home Ratings The financial system of the country. The state budget. Lobacheva E.N. Economic theory The state budget is the leading link in the financial system I. Finance and the financial system

The financial system of the country. The state budget. Lobacheva E.N. Economic theory The state budget is the leading link in the financial system I. Finance and the financial system

The state budget is a centralized fund of monetary resources necessary to perform the functions of the state. These functions are reduced to the redistribution of funds and control over their effective use. In this sense, the functions of the budget are similar to the functions of finance, which is understandable, since the budget is only part of the whole. At the same time, in relation to the state budget, it is customary to single out the following functions related to the state structure:

(1) intervention in the economy;

(2) maintenance of the state administrative apparatus;

(3) law enforcement and judiciary;

(4) medicine, health care and education;

(5) the defense of the country.

All these functions are largely possible thanks to the financial system.

2. General principles for the construction of the state budget

The principles of the budget system are its fundamental principles and rules: unity, completeness, reality, transparency and independence of all budgets included in the budget system.

The unity of the budget system is ensured by a unified legal framework, the use of unified budget classifications, the unity of the form of budget documentation, the provision of the necessary statistical and budget information from one level of the budget to another for the preparation of consolidated budgets, agreed principles of the budget process, unity monetary system. Besides. The principle of the unity of the budget system is based on the interaction of budgets of all levels, carried out through the use of regulatory revenue sources, the creation of targeted and regional budget funds, and their partial redistribution. The mechanism for implementing the principle of the unity of the budget system is a single socio-economic, including tax, policy.

The independence of budgets is ensured by the presence of their own sources of income and the right to determine the directions of their use and spending. The own sources of budget revenues include: revenue sources fixed by law for each level of the budget; deductions from regulatory revenue sources; additional sources established independently by the representative authorities of the subjects and local authorities.

Decisions of representative bodies of power on budgetary issues are subject to publication in the media within the time limits established by the relevant representative body of power, or are brought to the attention of the population in another way based on the capabilities of the relevant representative body of power. If a decision is made to reject the draft budget or not to approve reports on budget execution and the use of funds from extra-budgetary and foreign exchange funds, the necessary information about the reasons for making such a decision must be published in the mass media.

These principles of the budget structure can be protected in court - through the arbitration court.

3. State budget expenditures

Above, it was indicated for what purposes the funds are spent. Components of the state budget. Because the state needs Primarily. To ensure stability in society, these areas of expenditure are: law enforcement agencies, the state apparatus, social goals. Since the first third of the twentieth century, the role of the state has increased, and consequently, the expenditure part of the state budget in economic regulation.

When drafting budgets, clarifying budgets in the course of their execution, when considering draft budgets, approving budgets:

o the amount of financing of measures for the socio-economic development of the relevant national-state and administrative-territorial entities is determined within the limits of planned budget revenues, grants, subventions provided, and also taking into account borrowed funds;

directions of using budget funds for investments, own target programs are determined; for foreign economic activity, measures to protect environment(over and above the allocations allocated from environmental off-budget funds), restoration of natural and cultural monuments, improvement of cities, towns and villages, maintenance and overhaul of housing stock, communal facilities, a network of roads of appropriate importance (in excess of allocated appropriations from road funds), educational institutions, healthcare and social security institutions, science and culture, physical culture and sports, mass media, for the maintenance of public authorities and administration and local governments and for other purposes;
norms of expenses for the maintenance of housing and communal services, educational institutions, institutions of health care and social security, science and culture, physical culture and sports, police bodies of public security, environmental protection and for other purposes are determined and specified;

o the size of subsidies, subventions to the budgets of the lower territorial level and their intended purpose are determined.

The budget expenditures provided for by the budget classification are divided into expenditures included in the current expenditure budget and the development budget.

The current expenditure budget includes expenses for the current maintenance and overhaul (rehabilitation) of housing and communal services, environmental protection facilities, educational institutions, health care and social security institutions, science and culture, physical culture and sports, the media, public authorities and administration, local governments and other expenses not included in development expenses. The development budget includes appropriations for innovation and investment activity associated with capital investments in socio-economic development, for own environmental programs and environmental protection measures (in excess of the appropriations allocated from environmental extra-budgetary funds), other expenses for expanded reproduction. It is the second budget - development - that determines the scale and speed of the re-equipment of production, R&D.

4. State budget revenues

Revenue side budgets consists of fixed and regulatory revenues. In addition, grants and subventions can come to the budgets, as well as borrowed funds.

The procedure and conditions for the provision and use of grants and subventions from the state budget Russian Federation are established by the legislative acts of the Russian Federation, and the procedure and conditions for the provision and use of subsidies and subventions from other budgets are established by the legislative acts of the republics within the Russian Federation and decisions of the relevant representative authorities adopted within their competence.

In case of insufficient budgetary funds to cover expenses exceeding the minimum budget, or in cases of temporary financial difficulties in the process of executing the approved budget, it is possible to receive interest-bearing or interest-free loans, as well as issue loans for investment purposes. The maximum ratio of the total amount of loans, credits, other debt obligations of the budget and the volume of its expenditures is established by the laws of the Russian Federation.

At the same time, taxes are the main source of income for the state budget (about 95% in the Russian Federation). The fundamentals of the tax system in Russia are established in various regulations, in particular, in the Law "On the Fundamentals of the Tax System in the Russian Federation". So, the following main taxes are federal:

a) value added tax;

b) excises on certain groups and types of goods;

c) tax on transactions with securities;

d) customs duty;

e) deductions for the reproduction of the mineral resource base;

g) payments for the use of natural resources;

h) tax on profits of enterprises and organizations;

i) taxes that serve as sources of formation of road funds;

j) stamp duty;

k) state duty;

l) a fee for the use of the names "Russia", "Russian Federation" and words and phrases formed on their basis;

m) tax on the purchase of foreign banknotes and payment documents denominated in foreign currency;

n) income tax (dividends, interest, etc.).

5. Cost sequestration

Balancing the budgets of all levels is a necessary condition for budgetary financial policy. The excess of spending over income is the budget deficit. If there is a budget deficit, the expenditures included in the current expenditure budget are subject to priority financing. In order to balance the budget, limits on the budget deficit may be set. If in the process of budget execution there is an excess of the maximum level of deficit or a significant decrease in revenues from revenue sources of the budget, then a mechanism for sequestering expenditures is introduced, which consists in a proportional reduction in public expenditures (by 5, 10, 15, and so on) monthly for all budget items during the remainder of the current financial year. Protected articles are not subject to sequestration.

The composition of protected articles is determined by the Federal Assembly of the Russian Federation, as well as by the representative authorities of the constituent entities of the Russian Federation within their competence. The development budget deficit is also covered by issuing government loans or using credit resources.

6. Budget process

The budget process is the legally regulated activity of the authorities in the preparation, consideration, approval and execution of budgets. An integral part of the budget process is budget regulation - partial redistribution of financial resources between budgets of different levels. Regulation of the budget process is a very important procedural part of the functioning of the financial system. This activity consists of several stages, which are briefly discussed below.

The concept and structure of the financial system of the state. Finance- these are economic relations that arise in the process of formation, distribution and use of funds of funds. In the economic life of society, monetary relations constantly arise:

between the state and enterprises (organizations) in the form of paying taxes to budgets, deductions to various funds, providing benefits, applying sanctions;
enterprises and organizations regarding the conclusion of business contracts, payment of penalties, fines, penalties, bonuses for the fulfillment of special requirements of the customer;
enterprises and employees when calculating and issuing wages, bonuses, withholding taxes, paying trade union dues, receiving benefits;
the state and individual members of society when paying taxes, rent, insurance payments;
separate links of the budget system;
governments when receiving loans.

In other words, in each state there are several areas of financial relations, each of which has its own specific features, manifested primarily in the forms and methods of mobilizing financial resources and their use. For example, enterprises real sector financial resources formed at the expense of profit, depreciation, proceeds from the sale of securities, etc.

The state budget It is generated mainly by taxes from enterprises and the population. The channels for channeling financial resources from enterprises and the state budget are also not the same. Consequently, each sphere of financial relations is, to a certain extent, an independent link in the financial system. Nevertheless, all links are closely interconnected and form a single financial system. In this way, financial system is a set of separate, but interconnected spheres and links of financial relations. The financial system of the Russian Federation includes the following areas: public finances, municipal finances, finances of enterprises (organizations), finances of citizens.

The most important links in the financial system are state and municipal finances, which provide state authorities and local governments with funds to carry out the functions provided for by the Constitution of the Russian Federation and other legislative acts. State and municipal finances cover that part of monetary relations related to the distribution and redistribution of GNP, which is accumulated in the hands of state authorities and local self-government to cover the costs necessary for the state and municipalities to perform their functions. public finance include federal finances and finances of subjects of the Federation. municipal finance stand out as an independent structural level, since local self-government is separated from state system management . In the structure of state and municipal finances, the main element is the budgets - federal and territorial. Financial relations between the central and territorial authorities in Russia are based on the principle of budgetary federalism, which means financial self-sufficiency of administrative units through appropriate taxes.

An important element in the system of state and municipal finances are state non-budgetary funds for social and economic purposes, which are used to social protection citizens and economic development. The allocation of such funds as separate links of the financial system is due to the need to provide guarantees intended use funds generated mainly from targeted mandatory contributions.

