AbzhanovaA K, Master of Finance,
Senior Lecturer
Kostanai
State University by Akhmet Baitursynov
ECONOMY AND EFFICIENCY AS AN IMPORTANT CRITERION STABILITY OF THE FINANCIAL
SYSTEM OF KAZAKHSTAN
Reliable financial system as the
core of successful socio-economic development of the country itself requires
great attention to all aspects of its effective functioning. No less important
now is to create preconditions and criteria for the effective functioning of
the financial system of Kazakhstan based on a positive result to achieve the
ultimate goals. The main question about the effective use of financial
resources in the country, on the assessment of financial opportunities
available to implement the decisions taken in numerous programs. Hence
theoretical elaboration on the effective functioning of the financial system in
terms of financial relations against the backdrop of global crisis requires
attention and remains on the agenda of discussions. That is why I would like to
emphasize that one of the references to the notion of "efficiency" [1]:
- Create an effective oil and gas and mining industries;
- To create a modern and efficient housing managers; most effectively
transform the natural wealth of our country to sustainable economic growth;
- The establishment of effective education and health systems;
- Increasing accountability, effectiveness of the state apparatus, more
effective social policy; need new effective mechanisms to equalize
socio-economic conditions in the regions;
- Now a public servant should show its effectiveness and to ensure a good
result.
As can be seen, the emphasis on
"efficiency" includes a large load of meaning, and in real life,
people's actions are designed to provide returns performance. In our opinion,
from the standpoint of theoretical, methodological and practical aspects of the
problem and the "economy", "criteria" and
"indicators", to justify the methodological approaches to the
measurement and evaluation of the effectiveness of all areas and businesses in
the markets on the basis of a single criterion for determining the
effectiveness of the essence and scorecards, considered as a way of expressing
its quantification. Using conceptual and categorical apparatus of the theory of
efficiency in relation to the functioning of the financial system as a
centralized regulatory system of the state in using money, finance is very
important.
In economic theory,
different approaches to the definition of efficiency. Actually effective means
effective, giving the best results required, means that the
"efficiency" - a concept denoting the effectiveness of any system's
functioning. Some economists have noted that" efficiency is not nothing
like getting a certain result per unit of resources used". Further, the authors note: "to achieve great
results at the lowest cost. Prerequisite of effective management is
anticipating growth outcomes compared with production costs, due to which these
results have been achieved" [2-3]. This suggests that the efficiency is derived specific concept that depends
on four basic categories of economic "resources" and
"expenses", "result" and "effect". These concepts
are presented in a scientific and practical everyday life of human activities,
primarily production. Study the essence of their content and relationships in a
modern market economy requires further elaboration. Radical changes in the
management of economic processes, the formation of "new economy" led
to the evolution of the concept of economic efficiency [2].
Current approaches
to evaluating the effectiveness not only require the determination of the level
of efficiency of resources used, but also indicators that characterize the
current cash flows (financial indicators), the ability to attract future cash
flows. In practice, the transition from resource to assess the effectiveness of
cost management, and fundamental to improving efficiency is the ability to
increase the value of the business by means of increasing its capitalization.
"Observed that the" resource approach maps certain effect, acting as
the final output, with capital (resources), that is, excluding the quantities
consumed resources [3]. This option considers the efficiency of the economic
system as the ability to use the potential to achieve economic goals.
The
meaning ofeconomic efficiencyis to maximizetheir achievementspendresources
(inputs), and therefore the effectiveness-a form
ofperformance, the effectiveness of the economic
system-the final form ofthe effectivenessof its functioningand
efficiencyadvocatesway to achievethis goal.
Next, a comparison
is the concepts of "efficiency" and "economy", it is worth
noting that these concepts are similar, but fundamentally different. Economics,
like any system, on the one hand is characterized by efficiency (fitness
indicator system to the tasks for which it was created), and completely new -
economy (total cost of all the resources at its establishment and operation.)
In this respect, our
views on the efficiency and effectiveness of both the different characteristics
makes sense. Efficiency of the system cannot be expressed in money (expressed
in money economy system). Consequently, in terms of money GDP, ND, VP, GNP, GPs
cannot be used as a criterion for economic efficiency. Rightly effectiveness cannot
be expressed in value terms, its criterion - qualitative side, and in the
social sphere - improving people's lives. Social efficiency - the highest level
of efficiency and synthesis, but not the only one. Economy cannot be effective,
and efficient - uneconomical. In this regard, it is appropriate to highlight
the concept of "efficiency" and "effectiveness" as the
criteria for stability of the financial system of Kazakhstan. It is known that
the criterion in Greek means an indication on the basis of the classification
of the object of research, the measure evaluation judgment.
In relation to the
effectiveness of a sign - a measure, which is determined based on its
condition, that is qualitative aspect of content, activity in the market
conditions, but at the same time as the measure of effectiveness should express
quantification. For example, performance audit is an inspection of the
implementation of a specific program for its compliance with the formal
requirements of the economy, efficiency and effectiveness. Performance Audit
allows developers to various programs to understand how it really works. An
assessment of budgetary efficiency - relative measure of the effect on the
budget as a result of the exercise of public functions, program implementation,
project investment, defined as the ratio of cost to the budget outcome [4].
Thus, based on the
methodological approaches to understanding the effectiveness and objectivity of
recognizing the category "finance" as the basis for the existence of
the financial system, is interesting enough to turn to its effective functioning
at the present stage. From various points of view the financial system - a set
of financial units to ensure that the State exercise their political and
economic power, the totality of the financial and economic institutions, each
of which mediates the fund of funds.
Set of financial institutions of
the state is defined as a set of financial relationships used in the framework
of the socio-economic structure by which formed, distributed and used purses
and accumulation, as well as the aggregate network of relevant financial and
tax organizations and other entities that manage these relationships.
Considering the
definition of the financial system from different perspectives, we note that
the conductors of financial processes in the face of financial institutions
have increased institutional responsibility to society. In the structure of the
financial system of Kazakhstan mainly (but not basic) link is the state budget,
which is closely connected with other parts of the financial system, playing a coordinating
center and provides them with the necessary assistance in the form of budget
subsidies, subventions, subsidies, guarantees, providing a more or less normal
functioning other links of the financial system. Rightly noted that
"allocated by the state budget resources should have a positive effect on
quality of life, and every tiyn (tengy) from the budget should be used
purposefully.
1. minfin.kz. - Methodology
Department budgetary procedures of the Ministry of Finance of the Republic of
Kazakhstan
2. Iskakova Z. Financial Academy.
// Finance of Kazakhstan, in 2013. - № 3 (27) in March