A financial system and principles of its construction
The concept "financial system" covers set of relations on the basis of which corresponding funds of money resources are formed and used, and also the bodies organizing these relations.
In narrow sense the concept "financial system" is treated as set of financial establishments of the state.
In foreign sources the financial system is defined as system of the financial markets and other institutes used for the conclusion of financial transactions, an exchange of actives and risks.
According to criterion of classification of a financial system, proceeding from the intrinsic characteristic of the finance, their place in socioeconomic processes, the financial system will consist of three parts: sets of financial relations; sets of funds of money resources; financial management personnel.
According to functional criterion as functional subsystems of a financial system it is possible to name such, as tax, budgetary, external economic, etc.
On the basis of subjects of the finance - participants of financial relations can be differentiated a financial system on the following parts: the nation-wide finance, the finance of managing subjects, the finance of the population (domestic economy).
The following principles are put in a basis of construction of a financial system: a combination of centralism and democratism in the organization of a financial system; observance of national and regional interests; a principle of unity of a financial system; a principle of functional assignment of separate components of a financial system.
On the basis of the main function of a financial system - effective distribution (accommodation) of financial resources - is possible to deduce 6 base or key functions of a financial system (at more common level of the analysis): maintenance of ways of moving of resources in time, in space; maintenance of ways of management with risks; maintenance of ways of clearing and realization of the calculations promoting trade; maintenance of the mechanism of association of financial resources and divisions of possession in the various enterprises; supply by the price information; maintenance of ways of the decision of a problem of stimulation
Concept of the financial market
The leading place in system of economic relations borrows{occupies} the financial market, which in structure of other markets (the market of means of production, the labour market, a commodity market and services, etc.) is a base element of market economy.
The financial market - extremely complex system, in which money and other financial actives address independently, irrespective of the manipulation of the real goods. This market operates with diverse financial tools, is served by specific financial institutions, has the ramified and various infrastructure.
In the Kazakhstan economic literature the financial market is represented as the economic relations connected to movement of the monetary capital in different forms and securities.
In opinion of the Russian scientists, the financial market is a mechanism of redistribution of the capital between creditors and borrowers by means of intermediaries on the basis of a supply and demand on the capital.
Foreign economists define the financial market - as the market where there is an exchange of money, mobilization of the capital and granting of the credit. Besides at definition of concept the financial market market relations on an exchange of money first of all emphasize, mobilization of the capital and granting of the credit.
Thus, the analysis of sights of domestic and foreign scientists - economists shows, that studying of the financial market probably is extreme within the framework of the expanded treatment of a financial system, and, hence, and the finance, with inclusion of the monetary, credit, currency markets, the market of capitals, a securities market.
In the legislation capacious enough definition of the financial market is given. According to article 1 of the Law of Republic Kazakhstan « About state regulation and supervision of the financial market and the financial organizations » (July, 2003) under the financial market is understood « set of the relations connected to rendering and consumption of financial services, and also release and the manipulation of financial tools ».