Состояние российской финансовой политики

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Актуальностью данной статьи является проблема устойчивого развития финансовой политики в России. При анализе автор сравнивает разницу в производительности между излишками и дефицитом в финансовой политики России.

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Major problems faced by the economy are: creating conditions for sustainable growth, improving its quality, departure from the raw material orientation, long-term objectives (including regional development, mortgages). They are possible with a substantial growth of spending (and possibly deficit) as a private sector and the state. Considering that many of the challenges ahead are of systemic and long-term nature, the state's participation in these processes is obviously necessary. In turn, the source of financing such costs are either financial sector regulators and national or international markets.

Meanwhile the fiscal policy, based on the surplus, effectively means the withdrawal of funds from the economy, while expanding economy requires additional funding.

State debt and budget deficits in several countries (% of GDP), 2012. a) public debt b) The budget deficit (-) / surplus
Рисунок 1. State debt and budget deficits in several countries (% of GDP), 2012. a) public debt b) The budget deficit (-) / surplus

Global experience out of the crisis in the XX century and at the beginning of the XXI century is very revealing. Leading countries, primarily the United States and Japan, have once again demonstrated the successful practice of stimulating the economy through budgetary levers (see Drawing 1). In this regard, the use of mechanisms to support economic growth through deficit financing mechanisms providing the inflow of additional financial resources, requires very careful consideration.

In general, the budget surplus in those cases where it is not the surplus that is reinvested in the economy, and, in fact, is derived from it (such as in Russia), though hesitant to other important tasks (external debt, etc.), enables a direct role of the budget. And anyway, if part of what makes the economy is not reinvested, the reduced basis for the " self-financing " of economic growth and it is put in a greater dependence on attracting external resources .

Moreover, a number of systemically important programs because of their importance to the economies of Western countries continue to be funded even though they have been reported in the budget deficit. Therefore, such an important and promising areas of development as small business, mortgage, other key areas with regard to their capacity and the role that they can and should play in the economy, should be supported and encouraged in any conditions, even if it means a slight increase in the budget deficit, as their contribution to economic growth, and ultimately to strengthen the economy and the budget can be crucial. The above approaches demonstrate a greater "degree of freedom ", which is formed for leading world economies. In this situation, they do not have a dilemma, which is estimated to emerge in the Russian economy, when the government actually forces businesses and organizations, especially state ones, to get into excessive external debt, receiving funds of 3-4 times higher interest rates compared to income lying for years without moving the country 's gold reserves; or make privatization panacea for all woes. On the other hand, high interest rates, especially on investment loans, compel our businesses and organizations to increase foreign debt, borrowing their loans at affordable interest rates . On this subject the article "Increasing corporate debt to foreign investors noose around the neck of the national economy” has been written. Here, you'll figure external corporate debt of Russia on January 1, 2013 in the amount of 568 billion dollars, which increased by almost 15% — 75 billion during a year. Contained and appeal to the Government and the Bank of Russia to pay attention to the size of the excessive debt of our enterprises and banks. It took three months for debts to rise by 50 billion dollars in the overwhelming majority (46 billion dollars) due to companies and organizations. The greatest growth is from foreign loans. They increased by 39 billion dollars (16%) to 277 billion US dollars. Note that the same logic is presented in international corporate financial planning, when the calculation of cash flows initially expected negative cash flow associated with investments, and then, as the project, there is a stream of income, balancing the primary deficit and generating profits. Therefore, the practice of "deficit spending" in promoting economic growth, in fact, has the same logic as the approaches practiced in the private sector for investments.

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Список литературы

  1. Blikanov, AV Budget deficit as an indicator of the state of public finances / AV Blikanov / / Finance and credit. - 2010. - № 5. - S. 15-17.
  2. Fiscal policy - an important tool in combating the crisis / / Finance. - 2011. - № 4. - S. 3-7.
  3. budget deficit could exceed expectations / / www.vesti.ru
  4. Budget deficit "by Kudrin" / / Social security. - 2013. - № 5. - S. 21
  5. Statements on Major Issues: Fiscal Policy in 2011-2013 / DA Medvedev / / Social security. - 2011. - N № 11. - S. 3-4.


Болбот, Г.Г. Состояние российской финансовой политики / Г.Г. Болбот, А.И. Фролова. — Текст : электронный // NovaInfo, 2015. — № 31. — URL: https://novainfo.ru/article/3142 (дата обращения: 03.12.2022).