The structure of the state social non-budgetary funds of the Russian Federation includes the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation, the Compulsory health insurance RF.

These funds accumulate funds for the implementation of social guarantees: state pensions, free medical care, support in case of disability, during maternity leave, health resort services, etc.

A specific element of state and municipal finance is state and municipal credit, which is one of the sources of covering the budget deficit in the form of issuing state and municipal valuable papers.

A special place in the country's financial system is occupied by the finances of enterprises (organizations). This is a set of monetary relations associated with the formation and distribution of cash income and savings of business entities and their use for various purposes: fulfillment of obligations to the financial and banking systems, financing the costs of social services and material incentives for employees, payment of dividends, payment of bills, rent and etc. The finances of enterprises (organizations) are the leading link in the financial system, since it is at the level of finances of enterprises that the sources of financial resources are formed.

The next area of the country's financial system is the finances of citizens, which are monetary relations that arise in the process of formation, distribution and use of monetary funds between citizens and other subjects of a market economy (government bodies, banking system, financial system, business entities, other citizens). Citizens' finances are connected with the formation of citizens' incomes and their use for current expenses, the acquisition of property, and the creation of a financial portfolio.

State budget and its functions. All spheres and links of the financial system are closely interconnected and constantly interact. The central element of the financial system is the state budget. The word "budget" (English budget) is translated as "a bag and its contents." The budget was the money portfolio of the Minister of the Treasury, so from an economic point of view, the budget can be interpreted as the state of the state's "money bag". A distinctive feature of state budgets is their growing role in the redistribution of national income. The volume of this redistribution is 40-50% of GDP.

The state budget can be viewed from two positions: as an economic category and as a financial plan. In its economic essence, the state budget represents the monetary relations that arise between the state and individuals and legal entities regarding the redistribution of national income in connection with the formation and use of the budget fund. As a financial plan, the state budget consists of revenues and expenditures. Being the main financial plan of the state, the state budget gives the authorities a real economic opportunity to exercise power. It reflects the amount of financial resources needed by the state and thus determines the tax policy in the country. The budget fixes specific areas of spending, redistribution of national income and gross domestic product, which allows it to act as an effective regulator of the economy.

The state budget appeared with the emergence of the state. However, only with the coming to power of the bourgeoisie, the budget took the form of a document approved by the legislature. The ancestor of the budget and the process of its approval is England. After the revolution of 1686-1689. the king was forced to renounce the right to impose taxes without the consent of Parliament. State expenditures were divided into two parts: civil (civilian) expenditures and military expenditures. Military expenses were approved annually, and civil expenses (expenses according to the civil list) - only when the king made changes to them. In the process of limiting royal power, only the costs of maintaining the king and the royal court remained on the civil list.

In Russia, the first list of state revenues and expenditures was drawn up in 1722 for 1723. From 1802, these lists began to be compiled annually, but only from 1811 did the compilation of the Russian budget begin. However, this budget was of a formal nature, since each ministry disposed of the funds allocated to it without control and had its own sources of income. Only since 1862, as a result of the development of the budget structure, the funds of the ministries began to be concentrated in the hands of the state on the principle of the unity of the cash desk. The state budget of Russia was not published and was kept in strict secrecy. Even the members of the Council of State did not know the actual state of the Empire's finances.

Since 1894, Russian government spending began to be divided into ordinary and extraordinary. The latter included military spending, railroad costs, and loans. From that moment on, Russia's budget became transparent.

Principles of State Budgeting. In the process of development, four principles have been developed that the budget must comply with:

completeness;
unity;
reality (veracity);
publicity.

The completeness of the budget refers to the inclusion in the budget of all revenues and expenditures of government bodies. From the point of view of completeness, a gross budget and a net budget are distinguished. The gross budget includes all gross state revenues and gross expenditures, while the net budget includes only net expenditures and revenues. For example, spending on state-owned enterprises is included in the gross budget, while the net budget reflects only the difference between income and expenditure.

The unity of the budget lies both in the uniform procedure for drawing up the budget and in the uniform budget documentation. There should be one budget that reflects all government revenues and expenditures. In addition, unity implies the comparability of parts of the budget among themselves. For this, a single budget classification is applied, i.e. grouping of budget revenues and expenditures according to homogeneous features.

Currently, four main types of budget classification of budget revenues and expenditures are used:

departmental (administrative, ministerial);
subject (industry, real, functional);
economic;
mixed (combined).

Departmental classification groups revenues and expenditures by ministries and departments; subject - by branches of government: military spending, health care, education, etc.

The economic classification groups expenses according to economic characteristics: capital investments, salaries, pensions, loans, etc. Mixed classification is reduced to grouping expenses in a checkerboard pattern: according to two types of budget classification in vertical and horizontal directions (for example, horizontally - according to economic characteristics, and vertically - by enterprises).

The veracity (reality) of the budget assumes that all amounts of revenues and expenditures of the budget must be justified and correct. Publicity of the budget involves open discussion of the budget and its approval by the legislature of the country.

Functions of the state budget. The state budget performs the following functions:

a) distribution. This function of the budget is manifested through the formation and use of centralized funds of funds at the levels of state and territorial authorities and administration. AT developed countries up to 50% of GDP is redistributed through the budgets of different levels.

b) stimulating. With the help of the budget, the state regulates the economic life of the country, economic relations, directing budgetary funds to support or develop industries and regions. Regulating economic relations in this way, the state is able to purposefully increase or restrain the growth rate of production, accelerate or weaken the growth of capital and private savings, and change the structure of demand and consumption. This is the stimulating function of the budget.

c) social. This function consists in accumulating funds in the budget and using them for the implementation of social programs aimed at developing health care, culture, education, and supporting the poor.

d) control. This function of the budget implies the possibility and obligation of state control over the receipt and use of budgetary funds.

Budget revenues and expenses. The redistribution of gross domestic product through the budget has two interrelated, occurring simultaneously and continuously stages:

formation of budget revenues;
use of budgetary funds (budget expenditures).

Budget revenues- these are funds received free of charge and irrevocably in accordance with the legislation of the Russian Federation at the disposal of state authorities of the Russian Federation, state authorities of the constituent entities of the Russian Federation and local governments. Budget revenues can be tax and non-tax in nature. The main source of tax revenues are newly created value and incomes received as a result of its primary distribution (profit, wages, value added, loan interest, rent, dividends, etc.), as well as accumulation. In the revenues of the central budget of various states, taxes account for 80-90%. Non-tax revenues of budgets are formed as a result of either the economic activity of the state itself, or the redistribution of already received revenues by the levels of the budget system. Non-tax revenues include:

income from the sale of state and municipal property ;
income from foreign economic activity;
income from the sale of state reserves.

Budget expenditures- these are funds allocated for the financial support of the tasks and functions of the state and local self-government.

Government spending in developed countries market economy include the following main groups of expenses:

for national defense;
economic development;
socio-cultural needs;
maintenance of the state administration apparatus;
service of the public debt.

Budget expenditures are mostly non-refundable. Only budget loans can be provided on a repayable basis. The structure of budget expenditures is annually established in the budget plan and depends, like budget revenues, on the economic situation and public priorities.

Budget device and budget system. The budget device characterizes the organization of the budget system, the principles of its construction and functioning; it is established and regulated by legislative acts that define the rights of central and local authorities to draw up, approve and execute budgets.

In addition, the budgetary device provides for the distribution of income and expenses between separate types of budget. The budget structure is determined by the state structure. In unitary states, there are two links in the budget system (the state budget and local budgets), in federal states there are three links (for example, in the Russian Federation, these are also the budgets of the constituent entities of the Russian Federation). The budget structure of the Russian Federation includes three levels:

federal budget;
budgets of subjects of the Russian Federation;
local budgets.

The budget system of the Russian Federation includes the federal budget, 21 republican budget republics within the Russian Federation, 55 regional and regional budgets and the budgets of the cities of Moscow and St. Petersburg, one regional budget of the autonomous region, 10 district budgets of autonomous districts and about 29 thousand local budgets (district, city, settlement and rural budgets). The budgets included in the budget system of the Russian Federation are independent and are not included in each other, i.e. the budgets of the constituent entities of the Russian Federation are not included in the federal budget, and local budgets are not included in the regional budgets.

Consolidated budget of the Russian Federation- is a set of budgets of all levels of the budget system of the Russian Federation. It includes the federal budget and the consolidated budgets of the constituent entities of the Russian Federation. The consolidated budget is not approved by the legislature. This is a statistical set of budget indicators that characterize income and expenses - the sources of funds and the direction of their use in the territory as a whole and in individual subjects of the Russian Federation. Consolidated budgets are needed:

The absolute value of the external debt in ruble terms increased from year to year and reached by the beginning of 2003 the amount of 3925.4 billion rubles, which is 27.9 times more than in 1993. This dynamics was mainly due to the smooth growth of external debt in dollar terms and a significant annual depreciation of the Russian ruble.

Relative to GDP, the burden of external debt steadily decreased and in 1997 amounted to 29.2%, which is 32.1 percentage points less than in 1993. This trend was broken in 1998 by the devaluation of the ruble after the decisions of August 17, and by the beginning of 1999 The external debt was 120.5% of GDP. In 1999, there was a decrease in the debt burden by 29.7 percentage points due to a significant lag in the growth rate of the US dollar in rubles from the inflation rate (hence, the growth rate of GDP at current prices) and Russia's clear compliance with the schedule for repayment and servicing of external debt .

