Modern Financial Instruments for Ensuring Russia’s Economic Development

Abstract

The subject of the study is financial instruments of economic policy that contribute to ensuring the financial sustainability of the country’s development and the formation of the foundations of a new economy.

The purpose of the work is to propose, based on the results of the analysis of existing financial instruments to stimulate economic development, the main directions for their improvement in the transition to a new economic policy aimed at ensuring the financial stability of the country, creating favorable conditions for the development of industry and strengthening the economic potential of the country.

The study establishes Russia’s need to improve financial instruments to stimulate industrial development, implement infrastructure projects and identifies the need for further development of budgetary, tax, monetary and institutional policy instruments.

The positive dynamics of the growth of industrial production and GDP in the country, the expansion of investment activity in the main business areas were noted. The main risks for the national economy are the difficult geopolitical situation in the world, short- and long-term inflation risks, which include demographic problems, unemployment, softening of the budget rule, overheating of the lending market and the weakening of the ruble. Attention is focused on the fact that the main measures of financial instruments should be aimed at solving the tasks of stimulating investments in fixed assets and supporting small and medium-sized businesses, as well as financing import substitution, developing leasing, ensuring the effective functioning of the financial market and supporting lending to the corporate sector. Conclusions are drawn that it is necessary to further improve financial instruments for influencing the economy in the context of its transformation and the sanctions imposed by Western countries.