Consider the formation of financial resources in the economic entities of the state.

Financial resources are the totality of all funds and receipts at the disposal of an economic entity.

At the enterprise level, financial resources are used to form special-purpose funds (wage fund, production development fund, material incentive fund, etc.), fulfill obligations to the state budget, banks, suppliers, insurance authorities and other enterprises. Financial resources are also used to finance the costs of purchasing raw materials, materials, wages, etc.

Financial resources of enterprises are formed at the expense of own funds of enterprises and borrowed funds. The main source of formation of financial resources in the enterprise is profit.

Profit is the monetary expression of savings created by enterprises of any form of ownership. How eco- 64

Profit has two functions:

• the main source of financial resources for expanded reproduction;
• source of state budget revenues.

The economic interests of the state, business entities and each employee are concentrated in profit. Profit characterizes all aspects of the financial and economic activities of enterprises, so the growth of profits of economic entities indicates an increase in financial reserves and strengthening the financial system of the state.

The end result of the production and financial and economic activities of economic organizations is the receipt of balance sheet profit, which includes profit from the production and sale of the main products (works, services), from the sale of other products, as well as the balance of profits and losses from non-operating operations (fines, penalties, penalties and etc.).

Along with profit, enterprises have other sources of financial resources formation.

The structure and sources of financial resources of the enterprise are shown in fig. 3.1.

As the economy transitions to market relations, the point of view on the formation of financial relations is gradually changing. However, the principles of organizing the finances of enterprises have a certain stability.

The general principles for organizing financial resources are as follows:

Principle 1. Financial resources at enterprises are formed from their own and borrowed funds.

The initial creation of own financial resources occurs at the time of the establishment of an enterprise (organization), when an authorized fund (authorized capital) is formed.

The sources of formation of the statutory fund, depending on the organizational and legal forms of enterprises, can be:

Rice. 3.1.

• share capital (in joint-stock companies);
• share contributions of members (in consumer societies, production cooperatives);
• sectoral financial resources (in enterprises and unions);
• long-term credit (in organizations of any form of ownership);
• budget funds (at state and municipal enterprises).

The main sources of financial resources at operating enterprises are the proceeds from sold products (works, services), which generate gross income and profit, as well as depreciation charges. Partially they are formed at the expense of receipts in the order of redistribution of funds (insurance compensation, dividends, budgetary funds).

principle 2. The financial activities of enterprises are planned for the coming financial year, taking into account the indicators and results of activities for the past period and forecasts for the coming period. Some economists believe that the preparation of financial plans in market conditions is not necessary. However, it can be argued that in the current conditions of transition to a market economy, financial plans are needed primarily for the enterprises themselves.

The purpose of drawing up financial plans is to determine possible financial resources, capital and reserves based on forecasting the volume of economic activity, income and expenses. The plans include the creation of financial reserves and deductions to centralized funds. The plans reflect the direction of financial resources to finance working capital in the core business and to finance investment activities (formation of a capital investment fund).

Principle 3. Ensuring the safety of own working capital. It is assumed that working capital should be kept in full. If the amount of working capital decreases, the company may lose financial stability and eventually become bankrupt.

Financial resources - a set of funds at the disposal of the state and economic entities. They characterize the financial condition of the economy and at the same time are a source of its development, are formed from various types of cash income, receipts, deductions, and are used for expanded reproduction, material incentives, Satisfaction of social and other needs of society The structure of state financial resources is shown in Figure 212.18.

. Figure 218. Structure of public financial resources

Fig. 219 reflects the functions of the financial activity of the state, in the process of which centralized financial resources are formed

The methods of financial activity of the state, with the help of which it achieves its goal, characterizes Figure 220

. Figure 219. Financial activities of the state and its functions

It should be noted that the financial resources that exist in the state are accumulated at three levels of the economic system. Funds of financial resources are accumulated primarily at the micro level, that is, within households. In this case, the source of their formation can be both the resources of the sphere of public finance, and the resources of entrepreneurship, i.e., financial resources at the micro level accumulate as a result of investment. GDP, and as a result of their redistribution. At this level, financial resources have the form of savings, deposits and contributions to the banking system.

At the meso level, financial resources accumulate in the subject of doing business and is a direct result of the distribution of the new created. GDP The financial resources of enterprises are in the form of funds and to the capital of the enterprise.

At the macro level, the financial resources of the state is the result of distribution, redistribution and centralization. GDP and have the form of budgetary and extrabudgetary funds of financial resources

Public finances consist, firstly, of the actual state finances (or federal finances, as they are often called in countries with a federal territorial structure), secondly, regional (their regional) finances, and thirdly, local (municipal) finances. The basis of these three types of public finances are the corresponding budgets: state, regional, local, which are the monetary fund for the formation and use of monetary resources of the corresponding levels of management of state structures.

. Rice 220. Methods for the formation of centralized financial resources of the state

The main sources of formation of monetary income of the state are: taxes (from income, goods and services, capital, land, property or other non-movement); various fees (fees for visas, fees for various permits and signatures, license fees, etc.); so-called non-tax sources (subsidies, loans through the issuance and sale of bonds, income from the lottery and income from state entrepreneurial activity, etc.).

According to the forms of origin, the financial resources of the state are divided into accumulation resources (profit, deductions for social needs, depreciation deductions) and resources of secondary distribution and redistribution under the case (direct and indirect taxes, income from foreign economic activity, increase in long-term deposits, etc.). There is an inverse relationship between the distribution of financial resources by sources of formation. The greater part of the resources in the state is formed as accumulation resources, the smaller part of them is formed as a result of distribution and redistribution. However, this relationship is not direct. The main factor is the rate of accumulation of depreciation charges. If depreciation charges only reflect the simple reproduction of the value of fixed assets, then the amount of accumulation resources in the state as a whole will be insignificant.

The main source of distribution resources are taxes and profits. Profit directly depends on the amount of depreciation. The smaller the depreciation deductions, the greater the profit and under the application with income.

The provision of financial and monetary resources for the performance of the functions of the state is achieved through the use of methods:

1) methods of formation of monetary funds (taxes, fees, payments, etc.);

2) methods of distribution (budget financing, subsidies, grants, subventions, state credit);

3) use them

The variety of methods is due to the subjects with which the state forms relations, as well as the specific conditions for the formation and distribution of funds. Methods of financial activity are a set of principles and methods by which state-authorized bodies, on their own behalf, form, manage and use funds of funds.

The first group of methods of financial activity consists of methods for the formation of financial resources, among which there are mandatory and voluntary methods of mobilizing financial resources.

The mandatory method of mobilization is the leading one, its essence lies in the forced and gratuitous withdrawal of part of the funds from their owners in favor of the state and implements unconditional imperative binding obligations for performance, as well as guarantees of this execution, a common type of mandatory payments - tax. In addition to taxes, this method includes various government fees. Together with the mandatory method, a voluntary method of mobilizing financial resources is also used, which consists mainly in dispositive methods of ensuring financial receipts and lending mechanisms. This method, which provides for marriage, is an imperative (command) on the part of the state when making payments and is implemented by holding state lotteries, issuing bonds and other securities by the state, and voluntary donations of individuals and legal entities.

The second group - methods of distribution of monetary resources. In the process of distributing public funds, two main methods are used: the method of financing (non-refundable, gratuitous, targeted, planned release of funds from a centralized fund, carried out on the basis of approved financial plans) and the method of lending (allocation of funds on the principles of special purpose, payment, regression after a certain period of time).

Financing methods are divided into subspecies depending on certain characteristics, for example, the purpose of use, the sources of their formation, organizational and legal regimes, the object and subjects, etc.

So, if financial resources are allocated from. The state budget, then this is budget financing; when funds are allocated from departmental funds, for example, funds of ministries, financing acquires the character of a departmental one; in terms of funding from trust funds, there will be funding from trust funds.

depending on the subject, receives financial resources, and the conditions for obtaining allocate grants, subsidies and subventions

The third group of methods of financial activity is the methods of using financial resources. This group includes the method of establishing the intended purpose of state funds of funds; method for determining the order of use of funds; the method of establishment by the competent authorities of financial standards and limits on the use of funds; planning method, financial control method, etc.

The use of methods of financial activity of the state is determined by the content and nature of social relations that are regulated by the state

The economy, the components of which are labor, scientific, technical-production and natural-resource potential, is formed as a single economic mechanism, mainly by the financial system

Without a constant financial supply of the constituent parts of the economic system, their incapacity comes with the corresponding negative consequences. Therefore, the financial system acts as a factor in the integration of all elements of the economic system, a guarantee of their highly efficient functioning and an accumulator of monetary resources for the implementation of a repeated production cycle at the same or higher level. To carry out its functions of integrating the economy, the financial system must satisfy the interests of all subjects of production objects, maintaining all its structural and dynamic parameters at the proper level of capacity.

COURSE WORK

Financial resources of the state: composition, structure, development prospects

Introduction

money economy cashless accumulation

Money is one of the greatest human inventions. Money has been known since ancient times, and they appeared as a result of a higher development of productive forces and commodity relations.

Money is determined by society itself; everything that society recognizes as circulation is money. Indeed, money is a commodity that acts as a universal equivalent, reflecting the value of all other commodities. Thus, money becomes a direct expression of social relations between people (connections "man-man"). All this gives money such a social force that can do both good, if it is directed to the benefit of people, and evil, when money serves as a means of oppressing and humiliating a person.

They play an extremely important role in a transitive economy. The market is impossible without money, monetary circulation. Money circulation is the movement of money. It serves the sale of goods, as well as the movement of the financial market.