The high burden of Russian debts gave rise to a lot of difficulties, and primarily budgetary ones. State expenditures on debt repayment and servicing increased from year to year and diverted an increasing share of budget funds. For example, from 1993 to 1998 they increased in nominal terms by 45.1 times, absorbing in 1998 33.6% of all federal budget expenditures. In 1999, interest expenses due to the ongoing novation of GKO-OFZ approached the level of 1997 and amounted to 26.7% of federal budget expenditures. This negative experience was taken into account in the formation of economic policy for the next decade.

As a result, the Russian economy not only reduced the amount of both internal and external debts, but also entered the era of the state budget surplus for the first time. As of January 1, 2007, the domestic public debt denominated in government securities amounted to 1,028.1 billion rubles, the public external debt - $52 billion. Thus, at present, the total public debt of the Russian Federation (external and internal) does not exceed 10% of GDP. Socio-economic consequences of public debt.

Public debt can have a positive and negative impact on socio-economic processes. The positive value of government borrowings is that they are basically a non-inflationary source of financing the budget deficit of public authorities at various levels. This follows from the fact that the formation of additional financial resources within government structures with the help of public borrowing does not entail an increase in aggregate demand, but only changes its structure. The purchase of government securities by individuals and legal entities means the transfer of demand from these entities to the executive bodies of state power. Government structures, through the provision of state loans to promising enterprises and guarantees for loans and credits attracted by efficient business executives, can help accelerate the socio-economic development of the country. State loans and guaranteed loans were the source of railway and industrial construction in Russia in the second half of the 19th century. They proved to be effective financial instruments during the NEP years. By issuing debt instruments intended for purchase by individuals and legal entities, the state influences the process of organizing the savings of the population and investing temporarily free financial resources by business entities. Usually government securities are the most reliable and highly liquid, so they are willingly bought by individuals and legal entities. The population receives a convenient and profitable way to organize their savings, and business entities receive highly liquid assets that generate income. By drawing money into the treasury through the government debt market, the state can contribute to the normalization of money circulation in the country.

With a reasonable organization of relations for the formation and maintenance of public debt, the executive branch can effectively distribute the tax burden over time between generations of the country's population. This method of distributing the tax burden gives positive results when financing from borrowed funds the construction of long-term facilities that serve for decades.

In this case, the financial burden falls not on one, but on several generations, since the repayment of the principal amount of the debt and the payment of interest on it are stretched over time.

Mutual debt obligations of different countries are a factor in strengthening international cooperation and mutual understanding. This is facilitated by intergovernmental loans, borrowing from international financial organizations and in international financial markets, and external government loans. With the high development of international debt relations, everyone becomes economically interested in general stability in the world.

The negative aspects of the impact of public debt on socio-economic processes are manifested primarily in the fact that with the excessive development of the public debt market, the government limits investment opportunities in the national economy. This is because, by attracting borrowed funds, the state removes from the market part of the financial resources that could be directed to investments in the real sector of the economy. The degree of the negative impact of public debt increases with excessively high yields of government securities. Under these conditions, investors give unconditional preference to investing in government debt obligations compared to making real investments. In addition, the high yield of government securities (along with other factors) leads to an increase in the bank interest rate for credit resources, which makes a bank loan ineffective for an entrepreneur.

Excessive interest of the state in borrowing operations contributes to a significant diversion of budget funds from the needs of economic and social development. A high level of borrowing, if it is also combined with high yields on government bonds, leads to large budget spending servicing the public debt. This is seen as a negative moment in the development of public finances. Passion for external borrowing leads to the fact that the state not only falls into an excessive dependence of the state of domestic finances on the state of international finances, but also loses political independence. Finally, the funds mobilized through government borrowing are taxes taken in advance.

Sooner or later, debts must be repaid and interest must be paid on them. And part of the long-term debt is passed on to future generations. If we are not talking about the construction of long-term social facilities or industrial enterprises at the expense of borrowed funds, then the solution of current problems through loans and credits falls on the shoulders of future citizens of the country.

Public debt management. Public debt management is understood as a set of government measures to pay income to creditors and repay loans, change the terms of already issued loans and issue new ones. In the process of public debt management, the following tasks are solved:

keeping the amount of internal and external public debt at a level that ensures the preservation of economic security countries, the fulfillment by the authorities of the assumed debt obligations without significant damage to the financing of socio-economic development programs;
minimizing the cost of debt by lengthening the term of borrowing and reducing the yield on government securities;
preservation of the reputation of the Russian state as a first-class borrower based on the impeccable fulfillment of financial obligations to investors;
maintaining the stability and predictability of the government securities market;
achievement of effective and targeted use of borrowed funds, government loans and guaranteed loans;
ensuring the timely repayment of state loans and the payment of interest on them;
diversification of debt obligations in terms of borrowing terms, yield, forms of income payment and other parameters to meet the needs of various groups of investors;
coordination of actions of federal bodies, bodies of the subject of the federation and local self-government in the market of state debt obligations.

Strategic and operational management of public debt. Perspective issues of the development of public debt are within the competence of the Federal Assembly, the President of the Russian Federation and the Government of the Russian Federation, legislative (representative) and executive authorities of the constituent entities of the Russian Federation. The executive bodies prepare draft federal and regional laws. The Federal Assembly of the Russian Federation and the legislative bodies of the subjects of the Russian Federation accept them, and the President of the Russian Federation and the heads of regional administrations reject or sign them. Every year, in the law on the federal budget, the Federal Assembly and the President of the Russian Federation establish the maximum volumes of the state internal and external debts; sources of internal financing of the budget deficit, including income from the issue of government securities; the maximum amount of external borrowings; limits on government loans to foreign states and CIS member states; directions of use, conditions for granting and limit sizes of budget credits (loans) legal entities and subjects of the Russian Federation; upper limits of state internal and external guarantees.

On the proposal of the Government of the Russian Federation, the State Duma approves the program of state external borrowings and state loans provided by Russia and the program for providing guarantees of the Government of the Russian Federation.

The President of the Russian Federation and the Government of the Russian Federation develop and approve socio-economic programs that can directly affect various aspects of the development of public debt. For example, by its Decree No. 1003 of August 13, 1997, the Government of the Russian Federation approved the Program for Reducing the Federal Budget Deficit for 1998-2000. The program is aimed at limiting the negative impact of the public debt service burden on economic growth and the state's regulatory capabilities in the financial market.

Operational management of public debt is carried out by the Government of the Russian Federation and its special body - the Ministry of Finance of the Russian Federation (Minfin of Russia), as well as the Central Bank of the Russian Federation and Vnesheconombank. These bodies determine the general conditions for issuing individual loans, the procedure for issuing and circulating debt obligations, the time for issuing the next loan and the conditions for its operation, organize the initial placement and secondary market for government securities, organize and (carry out the payment of income and repayment of debt obligations, organize and carry out the issuance of state (budgetary) loans and state guarantees, carry out control actions and other measures for the operational management of public debt.Similar issues within their competence are decided by the legislative and executive bodies of the constituent entities of the Russian Federation.At the same time, they proceed from the norms laid down in federal legislation.

Servicing the public debt. Servicing of the state internal debt is carried out by the Central Bank of the Russian Federation, and external debt is serviced by Vnesheconombank. These banks carry out their work on the basis of special agreements with the Russian Ministry of Finance. Servicing of the public debt of a constituent entity of the Russian Federation is carried out in accordance with federal and regional legislation. The payment of income on loans and their repayment are usually made at the expense of budgetary funds (Table 17.2).

Table 17.2

Federal budget expenditures for the repayment and servicing of the public debt of the Russian Federation

Indicators	Year
Indicators	1995	1997	1999	2000	2002	2004	2005	2006	2007	2008
Federal budget expenditures, billion rubles	275,2	500,0	674,0	1029,2	2054,2	2698,4	3514,3	4284,8	5986,5	7570,5
Expenditure on repayment and servicing of public debt, billion rubles	27,9	118,5	162,6	257,8	229,6	204,7	208,3	172,8	143,1	153,3
In % of federal budget expenditures	10,1	23,7	24,1	25,0	14,4	7,6	5,9	4,0	2,4	2,0
In % of GDP	1,8	4,7	3,6	3,5	2,1	1,2	1,0	0,6	0,4	0,4

Refinancing of the public debt. In the context of a significant increase in public debt and growing budgetary difficulties, the country may resort to refinancing public debt. Refinancing refers to the repayment of old government debt by issuing new loans.

Methods of public debt management. In public debt management, measures such as conversion, consolidation, bond exchange at a regression ratio, deferral of repayment and cancellation of loans are used. Conversion is understood as a change in the yield of loans, both in the direction of decreasing and in the direction of increasing the yield of government securities. Consolidation of loans means a change in their terms, usually upwards. It is possible to combine consolidation with conversion. A regression bond swap means that several previously issued bonds are equated to one new bond. This measure is effective when the redemption of previously issued bonds and the payment of interest on them must be carried out in new full-fledged money. Deferral of loan repayment is used by the government in cases where the issuance of new loans does not bring economic effect, since most of the proceeds from new loans are used to repay and pay interest on old loans.

