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.docxМІНІСТЕРСТВО ОСВІТИ І НАУКИ УКРАЇНИ
НАЦІОНАЛЬНИЙ УНІВЕРСИТЕТ БІОРЕСУРСІВ І ПРИРОДОКОРИСТУВАННЯ УКРАЇНИ
ЗАОЧНА ОСВІТА
|
Економічний факультет |
Кафедра Фінанси і кредит |
КУРСОВА РОБОТА
з дисципліни
__ «Фінанси»
Тема роботи:Фінансова система України в період глобалізації
Студент Власюк А.М.
(підпис) (ініціали та прізвище)
Група 8
Керівник Доцент кафедри фінансів
(наук. ступінь, вчене звання)
Лабенко О. М.
підпис дата ініціали та прізвище
Київ – 2014
MINISTRY OF EDUCATION AND SCIENCE OF UKRAINE
NATIONAL UNIVERSITY OF LIFE AND ENVIRONMENTAL SCIENCES UKRAINE
Faculty Department
of Economics Finance and Credit
COURSE WORK
from discipline
“Finance”
Theme of work: The financial system of Ukraine in the age of globalization
Student Vlasyuk A.M.
(signature) (full name)
Group 8
Leader Associate Professor of Finance
(scientific degree, academic rank)
Labenko О. М. signature data (full name)
Kyiv – 2014
CONTENT
ABSTRACT
INTRODUCTION
SECTION 1
THEORETICAL ESSENCES OF FINANCIAL SYSTEM
SECTION 2
ROLE OF THE FINANCIAL SYSTEM IN UKRAINE
SECTION 3
CHARACTERISTICS OF MODERN TRENDS OF THE FINANCIAL SYSTEM OF UKRAINE
CONCLUSIONS
REFERENCES
МІНІСТЕРСТВО ОСВІТИ І НАУКИ УКРАЇНИ 1
НАЦІОНАЛЬНИЙ УНІВЕРСИТЕТ БІОРЕСУРСІВ І ПРИРОДОКОРИСТУВАННЯ УКРАЇНИ 1
КУРСОВА РОБОТА 1
Київ – 2014 1
ABSTRACT
In this term paper is a brief description of the main theoretical foundations of the financial system, its component parts and basic mechanism of operation. The theoretical foundations of the financial system.Available analysis of the problems of the financial system of Ukraine.Reveals its role and influence in the country and in particular in the economic structure. We consider policies and financial impact of business development. Characteristic of current trends in the financial system of Ukraine.Deals with recommendations for improving the state of the financial system of modern Ukraine.The analysis of state policy in the field of finance.The process of financial globalization and the reorganization of the financial system of Ukraine at the present stage of its development.The proposed measures to improve the current state of the financial system of Ukraine.
Keywords: finance, financial system, fiscal system, financial authorities, business, destabilization, financial policies, financial globalization, restructuring, stabilization, inflation.
INTRODUCTION
The financial system is the basis for the creation of a financial policy. Reliable financial system is the core of the development and successful operation of the economy, but also a necessary prerequisite for its growth and stability. This system is the foundation that mobilizes savings and allocates society and facilitate its daily operations. It is an effective instrument of public policy.
Given the transition is important understanding the nature and essence of finance and the financial system. The financial system is an important sign of independence, because the topic is relevant today, during the transformation process.
The object of my research is the financial system, its theoretical basis and practical activities. The subject of research is the state of the financial system of Ukraine, the main problems and difficulties of operation.
The purpose of this course paper is to outline the nature and structure of modern financial system of Ukraine and its development trends, key issues that present her as a newly created state, and ways to overcome these problems.
Purpose defines tasks:
Characteristics of the main theoretical foundations of the financial system;
- Identification of the main parts of the financial system;
Consideration of the main section of the financial system - budget system on the example of Ukraine;
The role of the financial system in the country;
To explore the main problem of the national financial system;
Identify current trends in the financial system of Ukraine;
Find out the main principle of development of financial policy.