The function of accumulation or preservation of value has acquired special significance in modern conditions.

A store of value is an asset that is retained after the sale of goods, services, and provides purchasing power in the future.

The accumulation function was considered by theoretical economists to be the main qualitative characteristic of money, which makes it possible to draw a clear line between money and non-money. Only metal money was considered money, believing that paper money performs the task of preserving value very poorly.

The preservation of value by money acts as a potential channel for hoarding, that is, the formation of treasures. In this case, money acts as a store of value. In conditions of high inflation, gold or other valuables are more often used as a store of value.

The purpose of the work: to consider money as a means of accumulation.

This goal is achieved by considering the following main tasks:

¾ reveal the concept and essence of money;

¾ describe the functions of money in the economy (liquidity, reliability);

¾ provide statistical data on the accumulation of funds by citizens of Russia;

¾ consider the problems and prospects for the effective use of savings in Russia.

To achieve the goal of the course work, theoretical materials, periodicals and banking sites were studied.

1. Money and their role in the economic cycle

1.1 The concept and essence of money, types of money

Money is often called the language of the market, since it is with their help that the circulation of goods and resources is carried out. Consumers buy goods on the market that are sold by producers, who in turn pay money for the resources they receive from the population. A properly organized and well-functioning monetary system plays a crucial role in ensuring the stability of national production, full employment and price stability.

Money, by its very nature, is a commodity. Having stood out from the general mass of commodities, they retain their commodity nature and have the same properties as any other commodity: they have consumer value and value (valuation of social labor costs).

But at the same time, modern money, having a single nature with goods, differs significantly from them:

¾ Unlike a commodity that has one use value, money has a double use value. On the one hand, this is ordinary use value, and on the other, social use value, that is, the ability to be a universal equivalent;

¾ goods function only in one real form, and money - in real, in the form of banknotes and ideal forms.

The essence of money lies in the fact that they serve as a necessary active element and an integral part of the economic activity of society, relations between various participants and links in the reproduction process.

The essence of money is characterized by their participation in:

¾ implementation of various types of public relations;

¾ distribution of the gross national product (GNP), in the acquisition of real estate, land. Here, the manifestation of the essence is not the same, since the various possibilities of money are explained by different socio-economic conditions;

¾ determination of prices expressing the value of goods. Manufacture of goods (provision of services) is carried out by people with the help of tools, using objects of labor. Produced commodities have a value, which is determined by the total amount of the transferred value of tools and objects of labor, and the value newly created by living labor.

However, the magnitude of the value of a certain commodity manufactured by an individual commodity producer is expressed by a price that depends not so much on the individual costs of an individual commodity producer, but on the level of costs existing in society for the manufacture of certain goods. Therefore, when selling a product, its owner can only claim the price determined by the socially necessary level of costs for the manufacture of a particular product.

This means that the price, determined in accordance with the socially necessary level of expenditure on the production of certain goods, allows commodity owners to claim other goods in an amount equal to the value of the goods produced. This is facilitated by the observance of the requirement of equivalence, carried out with the help of money. The latter also create the possibility of regulating the evaluation of individual goods and the acquisition (purchase) of only a certain part of the social product. Money is the universal commodity equivalent.

In addition, the essence of money is characterized by the fact that they:

¾ serve as a means of general exchange for goods, real estate, works of art, jewelry, etc. This feature of money becomes noticeable when compared with the direct exchange of goods (barter). The fact is that individual goods are also capable of being exchanged for others on a barter basis. However, as already noted, such exchange opportunities are limited by mutual needs and compliance with the requirement of equivalence of such operations. Only money has the property of general direct exchange for commodities and other values.

In various socio-economic conditions, the manifestation of this property of money changes. If, under the administrative-command model of the economy, the possibilities of direct exchange of money for goods were limited, then during the transition to a market economy, such opportunities expanded significantly, the importance of money in exchange transactions increased. The changes were due to differences in commodity-money relations and their areas of application;

¾ improve the conditions for maintaining value. By storing value in money and not in goods, storage costs are reduced and spoilage is prevented. Therefore, it is preferable to keep the value in money.

When characterizing money, attention is often drawn to their commodity origin and, accordingly, commodity nature. The commodity origin of money can hardly be in doubt. However, gradually, including in connection with the transition from the use of full-fledged money to the use of banknotes that do not have their own value, as well as in connection with the development of cashless payments, money lost such a feature inherent in goods as their value and consumer value.

In modern conditions, banknotes and money of non-cash circulation do not have their own value, but the possibility of using them as an exchange value remains. This indicates that money is increasingly different from a commodity and has become an independent economic category, with the preservation of some properties that make it similar to a commodity.

The essence of money is expressed in the unity of three properties:

) Universal immediate exchangeability;

) Crystallization of exchange value;

) Materialization of universal working time.

In relation to the essence of money in the economic literature, there are the following approaches:

¾ pragmatic;

¾ the concept of representative value;

¾ the concept of intrinsic value of non-metallic money.

Proponents of the pragmatic approach believe that since money is an exclusive commodity that measures the value of all goods, and pricing is carried out in this money, this proves that they serve as a real measure of the value of goods.

According to the concept of representative value, money represents the total value of all commodities circulating on the market (the value of labor expended on the production of these commodities). The monetary unit is the bearer of a completely definite quantity of the value of a commodity. This is achieved by comparing the mass of commodities and the money supply.

However, in this case, money first acquires its value, and only then can it play the role of a universal equivalent. However, essential characteristics cannot be acquired or derived.

According to the latter concept, money is the owner of its own value. The value of money is formed in 2 stages:

) the basis of value is the labor expended on the production of money, as well as labor on the organization of their circulation. This value finds its expression in the market value of money.

) market value is transformed into exchange value, on the basis of which money acts as a universal equivalent.

Since money is the measure of the value of commodities, all economic science would be impossible without it. After all, it is with their help that we quantitatively compare and measure the cost of goods and services that are different in nature. Without such a general measure, it would be impossible to express the volume of GDP and quantitatively compare it over different years and between different countries.

It is often said that money is what makes it money; determine their nature by the functions they perform in the economic system.

The essence of money as an economic category is manifested in their functions, which reflect the internal content of money. The main functions of money that they perform in people's daily lives are shown in Fig. 1.

Figure 1 - Functions of money

The functions of money are considered as a manifestation of their essence. However, they can only be carried out with the participation of people. It is people who, using the possibilities of money, can determine the prices of goods, use money in the processes of sale and payments, and also use them as a means of accumulation.

Such an approach to the functions of money means that money is an instrument of economic relations in society, and the functions of money can only be carried out with the participation of people.

Types of money

Money in its development appeared in two forms: real money and signs of value.

Real money - money, in which the nominal value (the value indicated on them) corresponds to the real one, i.e. the value of the metal from which they are made. Under bimetallism, the role of the universal equivalent was assigned to two noble metals (gold and silver). At the end of the 19th century, bimetallism gave way to monometallism - a monetary system in which one metal (gold or silver) served as the basis of monetary circulation.

Gold circulation existed in the world until the First World War. Reasons for the demonetization of gold:

Gold mining did not keep pace with the production of goods.

The gold standard as a whole did not stimulate production and trade.

Gold money could not serve a turnover of small value.

The golden circulation did not have the ability to rapidly expand and contract (elasticity).

Signs of value - money, the nominal value of which is higher than the real. These include:

metal signs of value - a small coin made of cheap metals;

paper signs of value - paper money and credit money.

Token coins are minted by the Treasury from cheap metals. The real value of the coins is much lower than the face value. They make up an insignificant share of cash (2-3%).

Paper money (treasury notes) is issued by the state treasury to cover the budget deficit, is not redeemable for gold and is endowed by the state with a forced exchange rate. The difference between the nominal value of issued money and the value of their issue forms the share premium of the treasury. Initially, paper money performed 2 functions: a medium of circulation and a means of payment. In developed countries, treasury notes are generally not issued.

The appearance of credit money is associated with the function of money as a means of payment. They have gone through the following development path: promissory note, banknote, check, electronic money, credit cards.

A bill of exchange is a written unconditional obligation of the debtor to pay a certain amount within a predetermined period. The bill is characterized by the following features:

abstractness - the absence of information on the type of transaction on the document;

indisputability, meaning the obligatory payment of the bill. The payment guarantee increases even more when the bill is accepted by the bank;

negotiability, i.e. the possibility of transferring a bill as a means of payment to other creditors, which creates the possibility of mutual offset of bill obligations. The use of bills is limited to wholesale trade. Secondly, the balance of mutual claims is repaid in cash. Thirdly, a limited circle of persons who are confident in the solvency of the drawer and endorsers are involved in the circulation of bills.

Banknotes (bank notes) appeared as a form of bank lending to the state, were associated with trade and were exchanged for gold. Currently, there is no material support for banknotes in the form of goods or gold. After the abolition of the gold standard, the distinction between treasury notes and banknotes was practically erased. In essence, banknotes are national money on the territory of the state.

Check - a monetary document of the established form, containing an unconditional order of the account holder in a credit institution to pay the specified amount to the holder of the check.

Credit cards are issued by credit institutions on the basis of a customer's account in the form of a plastic card with an embedded microchip. They are used in retail trade and the service sector (banking, trading, cards for the purchase of gasoline and payment for tourism and entertainment events) as a means of payment, as well as allowing the owner to receive a short-term loan from the bank.

Electronic money is a system that, through the transmission of electronic signals without the participation of paper carriers, carries out credit and payment transactions. The system of payments on an electronic basis represents a transition to a qualitatively new stage in the evolution of the monetary economy.

