Financial policy and stabilization: The case of Russia

Abstract

The article looks into the state financial policy and, in particular, its most important component at the modern stage, the budget policy. A brief review of the main problems and the Russian financial policy development prospects is presented in the article. Practical tasks of the Russian economy, anti-crisis stabilization and the transition process to the innovative models of the Russian Federation’s economic development are also analyzed in this article. It is impossible to implement the proposed priorities without a balanced and reasoned financial policy carried out at all levels of the administration without a budget regulation as a catalyzer of the required processes. The main tendencies to form income, expenditures and the Russian Federal budget balance management for the ongoing and perspective period are singled out. Consequently such a detailed factor analysis of the dynamics of the receipts from budget-forming taxes is necessary to be conducted. To increase the budget operational effectiveness it is necessary to widen the application of the treasury support of state contracts and to develop a state financial control system.