The structure of finance as an integral category with its inherent general properties includes several interconnected links (institutions).

A financial institution is a group of homogeneous economic relations interconnected by forms and methods of accumulation or distribution of funds.

The totality of the links included in the finances of the Russian Federation in their interconnection form the financial system of Russia.

The financial system of the Russian Federation consists of the following institutions:

· budget system with state and local budgets included in it;

· off-budget trust funds;

· finance of enterprises, associations, organizations, institutions, sectors of the national economy;

· property and personal insurance;

· credit (state and bank).

The listed links of the financial system exist, respectively, both at the federal level and at the level of constituent entities of the Russian Federation, as well as local government.

The central place in the financial system of the Russian Federation belongs to the budget system, with the help of which funds of funds of the corresponding state and administrative-territorial entities are formed. The financial system of the Russian Federation also includes the finances of legal entities and individuals. When characterizing the finances of legal entities, it should be noted that they include such state extra-budgetary funds that play an exceptional role in ensuring the social security of citizens, such as the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation, the State Employment Fund, the Federal and territorial compulsory health insurance funds.

The financial system also includes non-state funds (federal and regional, for example, non-state pension funds); banking system funds; funds of insurance organizations; funds of public and regional organizations; funds of other legal entities.

Local finance. The Federal Law “On the financial foundations of local self-government in the Russian Federation” dated September 25, 1997 No. 126-FZ defined the basic principles of organizing local finances. In accordance with the above-mentioned federal law, local finances include local budget funds, state and municipal securities owned by local governments, and other financial resources. The formation and use of local finance is based on the principles of independence, state financial support, transparency and is carried out in accordance with the Constitution of the Russian Federation, the Federal Law “On General Principles of the Organization of Local Self-Government in the Russian Federation”, other federal laws, constitutions, charters and laws of constituent entities of the Russian Federation, charters municipalities, other legal acts of local governments.

Local finance is defined as the totality of funds generated and used to resolve issues of local importance. Thus, local finance is included in the structure of the Russian financial system as its independent link.

An institution in its most general form is a set of roles and statuses designed to satisfy a specific need and enshrined in the form of a law or institution.
The concept of “financial institutions” is considered in economic and legal aspects.
As an economic category, financial institutions are a set of homogeneous economic relations interconnected by forms and methods of accumulation or distribution of funds.
As a legal category, financial institutions are institutions that carry out transactions with financial resources in accordance with the legislation adopted in the country.
In turn, the totality and interrelation of all financial institutions (specific institutions, organizations) to some extent corresponds to the structure of the financial system (Fig. 2.2).
The Institute of Public Finance includes the budget system, state extra-budgetary funds, and state credit. The activities of state financial institutions extend to the federal and regional levels.
Institute of Municipal Finance. Local finances include local budget funds; state and municipal securities owned by local governments; municipal loans, borrowings; financial assistance.
The Institute of Finance of Enterprises, Institutions and Organizations combines the finances of enterprises operating on a commercial basis, the finances of institutions and organizations engaged in non-profit activities, and the finances of public associations.
The institution of lending forms relationships that arise between depositors and banks and other credit organizations regarding the attraction of funds, as well as the provision of bank loans.