In the Russian Federation, the types of money that are legal tender are bank notes (banknotes) and metal coins. They are secured by the assets of the Central Bank of the Russian Federation.

1.2 Functions of money: money as a means of accumulation liquidity, reliability

In the function of wealth accumulation (or accumulation and storage of value), money is a special asset that persists after the sale of goods and services and provides purchasing power in the future. As a result, there is a significant time gap between the sale of one product and the acquisition of another. The form of assets of this type can be different - from bullion of precious metals to large real estate.

The function of money as a means of capital accumulation is due to the need for a consistent increase in social wealth. It became possible when the commodity producer was able not to spend part of the money proceeds from the sale of his goods on the acquisition of other consumer values ​​necessary for production or personal needs, but to put it aside for the future. Money makes it possible to keep a part of the profits received until they are needed. Of course, for these purposes, you can use jewelry, precious metals, you can invest in the purchase of land or real estate, and then, if necessary, sell this property and receive cash. However, money has the advantage of absolute liquidity.

Liquidity is the ability of money savings to accept a retroactive value. For the effective performance of this function (as well as for the function of the measure of value), it is very important that money retains its value and does not depreciate. In conditions of inflation, when money loses its purchasing power (depreciates), the preservation of wealth in the form of money loses its meaning, so people acquire real values ​​that are more reliable, that is, the ability to maintain the value of money accumulation for a long time. Thus, what is more reliable is less liquid, cash has absolute liquidity, but low reliability.

The fulfillment of the accumulation function became possible due to the bifurcation of the circuit C - D - C, into two independent acts (C - D and D - C). In the process of circulation of goods, the commodity producer has the opportunity to retain the value of the sold products in the form of money. At the early stages of the development of trade, this manifested itself in the form of the withdrawal of money from circulation as a treasure: gold bars, coins, luxury items. The formation of treasures creates reservoirs into which surplus money goes and from which money returns when there is a need to increase the amount of money in circulation. In the conditions of modern society, the function of money as a treasure has a number of features. She ceased to play the role of a spontaneous regulator of the money supply in circulation. This is due to the fact that during the circulation of fiat money, gold cannot automatically move from treasure to circulation and vice versa, as was the case under the gold standard. However, gold continues to function as a treasure, both public and individual. Gold is seen as a reliable guarantee of savings, and in addition, gold reserves provide confidence in the national currencies currently used in international payments.

With the cessation of the exchange of banknotes for gold and its withdrawal from circulation, credit money becomes a means of accumulation. Credit money by its nature is not a treasure, but it has a representative value, mobilizes temporarily free incomes and savings and turns them into loan capital, i.e. participate in the implementation of expanded reproduction.

In a period of high inflation or under conditions, there is a separation of the functions of money, money as a means of circulation and as a means of accumulation. The national currency is losing its appeal, since every day a smaller number of valuables can be purchased for a certain amount of money. In such countries, these functions of money are usually performed by stable foreign currencies.

In the modern world, the fulfillment of the function of accumulation by money is expressed in the formation of cash balances on the settlement accounts of enterprises and the population in banks.

The classification of savings depends on their liquidity and reliability.

Liquidity is the ability to transfer specific savings into a monetary form convenient for settlements.

Reliability is the ability of savings, after converting them into a monetary form, to maintain a constant real value.

Absolute liquidity is inherent in money itself, since all other types of assets must be converted into cash in order to make a specific payment.

In the Russian economy, which has been developing for a long time on the principles of socialism, the range of activities of money as a means of accumulation and preservation of value is very narrow.

Assets that store value can be:

¾ state securities that are issued to cover the budget deficit on behalf of the government or local authorities (but guaranteed by the government);

¾ securities issued by the corporate sector of the economy;

¾ savings in the form of jewelry, jewelry, art and antiques. In this form, money retains its value somewhat better than in the first two cases. The value here has a physical expression that does not depend on the fluctuations of the economic barometer. However, the liquidity of this asset in countries with stable economies is very low.

¾ savings in the form of real estate. It is one of the most reliable and most illiquid forms of value storage and accumulation.

¾ direct accumulation of money. This is the most liquid asset, but the preservation of value in this form can hardly be called profitable. Storage of money can also be carried out through bank deposits.

1.3 Cash and non-cash money as a store of value

The accumulation function can be performed both in cash and non-cash money. Moreover, in the conditions of the development of the banking system and non-cash payments, accumulation in a non-cash form prevails in the form of an increase in the balances of funds in the bank accounts of enterprises, the population, and the state. Money accumulated in a non-cash form operates in the financial market, money saved in cash is withdrawn from circulation. In conditions of high inflation rates, they depreciate.

Due to the fulfillment of the function of money as a means of accumulation, sources of loan capital are formed, the prerequisites for the emergence and development of credit are preserved. Money in the function of accumulation mediates the process of formation, distribution and redistribution of national income, is used in the accumulation of working capital, depreciation deductions of enterprises, budget funds, personal sector funds until they are used.

In the modern world, money is also used as a store of value. This function means that money is used as an asset that arises after the sale of goods or services, stored in order to secure future purchases. In a developed market economy, people keep their free cash in banks. This provides a high purchasing power of money in the future, protects them from depreciation and contributes to the accumulation of wealth. Therefore, modern indicators of the money supply (monetary aggregates) include not only cash, but also deposits in various credit institutions.

The means of accumulation as a function of money under conditions of a high level of development of market relations and the category of exchange value follow from the functions of value and medium of circulation. What brings treasure closer to the measure of value is that it must also be a material embodiment of universal social necessary labor. But money as a means of storing treasure, unlike a measure of value, does not act ideally, but materially. They have an independent existence outside the sphere of circulation, acting as the materialization of the general wealth.

The form of money, as a special commodity, tends to be transformed into the form of luxuries, gold and silver articles. In many countries, the presence of a treasure fund was considered as one of the factors for the stability of money circulation. The ability of the treasure fund to provide a systematic ebb or flow of money metal from the sphere of circulation to the sphere of accumulation and vice versa was taken into account, which corresponds to the expansion and contraction of the volume of functioning of the money supply. As a result of these manipulations, money never overflows the channels of money circulation and the necessary conditions for the mobile balance of the monetary system as a whole are created.

Over time, the role of the accumulation of treasures as a national wealth has declined. The functional significance of treasures is transformed; they serve as a reserve fund of purchasing means or a means of payment. The accumulation of treasures takes place in the form of the society's gold reserves, which are concentrated in banks, most often in the central bank of issue.

Credit money as a store of value

The peculiarity of credit money as a means of accumulation is that they are accumulated in the process of constant circulation. If they settle on the hands, they turn from real money into paper symbols. In this function, credit money also reflects the process of concentration of temporarily free cash and savings and their transformation into capital. Credit money performs this function primarily for the implementation of expanded reproduction, when it is necessary to accumulate a certain amount of money necessary for capitalization. The accumulation of capital in the form of credit money is also required in the movement of working capital, when a gap arises in the sale of products and the purchase of raw materials. Credit money contributes to the elimination of disturbances in the circulation of capital.

The composition of monetary savings includes cash balances held by the population, as well as balances of money in bank accounts. The formation of savings among the population occurs due to the excess of income over expenses due to the need to create a reserve for future purchases. This is the most mobile and liquid type of cash savings, since cash serves as legal tender and is required to be accepted in all types of payments. Bank account balances of legal entities and individuals are less mobile and liquid, as certain restrictions may arise regarding their use. There is a sequence of satisfaction of claims on bank accounts, there are restrictions on the use of cash belonging to legal entities.

2. Analysis of the structure of savings in the Russian economy

.1 Structure of savings in Russia

The national wealth of the country in its traditional sense increases as a result of accumulation and investment activities that ensure the production of goods and services. The scale of accumulation in the country as a whole to a decisive extent depends on: the value of GDP; disposable national income and its distribution to current consumption and savings; use of savings for the accumulation of national capital.

Figure 2 shows the scheme of social accumulation. It shows that the important parts are the individual savings of the population and the gold and foreign exchange reserves of the country, which will be analyzed in this chapter.

Figure 2 - Scheme of social accumulation

The nominal GDP of Russia for 2013 amounted to $2.097 trillion, GDP at PPP - $3.461 trillion. In terms of GDP per capita according to PPP, Russia in 2013 ranks 44th (according to the World Bank), in terms of nominal GDP per capita - 47th (according to the IMF). According to 2012 data, the share of the Russian economy in the world economy is 4.1%.

The Russian economy is the sixth economy among the countries of the world in terms of GDP (as of 2013). In terms of nominal GDP for 2013, Russia ranks 8th.

Russian consumers in matters of economy and savings are on average somewhat different from Europeans, who, in turn, form an “emergency fund” in case their income stops abruptly. In mid-January, VTsIOM presented data on which methods of investing money seem to Russians the most reliable, how many respondents have savings and for what purposes they make them.

In general, today only 30% of Russians have savings. Moreover, over the past two years, this figure has not changed much. Savings are mainly the elderly (35%), highly educated (36%), Muscovites and Petersburgers (47%). 67% of the respondents have no savings - they are mostly rural (77%).

However, the structure of savings in Russia is gradually changing, becoming more and more similar to the European one. Thus, the majority of Russians make savings (or would do it if it was possible) to buy an apartment or house (29%). Many also save money "just in case" (24%), for a "rainy day" (24%), for treatment (23%). The number of those who save money for education (15%), recreation (13%), buying a car (12%), and in case of job loss (11%) is somewhat less. And only a very few save for the purchase of expensive things (8%), land (7%), own business (4%), for the sake of additional income (3%).

