부산대학교 도서관

In the context of the deteriorating economic situation in Russia in 2013-2014 with apparent decline in industrial output and volume of investments, the research in a wide range of issues related to the country’s economic policy becomes especially relevant. Financial policy is the most active area of economic policy and it constantly draws an extremely great interest among experts and researchers. Based on the theoretical study and critical analysis of practice, the paper reveals a number of contradictions between the declared goals of financial policy and the actual situation. It suggests to take measures to limit the growth in retail lending. The author concludes that fiscal policy needs to be reformed and tax move proposed by the Government of the Russian Federation does not meet global challenges. For example, it is crucial to revise VAT to eliminate problems of unmanaged refunds and tax on personal income; transition to a progressive scale of taxation is long overdue. In conclusion the author notes that there are still possibilities to use financial policy to build a new model of economic growth but we should not expect quick miraculous solutions: it is a long painstaking work to ensure financial stability as a basis for economic development.