With a delay in the repayment of loans, not only the terms are postponed, but the payment of income also stops. This is the difference between deferral of repayment and consolidation of loans, in which income continues to be paid to bondholders. Cancellation of the public debt is an extreme measure, as a result of which the state completely refuses obligations on issued loans; this usually happens as a result of new political forces coming to power.

The difficulties of many countries with the repayment of external debt gave rise to new methods of covering obligations to creditor countries. Among them are the repayment of debt by commodity deliveries, the exchange of debt obligations for shares and bonds of companies of the debtor country, the payment of debt in local currency with its subsequent conversion into investments or property, the exchange for debt obligations of third countries, etc. These methods of managing external public debt usually combine into the concept of foreign debt conversion. In this case, conversion means the implementation of all mechanisms that ensure the replacement of external debt with other types of obligations that are less burdensome for the economy and finances of the debtor country.

Russia is now actively using the foreign debt repayment method.

In the light of payments made to members of the Paris and London Clubs, the development of programs for the conversion of Russia's external debt has become urgent. In particular, the exchange of debt obligations for shares of privatized enterprises, the redemption of debts by the government for ruble funds with their subsequent direction for investments are recognized as promising.

Public Debt Management Performance Indicators. The scale of resource mobilization to finance the budget deficit is evidenced by the annual receipts of net proceeds from the sale of government borrowings. A more complete picture of the effectiveness of public debt activity is given by the ratio of the excess of receipts over expenditures in the public debt system to the amount of expenditures, expressed as a percentage. Management efficiency (E) is calculated by the following formula:

E \u003d (P-R) / R + 100%, (17.1)

where P - receipts from the public debt system; P - expenditures on the public debt system.

According to the external public debt is determined by the ratio of its service. It is the ratio of all foreign debt payments to the country's foreign exchange earnings from the export of goods and services, expressed as a percentage. A safe level of servicing external public debt is considered to be the value of the coefficient up to 25%.

State financial policy

The content of the financial policy of the state. The totality of state measures to mobilize financial resources, their distribution and use on the basis of the country's financial legislation constitutes the state financial policy. Financial policy is an organic part of the economic policy of the state, consisting of measures in the field of formation and use of monetary funds. In the Russian Federation, these measures are defined in the Constitution of the Russian Federation, the Budget and Tax Codes and other laws, decrees and messages of the President of the Russian Federation, in resolutions of the Government of the Russian Federation. The content of the financial policy includes:

a) development of a scientific concept for the development of finance;
b) determination of the main directions of their use in the strategic and tactical plans;
c) practical actions to implement the goals and objectives of financial policy.

The main objectives of the financial policy for present stage state development are:

accounting for the operation of objective economic laws;
the need for financial support for activities aimed at accelerating market reforms and maintaining macroeconomic stabilization;
determining the sources of mobilization of financial resources, their composition, structure, possible reserves for increasing (in this case, the amount of financial resources is outlined, their optimal and balanced ratio between state revenues and business entities; the share of participation of individuals in the formation of state revenues is determined);
ensuring the rational distribution and use of financial resources (the main proportions of the distribution of funds between sectors and areas are determined National economy, development of priority sectors and areas, the degree of social protection of the population);
concentration of financial resources in the most important areas of economic and social development;
balance of financial and monetary credit policy;
liberalization of foreign economic activity;
development of a financial mechanism for the implementation of the financial policy of the state.

Depending on the nature of the tasks set, financial policy is divided into financial strategy and financial tactics. The financial strategy is focused on a long period of development and provides for the solution of large-scale tasks within the framework of certain economic strategies of the state. Financial tactics is aimed at solving the problems of a particular stage in the development of the state and is associated with a change in the forms and methods of organizing financial relations based on its current needs. Financial strategy and tactics are closely related. As financial strategy one should consider the financial recovery of the economy and the dynamic growth of GDP, the increase in competitive products. Such a recovery can be achieved through a reduction in the budget deficit, a decrease in inflation, a strengthening of the ruble exchange rate, and a change in tax rates.

The theory and practice of management have developed a number of requirements for financial policy. These include:

a scientific approach to the development of financial policy, which assumes its compliance with the laws of social development based on the achievements of financial science;
taking into account the specifics of specific historical conditions, each stage of the development of society, the peculiarities of the internal situation and the international situation, the real economic and financial capabilities of the state;
studying the experience of previous economic and financial construction, new trends and progressive phenomena, world experience in the field of finance;
adherence to an integrated approach in the development and implementation of financial policy by focusing on the implementation of the key task of a certain stage of development and ensuring a close relationship between the main parts of economic policy: financial and credit, pricing policy, wages;
increasing the efficiency of the use of financial resources as a result of the effectiveness of financial policy (refusal to take into account the factors of growth in the efficiency of the use of financial resources in the conduct of financial policy leads to a dispersion of funds, a reduction in sources of financing for the needs of the state);
taking into account various factors in the multivariate calculations, forecasting results, in developing the concept of financial policy;
anticipation of the consequences of the planned financial activities to avoid unpredictable changes in financial policy, creating favorable conditions for the activities of enterprises;
the use of extensive and reliable information about the financial potential, the objective capabilities of the state, the state of affairs in the economy, the comprehensive use mathematical modeling and electronic computing technology.

The implementation of financial policy and general management of the organization of finance in the Russian Federation is carried out by the Ministry of Finance of Russia. In accordance with paragraph 4 of Decree of the Government of the Russian Federation of April 7, 2004 No. 185 “Issues of the Ministry of Finance of the Russian Federation”, the main tasks of the Ministry of Finance of Russia are to develop a unified state financial (including budgetary, tax, insurance, foreign exchange, public debt), credit , monetary policy, as well as policies in the field of auditing, accounting and financial statements, mining, production, processing of precious metals and precious stones, customs payments (in terms of calculation and payment procedure), including the determination of the customs value of goods and vehicles. In the process of implementing these tasks, the Ministry of Finance of Russia performs a number of functions.

In particular:

develops and submits to the Government of the Russian Federation draft federal constitutional laws, federal laws and acts of the President of the Russian Federation and the Government of the Russian Federation on the organization and functioning of the budget system of the Russian Federation, determining the foundations of the budget process; the federal budget for the next financial year, the procedure for the execution of the federal budget in the next financial year, reporting on its implementation; delimitation of budgetary powers between the Russian Federation, subjects of the Russian Federation and local governments; financial relations of the federal budget with the budgets of the constituent entities of the Russian Federation and local budgets;
develops and approves the procedure for drawing up and executing the federal budget, the budgets of state off-budget funds; the procedure for maintaining the budget list of the federal budget; the procedure for compiling reports on the execution of the federal budget, the budgets of state off-budget funds and the consolidated budget of the Russian Federation;
carries out the drafting of the federal budget for the next financial year, the organization of the execution of the federal budget; submission to the Government of the Russian Federation of reports on the execution of the federal budget and the consolidated budget of the Russian Federation, etc.

Financial mechanism and its role in the implementation of financial policy. The implementation of the activities of the state in the field of finance occurs with the help of a financial mechanism, which is a set of types, forms and methods of organizing financial relations.

Structure of the financial mechanism pretty complicated. It includes various elements corresponding to various financial relations: taxes, norms and regulations, limits, government revenues and expenditures, planning, forecasting, control, etc. Depending on the various areas and links of the financial system, there are: a) the mechanism for the functioning of public finances; b) financial mechanism of organizations (enterprises); c) insurance mechanism, etc. In turn, each of these spheres includes separate structural links. For example, the mechanism of public finance is subdivided into the budgetary and the mechanism of functioning of off-budget funds. In accordance with the territorial division, it is possible to single out the financial mechanism of the Federation, subjects of the Russian Federation, local authorities. When considering the financial mechanism from the point of view of its impact on social reproduction, its functional links are singled out: resource mobilization, financing, stimulation, etc. Each sphere and a separate link of the financial mechanism are an integral part of a single whole. On the one hand, they are interconnected, and on the other hand, the spheres and shenya function relatively independently. This circumstance makes it necessary to constantly coordinate the components of the financial mechanism. The internal linkage of the constituent (structural and functional) links of the financial mechanism is an important condition for its effectiveness.

Spheres and links of the financial mechanism differ in the degree of complexity and branching of individual elements. For example, the budgetary mechanism is characterized by a system of many types of taxes, the presence of various directions for the use of funds and methods of financing. At enterprises and organizations, the relationship between individual forms of cash accumulation is determined, profits are distributed, and funds are formed and used. The system of reserve funds is widely developed in insurance organizations.

The combination of elements of the financial mechanism - forms, types, methods of organizing financial relations - forms the structure of the financial mechanism, which is set in motion by establishing the quantitative parameters of each of its elements, i.e. determining the rates and norms of withdrawal, the amount of funds, the level of expenditures, etc. Quantitative parameters and various ways of determining them are the most mobile part of the financial mechanism. They are more often subject to adjustment, sensitively reacting to changes in the conditions of production and the tasks facing society.

Forming a financial mechanism, the state seeks to ensure its most complete compliance with the requirements of financial policy.

Types of financial policy. Financial policy is closely related to the features of the current stage of development of the economy and the social sphere, the interests of the ruling parties and social groups, and theoretical concepts that affect the economic and political course of the state.

