The concept of financial policy. Lecture financial policy Financial policy is called activity

The set of government measures to use financial relations for the state to perform its functions is financial policy.

Financial policy: mechanism, goals and objectives

Financial policy contains an extensive set of measures:

• - development of a general concept of financial policy, determination of its main directions, goals, main tasks;
• - creation of a financial mechanism;
• - management financial activities state and other economic entities.

The basis of financial policy includes strategic directions that determine the long- and medium-term prospects for the use of finance and provide for the solution of main tasks.

Financial policy is an integral part of the economic policy of the state. It reflects the main directions of development of the national economy, determines the total volume of financial resources, their sources and areas of use, develops a mechanism for regulation and stimulation financial methods socio-economic processes. financial policy budget Russia

It is necessary to adhere to the specific features of the historical development of society when developing financial policy. The peculiarities of domestic and international politics, the real economic and financial capabilities of the country must be taken into account. Taking into account current features should be supplemented by studying the experience of using the economic and financial mechanism, new development trends, as well as world experience.

In the process of implementing financial policy, it is especially important to ensure its interrelation with other components of economic policy - credit, price, monetary. Assessment of the results of the state’s financial policy is based on its compliance with the interests of society and the majority of its social groups, as well as on the achieved results arising from the set goals and objectives.

Goals and objectives of financial policy. Financial policy can distinguish two target areas for its implementation: fiscal and regulatory.

First things first: solution fiscal state tasks that are associated with balancing state income and expenses. The optimal situation is in which all government expenses are covered by its current mandatory revenues. It is difficult to achieve balance, since the needs for spending are more dynamic and exceed the ability to collect income. Therefore, the state constantly has to look for ways to reduce costs or increase revenues. Both directions are difficult to implement. The difficulty lies in finding additional revenues, because this leads to increased taxes for payers and negatively affects the total revenue received by the state.

The mechanism of influence of the tax burden on the volume of incoming income is determined by lawLaffer (Fig. 2.1).

The law consists of an initial increase in taxes, which leads to an increase in state revenues and gradually reaches an optimum point, which characterizes the optimal level of tax withdrawal, satisfying, on the one hand, payers, and on the other, the state receiving maximum income.

With a further increase in the tax burden above the optimal level, the volume of income decreases and tends to zero at a 100% withdrawal level.

Rice. 2.1. Laffer curve. Source:

This decrease in income occurs due to a decrease in development incentives economic activity and through concealment of objects of taxation and tax evasion. This relationship between the tax burden and income manifests itself only in a market economy, when economic agents are free to choose their behavior. In a planned economy, Laffer's law does not apply, since all decisions on the use of financial resources are made by the state.

In addition to fiscal goals, financial policy involves regulation economic processes. The state has certain instruments that influence the interests of economic entities (taxes, state credit, budget allocations, various rules and regulations) and with the help of which financial relations are regulated.

Regulated economic processes include: economic growth, employment, inflation rate, exchange rate conditions, development of individual territories, industries and enterprises. Regulation can be carried out by the state spontaneously or deliberately. If the state does not set itself the goals of regulation and the main objective of financial policy is fiscal, then in this case regulation is carried out spontaneously. Positive or negative result Such regulation is determined by random factors of coincidence of interests of the state and economic entities. There are two mechanisms of financial regulation: stimulating and restrictive. Stimulating the mechanism is aimed at increasing the financial resources of economic entities by reducing tax payments and increasing budget expenditures to ensure economic growth and employment. Restrictive the mechanism is associated with reduction cash, which is achieved by increasing the tax burden and reducing budget financing, in order to curb business activity and stabilize money circulation.

Certain difficulties arise that are associated with the choice of regulatory goals. Using the same regulatory mechanism, it is impossible to influence all economic processes in order to achieve a simultaneous positive impact on them.

Financial regulatory instruments provide solutions to medium-term and long-term problems, which is associated with the need to have a significant period of time to change legislation and adapt economic entities to new operating conditions. To promptly influence economic processes, the state uses monetary instruments: the discount rate or refinancing rate, direct government operations on credit, foreign exchange and stock markets and norms of mandatory reserve of funds of credit institutions in the Central Bank.

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

Financial mechanism - This is a system of state-established forms, types and methods of organizing financial relations, financial resources, methods of their formation, a system of legislative norms and standards that are used in determining state income and expenses, organizing the budget system, enterprise finance and the securities market.

