Economic policy instruments. Institutional basis of economic policy Administrative instrument of economic policy impact on the economy

Economic policy- is a set of certain measures taken by government authorities that contribute to the implementation of various economic decisions at the macroeconomic level. Carrying out economic policy the state is aimed at achieving certain goals that play an important role for society. The main directions of economic policy depend on the economic state of the state at this moment. These economic directions should be the basis for decision-making. With any method of government influence on the country’s economy, there is a desire to achieve economic goals quickly and at the lowest cost.

The implementation of economic policy is possible only with the implementation of coordinated and correct measures and actions that create a system of state influence on the country’s economy. The influence of the state on the economy is contradictory. This impact can have a positive effect on the market mechanism, such as resolving economic disputes and protecting property rights, or a negative one. The negative impact can be seen in the imbalance in the market mechanism and the emergence of contradictions. Many countries prefer a mixed type of economy, in which there is little government influence (for example, tax and monetary policy, anti-monopoly measures) with little interference in the market mechanism.

Methods of direct and indirect influence

Typically, experts identify several types of classification of ways to conduct economic policy by the state. These classifications depend on the characteristics by which the definition is made. Methods for implementing economic policy are divided into measures of indirect and direct impact on the state’s economy.

Direct influence methods are a method of government influence in which economic decisions must be based on regulations of the legislature or government. Such methods include tax law, transactions related to the state budget and others. The main advantage of direct impact methods is the speed and accuracy in achieving results. The disadvantage of such methods is considered to be a violation of the free operation of the market mechanism, which as a result can lead to a violation of proportions in the macroeconomy.

Indirect influence methods mean that the state cannot directly intervene in the economic system. The government can set the boundaries of economic decisions and create regulations that will remind them that when making decisions that affect the economy, it is best to comply with economic policy directions.

The main advantage of indirect influence is the absence of interference in the market mechanism, which does not create a violation of proportions in macroeconomics. Disadvantages include the long time it takes to perceive and implement government decisions and policy results.

Administrative, economic, institutional methods

One of the important classifications of methods of government influence is the classification according to organizational and institutional criteria. The main types of classification include administrative, institutional and economic methods state policy.

Administrative measures are based on the legal infrastructure. Administrative methods are aimed at ensuring and maintaining a stable legal social environment, protecting the competitive environment, protecting property rights, maintaining the possibility of free economic choice and so on.

Administrative measures are divided into prohibitive, permissive and compulsory measures.

Economic measures represent the impact of the state on the economy using certain levers. These measures include the influence on the formation of supply and demand, the level of budget centralization, the formation of economic structures and foundations.

Economic measures include monetary (financial) policy (especially fiscal policy), macroeconomic planning and economic forecasts, monetary policy (monetary policy).

Institutional methods of influence include such state influence, which ensures the development, maintenance and emergence of the main institutions of society. Such institutions include the institute of law, the institute of property and others.

The set of instruments used in economic policy is almost identical in modern market economies. But the specific set of these instruments differs across countries, even if they set themselves identical goals and solve similar problems.

The problem of choosing economic policy instruments is much more complex than it might seem at first glance. This is due not only to the aforementioned compatibility and incompatibility of many targets and tools, but also to the fact that some tools can simultaneously affect multiple targets, often in opposite directions. Thus, the strengthening of the ruble exchange rate helps reduce inflation in our country and make imports more accessible (with expensive ruble foreign goods are becoming cheaper in Russia), improving the position of Russian capital exporters (they can buy more foreign assets for the same amount of rubles), but at the same time leading to a deterioration in the position of Russian producers (prices for their goods at Russian market become less competitive compared to the prices of foreign goods sold here) and Russian exporters of goods (their products at foreign markets becomes more expensive when converted to foreign currencies). In addition, the influence of some instruments may be unpredictable, and (or) it may appear later (delayed effect), as happened, for example, in Russia after the reduction of the main rate of the single social tax(went mainly to the Russian Pension Fund) with 30% of the fund wages(i.e. from total amount expenses of a company or organization for remuneration of its employees) up to 26% in 2006, resulting in Pension Fund the deficit began to grow rapidly (it is covered from federal budget) and this tax was renamed to insurance premiums with the prime rate increasing again to 30% from 2011. Finally, some instruments may weaken (or neutralize) the impact of other instruments. An example would be those created in Russia in the last decade state corporations with their often monopoly position in a particular industry and sphere, and at the same time the increasingly active antimonopoly policy pursued in Russia.