Rice. 2.2. Financial institutions of the Russian Federation

The insurance institute is a set of insurance relations, each of the links represented by a special branch of insurance (social, personal, property, liability insurance, business risks).
A peculiarity of the activities of state financial institutions is that they are carried out by authorities depending on the established competence.
Federal government bodies, in accordance with the Constitution of the Russian Federation, carrying out financial activities:
The State Duma discusses and adopts federal laws;
The President of the Russian Federation signs and promulgates federal laws;
The Government of the Russian Federation in the financial sphere ensures the implementation of a unified financial, monetary, and credit policy; carries out the development, presentation of the draft federal budget and its implementation.
To carry out functions in the field of finance, special government bodies are created - these are: the Ministry of Finance of the Russian Federation; Federal Treasury of the Russian Federation; Central Bank of the Russian Federation (Bank of Russia).
The Ministry of Finance of the Russian Federation is a federal executive body that ensures the implementation of a unified financial and economic policy in the Russian Federation.
The main objectives of the Ministry of Finance of the Russian Federation are: improvement of the budget system of the Russian Federation, development of budgetary federalism; concentration of financial resources in priority areas of socio-economic development of the Russian Federation; development of a draft federal budget and ensuring its execution; implementation of state financial control.
The Federal Treasury of the Russian Federation is
a unified centralized system of federal treasury bodies. The main tasks of the Treasury: organization, implementation and control over the execution of the federal budget; maintaining accounts based on the principle of unity of cash; regulation of financial relations between the federal budget and state (federal) extra-budgetary funds; collection, processing, analysis of information and short-term forecasting of the need for government financial resources; conducting operations for accounting of the state treasury of the Russian Federation.
The Central Bank of the Russian Federation (Bank of Russia) occupies a special position among
federal executive authorities carrying out financial activities. It, being a legal entity, simultaneously performs the functions of a government body vested with authority and the functions of a bank.
The main goals of the Bank of Russia as a government body are: protecting and ensuring the stability of the national currency; ensuring the efficiency and continuity of the payment system; development and strengthening of the Russian banking system.
As a banking institution, the Central Bank carries out: passive banking operations to attract sources of financial resources; active operations to allocate available financial resources.
When carrying out financial activities, the financial authorities of the constituent entities of the Russian Federation are vested with the same rights as the Ministry of Finance of the Russian Federation.
Representative and executive bodies of the constituent entities of the Russian Federation carry out financial activities in the relevant territory within their competence: approval, execution and control over the execution of the regional budget and the budgets of territorial state extra-budgetary funds; establishment of regional taxes, fees and other obligatory payments; establishment of benefits and advantages, including tax ones, for payments to the regional budget; consideration of the forecast of socio-economic development and ensuring the implementation of regional programs.
Local government authorities are not included in the system of state authorities. Local governments carry out financial activities and local financial control during: the formation and execution of the local budget, when approving the report on its execution; establishing local taxes and fees; management of municipal property objects.
A significant innovation in modern legislation has been
granting local authorities the right to form special local financial bodies: the municipal tax service for collecting local taxes and the municipal treasury for the purpose of managing local treasury funds and servicing the execution of the local budget.

St. Petersburg branch of the federal state educational budgetary institution of higher professional education "State University of the Ministry of Finance of the Russian Federation"

The St. Petersburg branch of the federal state educational budgetary institution of higher professional education "State University of the Ministry of Finance of the Russian Federation" () is given in much more detail in the corresponding article, heading "State Universities of St. Petersburg", at the meeting. Without any hesitation, consider this university as a replacement for similar ones, often in Russia. Like many other state universities in St. Petersburg, this option trains top-class specialists of the “financial” type.

Moscow Financial College is a branch of the federal state educational budgetary institution of higher professional education "State University of the Ministry of Finance of the Russian Federation"

Like many other state colleges in Moscow, this option trains and graduates professionals in the field of “financial”. Moscow Financial College - a branch of the federal state educational budgetary institution of higher professional education "State University of the Ministry of Finance of the Russian Federation" () is given in more detail among other materials, the heading "Moscow State Colleges", on the database interface. We invite you to take into account this educational institution and other state colleges in Moscow as an alternative to similar ones in Russia.

Like other non-state institutions in Moscow, this educational institution accepts and trains “financial” professionals. The Financial-Industrial Institute (an autonomous non-profit organization of higher professional education "Financial-Industrial Institute") is given a little and is presented in the section under the heading "non-state institutions of Moscow" on the database interface. We propose to accept this educational institution as a replacement for similar ones in Moscow.

You can quite seriously examine this university as a replacement for similar ones, often on our website. Like many other non-state institutions in Rostov-on-Don, this educational institution trains good workers in the financial sector. The Institute of Financial Control and Audit (Non-state educational institution of higher professional education "Institute of Financial Control and Audit") is described in much more detail for you in one of the notes, heading "non-state institutions of Rostov-on-Don", on the database interface.

Omsk branch of the federal state educational budgetary institution of higher professional education "State University of the Ministry of Finance of the Russian Federation"

Probably, like state universities in Omsk, this option improves the qualifications of good employees in the field of “financial”. The Omsk branch of the federal state educational budgetary institution of higher professional education "State University of the Ministry of Finance of the Russian Federation" () is given in detail in announcements and articles on the current portal. Without any hesitation, set aside this higher education institution for later analysis as a replacement for those mentioned in the catalogue.

