The financial system of the Russian Federation, its structure

2024 Author: Henry Conors | [email protected]. Last modified: 2024-02-12 02:43

Without much hesitation, we can answer that the financial system of the Russian Federation is a set of bodies of financial and credit organizations that are engaged in financial activities in the state, using funds for this purpose. At the same time, lawyers and economists define this concept in different ways. In this article, we will try to understand how the structure of the financial system works. We will consider the points of view of various researchers on this issue.

Economic view of the financial system

In the economic literature, the financial system of the Russian Federation is considered as a kind of generalizing concept that characterizes the totality of the finances of enterprises of various organizational and legal forms, insurance and the state. At the same time, economists distinguish elements within these categories. Thus, the finances of organizations and institutions are divided into the funds of commercial and non-profit organizations. And insurance can be personal, property, social, risk insurance or, for example, liability. But financi althe system of the Russian Federation, as mentioned above, is also public finance, in which a special place is given to the state budget, extra-budgetary funds and state loans. Thus, when considering this concept, economists pay their main attention not to legislation in the area under consideration, but to established traditions in its definition.

The financial system of the Russian Federation: the opinion of lawyers

As for the legal literature, its authors find the structure proposed by fellow economists insufficient, because it does not reflect the features of the development of the state at the stage of transition to market relations. That is why the financial system of the Russian Federation from a legal point of view is considered as a set of financial institutions and institutions. It consists of the following elements:

• budget system (federal, republican, territorial, regional budget);
• other centralized and decentralized trust funds;
• finance of business entities;
• personal and property insurance;
• state and bank loan.

As you can see, lawyers are guided by the legislation of the Russian Federation in the field of its budget structure, characterizing the financial system. It should be noted that this approach is much more appropriate, as it gives a clearer understanding of the concept under consideration.

Structure of the Russian financial system

Many scholars, however, prefer a simpler classification of the components of the financial system. In their opinion, only the budget system should be singled out, which includes budgets of all levels, various state funds and loans, as well as insurance and enterprise finance. At the same time, they pay attention to the fact that financial activity is inherent in all branches of government and is, in fact, their special work task. And finally, they note that the structure of Russian finances is still in the process of formation.