Financial system of the Russian Federation

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The financial system of the Russian Federation is a set of bodies of financial and credit organizations that perform financial activities in the country using funds for this purpose. At the same time, lawyers and economists define this concept in different ways.

In this article, we will try to understand how the financial system is structured. We consider the views of various researchers on this issue.

Economic view of the financial system In the economic literature, the financial system of the Russian Federation is considered a kind of generalizing concept that characterizes the totality of the finances of enterprises of various legal forms, insurance, and the state. At the same time, economists identify elements within these categories.

Thus, the finances of organizations and institutions are divided into funds of commercial and non-profit organizations. And insurance is personal, property, social, risk insurance, or, for example, liability.

But the financial system of the Russian Federation, as already mentioned, is also state finances, in which a special place belongs to the state budget, extra-budgetary funds, and state loans.

Therefore, economists, in their consideration of this concept, do not focus on legislation in this field but on established traditions in its definition.

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

As for the legal literature, its authors believe that the structure proposed by fellow economists is insufficient, as it does not reflect the characteristics of the development of the state in the phase of transition to market relations.
Therefore, the financial system of the Russian Federation from a legal point of view is considered a combination of financial institutions and institutions.

 It consists of the following elements:

  • budget system (federal, republican, regional, regional budget);

  • other centralized and decentralized trust funds;

  • financing of business entities;

  • personal and property insurance;

  • government and bank credit.

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

The structure of the financial system of the Russian Federation, Many scholars, however, prefer a simpler classification of the components of the financial system.

In their opinion, only the budget system should be singled out, which includes budgets of all levels, various state funds, and loans, as well as insurance and corporate insurance. At the same time, they draw attention to the fact that financial activity is inherent in all branches of government and is, in fact, their special job.

Finally, they note that the structure of Russian finances is still in the process of formation.

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