When writing a term paper used the following sources:
• The Constitution of Ukraine;
• Legislative and normative acts of Ukraine;
• Textbooks and teaching aids;
• Scientific articles;
• Internet - resources.
financial state Ukraine
SECTION 1
THEORETICAL FOUNDATIONS OF FINANCIAL SYSTEM
1.1 Finance as an economic category
Finance is the basis for the formation and operation of economic and social mechanism is functioning mechanism of production and social development. Finances play a desired value for the country and its development. The main reason for the term "finance" - is the need for businesses and state financial resources, which would in turn ensure their activities. Finances are designed to provide the necessary conditions for the process of creation, distribution and use of GDP in the country.
Finance - a set of economic relations associated with the exchange, distribution and redistribution of the cash value of GDP, and under certain conditions and national wealth.
Finance - an economic category, reflecting the economic relationships in the creation and use of funds of funds. They are an inevitable feature of a business organization, and the state. They express a set of national relations by which exercise the distribution of gross social product and national income for the formation and use of funds for the expanded reproduction of the production and social infrastructure and the rise in living standards.
Finance - is the use of different economic techniques to achieve maximum abundance. Finance violation triggers labor and his labor, material and raw materials, finished products manufacturing, service, provides growth potential and intellectual well-being of society as a whole and each person in particular. Finance in the economy like blood in a living organism - their functions are reduced to power their systems. Therefore, the financial system is a factor of integration of all components of the economic system and battery monetary resources for re-cycle production at the same level or even higher.
Finance in the state carry out many important functions. There distribution, regulatory and supervisory functions of finance.
Distribution function describes the distribution of financial resources between regions, industries and different areas of expenditure of enterprises and organizations. Using this function is the distribution of GDP, national income, cash earnings of companies and organizations. The mechanism of realization of the distribution functions of finance involves several stages: primary distribution, secondary distribution and redistribution. Primary distribution is the distribution of value added and formation of primary incomes of participating in the creation of GDP. Redistribution is the creation and utilization of central funds. Secondary distribution is the final stage of completion of the distribution function and involves the use of state funds for development of priority sectors of the economy, social and cultural events, social security, defense, management and so on.
Regulatory function basically works when it is necessary to amend the allocation of financial resources. In one case, the regulatory function has the character of an adjustment of income distribution. In other cases, the regulation is to ensure the stabilization of the economy, eliminate the crisis.
The control function is that with finance can check the status of economic development, the performance of firms and use of cash resources.
In the form of finance has three levels:
• national finances;
• finance companies and their branches;
• Finance population.
Each link in the national financial system has specific objectives and scope of its operation. The material basis of finance is national production.
Finance, like other economic categories have their own specific features:
. Exchange and distribution in nature;
2 movement cost from one subject to another;
. Financial relationships are cash;
. Formation of revenues and expenditures.
Anyway, finances play an important social role because:
) Is closely related to the nature and functions of the State, by their forms and objectives of national development in a particular stage;
2) are specific, uniform relationship between the state, corporations and individuals;
3) is closely related to the existence of commodity-money relations;
) Associated with the distribution and redistribution of the gross national product.
The existence of finance enables the state to form the foundations of financial resources of public purpose as in the centralized and in a decentralized manner.
But we should remember that the current understanding of finance as a cash distribution relations in connection with the formation and use of funds does not reflect all the realities occurring in finance today. Finance essence manifests itself in three different forms of monetary relations: exchange, distribution, formation and use of funds. Thus, there is reason to believe that these forms of monetary relations under certain conditions, have one common essence, which is the essence of finance.
1.2The mechanism of the financial system
Finance is the basis for the formation and operation of economic and social mechanism is functioning mechanism of production and social development.
The financial system - it finances public and private institutions of tangible and intangible benefits, vendors, customers, consumers, relevant economic and legal status, that of a market economy. The financial system is part of the economic system, which determines the form and content of the main economic issues, which arise in the production, distribution, exchange and consumption of economic output.
Financial system for the internal structure denotes the set of relatively obosoblenyh interconnected financial relationships that reflect the specific forms and methods of distribution and redistribution of GDP. For organizational structure - a set of financial bodies and institutions that manage cash flow.