Financial mechanism-the most dynamic part of financial policy. Its changes occur in connection with the solution of various tactical tasks. The same financial relationship can be organized by the state in different ways. Thus, the relationship that arises between the state and legal entities on budget formation, can be based on the collection of taxes or non-tax payments. Moreover, the tax system may include a different list of direct and indirect, national and local taxes, and each tax will have a special subject, object of taxation, tax base, rates, benefits and other elements that change in connection with the development of tax legislation.

The financial mechanism is divided into: directive and regulatory.

Directive financial mechanism in financial relations in which the state participates. Its scope includes taxes, government credit, budget expenditures, budget financing, organization of the budget device and budget process, financial planning. Sometimes, the directive financial mechanism may extend to other types of financial relations in which the state is not involved.

Regulating financial mechanism in the finance segment of which the state’s interest is not attracted. This type of financial mechanism is typical for the organization of intra-economic financial relations in private enterprises. In this case, the state establishes a general procedure for the use of financial resources remaining at the enterprise after taxes are paid.

When developing the goals and objectives of the state’s social policy, an important place is given to the development public policy social insurance. At the same time, the state assesses the possible degree of participation of business entities in its implementation, determines its own financial capabilities for implementing social guarantees to the population, adjusts the directions of development of state social insurance, methods of mobilization and forms of spending state social funds. off-budget funds in accordance with the current operating conditions of the economy. Policy in the field of state social insurance makes it possible to smooth out the impact of unfavorable factors affecting the working capacity of the population, stimulate the creation of safe living and working conditions, achieve an improvement in the health of the nation and smooth out the adverse impact of market economic conditions on socially vulnerable segments of the population.

Financial Policy – this is a system of government measures to use financial relations for the state to perform its functions

According to S. Yu. Witte, the key feature of financial policy is that it “... should be aimed at fully promoting economic success and the development of the country’s productive forces. Such a policy can give the best results in relation to the financial economy, rising together with the people’s well-being, the payment power of the population and multiplying the sources of state revenues” 1.

So, state financial policy we will consider it as part of the state’s socio-economic policy to ensure a balanced growth of financial resources in all parts of the country’s financial system. Ignoring the need for a balanced growth of financial resources, as world experience shows, leads to degradation of the financial system itself, decline and collapse of the economy.

The main goal of state financial policy should be the creation of financial conditions for the socio-economic development of society, increasing the level and quality of life of the population.

Along with state financial policy, there is also financialenterprise policy, representing the purposeful activities of financial managers to achieve business goals. The goals of an enterprise's financial policy may be: (a) the survival of the enterprise in a competitive environment; (b) avoiding bankruptcy and major financial failures; (c) leadership in the fight against competitors; (d) maximizing the market value of the enterprise; (e) sustainable growth rates of the economic potential of the enterprise; (e) growth in production and sales volumes; (g) profit maximization; (h) minimizing costs; (and) ensuring profitable activities, etc. [Kovalev, 1999, With. 31].

The priority of a particular goal of an enterprise’s financial policy is determined primarily by the goals of doing business. To achieve this goal, an appropriate financial mechanism is used.

All branches of government participate in the development of state financial policy in Russia. At the same time, due to the peculiarities of the constitutional system, priority in its development belongs to the President of the Russian Federation, who, in his annual messages to the Federal Assembly, determines the main directions of financial policy for the current year and the future.

Development of a general concept of financial policy, its main goals and directions;

Creation of an appropriate financial mechanism to implement this concept;

Management of financial activities of the state and other economic entities.

An important component of financial policy is the financial mechanism. It comes in two types:

A directive financial mechanism is developed for those financial relations in which the state participates (government spending, taxes, public credit, budget planning).

The regulatory financial mechanism determines the basic rules of behavior of economic entities in those areas of financial relations that do not directly affect the interests of the state. (for example, intra-economic financial relations at enterprises).

Objectives of financial policy:

Providing conditions for the formation of the maximum possible financial resources.

Establishing a rational system for the distribution and use of financial resources (rational from the point of view of the state)

Regulation and incentives economic development financial methods

Development of a financial mechanism and its development taking into account the changing situation

Create efficiently current system financial management

Types of financial policies

Depending on the level of development of the country, the phase of the economic cycle, the political situation, national and cultural characteristics, various types of financial policies are implemented.