We offer to accept this higher education institution as a replacement for similar ones on our website. The Moscow Economics and Finance Institute (Non-state educational institution of higher professional education "Moscow Economics and Finance Institute") has been well reviewed by us and is presented in a section on our portal. Reminiscent of other non-state institutions in Moscow, this proposal is accepted and trains masters of their craft with a specialty in finance.

Surgut College of Finance and Economics - branch of the federal state educational budgetary institution of higher professional education "State University of the Ministry of Finance of the Russian Federation"

Like other state colleges in Surgut, this option accepts and prepares good workers in the field of finance. Surgut College of Finance and Economics - a branch of the federal state educational budgetary institution of higher professional education "State University of the Ministry of Finance of the Russian Federation" () is noted in detail in one of the notes on the current list of universities. We suggest accepting this proposal as a worthy alternative to similar ones, often on the list.

Capital Academy of Finance and Humanities

It is possible to postpone this option for later analysis as a worthy alternative to similar ones on the topic on our website. The same as the non-state academies in Moscow, this proposal improves the qualifications of leaders in the “financial” profile. The Capital Financial and Humanitarian Academy (Non-state educational institution of higher professional education "Capital Financial and Humanitarian Academy") is noted in more detail in one of the notes, under the heading "non-state academies of Moscow", on the list of universities.

Introduction

Russia today is experiencing great difficulties not only in the field of government, but also in the sphere of economics and finance. The successful implementation of economic reform is largely associated with achieving financial stabilization.

The past year has shown the complexity of the development of economic events and the progress of the budget process in the Russian Federation. Thus, the unrealistic nature of the 2008 budget, adopted under pressure from a number of line ministries, some departments of the Ministry of Finance, as well as under the influence of individual committees and factions of the State Duma and the Federal Assembly, largely guided by political considerations, had a negative impact on its implementation. Carrying out a restrained financial policy, the Ministry of Finance and local financial institutions covered expenses only within the limits of the receipt of funds, as well as loans from the Central Bank. Despite the efforts made, recipients of budget funds had to work in conditions of severe shortage of budget resources.

This year, that is, old mistakes should not be repeated. In this regard, the government needs to develop a clear financial strategy, that is, a long-term course of financial policy, designed for the future and providing for the solution of large-scale tasks determined by the economic and social strategy of the state. It is important to highlight the main trends in the development of finance, formulate the basic concepts of their use, and outline the principles of organizing financial relations. The choice of long-term concepts and targeted programs is necessary to concentrate financial resources on the main directions of economic and social development, and not disperse them among secondary goals. Much attention should be paid to flexible financial tactics aimed at solving specific developments in society through timely changes in the ways of organizing the tasks of financial relations and regrouping financial resources.

However, for the correct implementation of the tasks assigned to financial institutions, and, consequently, to financial policy, a clear and deep approach to understanding the essence, goals and mechanism for implementing financial policy, as well as the elements that make it up, is required. For Russia, the experience of implementing financial activities abroad is of particular interest. For the development of the Russian budget system, it will undoubtedly be useful to use the wide experience of other states that have already created quite successfully functioning budget bodies.

Undoubtedly, only a scientific approach, knowledge and study of all factors that determine policy, serve as a guarantee that its relative independence will not develop into independence from objective economic relations. Experience shows that the separation of financial policy from the economy results in serious economic difficulties and inevitably hinders the realization of the opportunities inherent in the latter. A scientific approach to the development of financial policy presupposes its compliance with the laws of social development and constant consideration of the conclusions of financial theory. Violation of this most important requirement leads to large losses in the national economy.

CHAPTER I

General characteristics of financial institutions

The institutional structure of financial relations includes numerous organizations. Some of them, having greater powers and resources, regulate financial relations. Others provide a forum for intergovernmental discussion, consensus-building, and financial policy recommendations. Still others provide information collection, statistical and research publications on current financial issues and the economy as a whole. Some of them perform all of the above functions.

Financial organizations can conventionally be called financial institutions. These organizations are united by a common goal - developing cooperation and ensuring the integrity and stabilization of a complex and contradictory economy. Organizations that are relevant to this include, first of all, organizations that express monetary relations in the creation, distribution and use of funds intended for:

Fulfillment of obligations to the financial and banking sector;

Financing costs for expanded reproduction, social services, and material incentives for workers.