Finance system in Ukraine only 90 years began to emerge as a nation. By the time she was part of a centralized financial system of the former Soviet state and dependent on its financial policy. The nature of the financial system at the time was costly and inefficient. Extensive housekeeping, lack of incentives to work have led to highly unprofitable enterprises. The financial system has shaped consumer psychology manufacturers alienated from entrepreneurial initiatives on the ability to take risks when creating new industries, needs to value of money, resources, calculate the cost of production. Independent Ukraine has to create a qualitatively new financial system that was devoid of all negative limits of the previous one.
The financial system of Ukraine includes financial market, insurance funds, public finance and finance businesses. (Appendix 3)
Financial Markets - link financial system that creates and uses the funds of financial resources in cases where other parts of the financial system can not be effective. Financial market includes money market, credit and securities markets.
Insurance funds play a specific role in the financial system. They are funds set of financial resources, the main purpose of which - to cover losses arising from unforeseen reasons. Insurance funds and reserves - an objective phenomenon in the economy, due to the presence of risks in business and public life.
Prominent in the financial system occupy finance businesses. They serve the creation of GDP - the main source of financial resources. This level includes finance both productive and non-productive areas.
Public finance can be defined as a set of funds of financial resources of national purpose. The basis of the Institutions is the budgets of different levels, that is expressed in monetary amounts schedules of future income and expenditures of the state that make up each year.
The mechanism of the financial system of Ukraine includes strategic and operational management. Strategic management - a common financial management that combines action, designed for long-term solutions to global problems and the development of the financial system. The main organs of strategic management is the President, the Cabinet, Parliament of its committees and commissions on relevant issues. Operational management - financial management, which is a set of measures designed based operational analysis of the financial situation, financial planning, control and regulation, and implementing financial plans. The main operational management is the Accounting Chamber, the State Tax Administration and tax police, the local council elections and the Ministry of Finance.
1.3 The budget system as the main link structure of the financial system
The main parts of the financial system is a budget system, which depends on the organizational form of government and, as a rule, consists of state and local budgets. The relationship between the state and local budgets are based on the unity of the budget system and fiscal policy. The structure of the budget system is determined by the Constitution of Ukraine. (Appendix 4)
The budget is the main financial plan creation and use of state funds. The state budget focus a significant portion of national income.
The budget system consists of two parts:
• revenue;
• expenditure.
The first part provides an accumulation of funds through a system of taxes, the other - the distribution of accumulated funds to productive, social and public needs.
Instruments for public revenue side of the budget is the tax system. The tax system is the basis for the state budget. It is in order to form the state budget State pursues a policy of taxation and use of accumulated funds for various public purposes.
In 2012, the State Budget of Ukraine received 346 025 500 000. UAH., Which is 10 percent more than in 2011. The largest revenues in 2012 were (Annex 1):
value added tax (fee). Compared to 2011 tax revenues increased by 8.0 percent;
income tax. Compared to 2011 income tax decreased by 1.3 percent;
excise tax on goods made in Ukraine excisable goods. By 2011, tax revenues increased by 7.7 percent;
own revenues of budgetary institutions in the state budget for 2012 is 6.1 percent more than in 2011.
Expenditure side of the budget determines social and public needs. Expenditures of the state budget allocated for the development of the economy, social and cultural areas of the state defense, the maintenance of public administration and others. The total amount of expenditures Ukraine for 2012 by 18.1 per cent over the corresponding figure of 2011.
The budget is inseparable from the country's existing institutions, which form a certain institutional environment that determines certain financial - economic relations which arise as a result of the state and of the market mechanism. State, directing activities to improve basic institutions of economic development, thus creating conditions for the formation and implementation of effective fiscal policy. An important factor is the quality of the institutional environment. The institutional framework of fiscal policy as an essential part of government regulation is an effective tool for social and economic development.
Given that the budget is one of the main instruments of state regulation of the economy, the establishment of effective fiscal system is a prerequisite for economic development. Mechanism of the scope and structure of revenues and expenditures is an important component of fiscal adjustment to ensure the full development of society. The purpose of fiscal policy is to ensure an appropriate level of socio - economic development of society, taking into account a balance of public finances, which is implemented through the institutions budget management, public financial control.