The analysis of financial policy used by various states allows us to distinguish three main types of it: classical, regulatory and planned-directive policy. Until the end of the 1920s. The main type of financial policy in most countries was the classical version. Such a financial policy was based on the works of the classics of political economy A. Smith and D. Ricardo and their followers. Its main directions are non-intervention of the state in the economy, the preservation of free competition, the use of the market mechanism as the main regulator of economic processes. The consequence of this was the limitation of government spending and taxes, the provision of conditions for the formation and execution of an equilibrium (balanced) budget. The financial mechanism also corresponded to these goals of the financial policy:

the expenditures of the state budget were reduced, with the exception of military expenditures and expenditures for servicing the public debt;
the taxation system was based on indirect and property taxes;
financial management was concentrated in one body - the Ministry of Finance (Treasury).

However, back in the 19th century. The rapid development of the productive forces raised the question of changing approaches to financial policy for the state. This issue became especially acute in the late 1920s, when the whole range of economic and social problems in most states became more acute.

During this period, the transition to regulatory financial policy was carried out in Western countries. It was based on the economic theory of the English economist J. M. Keynes and his followers, who proceeded from the need for state intervention and regulation of the cyclical development of the economy. Financial policy, along with its traditional tasks, began to pursue the goal of using the financial mechanism to regulate the economy and social relations in order to ensure full employment of the population. There have been changes in the financial mechanism:

the main tool for regulating the economy is government spending, which generates additional demand;
the system of taxes is changing dramatically, the main of which is the income tax, which ensures the withdrawal from economic entities income;
state credit is actively used, a system of long-term and medium-term state loans is being developed;
the financial management system is changing, several independent specialized bodies are emerging.

On the whole, the Keynesian regulatory financial policy has shown its comparative effectiveness in Western countries. She provided in the 1930-1960s. stable economic growth, high employment rates and efficient social financing systems in most of these countries. In the 1970s the neoconservative strategy associated with the neoclassical direction of economic theory was taken as the basis of financial policy. This kind of financial policy did not abandon regulation as a goal, but limited state intervention in the economy and the social field. The regulation of the economy is becoming multi-purpose. In addition to economic growth and employment, the state regulates money circulation, the exchange rate, social factors of the economy, and the restructuring of the economy.

The financial mechanism in these conditions is characterized by the following features:

the volume of redistribution of national income through the financial system is reduced;
the budget deficit is decreasing;
there is a stimulation of the growth of savings as a source of productive investment.

Planned and directive financial policy carried out in countries using the administrative-command system of economic management.

The purpose of financial policy in these conditions is to ensure the maximum concentration of financial resources from the state (primarily from the central authorities) for their subsequent redistribution in accordance with the main directions of the state plan. Adequately the purpose of the financial policy of the USSR was built and the financial mechanism:

the state fully regulated the finances of state enterprises through a system of two-channel withdrawal of net income (first, net income was withdrawn to the budget with the help of taxes, and then enterprises contributed the free balance of profits to the budget);
the funds of the population were withdrawn with the help of income tax, as well as by placing compulsory state loans;
budget expenditures were carried out on the basis of the priorities established by the state plan without linking them with the possible effect. In this regard, significant resources were used unproductively to finance defense industries, "long-term construction", military spending, etc.;
financial management was carried out from a single center - the Ministry of Finance.

A planned and directive financial policy was pursued in almost all former socialist countries. It showed its rather high efficiency during the Second World War, the restoration of the national economy, etc. At the same time, the use of such a financial system in the conditions of the normal functioning of the economy led to negative consequences: a decrease in production efficiency, a slowdown in the development of the social sphere, and a sharp deterioration in the financial situation of the state.

The main directions of the modern financial policy of the Russian Federation. The financial policy in the Russian Federation includes the following main areas:

tax policy;
budget policy;
insurance policy;
investment policy;
income policy (wages, pensions, scholarships, etc.).

Tax policy is an important part of Russia's financial policy. Tax policy should be aimed at creating taxation conditions that are acceptable both for the state and for market participants, ensuring an improvement in the financial situation of the real sector of the economy. Main tasks tax policy Russia are:

comprehensive reform of tax legislation in order to optimize tax base, reducing the level of non-payments;
revision of existing tax and customs benefits;
increasing the degree of tax collection;
tightening tax administration;
restructuring of penalties and fines on payments to the budget and state off-budget funds.

Actual tasks budget policy Russia are:

improvement of the budget system and budget process;
ensuring a balanced budget with full fulfillment of all expenditure obligations;
reducing the dependence of the federal budget on foreign economic conditions;
improvement of budget legislation;
development of medium-term (2-3-year) budget plans;
maintaining and increasing the financial reserve;
centralization of all revenues and funds of the federal budget on the accounts of the Federal Treasury;
revision of federal targeted programs in order to optimize them;
restructuring of public debt;
inventory of external and internal borrowings, the results of their use.

The financial policy of the state includes insurance policy, which is carried out in the following main areas:

development of draft laws to improve insurance activities, including state insurance supervision, on the procedure for carrying out insurance activities and organizing insurance business in the Russian Federation;
streamlining relationships and determining the legal conditions for the activities of insurance organizations of various forms of ownership;
active development of various types of insurance, including risk insurance, including especially large ones (space, nuclear, etc.), liability insurance;
wide participation of insurance in solving social problems, including the protection of citizens from the consequences of traffic accidents, product quality insurance, accident insurance for workers in certain professions, unemployment insurance, etc.;
creation of associations (unions, associations) of insurers to address issues of development of the insurance business, protect the interests of insurers, develop a joint program of strategy and tactics for the development of insurance.

Of particular importance in modern conditions is investment policy which includes:

building up the financial potential of the country in order to increase investment activity by stimulating domestic demand for domestic products, the production of import-substituting products, and improving financial sector;
increasing the role of the development budget, which is an integral part of the federal budget, formed as part of its capital investments and used as a source of financial support for the state investment policy;
creation of conditions for organizational accumulation and investment of savings of the population;
development mortgage lending;
attraction of direct foreign investments .

In the area of revenue policy provides for:

payment in full of current wages to public sector employees, monetary allowances for military personnel, other state social transfers, as well as the implementation of the debt repayment schedule for these groups of the population from the federal budget;
linking the transfer of transfers to the constituent entities of the Russian Federation with the fulfillment of their obligations to finance current payments to public sector employees from their own incomes;
development of mechanisms for compensating the incomes of the poorest segments of the population, including differentiated indexation of pensions and phased indexation of rates and salaries of public sector employees;
curbing the growth of unemployment and creating conditions for expanding employment;
implementation of the pension reform, ensuring the formation of a multi-level pension system with sustainable financing; introduction of elements of accumulative financing of pensions;
streamlining the system of social benefits and payments with the transfer of the main part of state assistance to low-income strata of the population.

In a modern civilized society, the state has become one of the most effective regulators of the economy, and in order to successfully solve problems, the state needs huge amounts of money, called public finance.

The term "finance" itself comes from the Latin "fi-nancia", which means payment, income. For the first time in this sense

began to be used by merchants in medieval Italy in the 13th-15th centuries. Later, the term gained international distribution and began to be used as a concept associated with the monetary circulation system, the formation of monetary resources mobilized by the state to perform its political and economic functions.

Finance- this is a system of economic relations that have developed in society for the formation and use of funds of funds on the basis of the distribution and redistribution of the gross national product.

Thus, finance is not just the money of the state, but precisely the economic relations that arise on their occasion. After all, money must be collected in a certain order, rationally distributed among various funds (for example, the Pension Fund, funds for the development of science, education, small business support, etc.) and used effectively.

Finance Functions:

1) accumulating- creation of a material basis for the existence of the state and ensuring its functioning;

2) regulating- stimulating the activities of subjects of financial relations in order to develop scientific and technical progress and solve social problems;

3) distribution- the formation and use of funds through the appropriate funds for special purposes: the state budget, the social insurance fund, special funds, enterprise funds;

4) control- ensuring the correctness of tax collection
gov and use them by intended purpose.
The totality of financial links that provide state
to the gift of fulfillment of its economic and political functions
tions, is called financial system. In modern conditions
yakh it consists of four links: the state budget,
municipal finance, public enterprise finance
yatiya and special government funds.

The financial system of most states, including Russia, today is built on the principle of fiscal federalism.

Principle of fiscal federalism: the functions of individual links of the financial system should be clearly delineated. Thus, the government is completely independent for purposes relating to-

Xia nation as a whole: spending on defense, space, in the foreign relations of the state. Local authorities finance the development of schools, the protection of public order, etc. Local budgets do not include their income and expenses in the state (federal) budget.

The state budget is called the main link of the financial system and the most important instrument of macroregulation. Through the modern budgets of states in developed countries, from a quarter to a half of the gross national product is redistributed.

The state budget- this is the financial program of the activity of the state of a country, reflecting its monetary resources (revenues) and their distribution (expenditures).

The vast majority of all budget revenues in Western countries is formed from taxes (90% of government revenues and 70% local level). With the help of the tax mechanism, from 30% of the gross national product in the USA and Japan, up to 40-50% - in Germany, France, Sweden, is sent to the budget.

Other sources are also possible: the use or sale of state property - land, buildings, enterprises, gold.

Budget expenditures go in two main directions:

1) public procurement of goods and services (payment for the supply of weapons, equipment and food for schools, hospitals, the army; wages of public sector employees, etc.);

2) government payments from the budget (transfer payments): pensions, benefits, subsidies, etc.