Monetary relations that form the basis of financial institutions can be classified into the following types:

Table 1

In industries of material production	In non-material production sectors
1. associated with the formation of primary income, the formation and use in business units of material production of target funds for intra-economic purposes - the authorized fund, the production development fund, incentive funds, etc. Some of them are used to satisfy production needs, while others are used for consumer needs.	1. industry or the institution (organization) itself with a budget. On their basis, sectoral funds for healthcare, culture, education, etc. are formed at the expense of budgetary funds.
2. arising between enterprises, if they are of a distributive nature and not a service exchange; here the movement of financial resources is carried out in a non-stock form (payment and receipt of fines, making share contributions, investing funds in shares and bonds of other enterprises, etc.).	2. between industry management organizations, subordinate organizations and within the organization. They are accompanied by the use of industry monetary funds for special purposes (salaries, capital repairs, etc.) at the disposal of business entities. Within institutions and organizations, financial relations arise regarding the formation and use of wage funds and economic incentives; in connection with the redistribution of funds for designated purposes.
3. developing between enterprises and insurance organizations in connection with the formation and use of various insurance funds.	3. between business entities in different industries, including monetary relations related to the formation and use of extra-budgetary social insurance funds, pension funds, etc.
4. formed between an enterprise and a bank in connection with receiving loans, repaying them, paying interest on them, providing banks with temporarily free funds for a certain fee.	4. monetary relations of business entities with consumers of services and sponsors. On their basis, financial sources of institutions and organizations in the non-production sphere are formed.
5. between the enterprise and the state regarding the formation and use of extra-budgetary and budgetary funds (payments to the budget, budgetary financing, payments to extra-budgetary funds, etc.)
6. between the enterprise and higher management structures (“vertical” relationship) within the boundaries of intra-industry redistribution of financial resources.

Financial institutions as a sphere of the financial system form the foundation of the economy of society, since material and intangible benefits are created here.

Within the sphere of financial institutions, the predominant part of material, labor and financial resources is concentrated, thereby ensuring the process of expanded reproduction in society.

Financial institutions include:

I. FKP(finance of commercial enterprises) - all enterprises of material production and part of the non-productive sphere, operating in a market economy on the basis of commercial calculation.

Commercial calculation - a method of farming, the goal of which is to obtain maximum profit at minimum cost. It presupposes the obligatory receipt of profit and a level of profitability sufficient to continue business.

Specifics of commercial calculation:

Business entities have financial independence;

Financial relations of the enterprise are free from petty regulation by the state;

The subjects of financial relations bear real economic responsibility for the actual results of work and timely fulfillment of obligations;

In the conditions of commercial settlement, an enterprise develops various kinds of relationships with banks, insurance organizations and the state.

II. FNU (finance of non-profit institutions). Non-profit activities do not pursue the goal of generating specific income. But these incomes are used for the development of the institution itself.

Sources of financial resources:

budgetary funds;

off-budget state funds;

public funds;

monetary contributions from various commercial structures, receipts of funds for work and services performed in accordance with contracts;

revenue from sales of products, including funds from the sale of tickets to public events;

proceeds from the rental of property;

income from personnel training (retraining, advanced training, etc.).

III. FOO (finances of public organizations) include:

A). finances of public, including trade union organizations;

b). finance of political and social movements;

V). finance of special purpose funds;

G). finances of charitable foundations.

Public association - a voluntary formation that arose as a result of the free expression of the will of citizens united on the basis of their common interests.

The economic content of the FOO includes the following types and groups of monetary relations:

– monetary relations between public organizations and their members related to the payment of various types of contributions, provision of material assistance, etc.;

– monetary relations of public organizations with enterprises and institutions related to voluntary donations that can be transferred to the funds of public organizations;

– monetary relations of public organizations on the formation and use of target funds;

– monetary relations between higher and lower structures of public organizations;

– monetary relations between public organizations and production and economic structures subordinate to them.

The financial and economic activities of public organizations combine 2 ways of using financial resources:

– self-sufficiency;

– estimated financing.

Evolution, development of financial institutions in Russia

It would not be an exaggeration to say that financial institutions in post-Soviet Russia, due to the specifics of their activities, turned out to be the most dynamic and market segment of the economy. At the same time, and precisely because of this circumstance, the country's financial sector over a period of less than twenty years has experienced a number of major crises and changed its configuration several times.