If you talk about the budget system of Ukraine, of course, are features that characterize directly or indirectly finance or financial system. The legislation is considered a budget plan for the formation and use of financial resources in the legal field - legal act, the main financial plan of the State or a local community, in economic terms - cash fund. In any case, every time you can draw a straight dependence budget to finance.
Summarizing the above, we can say that the budgetary system of Ukraine inherits almost all the main features of the financial system of Ukraine, namely:
1) provides a centralized fund financial resources for the tasks and functions
undertaken by public authorities,;
2) is involved in the redistribution of the gross national product;
3) matters arising in the budget system of Ukraine are regulated by financial laws.
The budget system of Ukraine is part of the financial system. Undoubtedly, this axiom in the scientific world is already installed. However, that, and the other all the time are in continuous evolution, play a significant role in the development of society, make meaningful impact on the social, cultural, economic, and moral development. The changes that are underway in Ukraine's financial system, require special attention and a clear understanding of all the legal and economic categories that literally are fundamental to the functioning of the financial system of Ukraine as a whole and its component - the budgetary system of Ukraine - in particular.
SECTION 2
ROLE OF THE FINANCIAL SYSTEM IN UKRAINE
1 The role of the financial system in the economic structure of the country
Impact of the financial system for the development and structure of the economy and directly on the economic structure of ability. The financial system is the basis for the creation of a financial policy. Fiscal policy - a set of financial (distributive and redistributive) measures implemented by the government through the financial system.
The financial system determines the direction of the state both within the country and outside. The state actively influence the economy through financial methods: financial planning, operational management, financial control, maintenance and regulation. Using financial methods, the state can regulate the rate and proportion of individual industries. It uses the first tax mechanism. Providing tax incentives, it increases the own funds of enterprises, enhance their financial capacity.
Through adjusting the rate of development of certain sectors of the economy, the government may create a favorable investment climate to attract external funding and resources of the banking system and the public. Favorable investment climate can be introduced, in particular by granting privileges to import, create offshore areas, techno, special economic zones, etc..
Public finances as part of the financial system in a market economy is one of the most powerful instruments to influence the rate and proportion of economy and social sphere. Mobilizing revenue to the budget, the state affects the financial capacity of business and citizens using objects of taxation, tax rates and exemptions for taxation. With budget, special economic zones, which significantly affect the acceleration of regional economic development. However, most of the budget affects the rates and proportions of economic development by funding social spending and science. This budget is funded training, health care, environmental protection and so on.
Great importance in the financial system of Ukraine played centralized and decentralized funds purpose. These include: Pension Fund, Employment Fund Conversion, State Innovation Fund, extrabudgetary funds local councils and others. In Ukraine today there are over 350 different extra-budgetary funds. They have a significant influence on the development of the country. These funds contribute to the localization of negative social manifestations in society, help citizens make some retraining and more.
Fund Conversion and National Innovation Fund affect the economy by funding innovative projects, creating new industries and technologies, forms of economic activity.
The important role played by the state insurance and reserve funds. Reforming the economy implies the emergence of a large number of business entities interested in protecting their business, property and income from various negative consequences and unforeseen situations. It was at this time becomes significant development of insurance business and above all the types of insurance that almost did not develop earlier.
Effective functioning of each of the components of the financial system of the state is possible only if a clear legal regulation of their interaction and if they complement each other. For example, if shortcomings in the financial activities of business organizations, their losses are reduced revenues to the budget system, central budget funds, insurance and reserve funds. This reduces the financial capacity of the state, causing the budget deficit. The budget deficit may lead to higher inflation and public debt, which has a negative impact on the activities of all financial market participants.
Similar interdependent both negative and positive variations can be many. It is important in this case in a timely manner to predict and develop measures to their localization. Then the financial system vidhravatyme not only a significant role in the state, but also effectively and positively affect the development of the country as a whole.
