Importance Notwithstanding scientists sufficiently examine aspects of public finance management, financial mechanism, financial system fundamentals and principles of the State financial policy, there is still a lack of researches, which would pursue adapting the formulated theoretical and methodological concepts to contemporary life and its realities. Objectives The research pursues examining conceptual approaches to formulating the State financial policy theoretically and methodologically. To reach the objective, the following task should be met: to discover and substantiate theoretical and methodological aspects of articulating the concept of financial policy, State financial policy; identify strengths and weaknesses of scientific schools of finance; substantiate and prove it is necessary to accentuate scientific approaches of the State financial policy methodology and the need to improve it; identify the specifics of examining the State financial policy from perspectives of foreign and scientific schools. Methods The research systematizes scientific publications, researches by the Russian and foreign scholars, and presents a comprehensive evaluation of regulations on strategic development and public finance management. Results I accentuate the key areas for improving the methodology of the State financial policy, i.e. developing a set of activities and steps to implement a mechanism for strategic planning and a system for monitoring the efficiency of performing State programs, long-term and federal special-purpose programs of the regions' economy; formulating the balanced development of budgetary, fiscal and investment policies considering the existing circumstances and their improvement under negative factors of macroeconomic volatility; articulating a strategy, objectives and tasks, programs for attracting investments in the region's economy in order to ensure the balanced development and production diversification. Conclusions and Relevance I conclude that financial volatility requires improving and adjusting the priorities of the State financial policies aimed at developing effective measures and efficiency of its implementation in the long run.
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