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Характерно для стран с несбалансированной денежной системой. Удается сгладить текущие разрывы (дисбаланс) между расходами и доходами государственного бюджета. Ценой этого процесса является достаточно
Международный экономический кризис

Набор мер, механизмов по борьбе с бюджетным дефицитом должен быть четко привязан к текущей экономической ситуации.


К основным мерам относятся:

  1. прямое эмиссионное финансирование (выпуск банкнот и различного рода квазиденежных инструментов)

Характерно для стран с несбалансированной денежной системой. Удается сгладить текущие разрывы (дисбаланс) между расходами и доходами государственного бюджета. Ценой этого процесса является достаточно высокие темпы инфляции в государстве.

Контролируемая эмиссия – фактически то же самое, что и неконтролируемая.

Эмиссионный путь – тупиковый: у государства нет стимулов для финансовой стабилизации.


  1. выпуск долговых обязательств. Задача: при сглаженной дюрации – минимальный доход (30 лет, купон 5%). Выгодно для предприятий, так как они практически ничем не рискуют.


  1. кредитование

  2. ЦБ выступает в качестве кредитора Правительства. Очень важно, чтобы кредиты выдавались на рыночных условиях. Иначе это будет кредитная эмиссия. Когда ЦБ кредитует правительство, важно чтобы это был также целевой кредит (ЦБ должен контролировать на что идет кредит). ЦБ – контроль за кредитами коммерческих банков.

  3. Кредиты Коммерческих банков. Берутся, как правило, для осуществления финансирования каких-либо программ в рамках бюджета. Задача государства сводится к удешевлению этих заемных средств. Если рыночная ставка по межбанковским кредитам равна 5%, то государство должно постараться взять деньги на целевые программы под 5%, а лучше под меньший %. Задача ЦБ – дать кредит государству на рыночных условиях.


Финансирование коммерческими банками региональных властей. Как правило, такое кредитование осуществляется:

под залог (ценные бумаги, которые находятся в федеральной и региональной собственности; под государственные гарантии, т.е. гарант – РФ; под гарантии прочих субъектов).  

  1. Налоги:

  • налог на прибыль, подоходный – снижать

  • косвенные налоги – расширять

  • НДС – 15%

  • Налоговая дисциплина.


Тема: Формирование налоговой системы государства.


Налоговая система представляет собой набор налогов, а также некоторый свод правил по их начислению и уплате. Основными «действующими лицами» этого процесса являются:

- государство

- налогоплательщики (юридические и физические лица)

  1. Резиденты – налогоплательщики, зарегистрированные в данном государстве, функционирующие в данном государстве и попадающие под налогообложение и юрисдикцию данной страны.

  2. Нерезиденты – получают прибыль в данном государстве, но попадают под юрисдикцию других стран.


Объект налогообложения представляет собой то, на что начисляется налог (прибыль, оборот, имущество)

Как правило, налоговая система государства строится таким образом, что налоги начисляются либо на доходы (прямые налоги), либо на расходы (налог на продажи, на оборот, на реализацию и т.д.) – косвенные налоги.

В США, Канаде преобладает прямое налогообложение. Во Франции, Италии – упор на косвенные налоги. В Германии грамотное сочетание того и другого.


Структура изменения налогов имеет следующие взаимосвязи:

  1. налоги начисляются в % отношении

  2. существует также так называемый кадастровый налог на некоторые виды имущества (10 рублей за 1 м2, некоторые виды акцизов.) т.е. установление налогов в абсолютном выражении.


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