1. Classical financial policy

Theoretically, it was founded back in the 18th century. A. Smith and D. Riccardo (“invisible hand”, self-regulation of the market, the state does not interfere) Main principle this policy – ​​minimal government intervention in the economy; simplicity of taxes, simple financial management system

In the 20th century This type was used little, in very modified forms

2. Regulated financial policy

Within this type there are 2 varieties

A) Keynesian financial policy

The basic principle is active government intervention in the economy, especially during periods of crisis, in order to ensure stable development and maximum employment of the population, the main instrument is government spending

B) unconservative financial policy

This limited government intervention in the economy includes multi-purpose government regulation.

Planned and directive financial policy

This is the maximum concentration of financial resources from the state and complete state control of the entire economy.

Financial policy includes: budgetary, tax, detender, credit, pricing and customs policies. In turn, the financial policy of the state is only a means of implementing its economic And social policies, i.e. plays a supporting role. We must not forget other areas of government policy - national, geopolitical,military The combination of these five areas determines financial policy, which serves as the main instrument for implementing public policy. Russia's financial policy is spontaneous in nature and is aimed at maximum concentration of monetary resources in the hands of the state with a constant narrowing of the base for the formation of budget revenues.

Financial policy is inextricably linked with monetary policy state, which is part of the socio-economic policy aimed at combating inflation, unemployment and ensuring stable rates of economic development.

The most important components of the state’s financial policy are budgetary, tax, investment, social and customs policies.

Fiscal policy The Russian Federation is based on the Budget Code and other legislative acts that determine the form of the country's budget structure and regulate the entire budget process. Proper budget policy is expressed in the structure of the budget expenditures, in the distribution of expenses between budgets of different levels, in the sources and methods of covering the budget deficit, in the forms and methods of managing public debt. The socio-economic orientation of budget policy and the type of construction of a model of fiscal federalism in states with a federal structure depend on the nature of the solution to these issues.

Tax policy finds its embodiment in the construction of a particular tax system. Tax systems in developed countries The world is characterized by a variety of types of taxes and objects of taxation, as well as the nature of the relationship between taxpayers and tax authorities. Nevertheless, world practice has developed certain principles and approaches to building a tax system, and identified the negative consequences of the introduction of certain taxes and taxation systems.

The basic principles of building tax systems in Western countries include: (1) horizontal and vertical equality; (2) tax neutrality; (3) ease of tax collection for the government; (4) minimal disincentive effect from the introduction of a particular tax; (5) difficulty of tax evasion.

Horizontal equality means that legal entities and individuals in equal conditions must pay the same taxes. Vertical equity suggests that the rich pay proportionately more than the poor.

In addition, world practice has proven that:

The tax system must be open; an increase in the number of taxes and objects of taxation leads to an increase in tax collection costs, an increase in arrears and fines;

The basis of the tax base should be direct taxes (on income, property);

The prevalence of the indirect taxation system leads to an increase in the tax burden of the bulk of the population with low income levels, which is predetermined by a relatively equal level of consumption at different levels income;

It is advisable to introduce indirect taxes to limit consumption of goods, harmful to health, as well as luxury goods, etc.;

high taxes lead to capital flight;

During periods of economic crisis, it is necessary to reduce the burden of the tax burden, which helps to mobilize domestic investment potential.

Investment policy is associated with the creation of conditions for attracting domestic and foreign investment, primarily in the real sector of the economy. Investment policy as part of financial policy is implemented at different levels of government and financial management of business entities. The main task of this policy is to create conditions so that it is profitable for investors to invest financial resources in the Russian economy, so that huge capital does not “flee” from Russia, but, on the contrary, so that there is an influx of foreign capital.

Social policy is primarily associated with solving the problems of financial security for the rights of Russian citizens established in the Constitution of the Russian Federation, and covers the following areas: pensions, migration, financial assistance to certain social groups of the population, etc.

Customs policy is a symbiosis of tax and pricing policy, limiting or expanding access to the domestic market of goods and services and encouraging or restraining the export and import of goods and services from the country. Thus, customs policy largely determines the distribution processes not only between economic entities and the state, but and between economic entities, as well as industries and regions. Russia's customs policy currently largely depends on budget policy aimed at increasing the collection of customs duties and payments

Topic 10. Financial policy

Financial policy is used by the state to carry out its functions and tasks.

Financial policy is related to the activities of legislative and executive authorities and combines activities, methods and forms of organizing and using finance to ensure the socio-economic development of the state.

