THE PRIORITIES IN STATE REGULATION OF MONETARY AND FISCAL POLICY UP TO 2020
( Pp. 41-46)

The need to discuss the draft of two key policy documents in the field of public Finance of the Russian Federation, defining the main directions of monetary [1]., tax and customs policy[2] for 2018 and the period 2019 and 2020 predetermined the necessity of this article. The focus of the work is on the need for and the implementation of the planned reforms is extremely relevant for the Russian financial system. Similar discussions on the course of public or international financial policy arise in foreign countries, for example among European economists [4, pp. 1-9]. The authors of this article set a task to discuss the peculiarities of the mechanisms of implementation of the directions of reforming the monetary and tax policy of the Russian Federation proposed in the above two program documents in modern conditions. When considering the problem of assessing the feasibility and efficiency of the mechanisms for implementing the planned reforms in the financial sector of the Russian Federation are: qualitative analysis methods used in the economy, such as the method of expert evaluations and the method of scenario development, as well as quantitative analysis methods - comparison and economic and mathematical modeling. The method of expert assessments is involved in the discussion of the feasibility of reforming the monetary and fiscal policy of the Russian Federation. The method of scenario development is used in the construction of scenario models for the implementation of the proposed program documents of new instruments of public financial policy. Methods of quantitative analysis are used by the authors in describing the economic conditions in which the directions of reforms will be implemented. Methods of economic and mathematical modeling are used as a formalization of scenario models for the implementation of the planned reforms in the field of taxation of economic entities and regulation of the banking sector. It is shown that the planned measures in the sphere of inflation targeting will reduce its adverse impact on the Russian economy. Assumptions are made about how measures to stabilize the tax system will make the conditions for the functioning of the business more predictable. Examine how tax incentives to encourage the participation of economic entities in government programs, will not only effectively implement these programs, but also to enhance performance of economic entities. The time frame of the study presented in the publication covers the medium term of 2018-2018. It allows to be convinced of correctness of the made assumptions soon, and to see results of application of new tools of regulation of tax and banking activity, or on the contrary to disprove them having seen the factors which are not considered by authors of this article. In this regard, the materials presented in the article can be used to make forecasts in the areas related to financial activities: economy and social sphere. Practical application can be expressed by the authors of the considerations of the need to take into account the subjective and psychological factors and measures to adapt the concept of «tax expenditures» when implementing them in the budget process of the Russian Federation in modern economic conditions and the current legal regulation of public (state) Finance. The words of support for the strengthening of state protectionism , partial deprivation, further reducing inflation and the tax burden on business, expressed by the authors of the article, are aimed not only at improving the efficiency of financial relations in the budgetary sphere, but also at solving such important social problems as unemployment, increasing wages and real incomes of the population. The article is an original research, reflecting the opinion of the authors about the features of the formation of monetary and fiscal policy of the Russian Federation and the mechanisms of its implementation on the basis of the planned reforms in modern conditions. The presented work can be useful for scientists and practitioners involved in the study and creation of modern high-performance instruments of public financial policy and their implementation in the financial system.

Olga S.P., Bondarchuk N.V., Melnik M.S., Viktor D.O., (2018), THE PRIORITIES IN STATE REGULATION OF MONETARY AND FISCAL POLICY UP TO 2020. Economic Problems and Legal Practice, 2 => 41-46.

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inflation, monetary, inflation targeting, price stability, the interest rate, economic growth, scenario planning, fiscal policy, customs-tariff policy.