2 Analysis of financial authorities in improving business efficiency
Entrepreneurship is an important factor in the development and efficient functioning of the economy. Of particular importance is the small business, especially during the transition to a market economy. It appears in promoting economic competition, economic restructuring, formation of a new social class business owners, which is a social basis of economic reform and ensure social stability and guarantee the irreversibility of movements in the market.
Today Ukraine has a lot of problems in small business development, and therefore it does not become a significant development and not presents its development. Therefore requires the active state financial support of small business in the following areas:
• direct public funding and financing of small businesses;
• establishing tax benefits;
• state guarantees for loans to small businesses;
• encouraging support for the sector of small enterprises on the part of business organizations: banks, insurance companies and corporations.
Significant among the areas of government support takes enterprise restructuring. Restructuring of the company can be defined as a set of financial, economic, organizational and legal measures to upgrade the enterprise structure and management, finance and production, the legal form of business that allow to improve the financial and economic relations company to ensure effective use of its potential and increase its market value. Restructuring - is changing, relationships and build the facility, but does not change its nature.
Key positions in the concept of restructuring of the company is to update, improve financial and economic relations, the creation of added value.
Place of enterprise restructuring in the financial system is determined by the main objectives, principles and activities of a financial nature, which in general terms are:
• Improvement of internal economic relations and financial decentralization of financial responsibility;
• reorientation of motivation and evaluating the performance of value on appraisals;
• Creation of strategic prerequisites for raising capital in foreign markets;
• increase the level of concentration of capital businesses;
• ensuring the formation of value added by the restructuring;
• improving financial relationship between the company and the owners, creditors, competitors, government;
• Formation of the financial and economic reserve to prevent a hostile takeover.
On behalf of the financial impact on businesses engaged in various financial bodies. The system of financial heads the Ministry of Finance. It is responsible for the financial situation of the state, development and implementation of financial policies. The Ministry of Finance responsible for monitoring, audit, verification of financial and economic activities of all government organizations, institutions and enterprises.
Among the agencies that manage some parts of the financial system are also State Treasury Service, State Tax Administration, State Audit Service, the Accounting Chamber.
Treasury established to ensure full and timely implementation of the State budget, ensuring effective management of the budget, improve the financing of expenditures within available budget resources. The State Treasury shall be entitled to audit financial and accounting documents; stop funding the budget of enterprises, institutions and organizations; certainly withdraw previously granted in order Funding Budget and others.
State Tax Administration organizes tax collection and enforcement of tax legislation. Notable among the tasks and functions of the State Tax Service holds currency regulation and currency control, namely control calculations within the trade turnover, reporting of currency transactions, declaring currency values and other property transactions in currency values that require an NBU license. The tax authorities are entitled to apply for financial sanctions violators. In order to monitor foreign exchange transactions, the Tax Authorities can carry out scheduled and unscheduled inspections conducted on entities, their branches, and other units; individuals who have the status of entrepreneurs.
State Control and Revision Service specializes in the audit. It conducts audits of financial-economic activity of enterprises and public sector organizations. In 2009, it was approved the Strategy of the State Control and Revision Service until 2015, which defines specific steps the Service of the main directions of its activity in terms of reforming a system of internal control. The strategy outlines the main objectives of its areas of activity:
1) The main purpose of inspection is to ensure detection and documentation of violations signs of fraud;
2) The main goal of centralized internal audit - increasing its effectiveness as a tool for assessment of legal and rational use of public resources;
3) The main goal of harmonization of internal control and internal audit is to ensure the effective functioning of the internal control and internal audit in public and utilities sectors.
These bodies are designed to detect deviations from established standards to assess their impact on economic activity, to determine the reasons for their occurrence. They provide state financial control, which is designed to minimize or reduce the negative effects of abuse-related finances. In this area there is not enough thought copying Western experience, including use in public financial management market methods, leading to a narrowing of the scope of financial control. A decentralization of the economy, which led to the deterioration of state control. Foreign practice proved that decentralization gives a positive result when it is accompanied by increased control.
Weaknesses of the supervisory authorities is the lack of a clear methodological framework of checks. In practice, the most commonly used revision, although preliminary control performs important preventive function, but it is not widely used. The main problem of financial control is that they fix the violations, while they need to anticipate and prevent.
