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<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">finance</journal-id><journal-title-group><journal-title xml:lang="ru">Финансы: теория и практика/Finance: Theory and Practice</journal-title><trans-title-group xml:lang="en"><trans-title>Finance: Theory and Practice</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">2587-5671</issn><issn pub-type="epub">2587-7089</issn><publisher><publisher-name>Financial University under The Government of Russian Federation</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.26794/2587-5671-2022-26-5-60-78</article-id><article-id custom-type="elpub" pub-id-type="custom">finance-1805</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>ФИНАНСОВЫЙ МЕНЕДЖМЕНТ</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>FINANCIAL MANAGEMENT</subject></subj-group></article-categories><title-group><article-title>Коммерциализация управления публичными финансами: современные реалии и организационно-правовая модернизация</article-title><trans-title-group xml:lang="en"><trans-title>Commercialization of Public Finance Management:  Modern realities and Organizational and legal  Modernization</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0003-0320-161X</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Лапина</surname><given-names>М. А.</given-names></name><name name-style="western" xml:lang="en"><surname>Lapina</surname><given-names>M. A.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Марина Афанасьевна Лапина —  доктор юридических наук, профессор департамента международного и публичного права, профессор</p><p>Москва</p></bio><bio xml:lang="en"><p>Marina A. Lapina —  Dr. Sci. (Law), Prof., Department of International and Public Law, Prof.</p><p> </p></bio><email xlink:type="simple">lapinamarina@inbox.ru</email><xref ref-type="aff" rid="aff-1"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0001-8806-9640</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Завьялов</surname><given-names>М. М.</given-names></name><name name-style="western" xml:lang="en"><surname>Zav’yalov</surname><given-names>M. M.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Михаил Михайлович Завьялов —  ведущий специалист-эксперт отдела информационно-правовой и судебной работы юридического управления</p><p>Москва</p></bio><bio xml:lang="en"><p>Mikhail M. Zav’yalov —  Leading Specialist-Expert, Department of Information, Legal and Judicial Work of the Legal Department</p><p> </p></bio><email xlink:type="simple">Mmikl1@yandex.ru</email><xref ref-type="aff" rid="aff-2"/></contrib><contrib contrib-type="author" corresp="yes"><contrib-id contrib-id-type="orcid">https://orcid.org/0000-0002-9232-3960</contrib-id><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Гуринович</surname><given-names>А. Г.</given-names></name><name name-style="western" xml:lang="en"><surname>Gurinovich</surname><given-names>A. G.</given-names></name></name-alternatives><bio xml:lang="ru"><p>Александр Георгиевич Гуринович — доктор юридических наук, профессор кафедры административного и финансового права, профессор</p><p>Москва</p></bio><bio xml:lang="en"><p>Aleksandr G. Gurinovich —  Dr. Sci. (Law), Prof., Department of Administrative and Financial Law, Prof.</p><p> </p></bio><email xlink:type="simple">gurinovich.AG@yandex.ru</email><xref ref-type="aff" rid="aff-3"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>Финансовый университет</institution><country>Россия</country></aff><aff xml:lang="en"><institution>Financial University</institution><country>Russian Federation</country></aff></aff-alternatives><aff-alternatives id="aff-2"><aff xml:lang="ru"><institution>Росфинмониторинг</institution><country>Россия</country></aff><aff xml:lang="en"><institution>Federal Financial Monitoring Service of the Russian Federation</institution><country>Russian Federation</country></aff></aff-alternatives><aff-alternatives id="aff-3"><aff xml:lang="ru"><institution>МГИМО</institution><country>Россия</country></aff><aff xml:lang="en"><institution>Moscow State Institute of International Relations (MGIMO)</institution><country>Russian Federation</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2022</year></pub-date><pub-date pub-type="epub"><day>08</day><month>11</month><year>2022</year></pub-date><volume>26</volume><issue>5</issue><fpage>60</fpage><lpage>78</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Лапина М.А., Завьялов М.М., Гуринович А.Г., 2022</copyright-statement><copyright-year>2022</copyright-year><copyright-holder xml:lang="ru">Лапина М.А., Завьялов М.М., Гуринович А.Г.</copyright-holder><copyright-holder xml:lang="en">Lapina M.A., Zav’yalov M.M., Gurinovich A.G.</copyright-holder><license xml:lang="ru" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>Данная работа распространяется под лицензией Creative Commons Attribution 4.0.</license-p></license><license xml:lang="en" license-type="creative-commons-attribution" xlink:href="https://creativecommons.org/licenses/by/4.0/" xlink:type="simple"><license-p>This work is licensed under a Creative Commons Attribution 4.0 License.