IN market economy instruments of monetary and fiscal policy are most actively used, and primarily to ensure economic stability, especially to smooth out cyclical fluctuations.

Object of regulation monetary policy stands money market and, mainly, the money supply and the interest rate. Monetary policy is most often carried out by the country's central bank, as a rule, together with the Ministry of Finance (Table 4.2).

Table 4.2

Monetary policy of the Bank of Russia

* REPO (English) repurchase agreement ) – transactions for the sale of securities with the obligation to repurchase them through certain period but at a pre-agreed price (direct repo) and transactions for the purchase of securities with the obligation to resell at a pre-agreed price (reverse repo).

The main instruments of fiscal policy include budget expenses(for example, government procurement and social transfers) and budget revenues (mainly taxes). Based on the way they influence the economy, fiscal policy instruments can be divided into discretionary policy instruments (for example, legislative change values ​​of government purchases, tax rates and transfers) and automatic (built-in) stabilizers (see above). The latter are instruments whose value remains unchanged, but the very presence of which (being integrated into the economic system) automatically stabilizes the economy, stimulating business activity during a recession and restraining it during overheating. Automatic stabilizers primarily include income taxes(especially progressive ones) indirect taxes(primarily value added tax), unemployment benefits, poverty benefits.

Built-in stabilizers do not eliminate the causes of cyclic oscillations, but limit their scope. Therefore, built-in stabilizers are usually combined with discretionary fiscal policy instruments aimed at ensuring full employment resources. One of the features of built-in stabilizers is that they turn on (and turn off) automatically, i.e. they are characterized by the absence of a time lag, but their effect is short-term in nature. As for the effect of discretionary policy instruments, it is longer in time, but at the same time it is characterized by the presence of a lag due to the need to make a legislative decision on changing fiscal policy.

Let us repeat that the state, as a rule, uses a set of different instruments (a package of measures), which is most effective in the conditions of a particular country, but may not work at all or work worse in the conditions of another country. In addition, in economic policy there is a constant danger of the government being slow to respond to changed economic conditions that require a different set of instruments, but this happens with a delay due to the lag between the political decision to change the policy and its implementation.

1.2 Methods and instruments of state economic policy

The implementation of economic policy involves the use of a set of measures and instruments that form a mechanism of government influence on the economy.

Classification of economic policy methods:

1. Direct measures. These methods assume that economic entities do not make decisions independently, but according to the instructions of the state. Examples: tax law, rules in the field of depreciation, budgetary procedures for public investments.

2. Indirect impact measures. The essence of these methods is that the state does not directly influence the decisions made by economic entities. It only creates conditions for economic entities to independently choose economic decisions that correspond to the goals of economic policy.

There is another classification of methods for implementing economic policy based on organizational and institutional criteria. This approach distinguishes: administrative, economic and institutional methods.

Administrative measures. The set of administrative regulatory measures is provided by infrastructure. Main function administrative measures is to ensure stability based on the law of the situation in society: maintaining property rights, protecting the competitive environment, providing opportunities for free choice and economic decision-making. Administrative measures, in turn, are divided into measures of prohibition, permission, and coercion.

Economic measures. Economic measures include government actions that, with the help of economic levers, in contrast to coercive measures, influence market relations. These measures mean various methods of influencing aggregate demand, aggregate supply, degree of centralization of capital, social and structural aspects of the economy.

Economic measures include:

Financial policy, including budgetary and fiscal policy;

Monetary (monetary) policy;

Economic programming and planning;

Forecasting.

Institutional measures. Institutional measures involve the creation, maintenance and development of certain public institutions. In this case, “institution” is understood as a verbal symbol to better describe a group of social customs. The presence of institutions means the existence in society of a prevailing and stable way of thinking or acting, which has become a habit for certain social groups or custom for the people. Examples: “institute of law”, “institute of property”.