Thus, we see that every organ of the financial system of Ukraine exercises its influence on the development and support of business activities. Financial authorities may provide various benefits to enterprises to make decisions for their funding, they monitor, audit, checking their financial activities and so on.
An important condition for achieving long-term goal of sustainable development is pidpryyeynytstva policy to stimulate investment activity to improve the competitiveness of the country. Reliable Institute active state investment policy may fund Ukraine.
Analytical and exploratory task.
To support businesses, enterprises provides favorable policies to attract investment. As a result of 2012 enterprises and organizations of all patterns of ownership from all sources of funding utilized 263.7 billion. UAH capital investment, which is 108.3 percent in the corresponding period of 2011.
The leading of investments were construction, transport and communications and mining industry with agriculture. Least attracted investment finance, health care and area hotels and restaurants.
Minister said that compared to 2011 the volume of investments in industry increased by 7%, which is primarily due to an increase of 29.2% investment in the development of the mining industry and 5.5% in manufacturing business and distribution of electricity, gas and water.
The main source of funding for investments still remain funds of enterprises and organizations. They mastered in 2012, 59.2% of capital. The share of bank loans and other loans in the total investment is 16.1%.
Figure. 2.1 Number of assimilated investments by 2012
In Ukraine there is government support. Government support - any state measures financial support economic activities that create advantages for the latter and having monetary value. The main recipients of public assistance are the coal industry, energy and trade in drugs. Approaches to assist companies in these sectors allowed only kept "alive", but do not create incentives for effective development.
Feature of state support individual businesses and economic activities in Ukraine is that the terms of its provision does not belong to the demand for the restoration of follow-up enterprises without government assistance. The purpose of government support should be to ensure that in the medium term to reduce their dependence on public assistance.
3 The main problems of financial sector
With the advent of independence of Ukraine there was a significant number of pressing problems. All the problems of the newly formed state associated with the Soviet centralized socialist economy that existed in the country for many years and left a significant imprint on her condition. The formation of Ukraine's financial system occurred simultaneously with the formation of the state. While it is premature to say that this sector has acquired a complete image, its main elements are somehow formed and operated.
The financial system of Ukraine in recent years has undergone significant changes, but many of them had the appropriate reflected in legislation. This is the main problem of Ukraine's financial system. Ukraine needs a clear legal and administrative foundations of financial management area. This means that all the functions and mechanisms of such control should be fully governed by the laws and relevant regulations. It is clear that public funds should be allocated and spend only with adequate legal authority for it.
In Ukraine there is financial instability. The whole experience of the organization and financial management in a socialist centralized economy was unfit for market. Obviously there was the inability to predict financial performance and efficient use of their financial resources. Today, businesses have 25-30 percent of all financial resources of the state. These heavily on a lack of experience and skill on the part of management personnel to use them effectively are financial destabilization factor in the state. However, we must take more effective and efficient measures to strengthen payment discipline and responsibility of businesses for timely settlements and contractual obligations.
An important problem of the financial system is inefficient functioning budget system. Creating an effective budget system is almost the main objective of the Ukraine. It should cover the actual problems of the budget process, the structure of revenues and expenditures, fiscal deficit and its financing methods. Although in recent years and there have been some positive changes, the budget process is still characterized by a lack of transparency, significant parallelism and lack of a clear division of responsibilities and powers between the legislative and executive bodies.
Needs improvement budget revenues. The overall level of taxation, the rates of taxes, their number and the tax base should gain stability. The revenue side of the budget should provide mandatory and uniformity in taxes all legal and natural persons. Improving the mobilization of revenues to the budgets requires a change in approach to provide benefits to some taxpayers.
Excessive overload current tax law plenty of benefits leads to all sorts of distortions in economic conditions of various business entities and unjustified from an economic point of view, the redistribution of income.
The difficult situation in insurance is one of the urgent problems to solve. It should take decisive measures for its development and transformation into a reliable tool market relations. Now need scientifically based concept of insurance.