The evolution of the Russian banking system can serve as a clear illustration of the formation and development of new institutions as a result of the interaction of many parties, whose interests and norms were not stable, changing depending on the positions and composition of the participants. The general vector of the ongoing transformation is the simplification of the overall structure of the market while increasing the complexity of its individual participants, the concentration of market power while reducing the number of participants.

Social science. A complete course of preparation for the Unified State Exam Shemakhanova Irina Albertovna

2.6. Financial institutions. Banking system

Financial institution is a financial intermediary between lenders and borrowers or between investors and savers (pension funds, insurance companies, etc.). Financial institutions provide lending and money transfer services and influence the functioning of the real economy by acting as intermediaries in the process of converting savings and other funds into investments. Financial institutions include:

1. Business Finance(all enterprises of material production and part of the non-production sphere, in a market economy operating on the basis of commercial calculation). Commercial calculation- a method of farming, the goal of which is to obtain maximum profit at minimum cost.

2. Finance of non-profit institutions(non-profit activities do not pursue the goal of generating certain income; these incomes are used for the development of the institution itself). Sources of financial resources: budget funds; off-budget government funds; funds of the population; cash payments from various commercial structures, receipts of funds for work and services performed in accordance with contracts; revenue from sales of products, including funds from the sale of tickets to public events; proceeds from the rental of property; income from personnel training, etc.

3. The finances of public organizations include: finances of public, including trade union organizations; finance of political and social movements; finance of special purpose funds; finances of charitable foundations.

Money - a special product that serves as a universal equivalent in the exchange of goods.

Basic functions of money

1) measure of value: express price - the monetary form of the value of a product;

2) means of circulation: act as an intermediary in acts of purchase and sale of goods;

3) means of storage: money withdrawn from circulation is used as a store of value (gold, securities, real estate, currency, etc.);

4) means of payment: used to pay off various obligations (wages, taxes, etc.);

5) world money: are used for settlements on the world market (gold, dollar, euro, pound sterling, ruble) as a universal means of payment and purchasing, as well as as a general materialization of wealth.

Law of money circulation – the amount of money in circulation depends on the sum of the prices of goods sold for cash and on credit, on mutual payments and on the speed of circulation of money. Money supply– a set of cash (paper money and small change) and non-cash purchasing and payment means that ensure the circulation of goods and services available to individuals, institutional owners and the state. Non-cash funds: credit money; check; bill of exchange; banknotes (bank notes); electronic money.

The financial market includes: a market in which the law of supply and demand determines the price of financial assets; the market for bank loan resources in the current banking system in the country; securities market (stock market) – a market where the issue (issue) and purchase and sale of securities, shares, bonds and derivative securities are carried out.

Stock Exchange – an organized market on which transactions with securities and other financial instruments are carried out and whose activities are controlled by the state. Functions of the stock exchange: mobilizing funds for long-term investment in the economy and financing government programs; carrying out the purchase and sale of shares, bonds of joint-stock companies, bonds of government loans and other securities; establishing during trading the exchange rate of securities traded on the stock exchange; dissemination of information on securities quotes and the state of the financial market.

Banking system – a set of different types of national banks and credit institutions operating within the framework of the general monetary mechanism. The banking system includes the central bank, a network of commercial banks and other credit and settlement centers.

Credit and financial institutions of the banking system

1. The central bank (or a set of banking institutions performing the functions of a central bank), which is legally assigned a monopoly on the issue of national banknotes and a number of special functions in the field of monetary policy. The Central Bank provides loans to commercial banks, stores cash reserves of other credit institutions, performs settlement operations and exercises control over the activities of other credit institutions.

2. Commercial banks are credit institutions of a universal nature that carry out credit, stock, and intermediary operations, and organize payment turnover on the scale of the national economy. These banks are organized on a share (joint-stock) basis and, according to their form of ownership, are divided into state-owned, joint-stock and cooperative.

3. Specialized financial institutions are engaged in lending to certain areas and sectors of economic activity:

– investment banks (conduct operations on the issue and placement of securities);

– savings institutions (accumulate savings of the population and invest money capital mainly in financing commercial and residential construction);

– insurance companies (the most important channel for the accumulation of household savings and long-term financing of the economy);

– pension funds (form an economic insurance fund, finance the economy and the state);

– investment companies act as an intermediate link between individual monetary capital and corporations operating in the non-financial sphere. The main area for investing capital of investment companies is corporate shares.

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