The main goal of financial policy is to increase the level of social welfare. The main objective of financial policy is to ensure the implementation of specific government programs appropriate financial resources.

Financial policy is manifested in the following:

In financial legislation;

in the system of forms and methods of mobilizing financial resources;

in the redistribution of financial resources between individual layers

population, industries, regions;

In the structure of budget revenues and expenditures. The effectiveness of financial policy depends on the following conditions:

from taking into account the effect of objective economic laws of social development;

from studying and using the experience of previous stages of economic construction;

from taking into account the specifics of modern conditions. Changes in foreign and domestic policy;

from the complexity in the development of activities related to improving financial relations. Links of financial policy:

1. Development of scientifically based concepts for financial development.

2. Determination of the main directions for using finances for the future and the current period.

3. Implementation of practical actions to achieve set goals. Depending on the duration and goals set, financial policy

is divided into two types:

Financial tactics;

Financial strategy.

Financial tactics are aimed at solving the problems of a specific stage of development of society through timely changes in the ways of organizing financial connections and regrouping financial resources. Financial tactics must be flexible, since economic and social conditions are constantly changing.

Financial strategy is a long-term course of financial policy, designed for the future and providing for large-scale tasks. In the process of its development, the main trends in the development of finance are predicted, the principles of building a financial system and financial relations are developed.

Financial tactics and strategy are interconnected. Strategy sets tasks, and tactics allow them to be solved in the shortest possible time and at the lowest cost.

Financial policy has an active impact on the socio-economic development of society, therefore the role of a scientific approach to the study of factors influencing policy is great. Underestimating these factors can lead to a crisis situation.

With the correct development and implementation of financial policy, the volume of financial resources increases, which makes it possible to allocate additional funds for social needs and production development.

1. Modern financial policy of Ukraine.

The current financial policy of Ukraine is determined by the state of the country's economy (domestic and external debt, reorganization of production, decline in production in many industries).

In 1990, the concept of Ukraine’s transition to a market economy was adopted, which highlighted the following main tasks:

1. Privatization of enterprises.

2. Carrying out land reform.

3. Demonopolization of the economy.

4. Ensuring freedom of enterprise.

5. Reform of the financial, budgetary and banking systems.

6. Creation of market infrastructure (monetary, stock, commodity, markets).

7. State regulation of the economy using market methods.

8. Ensuring social protection of the population.

9. Improving foreign economic activity.

10. Environmental protection.

In order to fulfill these tasks, documents reflecting financial policy were adopted in Ukraine. In 1992, the Program of Economic Reforms and Policy of Ukraine (for the IMF) was approved, which defined the main directions of financial policy:

1. Improving tax regulation (changes tax rates, use of tax credit).

2. Introduction of insurance medicine.

3. Ensuring legislative limitation of the budget deficit. However, the deep crisis did not allow these measures to be fully implemented.

directions. Therefore, a course was taken to carry out a deep reform of the financial and budgetary systems by:

1. Differences between financial and budget systems,

2. Distinction between the finances of state-owned enterprises and the state budget.

3. Ensuring decentralization of public finances, differentiation of state and local budgets.

4. Transformation of the tax system.

5. Ensuring a system of reliable financial accounting, reporting and timely payment of taxes.

6. Creation of a centralized treasury system to control budget expenditures.

7. Reduce government spending.

8. Creation of a market for financing public debt through the issuance of government debt obligations and treasury bills.

The main direction of economic policy is considered to be strengthening the controllability of the economy through taxes, stimulating production, monitoring the timeliness and completeness of payment of taxes and payments to the budget.

Financial policy - 5.0 out of 5 based on 2 votes

Financial policy includes financial strategy and financial tactics.

Financial strategy is a long-term course of financial policy, calculated for the future, and involves solving large-scale problems that are determined by economic and social strategy. Under development financial strategy the main directions of financial development are predicted, the principles of the use and organization of finance are outlined, the issue of the need to concentrate financial resources in those areas of economic development that are developed and adopted by economic policy is resolved.

Consequently, financial policy, as an integral part of economic policy, solves the problems of finding, concentrating and accumulating financial resources and their distribution along the areas of development that are developed by economic policy.

Financial tactics are solving problems at a certain stage of the country’s development and ensuring this development through timely changes in the ways of organizing financial relations aimed at solving financial policy problems. Financial tactics are more flexible, as they are determined by the mobility of economic conditions and social factors.

