Finance

Эффективность механизмов стабилизации национальных валют мерами валютной политики в странах БРИКС и перспективы сотрудничества в валютно-финансовой сфере Vasyukov E.A.

In recent years, during increasing instability of the global economy, exchange rate policy has come to play a key role in maintaining macroeconomic equilibrium. The study of its effectiveness in the BRICS countries is becoming especially relevant, where differences in the phases of economic development and the asynchrony of economic cycles create a unique environment for comparative analysis. The central banks of these countries use a wide range of tools – from direct interventions and interest rate regulation to administrative restrictions and derivative transactions – to stabilize exchange rates and stimulate economic growth. In this regard, the goal of the research is to develop recommendations for bringing countries closer together in the monetary and financial sphere. In addition, the importance of coordinating exchange rate policies within BRICS, expanding the use of national currencies in trade and investment, and developing joint financial institutions is growing. The study analyzes the key instruments of the BRICS exchange rate policy and their impact on the volatility of national currencies, and also performs a SWOT analysis of the exchange rate regulation practices of each state. In the context of asynchrony of economic cycles, it has been shown that currency stability largely depends on the ability of central banks to quickly combine direct interventions, derivative transactions, interest rate changes and administrative measures. Quantitative estimates confirm that such an integrated approach reduces short-term fluctuations and forms the basis for long-term macroeconomic stability. The analysis showed that the most effective mechanisms for stabilizing currencies in the BRICS countries are comprehensive measures combining interventions, derivative transactions, interest rate changes and administrative regulation. The examples of China, India, Brazil, South Africa and Russia confirm that the flexible and timely use of these instruments can significantly reduce volatility and accelerate the recovery of exchange rates after external shocks. The SWOT analysis revealed that the high adaptability of currency policy and the variety of measures applied compensate for vulnerability to global risks. However, in the context of growing geopolitical instability and technological challenges, the key areas of development remain strengthening coordination within BRICS, expanding the use of national currencies and digitalization of the financial infrastructure. This will increase the stability of monetary systems and create the basis for sustainable economic growth in the long term.

Проблемы налоговой политики России с учетом анализа эффективности проводимой налоговой политики Sultygova M.B. , Tarasova E.S.

The relevance of the presented research is determined by current trends and challenges facing the economy at both the national and international levels. The state's tax system is one of the key instruments of state regulation of the economy. Through taxes, the state forms a budget to finance public services and infrastructure projects, and also influences income redistribution, stimulates or hinders the development of certain sectors of the economy. Modern economic realities, characterized by a high degree of globalization and technological change, require constant adaptation of tax policy to new conditions, which makes research in this area especially relevant. An effective tax policy capable of creating a stable financial base and ensuring internal economic stability is a tool for protecting the country's economy from internal and external threats. Studying the impact of tax instruments on the level of economic security of the state will make it possible to identify weaknesses in existing regulatory mechanisms and develop measures to increase the sustainability of the national economy. The dynamics of tax legislation, changing in response to internal and external economic challenges, requires scientific understanding and the development of modern approaches to the formation of tax policy. Thus, the research topic is conditioned by the need to increase the efficiency of public administration through the improvement of tax policy, which, in turn, directly affects the economic security of the country and the stability of its development in a changing global economy. The object of the study is the tax policy of Russia, and the subject is the relationship between the mechanisms of tax policy and ensuring the economic security of the state. The purpose of the study: to analyze and evaluate the effectiveness of Russia's tax policy; to identify the problems of Russia's tax policy and their impact on economic security. To achieve this goal, the following tasks have been set: to consider the dynamics and distribution of tax revenues, to characterize the revenue structure of the consolidated budget of the Russian Federation, and to analyze the dynamics of the tax base. As a result of the research, the main problems of tax policy that have a negative impact on the Russian economy have been identified. In conclusion, it is noted that tax policy has a dual impact on the economic security of the country. On the one hand, the growth of tax revenues to the budget allows the state to increase financing of infrastructure projects, social programs and develop priority sectors of the economy. On the other hand, an increase in the tax burden contributes to the displacement of some businesses into the illegal sector or a reduction in business activity, which leads to a decrease in the transparency of the economic environment and competitiveness.

Management

Economics