Depending on the ratio between revenues and expenditures of the state budget, there are:

1) budget with surplus, with an excess of income over expenses;

2) balanced budget, those. with a balance between income and expenses;

3) budget with deficit, where income is not enough to cover expenses.

budget deficit- this is the one sum of money by which budget expenditures in a given period exceed its revenues.

How to solve the problem of state budget deficit?

The first way is to reduce budget spending. This is the simplest, but also the most painful way, because the unprotected strata of society will suffer first of all due to cuts in social security.

social programs, because the state usually finances non-market areas. This way "beats" social programs.

The second way is to increase income. This is the best, but the most difficult way. An increase in income is possible both by increasing taxes and their collection, and by more thoughtful and flexible taxation. There may be other sources, for example, proceeds from the privatization of state property.

The third way is the issue of money. This is the easiest, but the most dangerous and vicious way. The nationwide market will immediately react to this with a jump in prices. The budget always loses the race against inflation.

The fourth way is government loans from the population and enterprises, from foreign states and international organizations. This measure does not save the budget, it only translates the budget deficit into the category of public debt.

State debt- this is the amount of the state's debt on domestic and foreign loans not yet repaid (the debt itself and the interest accrued on it).

Economists evaluate the problems of the budget deficit and public debt in different ways.

Can a large domestic public debt (the government's debt to the public) somehow lead to the bankruptcy of the government? K. McConnell and S. Brew answer this question with a categorical “no”. There is no need to repay the debt, it only needs to be reinvested. In practice, once some portion of the debt comes due, the government usually does not cut spending or raise taxes to raise funds to pay off the maturing bonds (fiscal policy would be misguided in a depression). The government is only refinancing its debt, i.e. sells new bonds and uses the proceeds to pay the holders of the redeemed bonds.

Many economists believe that the main burden of debt is the need to make annual interest payments.

From internal debt, which the population "owes to itself", must be distinguished external debt.

External debt - debt of the state to citizens or organizations of other countries. This debt is certainly

A burden, as it requires the transfer of real output to other countries.

According to the Russian Ministry of Finance, as of January 1, 2004, our country's public external debt amounted to $119.7 billion. USA; as of January 1, 2005, it decreased to 110.5 billion dollars. The bulk of the debt falls on member countries of the Paris Club of creditors. Russia's largest creditors are Germany, Italy, France and Japan.

The problems of budget deficits, loans and debts are multifaceted and complex. But what is certain is that the radical path to the financial health of the nation is a stable and efficient economy and a rational life of society within its means.

Finance perform two main functions: distribution and control.

Distributive function of finance in a market economy, it is carried out in the process of distributing a social product and meeting personal and social needs through the formation and use of funds of monetary resources of business entities, the state and the population.

control function appears in the fact that cash flow is quantified by various financial indicators that show how financial resources are distributed and used. This allows you to control the process of creation, redistribution and efficient use of funds. .

The totality of monetary relations arising from the formation and expenditure of monetary funds forms financial relationships.

Financial relations is a narrower concept than monetary relations; they are part of them. Monetary relations cover all economic relations associated with the performance of the functions of money, and financial relations are associated with the movement of cash funds for production and non-production purposes.

Financial relations do not include monetary relations related to commodity and money circulation in retail trade; with payment for transport, household, communal, entertainment and other services, with the movement of money when they are donated and inherited.

Financial system- this is a set of financial relations covering the formation and use of primary, derivative and final cash flows.

From point of view structures The financial system can be considered as a set of spheres, links that mediate the formation and use of income, as well as a system financial institutions(rice. ?).

Figure 9.4 - Structure of the financial system

Main building principles the financial system of the state are the principles democratic centralism and fiscal federalism.

Principle democratic centralism characteristic of a planned economy and is in concentration in the hands of the highest state power of the right to mobilize and use the predominant part of the financial resources of the national economy.

Principle of fiscal federalism means the distribution of functions between the individual links of the financial system. The government is called upon to ensure national goals (defense, space, external state relations). The source of their financing is the state budget. Local governments provide funding for schools, housing, public order, and so on.

The leading link in the financial system of any country is the state budget.

The state budget- the main financial plan of the state, reflecting economic relations regarding the formation, distribution and use of the main centralized fund of funds. Most often, the state budget is defined as a financial document, which is an estimate (list) of state revenues and expenditures.

The essence of the state budget is manifested in the functions:

1. Distribution. More than half of the national income and ¾ of money are redistributed through the state budget. This allows the state not only to satisfy national needs, but also to ensure the implementation of programs for the economic and social development of the country.

2. Control. The movement of budgetary resources reports on financial condition economy and allows you to control it.

3. Regulatory. Changes in state budget revenues and expenditures make it possible to mitigate the decline in production, reduce unemployment, i.e. stabilize the economy.

The state budget consists of income and expenditure parts.

State budget revenues- these are funds received in accordance with the law at the disposal of public authorities of the appropriate level.

The share of individual articles in the state budget of countries with market economies:

· taxes(including excise duties and customs duties) - 75-85%;

· non-tax revenues: income from state property, public sector in the economy, state trade - 5-8%; contributions to state funds social insurance, pension, unemployment insurance- 10-12%.

Budget expenditures is the process of allocating and using financial resources accumulated in the budgets of various levels.

The structure of state budget expenditures in countries with market economies is as follows:

· social service costs: health care, education, social benefits, subsidies to local government budgets - 40-50%;

· business expenses: investments in infrastructure, subsidies to state enterprises, subsidies to agriculture, expenditures on the implementation of state programs - 10-20%;

· spending on armaments and material support of foreign policy, including the maintenance of diplomatic services and loans to foreign states -10-20%;

· administrative and management expenses(maintenance of government bodies, justice, etc.) - 5-10%;

· government debt payments- up to 7-8%.

The structure of the state budget has its own national characteristics and depends on the level of socio-economic development of the state, its administrative-territorial structure, the principles of the functioning of the economic system and other factors.

If the state budget expenditures exceed revenues, then a budget deficit is formed.

budget deficit- the amount by which the annual government expenditures of the budget in a given financial period exceed its revenues.

It can be caused by various reasons:

The need to carry out state programs for the development of the economy;

economic crises;

natural disasters;

The militarization of the economy;

Wars, etc.

Depending on the cause of education, there are structural and cyclical budget deficits.

Structural budget deficit is formed if the government deliberately puts in the state budget an excess of expenditures over revenues, i.e. it arises as a result of its conscious planning in connection with the implementation of certain socio-economic programs.

The structural budget deficit is covered mainly through internal financing: loans from the national bank, issuance of government securities, etc. A uniform reduction in expenditures and appropriations under the state budget is called equestration m.

The real deficit may exceed the structural deficit (for example, due to a recession in the economy, inflated spending on social programs, increased defense spending). The difference between real and structural deficit is called cyclical government budget deficit.

Currently, most developed countries have a budget deficit. It is believed that the country's financial situation is normal if the deficit does not exceed 2-3% of GDP or 8-10% of the budget expenditures.

A budget deficit creates public debt.

State debt - this is the total amount of the state's debt to its own or foreign individuals and legal entities for outstanding loans, obligations, credits and unpaid interest on them.

Public debt consists of the sum of budget deficits minus budget surpluses at a given date.

Depending on the sphere of placement, public debt is divided into internal and external.

domestic debt− it is the debt of the state to its population, enterprises and organizations.

External debt- this is the total amount of debt of the state to international monetary and financial organizations, private banks, government institutions, foreign citizens.

The public debt system allows the government to receive money to cover budget deficits. It is an important instrument of macroeconomic regulation. The state, managing its debt, affects the state of the monetary sphere, and through it - the economy as a whole. The functions of public debt management include determining the conditions for issuing new loans, i.e. issue size, term, bond rate, interest rate.

Modern economists believe that moderate domestic debt is a common phenomenon that does not have severe socio-economic consequences. Even a large public debt will not lead to the bankruptcy of the national economy, since there are always sources of its financing (the sale of new bonds and the use of proceeds to pay the holders of redeemed bonds; additional taxation, increase money supply in circulation to pay the amount of the debt with interest).

However, the growth of public debt causes negative trends. The payment of interest on government debt increases income inequality, since the holders of securities are the wealthiest segments of the population. Additional taxation negatively affects the business activity of business entities. The increase in the interest rate in the domestic market, caused by the budget deficit, crowds out private investment. An increase in domestic debt is considered less dangerous than external debt. In order to pay off the external debt, the nation is forced to pay with a part of the national product, real estate. The growth of external debt undermines the authority of the country; increases the uncertainty of the population in the future; the burden of debt is passed on to future generations.

Indicators are used to quantify public debt total debt, the ratio of its various types, the difference between received and issued loans, comparison of the amount of public debt with the volume of GNP and GDP, calculation of debt per capita.

Relative indicators for assessing public debt are:

1. The ratio of GDP and public debt. With an increase in debt over GDP by more than 2.5 times, it is difficult for the country to solve its problems, and all its efforts will be directed only to paying off the debt.

2. Comparison with receipts from foreign trade activities. It brings the country the currency needed to pay off foreign obligations. If such payments amount to 20-30% of the foreign trade turnover, then it becomes problematic to attract new loans from abroad.