Within the framework of fiscal (fiscal) policy, direct action measures include changes government spending. Government spending finances the public sector, the social security system, and purchases are made on the market for resources, goods and services. Government spending shows the share of the national product that goes to the joint use of all segments of the population. They have a great influence on the dynamics of GNP. Measures of economic influence within the framework of fiscal policy should include the policy of changing taxes (types, rates, collection procedures).

By regulating capital investments, the state influences the pace and proportions of social reproduction, using financial and monetary mechanisms. Investments are made both from the state budget, local budgets, and through private investment, which is stimulated through tax benefits.

As part of monetary policy, the state influences money supply. The state can have a direct impact on interest rate, and thereby - on the investments of enterprises and consumption of the population. Through investment and consumption government regulation influences the volumes and dynamics of GNP. Monetary policy has a major impact on inflation. One of the areas is a system of anti-inflationary measures, which may include the policy of income regulation, since it is aimed at regulating the money demand of the population and organizations.

Social policy includes a system of income indexation, the establishment living wage. It is aimed, first of all, at implementing certain programs to help the poor. Social policy covers such areas as education, medicine, culture, assistance large families, regulation of relations in the field of employment. Policy in the field of foreign economic regulation includes state trade policy, management exchange rate, tariff system and non-tariff measures state regulation externally economic activity.

Each of these instruments of government regulation plays a role and complements the others. The system is effective only if it is applied comprehensively and its components do not contradict each other.

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Purpose of studying the topic

Understand the features of the institutional foundations of the state’s economic policy.

Main questions

1. State institutions of economic power.

2. Institutional factors of state management of the economy.

3. Institutional and legal support for the transformation of the Ukrainian economy.

Program annotation

Institutionalism as a challenge of the times. The increasing role of institutional factors of economic development. Transformation of the meaning and role of personal factors of production. Methodological aspects of institutional factors of economic development. Institutional approach to the study of economics. Institutional aspects of the transformation of the post-socialist economy. Modification of state functions under the influence of institutional factors. The mechanism of influence of institutional factors on economic policy. Relationship economic relations and legal principles. Institutional and legal support for the transformation of the Ukrainian economy. Economic strategy and tactics. Choice economic model development of Ukraine.

State institutions of economic power

The transition from directive economics to market fundamentals management and analysis of the main directions of institutional transformations proves that in both the first and second cases, state regulation of these processes is extremely necessary. Moreover, we're talking about on the formation of new institutions and changes in the state power. their functioning must be analyzed in market relations, and the influence of the state must be through certain institutions: state property, government regulation, social institutions, control of the non-state sector of the economy, the state budget, regional budgets, foreign economic activity. The analysis involves identifying positive and negative signs of influence on the economy, as well as the grounds and conditions for the formation of new institutions of power - state or mixed forms of existence.

Based on the fundamental position on the role of the state in the modern economy, it should be considered that the state has its own institutions through which it exercises its economic power. Such institutions include:

o the institution of state ownership, constitutes the public sector of the economy and provides guarantees for its own entrepreneurship;

o the institution of state regulation of the economy, which extends its influence to non-state structures in a single mechanism with market regulatory levers;

o institution of control, including the non-state sector of the economy;

o Institute of the tax system and fiscal policy, concentrates the state budget; municipal governments, which exercise economic power through a chain of command;

o institution of municipal (regional) government;

o Institute of Foreign Economic Activity;

o Institute of Social Sphere;

o the institution of political and ideological power, which provides both the legal field of economic power and the ideological interpretation of the political and economic actions of the state;

o the institution of information - at least that which monopolizes certain information.

The legitimacy of this approach should be recognized at least in the fact that in fact the power of these institutions is quite tangible. Firstly, the growing influence of the state on modern economic life cannot be denied, which even the neoclassics do not deny. Secondly, along with signs of strengthening the regulatory role of the state, the entrepreneurial activity state, which today is not limited only to so-called public goods. Thirdly, political power in Lately, including in Ukraine, is increasingly interfering in economic life. Fourthly, foreign economic relations are increasingly subordinate to the state as almost the only body for their regulation and control.29 Each of these areas of economic activity of the state in modern conditions acquires institutional status. This position can be represented by a diagram (Fig. 4.1).

Rice. 4.1.

The figure shows that the actions of the state in various areas of the exercise of its power may indicate the formation of certain institutions that increase their importance on the way to post-industrial society. Let's try to consider in more detail these institutions of economic power of the state.

