Theoretical Aspects of Government Financial Regulation: Clarification of Concepts, Classification of Forms, Methods and Instruments

The relevance of this study stems from significant changes in the role of the state in addressing crises, which have occurred with increasing frequency since 2008 — the year of the global financial and economic crisis — particularly in the Russian Federation. The variety of definitions for the term “government financial regulation” found in both domestic and foreign sources has led to a number of theoretical contradictions, hindering the development of this field of study. The aim of this paper is to refine the definition of the concept and to develop a classification of its forms, methods, and instruments. The research applies methods of analysis and synthesis of academic literature, regulatory acts, and mediumterm financial planning documents of the Russian Ministry of Finance. The author clarifies the concepts of “finance” and “government financial regulation”, distinguishes between financial regulation and fiscal, tax, customs-tariff, monetary, and broader economic policy and regulation, and proposes a classification of instruments and their corresponding forms of financial regulation — direct and indirect. A methodology for differentiating these forms and aligning them with specific areas and tools of government financial regulation is also proposed. The article includes a graphical model illustrating the distinctions between financial and economic regulation by the state. The findings can be used by practitioners to improve the efficiency of financial flow management and by researchers to enhance the effectiveness of scientific work in this domain.

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