Practice shows that in the current economic conditions, the assessment of public debt using the “Government Debt / GDP” indicator is too simplified and does not reflect the real state of affairs in the world economy in the context of its globalization. For example, according to the ranking of countries by the level of debt burden at the end of 2011, the following countries are characterized by the highest level of debt burden (see table?). financial markets not only the Debt/GDP ratio is important, but also the quality of its service, as well as the growth rates and structural features of the economies under consideration.

Table 9.1 - Countries with the highest level of debt burden in 2011 in terms of Debt/GDP

Place in the ranking	Country	Debt/GDP, %
	Japan	229,8
	Greece	160,8
	Saint Kitts and Nevis	153,4
	Jamaica	139,0
	Lebanon	136,2
	Eritrea	133,8
	Italy	120,1
	Barbados	117,3
	Portugal	106,8
	Ireland	105,0
	United States	102,9
	Singapore	100,8
	Iceland	99,2
	Belgium	98,5
	Mauritania	92,4
	Ivory Coast	90,5
	Iraq	86,9
	Grenada	86,6
	France	86,3
	Canada	85,0

http://vid1.rian.ru/ig/ratings/gosdolg2012.pdf - official website of the Novosti Advertising and Information Agency

In countries with developed market economies, legislatures strictly control the amount of public debt. For example, in the US there is a limit absolute value, in France and the UK - the growth limit for the year.

The concept and structure of the financial system of the state. Finance- ϶ᴛᴏ economic relations arising in the process of formation, distribution and use of funds of funds. In the economic life of society, monetary relations constantly arise:

between the state and enterprises (organizations) in the form of paying taxes to budgets, deductions to various funds, providing benefits, applying sanctions;
enterprises and organizations regarding the conclusion of business contracts, payment of penalties, fines, forfeits, bonuses for the fulfillment of special requirements of the customer;
enterprises and employees when calculating and issuing wages, bonuses, withholding taxes, paying trade union dues, receiving benefits;
the state and individual members of society when paying taxes, rent, insurance payments;
separate links of the budget system;
governments when receiving loans.

In other words, in each state there are several areas of financial relations, each of them has ϲʙᴏ and specific features, manifested primarily in the forms and methods of mobilizing financial resources and their use. For example, in real sector enterprises, financial resources are formed from profits, depreciation, proceeds from the sale of securities, etc.

The state budget It is generated mainly by taxes from enterprises and the population. The channels for channeling financial resources from enterprises and the state budget are also not the same. Consequently, each sphere of financial relations will be, to a certain extent, an independent link in the financial system. It is important to note that, however, with all this, all links are closely interconnected and constitute a single financial system. Based on all of the above, we come to the conclusion that the financial system is a set of isolated, but interconnected areas and links of financial relations. The financial system of the Russian Federation includes the following areas: public finances, municipal finances, finances of enterprises (organizations), finances of citizens.

Do not forget that the most important links in the financial system will be state and municipal finance, providing state authorities and local self-government with funds to carry out the functions provided for by the Constitution of the Russian Federation and other legislative acts. State and municipal finances cover that part of monetary relations related to the distribution and redistribution of GNP, which is accumulated in the hands of state authorities and local governments to cover the costs necessary for the state and municipalities to perform their functions. public finance include federal finances and finances of subjects of the Federation. municipal finance stand out as an independent structural level, since local self-government is separated from the state system of government. In the structure of state and municipal finances, the main element is the budgets - federal and territorial. Financial relations between the central and territorial authorities in Russia are based on the principle of budgetary federalism, which means financial self-sufficiency of administrative units at the expense of ϲᴏᴏᴛʙᴇᴛϲᴛʙ taxation.

Do not forget that an important element in the system of state and municipal finances will be state extra-budgetary funds for social and economic purposes, which can be used for the social protection of citizens and economic development. The allocation of such funds as separate links of the financial system is due to the need to ensure guarantees for the intended use of funds, which are formed mainly through targeted mandatory contributions.

These funds accumulate funds for the implementation of social guarantees: state pensions, free medical care, support in case of disability, during maternity leave, health resort services, etc.

A specific element of state and municipal finance is state and municipal credit, which will be one of the sources of covering the budget deficit in the form of issuing state and municipal securities.

A special place in the country's financial system is occupied by the finances of enterprises (organizations). This is a set of monetary relations associated with the formation and distribution of cash income and savings of business entities and their use for various purposes: fulfilling obligations to the financial and banking systems, financing the costs of social services and material incentives for employees, payment of dividends, payment of bills, rent, etc. The finances of enterprises (organizations) will be the leading link in the financial system, since it is at the level of finances of enterprises that the sources of financial resources are formed.

The next area of the country's financial system will be the finances of citizens, which are monetary relations that arise in the process of formation, distribution and use of funds between citizens and other subjects of the market economy (government bodies, the banking system, the financial system, business entities, other citizens) associated with the formation of citizens' incomes and their use for current expenses, the acquisition of property, the creation of a financial portfolio.

State budget and its functions. All spheres and links of the financial system are closely interconnected and constantly interact. The central link of the financial system will be the state budget. The word "budget" (English budget) is translated as "a bag and its contents." The budget was the money portfolio of the Minister of the Treasury, so from an economic point of view, the budget can be interpreted as the state of the “money bag” of the state. A distinctive feature of state budgets will be their growing role in the redistribution of national income. The volume of ϶ᴛᴏth redistribution is 40-50% of GDP.

The state budget can be viewed from two positions: as an economic category and as a financial plan. According to its economic essence, the state budget represents the monetary relations arising from the state with individuals and legal entities regarding the redistribution of national income in connection with the formation and use of the budget fund. As a financial plan, the state budget consists of revenues and expenditures. Being the main financial plan of the state, the state budget gives the authorities a real economic opportunity to exercise power. It is worth noting that it demonstrates the size of the financial resources needed by the state and thus determines the tax policy in the country. The budget fixes specific areas of spending, redistribution of national income and gross domestic product, which allows it to act as an effective regulator of the economy.

The state budget appeared with the emergence of the state. At the same time, only with the coming to power of the bourgeoisie, the budget took the form of a document approved by the legislature. The ancestor of the budget and the process of its approval will be England. After the revolution of 1686-1689. the king was forced to renounce the right to impose taxes without the consent of Parliament. State expenditures were divided into two parts: civil (civilian) expenditures and military expenditures. Military expenses were approved annually, and civil expenses (expenses according to the civil list) - only when the king made changes to them. In the process of limiting royal power, only the costs of maintaining the king and the royal court remained on the civil list.

In Russia, the first list of state revenues and expenditures was compiled in 1722 for 1723. Since 1802, these lists began to be compiled annually, but only from 1811 the preparation of the Russian budget begins. At the same time, the ϶ᴛᴏt budget was of a formal nature, since each ministry disposed of the funds allocated to it without control and had its own sources of income. Only since 1862, as a result of the development of the budget structure, the funds of the ministries began to be concentrated in the hands of the state on the principle of the unity of the cash desk. The state budget of Russia was not published and was kept in strict secrecy. Even the members of the Council of State did not know the actual state of the Empire's finances.

Since 1894, Russian government spending began to be divided into ordinary and extraordinary. The latter included military spending, railroad costs, and loans. Since then, the budget of Russia has become public.

Principles of State Budgeting. In the process of development, four principles have been developed, which should ϲᴏᴏᴛʙᴇᴛϲᴛʙ budget:

completeness;
unity;
reality (veracity);
publicity.

The completeness of the budget refers to the inclusion in the budget of all revenues and expenditures of government bodies. From the point of view of completeness, a gross budget and a net budget are distinguished. The gross budget includes all gross state revenues and gross expenditures, while the net budget includes only net expenditures and revenues. For example, expenditures on state-owned enterprises are included in the gross budget, while the net budget only shows the difference between revenues and expenditures.

The unity of the budget lies both in the uniform procedure for drawing up the budget and in the uniform budget documentation. There should be one budget, which reflects all the revenues and expenditures of the state. With the exception of the above, unity presupposes the comparability of parts of the budget among themselves. It is worth saying that a single budget classification is used for ϶ᴛᴏ, i.e. grouping of budget revenues and expenditures according to homogeneous features.

Today, four main types of budget classification of budget revenues and expenditures are used:

departmental (administrative, ministerial);
subject (industry, real, functional);
economic;
mixed (combined)

Departmental classification groups revenues and expenditures by ministries and departments; subject - by branches of government: military spending, health care, education, etc.

The economic classification groups expenses according to economic characteristics: capital investments, salaries, pensions, loans, etc. Mixed classification ϲʙᴏ tends to group expenses in a checkerboard pattern: by two types of budget classification in vertical and horizontal directions (for example, horizontally - according to economic characteristics, and vertically - by enterprises)

Functions of the state budget. The state budget implements the following functions:

a) distribution. By the way, this function of the budget will be through the formation and use of centralized funds of funds at the levels of state and territorial government and administration. In developed countries, up to 50% of GDP is redistributed through the budgets of different levels.

c) social. By the way, this function consists in accumulating funds in the budget and using them for the implementation of social programs aimed at developing health care, culture, education, and supporting the poor.

d) control. By the way, this function of the budget implies the possibility and obligation of state control over the receipt and use of budgetary funds.