First institutional unit- the public sector of the economy, on the basis of a formational approach, the historical logic of the creation of state property and the expansion of its scope are considered, and on the basis of a civilizational approach, the content of modern concepts of state property and its further evolution towards the formation of corporate property are revealed. It should be added here that state property realizes itself only within the public sector of the economy.

The formation of a public sector institution in Ukraine can be monitored for the following reasons. Firstly, a genetic reason, since the previous economic structure was formed on the principles of almost complete nationalization. Secondly, the reverse process of rejecting the economic role of the state at the initial stage of the transition to market economic relations. Thirdly, the simultaneous destruction of even those state institutions that, by definition, should be state.

However modern development economic systems requires increasing centralization of resources and their management, at least according to the needs of the country’s national and economic security, its defense capability, a sustainable social sphere, and increased economic efficiency. It is these processes that manifest themselves in the need to ensure the operation of predictive levers and weakening economic crises, smoothing out the cyclical nature of economic development, eliminating so-called “market failures”. The main purpose of the existence and functioning of the public sector of the economy should be socio-economic efficiency and improving the well-being of the population.

Thus, the existence of the public sector of the economy can be recognized as an objective process of our time, since, firstly, the influence of the market environment on the public sector is inevitable, and secondly, the development of the public sector should occur in the direction of forming a system of education, healthcare, culture and art, social insurance etc., thirdly, the monetary and tax systems, budgetary and fiscal policies are mainly the prerogative of the state, however, market relations leave their mark on them. Thus, the peculiarities of the functioning of the public sector in a market environment are determined both by the presence of a two-sector structure of the national economy and by global experience in the activities of state-owned enterprises and other public institutions.

The institution of state power as regulation of the economy is considered based on the fact that the fact of combining state and market levers in a single mechanism for regulating the economy is proven. The main task regulation is to establish proportionality and balance of economic development. Since in modern conditions such a balance can only be achieved through the coexistence of the market and state economic policy, it should be noted that the state should preside in this, since it is the state that belongs to create an institution of power that would be able to quickly respond to problems that certainly occur in economy and find ways to overcome them.

If an institution, by the accepted definition of a set of formal, fixed in law, and informal, fixed in customs, traditions, boundaries (frameworks) that structure the relationships of individuals in the economic, social and political environment, then it is precisely the set of methods and levers for regulating the actions of economic entities from the outside states can be considered a certain institution. And since we are talking, on the one hand, about the economy (the object of regulation), and on the other, about the state (the subject of regulation) in a certain way, then this is the state institution of economic power.

The exercise of state control in both state and non-state sectors of the economy is a proven fact. This can be evidenced not even by the presence of control bodies in all countries of the world, but by the objectivity of their functioning in market conditions management. Ukraine has developed a certain system of state control over activities various fields economy, which is carried out by several specially created bodies with their own powers.

The state institution of the social sphere can be viewed from the point of view that every society requires the so-called social regulation, which is usually understood as ensuring social justice and social security of the country's population. In a circle of directions government activities in this area it is necessary to include such main ones as providing every able-bodied member of society with a place of work and decent wages, and care for the disabled population.

The obvious and unique institution of economic power of the state is the state budget. It is a complex that absorbs the correlation of interests of various social strata of the country’s population, since state budget expenditures perform the functions of economic, social and political regulation of public relations. The main goal budget policy by definition is the stabilization, consolidation and adaptation of economic policy to changing conditions. Based on this, the specific goals of the budget expenditures should be to provide social budget items that are designed to mitigate the significant differentiation of social strata of the population by income; subsidies individual areas economics; expenditures on the country's defense capabilities; optimal provision of administrative and managerial apparatus; expenses related to compensation of internal and external government debt. The revenue side of the budget is also important, the main instrument for filling it is taxes. The fiscal policy of the state, which should, on the one hand, ensure financing of public expenditures, on the other hand, serve as an instrument for regulating the economy, that is, it is at the same time a mechanism that significantly influences the behavior of all subjects economic activity. Any state pays careful attention to the country’s tax system. Significant role plays a mechanism for the relationship between fiscal and transfer policies, built on the basis of the budget, in the redistribution of GDP in order to increase the efficiency of the entire national economy.