This dynamic behavior of Russians shows that we are getting closer and closer to the European model and European values. And this means that those retail financial products and the advertising of banking services that exist in Europe will be relevant for Russia in the coming years.

2.2 Private savings of the population

In modern Russian legislation, the concepts of "contribution" and "deposit" may have different meanings depending on the purpose of legal regulation.

First of all, it is necessary to distinguish between cash deposits and deposits in precious metals.

A bank deposit is precisely understood as an amount of money in the currency of the Russian Federation or in a foreign currency deposited with a credit institution on the basis of an agreement of the same name in the name of a certain person (depositor), which the credit institution is obliged to return to this person with interest accrued on it. This definition is derived from the provisions of Part 1 of Art. 36 of the Federal Law "On Banks and Banking Activities" (as amended on December 23, 2003) and paragraph 1 of Art. 834 of the Civil Code of the Russian Federation.

It is to such deposits that Chapter 44 of the Civil Code of the Russian Federation “Bank Deposit” and Art. 36-39 of the Federal Law "On banks and banking activities". At the same time, for specific purposes of legal regulation, funds on certain bank accounts can be equated to the concept of "bank deposit". So, for the purpose of insuring deposits of individuals in banks of the Russian Federation, deposits are understood to be funds in the currency of the Russian Federation or foreign currency placed by individuals in banks in the territory of the Russian Federation on the basis of not only bank deposit agreements, but also bank account agreements (p. 2 article 2 of the Federal Law "On insurance of deposits of individuals in banks of the Russian Federation").

In the regulations of the Bank of Russia, the concept of "deposit" has a broader meaning. In particular, it denotes transactions not only with cash, but also with precious metals, which are regulated by special regulations and for which banks need a separate license. In these cases, the concept of "deposit" is considered as identical to the concept of "bank deposit".

Attracting funds in deposits (deposits) is one of the main types of banking operations (clause 1, part 1, article 5 of the Federal Law “On banks and banking activities”). The main difference between these operations and other forms of raising funds by credit institutions is that the credit institution is obliged to issue the deposit amount or part of it at the first request of the depositor (Part 1, Article 36 of the Federal Law “On Banks and Banking Activities”, paragraph 2 of Article 837, paragraph 3 of article 844, paragraph 3 of article 835 of the Civil Code of the Russian Federation).

The basis for making deposits in the form of cash in credit organizations is a bank deposit (deposit) agreement. It differs from bank account agreements, first of all, by the purpose of the conclusion and, accordingly, by the subject.

If the purpose of concluding a bank account agreement is to conduct certain settlement transactions, then the purpose of concluding bank deposit agreements is to transfer funds on a repayable basis to a credit institution and receive income from them.

The bank deposit agreement must be concluded in writing. Otherwise, it is also considered null and void. However, the written form of the bank deposit agreement is considered to be complied with if the deposit is certified by a savings book or such a type of security as a savings or deposit certificate (Article 836 of the Civil Code of the Russian Federation). Such a wording allows us to conclude that it is possible to issue a savings book without drawing up an agreement.

Savings books (Article 843 of the Civil Code of the Russian Federation), as well as certificates (Article 844 of the Civil Code of the Russian Federation) can be both registered and bearer. A bearer savings book, like certificates, is recognized as a security. If the savings book or certificate is registered, then the persons named in them can dispose of the deposit. If a savings book or a bearer certificate, then any bearer can dispose of the deposit (Articles 145 and 146 of the Civil Code of the Russian Federation).

Banks holding the following licenses have the right to attract deposits from individuals:

¾ to attract deposits of individuals' funds in rubles;

¾ to attract deposits of individuals' funds in rubles and foreign currency;

¾ a general license (see clause 14.1 of Bank of Russia Instruction No. 109-I dated January 14, 2004 “On the Procedure for the Bank of Russia to Make a Decision on the State Registration of Credit Institutions and the Issuance of Licenses for Banking Operations”).

The listed licenses can be issued to a bank, from the date of state registration of which at least two years have passed (Part 3, Article 36 of the Federal Law “On Banks and Banking Activities”).

Such licenses cannot be issued to non-bank credit organizations.

The persons in whose name deposits have been made in credit institutions (depositors) may be individuals, legal entities, and in cases expressly specified in federal laws, state or municipal bodies having the right to dispose of budgetary funds.

Individuals can make deposits in banks and independently dispose of them, starting from the age of 14 (subclause 3, clause 2, article 26 of the Civil Code of the Russian Federation).

When making a deposit in a bank in the name of a third party, this person acquires the rights of the depositor from the moment he submits the first claim to the bank based on these rights, or he expresses to the bank his intention to exercise such rights in another way, unless otherwise provided by the bank deposit agreement. Until a third party expresses its intention to exercise the rights of a depositor, a person who has entered into a bank deposit agreement may exercise the rights of a depositor in relation to the funds deposited by him to the deposit account (Article 842 of the Civil Code of the Russian Federation).

From the point of view of legal regulation, the following classifications of contributions (deposits) are most important.

1. According to the subjects, the deposits are divided into: deposits of individuals and deposits of legal entities.

A bank deposit agreement, in which the depositor is an individual, is recognized as a public agreement (clause 2, article 834 of the Civil Code of the Russian Federation). This means that the bank is not entitled to give preference to one individual over another in relation to the conclusion of a bank deposit agreement of a certain type, and its conditions are established the same for all depositors - individuals (Article 426 of the Civil Code of the Russian Federation). However, the wording contained in these articles, in my opinion, does not prevent the allocation of types of deposits by category of subjects. Since the existence of pension and other similar deposits is possible, it is impossible to come to an unambiguous conclusion about the illegality of opening deposits for shareholders and employees of the bank as a depositor, according to which anyone who accordingly acquires shares in the bank or enters a job can become.

According to the terms of return, they differ: demand deposits (accepted on the terms of issuance on first demand), term deposits (accepted on the terms of return after the expiration of a period specified by the agreement), deposits on other terms of their return (accepted on the terms of return upon the occurrence of certain circumstances).

Income on a bank deposit (deposit) is paid to depositors in cash in the form of interest, which is accrued on the amount of the deposit in the amount determined by the bank deposit agreement.

In the absence of a clause in the agreement on the amount of interest paid, the bank is still obliged to accrue and pay them. In this case, their size can be determined based on the refinancing rate set by the Bank of Russia on the day the credit institution pays the deposit amount or its corresponding part (clause 1, article 838, clause 1, article 809 of the Civil Code of the Russian Federation).

At the same time, it should be taken into account that if the deposit is returned to the depositor at his request before the expiration of the term or before the occurrence of other circumstances, interest on the deposit is paid in a smaller amount. As a general rule, this is the amount of interest on demand deposits (clause 3, article 837 of the Civil Code of the Russian Federation).

Interest on the amount of a bank deposit is accrued from the day following the day it is received by the credit institution until the day preceding its return to the depositor or its debiting from the depositor's account for other reasons (Clause 1, Article 839 of the Civil Code of the Russian Federation).

When the deposit is returned, all interest accrued up to this point is paid (clause 2, article 839 of the Civil Code of the Russian Federation). The frequency of accrual of interest on the amount of a bank deposit is determined by the agreement. If there is no condition on the frequency of interest accrual in the bank deposit agreement, interest must be accrued quarterly.

Unclaimed interest within this period increases the amount of the deposit, on which interest is accrued (capitalized).

It should be borne in mind that the claims of depositors to credit institutions for the issuance of contributions (deposits) are not subject to the limitation period (Article 208 of the Civil Code of the Russian Federation). For other claims, in particular for the payment of non-capitalized interest on a deposit, penalties, for moral damages and others, the general three-year limitation period is applied (Article 196 of the Civil Code of the Russian Federation).

In cases where it is a question of carrying out settlement transactions with bank deposits, the terms established by Art. 849 of the Civil Code of the Russian Federation. According to this article, a credit institution is obliged to credit the funds received to the client's account no later than the day following the day the relevant payment document is received by it, unless a shorter period is provided for by the bank account agreement.

A credit institution is obliged, by order of the client, to issue or transfer the client's funds from the account no later than the day following the day of receipt of the relevant payment document by it, unless other terms are provided by law, banking rules issued in accordance with it, or bank account agreement.

These terms are of a special nature. Accordingly, when an individual receives a deposit amount in a bank, paragraph 2 of Art. 314 of the Civil Code of the Russian Federation, according to which the obligation, the term of performance of which is determined by the moment of demand, the debtor is obliged to fulfill within seven days from the date of the presentation by the creditor of the demand for its execution.

In connection with the adoption of the Federal Law of December 23, 2003 No. 177-FZ "On insurance of deposits of individuals in banks of the Russian Federation" (hereinafter referred to as the Law), a system began to be created in Russia to protect depositors of banks - individuals in the form of compulsory insurance of their property interest.

Participation in the deposit insurance system and payment of insurance premiums to the deposit insurance fund are mandatory for all banks that have permission from the Bank of Russia to attract funds from individuals on deposits and to open and maintain bank accounts of individuals (clause 1, article 3, article 6 Law, Article 38 of the Federal Law “On Banks and Banking Activities”). Such banks are recognized as insurers for the purposes of the Law (clause 2, article 4 of the Law).

The beneficiaries are any individuals who have concluded a bank deposit agreement or a bank account agreement with the bank, or in whose favor the deposit has been made (Article 2, Clause 1, Article 4 of the Law).

