Home  Journals  Financial Analytics: Science and Experience  6(288) - 2016 February

The financial management mechanism in the constituent entities of the Russian Federation

Vol. 9, Iss. 6, FEBRUARY 2016

Article PDF Version

Received: 10 August 2015

Received in revised form: 11 January 2016

Accepted: 25 January 2016

Available online: 19 February 2016

Subject Heading: MONITORING OF ECONOMIC PROCESSES

JEL Classification: G30, G32

Pages: 50-66

Importance The financial position of most regions is insufficiently stable, thus requiring more targeted and structured identification of components of the financial management mechanism at the level of regional authorities.
     Objectives The research analyzes, systematizes and studies the structure of the financial management mechanism and its components at the level of the Russian regions so to enhance the use of resources in the public sector. Having scrutinized periodical materials, scientific publications, I made my own summary and provided an approach to the structure of the financial management mechanism at the regional level.
     Methods Using methods of comparative analysis, systematization and summary of scientific sources, I made an attempt to align components of the financial management mechanism at the level of the Russian regions.
     Results The creation of the financial mechanisms requires an information platform and a versatile system of regulatory, legislative and accounting data. The system will contain information on financial flows, forecasts on their possible fluctuations, final data on their effects.
     Conclusions and Relevance To consistently address the disparity in regional financial flows, it is necessary to develop a hands-on approach to applying the new mechanism for managing financial flows in the Russian regions and adapting methodological projects to local development in new circumstances.

Keywords: financial mechanism, budget, financial management, region, Russian Federation, public sector, economy

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