Further analysis of state institutions of economic power reveals another of them - municipal (local, regional) power. The question of whether it can be considered should be decided depending on how the system of its subordination to the central authorities is built and how the system of local self-government is built. If local authorities have a fairly wide range of their own actions regarding the regulation of the region’s economy, then it really turns into a certain institution of economic power.

One of the main factors influencing the status of municipal authorities is financial resources, which it can dispose of in the region. Today, disputes continue over what part of the resources accumulated by the region should be transferred to the state budget and what part should be left in the region. They are being fought precisely for the fact that local authorities can become an institution of economic power. The calculations should be based on the place and role of a particular region in the country’s economy. Thus, if we consider state institutions of economic power as a whole, then we should not exclude such of them as municipal authorities, even when it does not yet constitute an institution, but it is just being formed.

The foreign economic policy of a state can be considered as an institution of its economic power under any conditions - the existence of a state monopoly on it or its replacement only by state control. The fact is that almost everything state levers influence on economic process countries significantly influence their foreign economic relations, in particular tax system, changes in the discount rate, investment benefits and the like. Firstly, the investment climate in the country depends on them; secondly, export-import operations should contribute to the production of domestic goods and services, the movement of national capital, and the effective use of scientific and technical products; thirdly, customs policy, which should be aimed at the socio-economic feasibility of foreign economic relations.30

The question arises about information resources. Researchers of this problem believe that already now those who own information and telecommunication technologies are acquiring the ability to control the entire society. Therefore, the role of the state is significantly increasing, at least in such main areas as attracting material, financial and human resources to information production; legislative regulation all questions related to information; development of international information exchange and cooperation. So it can be assumed that in this direction a separate institution of economic power can be formed.

The last component of the proposed scheme of state institutions of economic power is political power and state ideology. Let us recall that the question of the relationship between economics and politics is one that has been discussed and is still being discussed in economic theory, at least regarding what is the priority here. Can these connections be represented in such a diagram (Fig. 4.2)?

Rice. 4.2.

It has been proven that the economic life of the country is impossible without a certain political organization of society, which is embodied by the state. However, the effect of objective economic laws cannot be canceled by any legal acts of one state or another - the latter is capable of either facilitating the creation of the conditions for their action, or restraining this process.

Thus, the problems of state institutions of economic power have been considered and provide grounds for the following conclusions. In modern conditions of development of a national economy of a market (mixed) type, the problem of economic power is relevant. In the structure of its institutions, the power of the state acquires the main importance, has its own institutions for the exercise (realization) of economic power, and corresponds to the process of formation of the institutional economy and its socialization. This approach to the analysis of the economic power of the state revealed its following institutions, such as the public sector of the economy, its state regulation, state control, social sphere, state budget, municipal authorities, foreign economic activity and customs control, informatization of society, political power.

Each of these institutions of economic power of the state has a different impact on the socio-economic situation of the country, but they all interact. Government sector and state economic policy have a more significant influence on it than local authorities.

The state budget should be considered the most significant institution of the state’s economic power, since it is it that acts as an effective mechanism for the redistribution of GDP in the interests of developing the entire national economy and increasing the living standards of the country’s population. The basis of this mechanism is the optimal balance between fiscal and transfer policies of the state. Significant impact on national economy, its structure and trends are carried out by political power. The political power of the state is based on the relationship between the ACTION of economic laws and the subjective actions of the government, and acts in the system of economic power of the state as its separate institution.

- This

Economic policy of the state

In state economic policy, two directions can be distinguished:

1) structural – the use of such methods of influencing the economy as governmental support industries that are particularly important for the development of the entire economy of the country, production of public goods, privatization, promotion of competition and limitation of monopoly.

2) stabilization– fiscal and monetary policy.

MONETARY POLICY(monetarism) is a policyindirect regulationamount of money in the economy. Carried out through Central bank. Monetary policy instruments - setting the discount rate, setting the norm required reserves and open market operations.

The founders of monetarism are David Hume (England, 18th century) and Milton Friedman (USA, 1976 - Nobel Prize in economics).

BUDGET AND TAX (FISCAL) POLICY- This direct administrative influencestate on the economic life of the country. The main tool is taxes and expenses.

Founders – John Keynes (England, 1883-1946)