The insurer is the Deposit Insurance Agency (clause 3, article 4 of the Law), the purpose of which is to ensure the functioning of the deposit insurance system (part 1, article 15 of the Law).

Insured event on the basis of Part 1 of Art. 8 of the Law recognizes one of the following circumstances:

1) revocation (cancellation) of the license of the Bank of Russia for banking operations from the bank;

2) introduction by the Bank of Russia of a moratorium on satisfying the claims of the bank's creditors.

When determining the amount of insurance compensation for deposits, the following rules apply.

Compensation for deposits is paid to the depositor in the amount of 100 percent of the amount of deposits in the bank in respect of which the insured event occurred, but not more than 100,000 rubles. If the depositor has several deposits in one bank, the total amount of liabilities of which on these deposits to the depositor exceeds 100,000 rubles, compensation is paid for each of the deposits in proportion to their size. If an insured event has occurred in relation to several banks in which the depositor has deposits, the amount of insurance compensation is calculated in relation to each bank separately (parts 2-4 of article 10 of the law).

The amount of the deposit and interest added to it, exceeding the specified limit, the depositor can recover from the bank in the general manner (part 2 of article 7 of the Law), which implies going to court, and then collecting funds on the basis of a writ of execution through a bailiff or in within the bankruptcy proceedings.

Payment of compensation on deposits is made in rubles (part 13 of article 12 of the Law). If the bank's obligation to the depositor in respect of which the insured event occurred is expressed in foreign currency, the amount of compensation for deposits is calculated in the currency of the Russian Federation at the rate established by the Bank of Russia on the day of the insured event (part 6 of article 11 of the Law).

The Russians still choose the most reliable, although not the most profitable, of all investment methods - bank deposits. Bank deposit - cash or securities deposited with a bank for a specified period on behalf of an individual or legal entity, which is charged a certain percentage for this.

Bank deposit - a form of placement of temporarily free funds that are used by banks for financial transactions.

A deposit is an investment; it can be either in cash or in the form of securities. This is perhaps the most reliable, but at the same time low-income way to earn money.

Principle: individuals deposit money into the bank, and after some time receive the same amount plus additional interest. Which ones are specified in the contract. As a rule, deposit rates are very, very low.

To minimize risks, you should place deposits in institutions that have the appropriate license to conduct such operations. Otherwise, you can pay a bitter price (the story of MMM). Also, to reduce risks, you can make deposits in several banks at once.

There are two types of deposits:

Demand deposit - an investor's current account with a financial institution. Money is returned at the first request of the depositor

Term deposit - is made for a certain period and at higher interest rates (but less liquid). A checkbook is not issued.

The deposits of the population have been growing for more than a year. According to RIA Rating, the inflow of funds from individuals into the Russian banking system in 2013 was the largest in its entire modern history - the volume of deposits increased by 2.38 trillion. rub. At the same time, the relative growth rate of household deposits in 2013 was slightly lower than in 2012 - 20% against 21%. This is due to the fact that in 2012 the ruble was losing its positions relative to the main world currencies, and in 2013, on the contrary, it was strengthening. If in 2012 there was a positive currency revaluation, then in 2013 it was negative. Taking into account the effect of revaluation of foreign currency deposits, 2013 turned out to be more successful than 2012. In general, in 2013 the retail deposit market underwent very significant changes in the area of ​​consumer preferences and interest rate dynamics.

In 2013, it was very unusual that from January to November, individuals acted as net borrowers of the banking sector, that is, they took out more loans than they brought in deposits. Only in December, when individuals provided more than 40% of the increase in deposits from the annual value, the situation changed. In general, according to the results of 2013, 90% of the increase in household deposits was issued in the form of loans to individual borrowers, while in 2012 this ratio was at the level of 70%.

The growth of household deposits continues to be due to an increase in the share of ruble deposits. The most popular among the population, as in the past year, are long-term ruble deposits for a period of one to three years. They account for more than half of all funds. Actually, there is nothing surprising in this. After all, the rates on such deposits are the most profitable. They reach up to 14% per annum, while short-term deposits in rubles can earn a maximum of 10.5%. As for deposits in euros, depending on the terms, you can earn from 8.5 to 10.5% per annum, and for deposits in dollars - up to 12%.

Table 1 - The volume and composition of monetary savings of the population at the beginning of the month

Table 2 - Forms of keeping savings, % of savers

Table 3 - Savings goals, % of savers

Figure 2 - The most reliable ways to invest, all-Russian survey, in%

2.3 Russia's foreign exchange reserves

Taking into account world practice, the Bank of Russia replaced "gold and foreign exchange reserves" with the term "international reserves". They also include the funds of the Reserve Fund and the National Wealth Fund invested in securities of foreign states and placed on the accounts of the Central Bank of the Russian Federation. As a result, not only foreign currencies, but also securities became a component of Russia's foreign exchange reserves, although these are different economic categories.

Management of international reserves includes three main problems: substantiation of the optimal amount of reserves; updating the criteria for their management; improving the efficiency of risk management in order to minimize the likelihood of losses in this area.

The problem of the sufficiency of international reserves has long been a topic of discussion. Some Russian economists consider the volume of Russia's gold and foreign exchange reserves accumulated before the crisis, which grew 49 times, from $12.2 billion in early 1999 to $598.1 billion in August 2008, to be excessive. anti-crisis function. Meanwhile, their use made it possible to mitigate the consequences of the crisis. From November 2008 to March 2009, the volume of reserves decreased by 1/3. As of February 1, 2014, they amounted to 535.1 billion dollars.

The underestimation of the sufficiency of Russia's international reserves is based mainly on a technical analysis of alternative criteria used in world practice for determining this indicator. Among them is the criterion of providing these reserves with short-term imports (3-month and 6-month) without taking into account other obligations of Russia, in particular, on external borrowings of the state in the expanded sense. Another criterion takes into account sovereign external debt, but does not take into account "semi-public" debt; a broad criterion (the ratio of gold and foreign exchange reserves to the broad money supply) does not reflect the real functions of these reserves - to serve as the country's insurance fund and ensure international obligations, and not the money supply.

In terms of foreign exchange reserves (474 ​​billion dollars), Russia ranks third after China (more than 3 trillion dollars) and Japan (more than 1 trillion dollars), and in terms of gold reserves (936.7 tons in October 2013 g.) - 8th place in the world. For comparison: in the USA - 8.1 thousand tons (27% of the world's gold reserves), in Germany - 3.4 thousand, in Italy - 2.4 thousand tons. Consequently, the problem of increasing Russia's international reserves remains relevant, given their functions.

Equally important is the observance of the criteria for managing Russia's international reserves in the interests of the national economy. The International Monetary Fund in the document "Guiding Principles for the Management of Foreign Exchange Reserves" highlighted the priority of the criterion of their safety and liquidity in comparison with profitability. However, the central banks of a number of countries began to give priority to their profitability.

In world and Russian practice, foreign exchange reserves are used to invest in foreign securities, mainly government bonds of countries that issue the world's leading currencies, as well as non-government securities. By the beginning of the crisis in 2008, the Bank of Russia used 100.8 billion dollars (2.48 trillion rubles) from international reserves formed at the expense of the Reserve Fund and the National Wealth Fund to purchase bonds of American mortgage agencies Fannie Mae and Freddie Mac , the Federal Housing Credit Bank, which were on the verge of bankruptcy during the global crisis.

Some central banks have divided foreign exchange reserves into: a) traditionally managed, based on the criterion of their safety and liquidity; b) investment, focused on the priority of profitability, taking into account acceptable risk. To use part of the international reserves for the purpose of innovating the Russian economy, it is useful to study this foreign experience.

An important direction in improving the management of international reserves is to improve the quality of risk management. Traditionally, the rationale for this principle of monetary policy is the theory of risks, aimed at reducing foreign exchange losses and minimizing lost profits. It is advisable, on the basis of the risk-chance concept, to expand the field of risk management orientation not only to reduce the risk of losses, but also to obtain possible income. Implementation of this concept requires further diversification of the structure of foreign exchange reserves and the requirements of the Bank of Russia for the rating of foreign issuers of securities in which the reserves are invested.

The weakening of the international positions of the dollar is manifested in the reduction of its almost monopoly position in the world's foreign exchange reserves after the Second World War to 60-63% at present. In Russia, this trend is developing slowly (from 60% to 53% in 2007 and up to 45.5% at the beginning of 2013, with the US share in Russian foreign trade being 4%).

The increase in the share of the euro in world foreign exchange reserves (from 17.9% in 1999 to 26% in 2010) in Russia manifests itself in significant proportions - 41.7% by 2013. This is due to the development of trade and economic cooperation between Russia and EU, an increase in commitments in euros.

The share of the pound sterling in Russia's foreign exchange reserves fluctuates within 10%. The share of the Japanese yen -1.3%. A new phenomenon was the inclusion of the Canadian dollar in Russia's foreign exchange reserves (1.3% in 2012). The share of special drawing rights (SDRs) is 0.9%.

The object of foreign exchange risk management is considered to be net foreign exchange assets - the difference between their volume and the amount of liabilities of the Bank of Russia in reserve currencies, and the risk reduction method is the regulation of their distribution by currency. Meanwhile, foreign securities in which Russian foreign exchange reserves are invested are also a source of currency risk. When managing credit risk on investments of foreign exchange reserves in foreign securities, the Bank of Russia sets a limit on these risks and the requirements for the minimum acceptable rating of the issuer of these securities, depending on the investment object.