Thus, we can conclude that these problems of Ukraine's financial system can not be eliminated without a structural policy exercised even direct administrative measures, including a reduction in military production and costs and rationalization of industrial investment, abundant financing through equity and private capital, wide attraction of foreign investments and the reduction of public funding. It is necessary to break the monopolistic structure of the economy. It is important to complement the measures that will eliminate the state budget deficit, stabilizing the exchange value, and create conditions for healthy competition. There is a need for a consistent policy of optimizing the tax burden and reducing shadow economy, decentralization of funding basic tasks of the state. In this case, the problem will be overcome.
SECTION 3
CHARACTERISTICS OF MODERN TRENDS OF THE FINANCIAL SYSTEM OF UKRAINE
1 State policy in the field of finance
In each country, the specific methods of financial policy depend on historical conditions, the level of economic development, national traditions and the factors other. The current policy of Ukraine in the field of finance in great extent determines the grave condition of the economy, as a result of prolonged financial crisis. For many years our country was part of the Soviet Union, and it had a big negative impact on the current situation in Ukraine in general, and the financial system in particular. Modern interpretation of the essence of finance, is usually the most common interpretations of definitions Soviet era that characterized the nature of Soviet finances. All the contradictions of the Soviet theory remain relevant to this day.
The economic situation in which Ukraine was in the early 90's, was perhaps the most difficult of all post-socialist countries. As the economy experienced exacerbation of the crisis processes. Made some mistakes in economic policy, ignored the specific conditions of the market economy transformation Ukraine.
The most important task today in politics in finance include:
• to balance budgets;
• optimization of the budget deficit;
• gain control over the spending of budget funds;
• use in budget planning social standards and norms;
• reduction of grants and subsidies from the budget;
• strengthen the revenue base of local governments;
• improving intergovernmental relations;
• improvement of wages in the public sector.
Politics in finance is of great importance in the life of society. Depending on the nature of activities i of time for which they are calculated, rozriznyayut following concepts: financial strategy and financial tactics.
Financial strategy - a basic areas of finance in the long term. Examples of strategic objectives are: the introduction of its own monetary unit, of privatization, overcoming inflation i fall in production.
Financial tactic aimed at solving problems of separate development phase i is the variation of forms of organization of financial relations. A striking example of financial tactics is to improve the tax system, providing privileges to individual taxpayers, territorial redistribution of financial resources through the budget system.
State policy in the field of finance manages to mobilize funds. Distribution of funds is also an important financial areas of the state. It was during allocation clearly traced priorities of public policy and its relationship to the functions of the state.
An important concept in determining state policy in the field of finance is the concept of stability of the financial system. Generalizing understanding of sustainability - the ability to store some system properties and characteristics unchanged. However, it is difficult to characterize its individual parameters.
The stability of the financial system - is a state of dynamic financial system, in which the effect of any shocks to the financial system does not prevent it provide efficient reallocation of financial resources in the economy, the functioning of the payment system.
With finance and policy in the field of finance, strategy and tactics which varies depending on the nature and direction of the ruling economic doctrine, carried multilateral regulatory effects on the market economy and increase its population.
This policy aims to achieve progressive social and economic development and financial stability, balance revenues and expenditures.
Fiscal policy affects the consistency of socio-economic interests of modern society, and the role of financial policy with the development of the international financial market is growing. Drawing up an effective financial policy - a process that is constantly going on, taking into account the historical features of development.
.2 The process of financial globalization
The main trend of system transformation modernity recognized globalization as an objective and comprehensive process and the most important characteristic of socio-economic relations. Globalization as a phenomenon characterized qualitatively new phase of internationalization of economic life.
Significance for the manifestation of globalization was financial globalization, which refers to the free and efficient flow of capital between countries and regions, the functioning of the global financial market, the formation of supranational regulation of international finance, global implementation of financial strategies of multinational corporations (MNCs) and transnational banks. At the present stage of development of the world economy in international finance have become the main driving force of globalization.
Ukraine has joined the comprehensive globalization. Evidence of accelerating financial globalization is highly dynamic and rapid growth in currency and yevrovalyutnyh markets, bank deposits in foreign currency involved in the international financial market assets, total resources of institutional investors.
