income; high financial risk.
To assess the participation of the decentralized elements of the financial system in the implementation of financial policy in Russia should also consider that the consumption and household savings as a factor in the implementation of fiscal policy that determine the most important features. [2,p.281] Lack of final consumption reflected in the low demand, the effect on aggregate demand in the economy, which leads to low entrepreneurial activity. With excessive consumption as well as insufficient savings manifested instability of the investment process is appear. To create the foundations of a long-term economic growth and fiscal sustainability is also important to overcome the negative demographic trends. According to forecasts, the number of employed people in Russia will be gradually reduced while increasing the number of pensioners.[3,p.112] Balancing the pension system is one of the most serious problems of financial policy of the Russian Federation.
Also, do not forget to take into account the criteria that characterize the specificity of the current stage in the development of the Russian economy, including inflation. In an inflationary environment, cash flow is seriously distorted, which leads to an even stronger inflationary growth and a gradual breakdown of the regulatory mechanism in the financial system. The consequence of inflation is the problem of strengthening the level of differentiation of the economic and social development of the territories.
The financial policy is carried out in various areas of the financial activity of the state, including in the field of banking activities. Macroeconomic instability requires the development of new areas of financial policy in the banking sector.
In conclusion it is have to be noted that the promotion of the investment process by measures of financial policy is a prerequisite condition for overcoming the macroeconomic instability and the creation of preconditions for sustainable economic growth in Russia. In this targets a financial policy should be formed considering external factors and internal factors affecting the functioning of the financial system and the successful implementation of the financial policy of the state.
Список литературы
1. Киреева Е.В. Финансирование проектов инновационного развития реального сектора российской экономики. //В сборнике: News of science Proceedings of materials the international scientific conference. 2015. С. 175-180.
2. Киреева Е.В. Исследование развития научных понятий в процессе преподавания дисциплины «Финансы».//В сборнике: Воспитание и обучение: теория, методика и практика Сборник материалов V Международной научно-практической конференции. 2015. С. 280-282.
3. Киреева Е.В. Тенденции и перспективы развития пенсионной системы России. // Вестник РГГУ. Серия: Экономика. Управление. Право. 2014. № 21 (144). С. 108-113.
4. Киреева Е.В. Финансовый механизм государственно-частного партнерства: теория и практика. //Вестник Академии. 2013. № 3. С. 9-13.
5. Киреева Е.В. Проблемы финансирования бюджетного дефицита в условиях нестабильного рынка. //
Вестник РГГУ. Серия: Экономика. Управление. Право. 2013. № 15 (116). С. 179-184.
6. Киреева Е.В. Инфляционное таргетирование как метод денежно-кредитной политики ЦБ РФ. // Современные концепции научных исследований. XIII Международная научно-практическая конференция. Сборник статей. -М.-2015.-N4.-С.155-158.
7. Киреева Е.В. Роль государственных финансов в антикризисной стабилизации экономики России. // Сборник публикаций центра экономических исследований по материалам XXXVI международной научно- практической конференции "Современная экономика и финансы: исследования и разработки.-С-Пб: Центр экономических исследований. - 2015.- С.52-55.
8. Киреева Е.В. Адекватность финансовой политики государства условиям развития экономики России. // В сборнике: Новое слово в науке: перспективы развития. 2016. № 1-2 (7). С. 247-249.