Financial strategy and financial tactics are interconnected. The strategy creates conditions for solving tactical problems, and also identifies critical areas of development and brings it into line with the methods and forms of organizing financial relations and interrelations. Financial tactics allow you to solve financial strategy problems in a shorter time and at the lowest cost.

Financial policy is generated by economic relations, since society is not free to develop financial policy, it proceeds from its capabilities, the conditions of objective reality. Financial relations have their own specific laws of development. The logic of financial policy can have a reciprocal effect on development, accelerate or slow down the economy.

Financial policy- a set of government measures to use financial relations for the state to perform its functions. The purpose of financial policy is the most complete mobilization of financial resources necessary to meet the development needs of society. Therefore, financial policy is designed to create favorable conditions for the activation entrepreneurial activity, determine rational forms of withdrawal of enterprise income in favor of the state and the share of participation of the population in the formation of financial resources.

Depending on the duration of the period and the nature of the tasks being solved Financial policy is divided into financial strategy and financial tactics. Financial strategy– a long-term course of financial policy, designed for the future and providing for the solution of large-scale problems with the concentration of financial resources in the main directions of economic and social development. Financial tactics is aimed at solving specific problems at a certain stage of social development by regrouping financial resources. It is flexible, which is determined by the mobility of economic conditions, social factors, etc. Financial strategy and financial tactics are interconnected. The strategy creates conditions for solving tactical problems, and also identifies critical areas of development and brings it into line with the methods and forms of organizing financial relations and interrelations. Financial tactics allow you to solve financial strategy problems in a shorter time and at the lowest cost. The financial mechanism is built based on the goals of financial policy.

Objectives of financial policy. The objectives of financial policy can be formulated as follows:
1) providing conditions for the formation of the maximum possible financial resources;
2) establishing a rational, from the state’s point of view, distribution and use of financial resources;
3) organization of regulation and stimulation of economic and social processes using financial methods;
4) development of a financial mechanism and its development in accordance with the changing goals and objectives of the strategy;
5) creation of an effective and business-like financial management system.

Elements of financial policy include:

§ tax policy;

§ budget policy;

§ monetary policy;

§ pricing policy;

§ customs policy;

§ social policy;

§ investment policy;

§ policy in the field of international finance.

Budget policy refers to the determination by the state:

§ sources of formation of state budget revenues;

§ priority areas of budget expenditures;

§ acceptable limits of budget imbalance;

§ sources of financing the budget deficit;

§ principles of relationships between individual parts of the budget system.

Customs policy, Part foreign trade activities state regulating the volume, structure and conditions of export and import of goods

TAX POLICY- a course of action, a system of measures carried out by the state in the field of taxes and taxation. Tax policy is expressed in the types of taxes applied, the values ​​of tax rates, the establishment of the circle of taxpayers and objects of taxation, and tax benefits.

Under monetary policy understand ensuring the stability of monetary circulation through emission management, regulation of inflation and the exchange rate of the national currency; etc.

Pricing policy based on the regulation of prices and tariffs for monopoly goods and services.

Investment policy involves creating conditions for investing household savings, developing mortgage lending, and attracting foreign direct investment.

Social policy carries out activities in the following areas: developing mechanisms for compensating the income of the least affluent segments of the population, streamlining the system of social benefits, regulating forced migration, etc.

international financial policy. It is based on the management of monetary, financial and credit relations in the field of international relations, associated both with the international division of labor, with the formation and repayment of public debt, and with participation in the activities of international organizations, including international financial organizations.

Modern financial policy and is an integral part of economic policy Russian Federation, the main goals and objectives of which are developed and implemented by the executive authorities headed by the President of the Russian Federation and approved by the legislative authorities during the consideration and approval of the budgets of each level of the budget system of the Russian Federation for the next financial year.

Modern financial policy is aimed at creating a model of the Russian economy with long-term economic growth potential and improving the well-being of the population. In its composition, the main place is given to budget policy, which in turn is divided into the policy of mobilizing revenues into budgets of all levels, the policy in the field of budget expenditures and the policy in the field of interbudgetary relations.

The main strategic objective of budget policy in modern stage is to carry out budget reform, which involves a transition from management budget costs to managing results by increasing responsibility and expanding the independence of participants in the budget process and administrators of budget funds within the framework of clear medium-term guidelines.