The main engine of globalization is the market participants. This - banks, financial institutions, stock exchanges, governments, central banks, media, borrowers, investors and producers of information technology. Banking institutions as the main actors of the financial market opening branches and representative offices as the leading financial centers to perform the functions of borrowing, lending, investment, and in developing countries.
All market participants interact with each other, influencing each other as well as on the development and future of the most important factors of financial globalization. These factors include: institutional and international capital flows, the modern theory of portfolio management, professional participants, financial innovation, liberalization and deregulation of markets, competition, search for new profitable opportunities for growth capital, free movement of capital, competition for access to capital, information technology, standardization of financial products, the amount of savings.
Consequently, financial globalization - the process of integration into a single global system of the totality of international financial relations and national financial markets and their subsequent conversion into a single international financial center. Financial globalization means combining the financial resources of countries with different levels of economic development and stability of financial systems, its causes are objective processes of social development.
Financial globalization has positive and negative effects and consequences. Typical positive effects of financial globalization:
• high capital mobility;
• reducing the deficit of financial resources in the world;
• increased competition in domestic financial markets;
• versatility of the financial market;
• high international standards of professionalism in the management of financial flows;
• computerization and informatization.
However, along with the positive effects of financial globalization and accompanied by certain negative phenomena such as high capital mobility; less stability of national financial markets; dependence of the real sector of the world economy from monetary component; restricting access of individual participants on the world financial market. As a result, the benefits of financial globalization, resulting from reduction and elimination of barriers between national financial markets are unevenly distributed. Receive the greatest benefit developed countries, particularly the United States, whose leadership in the process of financial globalization, in the development of standards and mechanisms beyond doubt.
At present the negative effects of globalization were most acute for the banking system, the economy and social sector in almost all countries. Banking crises are inextricably linked with the deepening of globalization and the growth of the overall market is not stable. Today there is poor control of the global financial system due to falling confidence in the rating agencies, the growth of speculative capital and so on.
3 Reorganization of Ukraine's financial system as a factor stabilizing the financial system
In terms of the transformation of the economy, Ukraine requires significant restructuring of the financial system in order to achieve stabilization. The central problem of the present and future financial stability in Ukraine is inflation. Despite repeated statements about the importance of fighting inflation, we can not say that in practice the task for the government is a priority.
Negative social and economic effects of inflation forcing governments of different countries to pursue policies aimed at strengthening the national currency. Price stability in any economy is key. Instability of prices in the economy causes many negative effects as well (and most importantly) - increases uncertainty in decision making for all economic actors. Here are some possible negative effects of currency weakness and associated price volatility and inflation:
distortion of price signals and inefficient allocation of investment;
- Increase price instability and inflation itself. Outcome inflation volatility - uncertainty for all market participants. That is, it is difficult to sort out what is the reason for the change of base prices - inflation or change the general supply and demand;
increasing the flow of resources from production to financial services;
imbalance prices for credit;
distortion of accounting, financial contracts, the tax system and the real price of stocks in the economy;
loss of price competitiveness of the economy;
money loss function measure of value;
increase the overall economic, social and political instability.
Thus, it is necessary to achieve price stability as the primary task of the Central Bank to ensure sustainable economic growth. Under price stability means not zero price, and their constant slight increase, ie, compliance with low and stable inflation.
The main steps that are carried out in Ukraine on the path to price stability are the following.
Amendments to the Law of Ukraine "On the National Bank of Ukraine", which is defined price stability as the main goal of monetary policy;
- Increased efficiency of communications between the National Bank of Ukraine and the economic agents.
But the complexity of the situation is that the anti-inflation policy in Ukraine is not be reduced to only indirect economic levers. The fact that in Ukraine, together with the general laws, the major cause of inflation can be considered unique imbalances in the economy that occurred as a result of the administrative-command system. Soviet economy has been characterized by long development mode of war, and as a result, excessive military spending share in GDP, a high degree of monopolization of production, distribution and monetary system and other features. These trends are currently in Ukraine.