When assessing the risks of the Bank of Russia investing foreign exchange reserves in foreign securities, it is useful to take into account the solvency of their issuers - the ability to timely and fully pay for the securities sold by them, and not their creditworthiness. To assess the liquidity of investments of Russia's foreign exchange reserves in foreign financial instruments, it is advisable to classify them not only into short- and long-term, but also medium-term (from 1 year to 5 years), based on world practice.

Thus, there is an opportunity to improve the management of international reserves in the following areas. When determining their sufficiency, it is necessary to take into account the full volume and structure of Russia's international obligations, and for the entire volume of imports, and not just short-term (3 or 6 months), as well as for the external debt of the state in the expanded sense (including semi-state banks and corporations), which 10 times the remaining sovereign debt.

In addition, when calculating the sufficiency of international reserves, it is necessary to take into account their function as an insurance fund and an anti-crisis function in order to ensure monetary and economic security. In this regard, it seems inappropriate to limit the accumulation of international reserves within 40% of export foreign exchange earnings, and to direct 60% of this proceeds to the creation of a new industry.

First, the volume of export earnings is unstable in the face of unpredictable dynamics of world prices for Russian oil and gas. Secondly, up to half of budget revenues are generated from export earnings. Thirdly, in order to effectively use part of export foreign exchange earnings for the innovation of the economy, it is advisable to study the world experience in creating an investment fund from various sources, including a contribution from state foreign exchange reserves on a repayable basis. Orientation towards strengthening the country's foreign exchange potential is also important in contrast to the currently widespread proposals for the redistribution of state international reserves in private interests, in particular, to increase the capitalization of the banking system.

When diversifying international reserves, it is advisable to gradually increase the share of gold, given its role in real reserve assets and the predominance in the structure of international reserves in developed countries (76.4% in the USA, 72.4% in Germany, 72.0% in Italy, 71.6 % in France).

Russia ranks 8th in the world in terms of gold reserves, the share of this metal in the country's international reserves is only 9.6%. The real source of replenishment of gold reserves is the domestic gold mining industry, since the purchase of gold is impractical due to the high price of $1,693 per troy ounce in early 2013. Although it has fallen from a record level of $1,920 at the height of the global crisis, it is forecast to rise in conditions of instability of the world and national economies.

For the ruble to become a full-fledged international currency, a number of conditions are necessary: ​​a strong economy with a high foreign economic potential; widespread use of the national currency in the world; no currency restrictions; the ability to carry out cross-border transactions with non-residents; availability of a highly liquid financial market with world-class infrastructure and a wide range of ruble instruments. Some of these conditions have been met, while others show positive dynamics, but in some areas further targeted efforts are required.

On May 29, 2014, the Presidents of Russia, Kazakhstan and Belarus signed an agreement on the creation in 2015 of the Eurasian Economic Union (EAEU). The new integration model, which is being formed on the basis of the Common Economic Space, includes the implementation of a joint monetary policy and the integration of financial markets. An advisory council has already been created, which includes the heads of the central banks of the participating states (they will be responsible for national currency rates, regulation of banking and insurance activities, unification of financial markets). In the future, commercial banks of the EAEU countries will have access to the national markets of their neighbors. In the longer term (until 2025), plans to introduce a single currency are being discussed.

The acute political crisis in Ukraine demonstrated the general vulnerability of the EAES economies in stressful situations and gave impetus to integration processes in the post-Soviet space. The leadership of the Russian Federation believes that, due to external circumstances, it is necessary to switch to mutual settlements in national currencies as soon as possible. Against the backdrop of tightening US and EU sanctions against Russia, the government is discussing with state corporations specific measures to increase the share of ruble payments and abandon the dollar in export contracts. Under these conditions, it becomes possible, with the support of all interested parties - stock exchanges, participants, regulators - to create a single financial space, which will lead to the development of foreign exchange and stock markets, an increase in investment activity in the EAEU countries, effective settlements in national currencies and an increase in the role of the ruble.

The gold and foreign exchange reserves of Russia are non-ruble funds at the disposal of the Central Bank of the Russian Federation: currency, foreign exchange assets, gold. One of the main uses of gold and foreign exchange reserves is to maintain the exchange rate of the national currency. In this regard, recently, under pressure from speculators, the Bank of Russia has been forced to spend its gold and foreign exchange reserves in order to buy rubles, preventing a sharp devaluation of the national currency.

Reserve management is the process of ensuring that official foreign public sector assets are held and controlled by the relevant authorities to meet a specific set of objectives facing a country or union. Such a body is usually entrusted with the management of reserves and the risks associated with them. Usually, the storage of official foreign exchange reserves is aimed at performing a number of tasks, which, among other things, include:

Maintaining and maintaining confidence in monetary and exchange rate management policies, including the ability to intervene to support the national or union currency;

Limiting external exposure by holding foreign currency liquidity to absorb shocks during crises or when access to borrowing is limited;

Instilling in market participants a certain degree of confidence in the country's ability to meet its external obligations;

Demonstration of the support of the national currency on external assets;

Assistance to the Government in meeting its foreign exchange needs and fulfilling external debt obligations;

Support in the event of a national catastrophe or emergency.

The level of gold and foreign exchange reserves reflects foreign trade turnover and capital flows in previous periods. In accordance with international practice, the optimal level of gold and foreign exchange reserves is recognized as the amount of savings of the Central Bank, which allows to ensure the import of goods and services within 3 months.

A country's international (gold and foreign exchange) reserves include external assets that are available and controlled by the monetary authorities to meet the needs of financing the balance of payments deficit, to intervene in foreign exchange markets to influence the exchange rate, and for other relevant purposes (such as maintaining confidence in the national currency and economy, and as a basis for foreign borrowing). Reserve assets must be foreign currency assets and real assets. International reserves include only high-quality assets.

The Bank of Russia announced that in the first nine months of 2014 its international reserves decreased by $55.354 billion. As of January 1, 2014, the volume of reserves amounted to $509.594 billion, but by October 1 it fell to $454.24 billion. This is the most a low figure since April 1, 2010, when the volume of international reserves was $447.442 billion.

At the same time, in the third quarter of 2014, the volume of international reserves of the Central Bank of the Russian Federation decreased by $24 billion, and in September - by $11 billion.

According to the Central Bank, its reserve assets in foreign currency decreased most noticeably, the volume of which fell over nine months from $453 billion to $396.5 billion. At the same time, the stocks of monetary gold in the "pantries" of the Central Bank increased from 33.3 million to 37 million troy ounces, worth more than $45 billion.

The reduction in the volume of international reserves of the Bank of Russia is associated with the Central Bank's active foreign exchange intervention in support of the ruble exchange rate. In the spring of 2014, the Central Bank sold several billion dollars a day several times, and on March 11, $11.37 billion were sold at once.

Table 4 - Main indicators of international reserves

3. Problems and prospects for more efficient use of savings in Russia

The current practice of investing international reserves in Russia causes a mixed reaction. In recent years, the Russian Ministry of Finance and the Central Bank of the Russian Federation have had to face a growing wave of criticism that huge resources are actually directed to finance the economies of other countries that are much more prosperous economically and socially than Russia. At the same time, numerous proposals are put forward at different levels on the need to actively invest the accumulated funds for internal needs. In particular, it is recommended to use the reserves to finance infrastructure projects (road construction, energy, housing and communal services), reduce taxes, maintain the liquidity of the banking sector, increase government social spending and other purposes. Although far from all criticisms and suggestions are justified from an economic point of view, the very fact of a sharp increase in their number recently suggests that a certain restructuring of the reserve management system is becoming more and more urgent today.

It seems that the adjustment of the management of international reserves is possible in two directions:

optimization of the volume of reserves, and primarily the size of the Reserve Fund and the NWF, in accordance with the needs of the Russian economy;

increasing the economic efficiency of investing reserves, primarily by increasing the profitability of their placement.

When making economically sound decisions on changing the size of reserves, in particular by reducing or fixing them at the current level, and directing the released funds to any socio-economic goals, the following key aspects should be taken into account:

1. Prospects for world oil prices and the possible need for free financial resources to finance the federal budget deficit in the event of their reduction;

2. The scale of the inflationary impact on the economy when part of the international reserves are spent on domestic needs;

3. Opportunities for the effective use of reserves for investment purposes within the country, in particular, the availability of a sufficient number of prepared, economically viable investment projects and the necessary organizational capacity of the state for their implementation. In this regard, it should be noted that in 2007 a total of 300 billion rubles were already allocated from the Stabilization Fund for the capitalization of the Development Bank (Vnesheconombank), the Investment Fund of the Russian Federation and the Rosnanotech State Corporation in order to finance priority projects through these institutions. It would be advisable to take further actions to increase public investment after evaluating the effectiveness of these investments;

4.Long-term trends in the development of the demographic situation in Russia and the future financial needs of the national pension system determined by them. The Institute for Financial Research estimates that the Russian pension system will enter a 20-year period of deficit in the middle of the next decade, with a cumulative financial gap of about 75% of GDP. This will most likely require a further increase in the funds of the National Welfare Fund, created to ensure stable pension services for the population;

5. Opportunities and risks of investing reserves in the national financial market, in particular in shares and bonds of national companies. It seems that significant investments in the market can lead to its overheating and inflation of the stock "bubble". In addition, the liquidity of such investments in the event of a crisis in the economy will be quite low, which will not allow you to return the invested funds without significant losses.