Budget revenues and expenses. The redistribution of gross domestic product through the budget has two interrelated, occurring simultaneously and continuously stages:

formation of budget revenues;
use of budgetary funds (budget expenditures)

Budget revenues- ϶ᴛᴏ funds received free of charge and irrevocably in accordance with the legislation of the Russian Federation at the disposal of state authorities of the Russian Federation, state authorities of the constituent entities of the Russian Federation and local governments. Budget revenues can be tax and non-tax in nature.
It should be noted that the main source of tax revenues will be newly created value and incomes received as a result of its primary distribution (profit, wages, value added, loan interest, rent, dividends, etc.), as well as accumulation. In the revenues of the central budget of various states, taxes make up 80-90%. Non-tax revenues of budgets are formed as a result of either the economic activity of the state itself, or the redistribution of already received revenues by the levels of the budget system. Non-tax revenues include:

income from the sale of state and municipal property;
income from foreign economic activity;
income from the sale of state reserves.

Budget expenditures- ϶ᴛᴏ funds allocated for the financial support of the tasks and functions of the state and local government.

The state budget expenditures of countries with developed market economies include the following main groups of expenditures:

for national defense;
economic development;
socio-cultural needs;
maintenance of the state administration apparatus;
service of the public debt.

Budget device and budget system. The budget device characterizes the organization of the budget system, the principles of its construction and functioning; it is established and regulated by legislative acts, which define the rights of central and local authorities to draw up, approve and execute budgets.

Except for the above, the budget structure provides for the distribution of income and expenses between separate types of budget. The budget structure is determined by the state structure. In unitary states, there are two links of the budget system (the state budget and local budgets), in federal states there are three links (for example, in the Russian Federation, there are also budgets of the constituent entities of the Russian Federation) The budget structure of the Russian Federation includes three levels:

federal budget;
budgets of subjects of the Russian Federation;
local budgets.

The budget system of the Russian Federation includes the federal budget, 21 republican budgets of the republics within the Russian Federation, 55 regional and regional budgets and the budgets of the cities of Moscow and St. , city, township and rural budgets) The budgets included in the budget system of the Russian Federation are independent and are not included in each other, i.e. the budgets of the constituent entities of the Russian Federation are not included in the federal budget, and local budgets are not included in the regional budgets.

Consolidated budget of the Russian Federation- ϶ᴛᴏ ϲʙᴏd budgets of all levels of the budgetary system of the Russian Federation. It is worth noting that it includes the federal budget and the consolidated budgets of the constituent entities of the Russian Federation. The consolidated budget is not approved by the legislature. This is a statistical ϲʙᴏd of budget indicators, which characterize incomes and expenses - the sources of funds and the direction of their use in the territory as a whole and in individual subjects of the Russian Federation. Consolidated budgets are needed:

a) for budget planning (standards for deductions to lower budgets);
b) when analyzing the formation and use of the country's centralized financial fund;
c) in calculations characterizing various types of provision for residents of the country, territories. At the same time, the average budget indicators will be the criteria for a comparative analysis of the state of individual territories.

Financial relations between various parts of the budgetary system are built on the basis of the principle of budgetary federalism, which provides for:

independence of budgets of various levels;
delineation of budgetary responsibility and spending authority between the budgets of different levels;
budgetary regulation, i.e. balancing lower budgets at the expense of higher ones, and the process of balancing the state budget.

Methods of budgetary regulation. Budgetary regulation is essential for the tax and credit policy of the state. For example, the excess of expenses over income, i.e. a budget deficit requires either an increase in taxes or an increase in public debt, which ultimately leads to an increase in the tax burden. Budgetary regulation is carried out by the following methods:

enrollment in the income of the lower budget of a part of the income of the higher one (usually a percentage of deductions from federal taxes is set);
grant;
subvention;
credit resources.

A grant is traditionally issued from a higher budget to a lower one in a fixed amount to cover the cash gap. With the ϶ᴛᴏm method, not only the amount of the gap is established, but also the time of the gap between income and expenses. Grants can also be used to finance social or economically important problems, if the lower budget is not regulated by other methods.

Subvention means the share of the higher budget in the targeted activities of the lower one. With ϶ᴛᴏm, it is not the cash gap of the lower budget that is covered in general, but equity financing is carried out. With a subvention, the amount and terms of financing from the higher budget are also agreed in advance.

Credit resources - ϶ᴛᴏ funds transferred on a reimbursable basis with or without interest.

Budget Process. The budget process is understood as the regulated activity of state bodies for the preparation, consideration, approval and execution of the budget. Usually the state budget is drawn up for a year, but it can be drawn up for a longer period. The period for which the budget is drawn up is called the budget period (year). The budget year does not always coincide with the calendar year. Thus, in the United States until 1977 the fiscal year began on July 1, and since 1977 - on October 1. In Japan and Germany, the fiscal year begins on April 1, in Italy - on July 1, in Russia - on January 1. The Ministry of Finance is usually involved in drafting the budget (in the United States, where the president will also be the head of government, the Budget Bureau under the President is in charge of budgeting). if it is possible to accurately determine the amount of expenditures, then revenues to the budget depend on the prevailing actual incomes of entrepreneurs, workers, employees, and state enterprises.

Budgeting methods. When calculating budget revenues and expenditures, three methods are used:

auto;
the method of majorations and minorations;
method of direct evaluation.

With the automatic method, the budget results for income and expenses for the previous period are transferred to the budget for the new period. This method is applied to individual sections and budget items. The method of majorations and minorations is based on the statistical processing of the dynamic series for 10-15 years. It is appropriate to note that the trend of the series is determined, the trend is found, and individual items of budget revenues and expenditures are adjusted according to it. With ϶ᴛᴏm, the growth trend is called majorization, and the decrease is called minoration. The method of direct assessment is based on the study of the real market situation. By direct estimation, budget preparers try to determine the expected revenues to the state budget and the change in budget expenditures.

In recent decades, in the practice of most states, long-term budget forecasting and programming have been greatly developed. Outwardly, ϶ᴛᴏ finds expression in the compilation of chain and rolling budgets. The chain budget is drawn up several years in advance for government programs of civilian investment, military development, the development of new types of weapons, and so on. Under these programs, the amounts are automatically included in the budgets of the next years without additional approval. The rolling budget is based on the principle of five-year plans, i.e. the budget is initially drawn up for five years, and as annual budgets are drawn up, the five-year budget is moved forward one year. At ϶ᴛᴏm, adjustments are made to the annual breakdowns for all years.

At the heart of chain and rolling budgets, as well as budget planning in general, in recent decades, the PB method has prevailed: planning - forecasting - budgeting. This method is based on the action of long-term government programs. When compiling such programs, both the amount of resources required for their solution (not only financial, but material and labor) and the expected results are predicted.

Budget process in the Russian Federation. In Russia, the budget process consists of the following stages:

ϲʙᴏdnoe financial planning and forecasting;
preparation, consideration and approval of the draft budget;
budget execution;
analysis and control of budget execution.

The functions of drawing up and executing budgets are assigned to the executive authorities. The legislature is responsible for reviewing and approving the budget. In ϲᴏᴏᴛʙᴇᴛϲᴛʙii with the laws, the Government of the Russian Federation adopts a resolution on the development of a budget system for the coming financial year (in Russia, ϶ᴛᴏ calendar year). Further work is organized to draw up a draft budget: social and economic development is forecasted, the main development indicators are worked out and agreed upon. The President of the Russian Federation corrects the budget submitted to him, and after ϶ᴛᴏ the President's budget message is submitted to the Federal Assembly and published in the press. The budget message contains the main indicators of the socio-economic development of the Russian Federation, the current financial balance for the territory of the Russian Federation, the main directions of the budget policy of the Russian Federation, information on state revenues in the territory of the Russian Federation, the draft consolidated budget of the Russian Federation, an assessment of the execution of the budgets of the previous and current financial years.

The State Duma, when considering the federal budget in the first reading, discusses the concept and forecast of the socio-economic development of the Russian Federation, the main directions of budgetary and tax policy, the basic principles of the relationship between the federal budget and the budgets of the constituent entities of the Russian Federation. The main characteristics of the federal budget for the coming year are considered. If the draft federal budget is rejected in the first reading, the State Duma may:

a) submit the bill to the conciliation commission to clarify the main characteristics of the budget;
b) return the bill to the Government of the Russian Federation for revision;
c) raise the issue of confidence in the Government of the Russian Federation.

When considering the draft federal budget in the second reading, the State Duma approves federal budget expenditures by sections of the budget classification within the total amount of federal budget expenditures approved in the first reading. When discussing a draft law in the third reading, the State Duma discusses federal budget expenditures by subsections of the functional classification, by all levels of departmental classification, and by federal target programs. In the fourth reading, the State Duma is considering amendments to the draft law on the federal budget.

Budget execution is a key step in the budgeting process. It is worth noting that it begins after the approval of the budget by the legislature. By the way, this stage of the budget process includes the implementation of the revenue and expenditure parts of the budget. Executive authorities in the process of budget execution may make changes within the limits of approved appropriations according to budget classification items. In the financial body, on the basis of budget indicators, a budget breakdown of income and expenses is compiled, which is approved by the executive authority. Budget list - ϶ᴛᴏ document, which contains detailed indicators of income, borrowings and expenditures of the approved budget in ϲᴏᴏᴛʙᴇᴛϲᴛʙii with the current budget classification and is sent for information to the representative authorities and control and accounting bodies.