Modern problems of regional development and directions of reforming financial systems

Deepening of the processes of differentiation of Russian regions in terms of social and economic development, striving for financial autonomy of the regions and municipalities, complexities of State regulation of the economy and the increasing role of indirect methods of macro- and microeconomic processes, both within the country and within specific regions make it extremely important to identify methodological features of fiscal federalism in Russia policy at the current stage. Economic actors exercising their functioning at the regional level, the financial relations are manifested and realized in the financial system. Therefore, there is clearly a need to examine current issues of functioning and development of the financial system, both from theoretical and practical perspectives. In the economic literature, there are two main approaches to the definition of the regional financial system. A functional approach to the definition of the financial system defines it as an estimated sum of financial relations involving the use of funds of funds through appropriate financial institutions. Institutional approach to financial system says it is the totality of financial markets, financial intermediaries, as well as other institutions (including regulatory), used for financial transactions, exchange of assets and risks. We believe that it is more appropriate to determine the financial system of a region as all financial relations arising during the formation, allocation of financial resources, and special financial institutions providing financial management links on the territory of the Russian Federation. The effectiveness of a regional financial system depends on the socioeconomic structure of the constituent entity of the Russian Federation, a radical change in this structure, the development of financial relations in the region, the evolutionary transformation of regional finances that lead to a change of the financial system and its functions. Implementing financial policy of a State that is central to the theory of finance allows to trace the changing realities in the field of financial relations and develop recommendations on stabilizing the financial situation in the region. The weaknesses in the management activities of the Executive Branch of Tomsk Region are caused by a set of factors, part of which is problems with the regional financial management. Today Tomsk Region has come to the point where the regional financial management reform is vital. It is required to create an effective system for planning and monitoring the performance of the executive authorities of Tomsk Region. This system should eliminate negative factors and regional financial system management problems listed in the previous section, that is, provide the necessary regulatory and methodological base for successful implementation of development strategy and program of socioeconomic development.

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