It should also be taken into account that the presence of significant international reserves today is an important factor in ensuring the stability of the national financial system and the ruble exchange rate, pursuing a stable budget policy, which is especially important in the context of ongoing global financial instability. This, in turn, helps to increase the attractiveness of the Russian economy and financial market for domestic and foreign investors, and creates a favorable background for increasing capital investment and domestic production. A sharp reduction in reserves may be perceived by the international investment community as an extremely negative signal indicating the existence of serious problems in the country's economy and lead to an outflow of capital from Russia. Given these circumstances, the issue of reducing the volume of international reserves or fixing it at some level (current or achievable in the near future) should be approached with extreme caution and balance. It seems to us that this is not a task for today, but for the medium or even long term.

More relevant at present is the task of increasing the efficiency of the placement of international reserves. Its solution, as a first step, involves building a new, more aggressive strategy for investing reserves, aimed at significantly increasing the return on investment. As noted above, in recent years, many countries have stepped up the policy of placing reserves, in particular through the creation of sovereign funds with diversified investment portfolios, including both fixed income bonds and stocks, real estate, and stakes in national and foreign companies.

Understanding monetary policy as a set of measures in the field of monetary and economic relations that correspond to the tasks of the country's socio-economic development implies an increase in the role of the currency factor in Russia's innovative development. This requires the modernization of monetary policy as an integral part of economic policy.

However, in the governing documents, monetary policy is not given due attention. Even in the Main Directions of the Unified State Monetary Policy for three years, where, logically, the monetary policy should also be predicted, only its separate directions are considered - mainly the exchange rate policy and the state of international reserves. And in the document defining the development of the state monetary policy for 2013-2015. - only in the aspect of transition to a freely floating ruble exchange rate and inflation targeting.

An important principle of the modernization of monetary policy is the development of its concept, which has not yet been done in Russia. At the same time, it is advisable to take into account the trend towards updating the theoretical basis of economic policy, since the recent global crisis revealed the bankruptcy of neoliberalism / monetarism and the need to strengthen supervision and regulation of the economy, including currency relations.

For the conceptual justification of monetary policy, it is advisable to use the system methodology as the most effective method of its analysis, as well as the reproduction theory of monetary policy, taking into account its direct and feedback connection with the reproduction process. The modernization of monetary policy should be comprehensive and include the main areas: exchange rate policy, management of official international reserves, foreign exchange regulation and control.

The Bank of Russia when conducting the exchange rate policy in 2013-2015. focuses on an optimistic forecast of inflation parameters of 5-6% in 2013 (as opposed to the forecasted 4.5-5.5% in the "Strategy 2020"), 4-5% - in 2014 and 2015. Given the periodic failure to forecast for inflation, including in 2012 (it increased, according to estimates, to 6.8% with a forecast of 5-6%), it is necessary to reduce inflationary risks generated by monetary and non-monetary, internal and external, both objective and subjective factors.

The regulated floating of the ruble exchange rate allows to reduce the risks of participants in the market economy of Russia, which is not yet ready for the free floating of the national currency in the conditions of instability of the global economy. The flexible exchange rate of the ruble makes it possible to take into account the size and rate of its decrease or increase in the interests of Russian participants in the national and world markets. A significant appreciation of the ruble is unprofitable for Russian exporters and creditors, as their foreign exchange earnings in ruble terms are reduced, and a depreciation is unfavorable for importers and debtors, as it increases their costs for the purchase of foreign currency, in which the price of contracts is denominated.

Changes in the ruble exchange rate affect inflation: in Russia, prices rise contrary to logic, regardless of its dynamics, due to the lack of market competition. The motivation for the introduction of a freely floating ruble exchange rate by the forthcoming transition of the Bank of Russia to inflation targeting does not take into account the experience of countries that, at the same time, maintain the regime of regulated floating of the national currency exchange rate. And targeting as an instrument of monetary policy is not the most effective remedy for inflation, it will not be able to eliminate the fundamental causes of this complex socio-economic process.

Conclusion

Money performs the function of a store of value, i.e. money is the expression of purchasing power over a certain period of time. In addition to money, many assets can perform this function: real estate, land, works of art, checks, bills. A store of value is an asset that is retained after the sale of goods and services and provides purchasing power in the future. Despite the fact that there are quite a lot of means of accumulation and their profitability may exceed the profitability of savings expressed in cash, money has an important advantage - liquidity - the ability to use an asset as a means of payment and the ability of an asset to maintain its nominal value unchanged.

Since money is the universal embodiment of wealth, there is a desire to accumulate it. But for this it is necessary to interrupt the circuit of T-D-T. In this case, the sale of a commodity is not followed by the purchase of another commodity, and the money falls out of circulation.

With the growth of commodity production, the transformation of money into a treasure became a necessary condition for the regular renewal of reproduction. The desire to obtain the greatest profit forces entrepreneurs not to keep money like a dead treasure, but to put it into circulation.

The function of money as a means of accumulation in the conditions of gold circulation is realized as a means of creating treasures. However, at present, no country has a “golden regulator” of monetary circulation. There is an accumulation of signs of value that are not exchangeable for gold. These banknotes perform the function of accumulation or preservation of value (savings).

Store of value (means of accumulation) - the ability of money to use the corresponding value of what was sold today for a future purchase. This function of money is a consequence of their absolute liquidity. The absolute liquidity of money means that with the help of money, its owner can fulfill any obligation at any time, quickly and without loss exchange money for goods and services, since they can always be used as a means of circulation and payment and have a fixed nominal value.

List of sources used

1. Kolpakova, G.M. Finance, monetary circulation and credit: textbook. manual for bachelors / G.M. Kolpakov. - 4th ed., revised. and additional - M.: Yurayt, 2012. - 538 p.

2. Kosterina, T.M. Banking: textbook. for bachelors / T.M. Kosterina; Moscow state University of Economics, Statistics and Informatics. - 2nd ed., revised. and additional - M.: Yurayt, 2013. - 332 p.

Finance, monetary circulation and credit: textbook. for bachelors / ed. L.A. Chaldayeva. - M.: Yurayt, 2012. - 540 p.

Shapkin, A.S. Economic and financial risks: assessment, management, investment portfolio: [proc. allowance] / A.S. Shapkin, V.A. Shapkin. - 9th ed. - M.: Dashkov i K, 2013. - 543 p. - 5 copies.

5. Finance and credit. [Text]. Magazine №42 2014

6. Finance. [Text]. Magazine №9 2014

Banking. [Text]. Magazine №3 2013

Questions of statistics. [Text]. Magazine №4 2014

Questions of Economics. [Text]. Magazine №8 2014

10. Financial Management Center: [Electronic resource]. - Access mode http://www.center-yf.ru

11. http://www.kremlin.ru

12. http://minfin.ru

The purpose of the work is to study the sources of formation and directions for using the financial resources of the state, as well as priority areas at the present stage in the budgetary policy of the state.

Objectives of the course work:
1. Consider the essence of finance as an economic category.
2. Studying the economic nature of financial resources.
3. Investigate the sources of formation and directions for the use of financial resources, in this case, consider the sources of formation of the state budget.
4. Consider the state of revenues and expenditures of the state budget in the Republic of Belarus.

Introduction ………………………………………………………………………..3


1.2 Economic nature of financial resources………………………9
2. Sources of formation and directions of use of financial resources……….…………………………………………………………………..13
2.1 Sources of formation of the state budget……………...13
2.2 Budget financing…………………………………………...15
3. Modern state policy in the field of formation and use of financial resources………………………………………...20
3.1 State budget revenues ………...….……………………..20
3.2 Priorities of financing from the state budget……….24
Conclusion ……………………………………………………………………..34
List of used sources ……………………………………………35

The work contains 1 file

Introduction …………………………………………………………………………..3

1. Financial resources as material carriers of finance.……...4
1. Finance as an economic category……...………………………..4

1.2 Economic nature of financial resources………………………9

2. Sources of formation and directions of use of financial resources……….…………………………………………………………………..13

2.1 Sources of formation of the state budget……………...13

2.2 Budget financing………………………………………… ...15

3. Modern state policy in the field of formation and use of financial resources………………………………………...20

3.1 State budget revenues ………...….……………………..20

3.2 Priorities of financing from the state budget……….24

Conclusion ……………………………………………………………………..34

List of used sources ……………………………………………35

Introduction

Financial resources is a concept that is typical for any state. Financial resources are material carriers of finance. The financial resources of the state are the centralized monetary fund of the state budget. These resources are necessary for the above subjects for many reasons. One of the main ones is the possibility of financing various targeted programs. The state forms the budget through the tax system, i.e. mobilizes funds in order to spend them for various purposes. These are social programs, infrastructure development, and support for the economy.

When we talk about financial resources, we must, first of all, talk about their sources of replenishment, since this comes from the very definition of financial resources. For an enterprise, the issue of financial resources plays an equally important role. So, for the normal functioning of the enterprise must invest in fixed and working capital. This is only possible if certain resources are available.

The purpose of the work is to study the sources of formation and directions for using the financial resources of the state, as well as priority areas at the present stage in the budgetary policy of the state.

The object of research is financial resources.

Objectives of the course work:

1. Consider the essence of finance as an economic category.

2. Studying the economic nature of financial resources.

3. Investigate the sources of formation and directions for the use of financial resources, in this case, consider the sources of formation of the state budget.

4. Consider the state of revenues and expenditures of the state budget in the Republic of Belarus.

In the course of writing this work, educational literature and periodicals were used.

1. Financial resources as material carriers of finance

1. Finance as an economic category

The modern world is a world of comprehensive and omnipotent commodity-money relations. They permeate the internal life of any state and its activities in the international arena.

In the process of reproduction at different levels, starting with the enterprise and ending with the national economy as a whole, funds of funds are formed and used. At the same time, it does not matter in what form the money appears: in the form of cash paper notes, or in the form of credit cards, or the amounts assigned on bank accounts are generally out of any form.

The system of formation and use of funds of monetary resources involved in ensuring the process of reproduction constitutes the finances of society. And the totality of economic relations that arise between the state, enterprises and organizations, industries, territories and individual citizens in connection with the movement of funds forms financial relations. They are complex, diverse and resemble the circulatory system of a living organism, through which the movement of goods and services is carried out, a kind of exchange of substances between the economic cells of a social organism.

Finance is a historical category. They appeared simultaneously with the emergence of the state during the stratification of society into classes. The term financia originated in the 13th-15th centuries. in the trading cities of Italy and denoted any cash payment. Later, the term gained international distribution and began to be used as a concept associated with the system of monetary relations between the population and the state regarding the formation of state funds of funds. Thus, this term reflected, firstly, monetary relations between two subjects, i.e. money acted as the material basis for the existence and functioning of finance (where there is no money, there can be no finance); secondly, the subjects had different rights in the process of these relations: one of them (the state) had special powers; thirdly, in the process of these relations, a nationwide fund of funds was formed - the budget (hence, we can say that these relations were of a stock nature); fourthly, the regular flow of funds to the budget could not be ensured without giving taxes, fees and other payments of a state-compulsory nature, which was achieved through the legal rule-making activities of the state, the creation of an appropriate fiscal apparatus.

The following prerequisites for finance are distinguished:

First premise. In Central Europe, as a result of the first bourgeois revolutions, although monarchical regimes were preserved, the power of the monarchs was significantly curtailed, and, most importantly, the head of state (monarch) was torn away from the treasury. A nationwide fund of funds arose - a budget that the head of state could not single-handedly dispose of.

Second premise. The formation and use of the budget has become systemic, i.e. there were systems of state revenues and expenditures with a certain composition, structure and legislative consolidation.

Third premise. Taxes in cash have acquired a predominant character, while earlier state revenues were formed mainly at the expense of taxes in kind and labor duties.

History has not preserved the name of the author of the term finance, but presumably the first time this concept was used by the French scientist J. Bodin in his work Six Books on the Republic. In Russia, this term appeared in the era of Ivan the Terrible in the 16th century. and was used along with the word "treasury". With the formation in 1802 of the Ministry of Finance and the publication of the work of S.E. Desnitsky "On the legalization of finance", the concept of "finance" is recognized in Russian science and practice.

However, financial relations themselves arose much earlier with the division of society into classes, the emergence of commodity production mediated by monetary relations and the presence of the state. Several stages in the development of finance can be distinguished. The characteristic features of the first of them (until the Middle Ages) were the underdevelopment of financial relations, their weak influence on the economy of states and their use mainly for military purposes. At the second stage (Middle Ages), when the state treasury ceased to be the property of its head, financial relations were limited to the formation and use of the budget, which was the only link in the financial system. With the development of commodity-money relations and the functions of the state, a much larger number of funds of funds began to be formed and used, the financial system became multi-link.

In the second half of the XX century. and at the present stage, finance is characterized by a high degree of impact on the economy, a wide range of financial relations, a multi-link financial system, the emergence and functioning of the financial market, and the intensive development of financial science.

The need for finance is due to such factors as: the existence of commodity-money exchange, stimulated by the development of the state; the operation of the law of value, which ensures the distribution of GDP and its component profit; asynchrony of production and consumption (if this process were simultaneous, then the economy could do without finance).

Finance is always monetary relations, in which the main subject is the state and enterprises. However, not all monetary relations represent finance. Firstly, the concept of money is broader, and finance is part of monetary relations. Secondly, money differs from finance both in essence, in content, and in the functions it performs. First of all, money is a universal equivalent, on the basis of which the labor costs of producers are estimated, and finance is an economic tool for the distribution and redistribution of gross domestic product (GDP) and national income, a means of controlling the formation and use of cash funds.

Consequently, finance is an objective economic category associated with the system of monetary relations in the process of distribution and redistribution of the value of GDP and national income, but about the formation and use of cash funds and cash savings from the state and business entities. Money is a prerequisite for their existence.

Since relations regarding production, exchange (sales), distribution and consumption are considered economic relations, it is important to know at which of these stages there is money (where there is no money, there is no finance), at which - money and finance, at which - only money.

At first glance, it is impossible to do without money at the stage of production, and financial resources are formed at it when transferring the old value and creating a new one. However, this appearance is due to the parallelism and continuity of the production process. In fact, money, based on their main functions (money as a measure of value and as a means of exchange), arises and functions only when the commodity in value form is ready for sale and sold, i.e. at the stages of exchange and distribution. At the stage of consumption, there is no real cash flow, which means there is no place for the origin of finance.

At the stage of exchange, the commodity value is exchanged for monetary value, and the basis for the subsequent monetary distribution is laid.

At the stage of distribution, the movement of value in monetary form occurs separately from the commodity, here the value passes from one owner to another, this movement of value is one-sided. At this stage, finance arises, designed to divide the value of GDP into its constituent elements, isolate profits, depreciation deductions, deductions to off-budget and centralized budget funds, withdraw part of the profit in the form of taxes to the budget, and leave the other part at the disposal of enterprises, capitalize retained earnings etc. Consequently, at this stage, with the help of finance, the distribution and redistribution of value takes place.

Thus, finance is designed to meet the needs of the state and business entities in cash through the formation of cash funds. And at the same time, with the help of distribution relations, they are organically interconnected with all stages of the reproduction process, since at the first stage there are such financial factors of production as authorized capital, current and non-current assets, financing of working capital, depreciation of fixed assets and intangible assets. At the exchange stage, as a result of the sale of goods and services, they operate with proceeds, profits, circulation funds are formed, and the consumption stage is characterized by financial relations associated with the formation and use of consumption and social insurance funds.

The essence of finance, like any economic category, is manifested in their functions. Functions are always derived from the essence and express the order of realization of the public purpose of any economic category. Considering that the essence of finance in the scientific field is still not unambiguous, there is no single interpretation and composition of their functions. Many scientists believe that finances perform two functions - distributive and control. However, in the literature one can find opinions about the presence of a providing, stimulating reproductive, regulatory, production function. Some authors believe that finances are inherent in the functions of forming monetary funds, their use and control, and recently there have been points of view that in market conditions finances do not have distributive relations or that they have lost their control function;

Meanwhile, finance is an objective tool for cost distribution. Through the distribution function, each link of the financial system is provided with the necessary financial resources. It includes such a range of phenomena as the reimbursement of the cost of consumed means of production, the formation of income in various forms, the formation of resources for national needs and designated purposes, the creation of budgetary and insurance reserves, the maintenance and development of the social sphere, the implementation of intra-industry, inter-industry, inter-territorial redistribution of national income, orientation with the help of financial levers for the development of economic entities and entire industries in the direction necessary for society. Thus, the distributive function potentially absorbs all of the above (except for the control) functions, and the opinion of the majority on this matter is quite justified.

The subjects in the financial distribution are the participants in the reproduction process (the state, legal entities and individuals), at whose disposal special-purpose funds are formed and used.

Use of finance is a set of measures aimed at the competent distribution and investment of own (borrowed) funds at the level of the state, companies or individuals.

Use of finance by the state

All financial resources of the state can be conditionally divided into two types - decentralized, which include the funds of each individual enterprise, and centralized funds (here, extra-budgetary funds and the state budget can be distinguished).

One of the main tasks of state structures is the calculation of the necessary volumes of financial resources. The more accurate the calculation, the better you can build the structure of production, balance the financial resources and funds of the country. In turn, errors in calculations can lead to a decrease in the efficiency of the use of finance in the production sector. The result is a violation of the implementation of the main investment programs and a structural imbalance.

All financial resources of the state come from several main sources :

- national income is the main source of replenishment of the state treasury at the macro level. It is on the basis of the distribution and redistribution of capital that centralized capital funds are created. One part of the national capital comes from enterprises and may partially remain at their disposal. At the same time, decentralized resources are formed, which are necessary to cover the costs of production processes;

- financial income of enterprises and production of the country. These sources of financing include, first of all, which is one of the forms of the price of a surplus product;

The main methods of management and competent use of finance include planning, forecasting, insurance, self-financing, a depreciation system, and so on.

Along with quality management, one of the main tasks is to ensure financial control of the company's work. Its essence is to check the targeted use of the available capital, control the solvency of the company, the implementation of existing plans, and so on.

Qualitative control and analysis of the company's financial activities for (usually, for a year) allows you to establish the completeness of the implementation of the financial plan for total income and for their individual types. In addition, it can draw conclusions on the company's solvency, balance sheet liquidity, real financial stability, and so on.

For the effective use of finance, it is important to optimize the capital structure of the company as much as possible. It must be fully consistent with its direction of activity and requirements. Thus, the ratio of credit funds and risk capital should be at such a level that it receives the expected return on its investments. Sometimes it is easier and more efficient to issue a short-term loan than to drag the company into medium-term or long-term loans for a long time.

Another important point in the effective use of finance is the competent management of the company's production assets, as well as its intangible capital. Here it is important to decide on one of the four methods of depreciation of funds. At the same time, an important point is taking into account the calculated coefficients and their timely adjustment (if necessary).

Most companies aim to reduce the financial risk ratio to a minimum. To do this, they need to solve several problems - to increase the amount of equity capital and reduce the amount of borrowed funds. In this simple way, you can significantly reduce the company's dependence on external sources of financing, make it autonomous and competitive.

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