</license-p></license></permissions><self-uri xlink:href="https://financetp.fa.ru/jour/article/view/1805">https://financetp.fa.ru/jour/article/view/1805</self-uri><abstract><p>Предметом исследования являются современные реалии коммерциализации управления публичными финансами и возможности организационно-правовой модернизации этого управления.</p><p>Цель исследования —  установление текущего состояния коммерциализации управления публичными финансами, определение возникающих проблем при управлении ликвидностью и долгом государства в совокупности с возможностями и путями их нивелирования и хеджирования рисков посредством организационно-правовой модернизации управления публичными финансами.</p><p>Актуальность научного изыскания и его научная новизна базируются на отсутствии в Российской Федерации фундаментальных исследований текущего состояния управления публичными финансами и факторов его коммерциализации. Отечественная научно-практическая литература затрагивает отдельные аспекты исследуемого вопроса, что не позволяет установить причинно-следственные связи возникновения проблем в ходе управления публичными финансами.</p><p>В основе исследования лежат общенаучные и специальные методы, содержащие в себе элементы сравнительного правоведения, системного анализа, структурно-функционального подхода, критического анализа отечественных и зарубежных фундаментальных научных исследований, содержащих в себе ряд изысканий в области правового регулирования, государственного управления, эконометрики, макроэкономического прогнозирования. Сбор и анализ материала для подготовки научного исследования осуществлялся научной группой с учетом количественных и качественных показателей цитируемости авторов, а также значимости их индивидуальных изысканий.</p><p>В качестве выводов авторами отмечена необходимость хеджирования рисков при реализации полномочий по управлению ликвидностью и долгом как составными элементами макроэкономической политики с устранением фрагментированной организационной структуры органов власти. На основе международного опыта разработан ряд авторских рекомендаций по созданию в рамках организационно-правовой модернизации единой эффективной коммерциализированной системы управления публичными финансами с установлением перспективных потенциальных вариантов развития для обеспечения достижения целей устойчивого развития государства, обусловленных национальными проектами.</p></abstract><trans-abstract xml:lang="en"><p>The subject of the research is a substantive study of the modern realities of commercialization of public finance management and the possibility of its organizational and legal modernization.</p><p>The purpose of the research is to establish the current state of commercialization of public finance management and to identify emerging problems in managing the liquidity and debt of the state, together with the possibilities and ways of leveling them and hedging risks through the organizational and legal modernization of public finance management.</p><p>The relevance of scientific research and its scientific novelty are based on the absence in the Russian Federation of fundamental research on the current state of public finance management and its commercialization factors. The domestic scientific and practical literature touches on certain aspects of the issue under study, which does not allow us to establish cause-and-effect relationships of problems arising in the course of public finance management.</p><p>The research is based on general scientific and special methods containing elements of comparative jurisprudence, system analysis, structural and functional approach, as well as a comprehensive and complete study and critical analysis of domestic and foreign fundamental scientific research, containing a number of studies in the field of legal regulation, public administration, econometrics, and macroeconomic forecasting. The collection and analysis of the material for the preparation of scientific research was carried out by a scientific group taking into account the quantitative and qualitative indicators of the authors’ citations, as well as the significance of their individual research.</p><p>The authors conclude about the need to hedge risks when exercising the authority to manage liquidity and debt as integral elements of macroeconomic policy, with the elimination of the fragmented organizational structure of the authorities. Based on international experience, a number of authors’ recommendations have been developed to create, within the framework of organizational and legal modernization, a unified effective commercialized public finance management system with the establishment of promising potential development options to ensure the achievement of the state’s sustainable development goals stipulated by national projects. </p></trans-abstract><kwd-group xml:lang="ru"><kwd>управление ликвидностью</kwd><kwd>публичные финансы</kwd><kwd>макроэкономическая политика</kwd><kwd>бюджетная система</kwd><kwd>экономическая безопасность</kwd></kwd-group><kwd-group xml:lang="en"><kwd> liquidity management</kwd><kwd>public finance</kwd><kwd>macroeconomic policy</kwd><kwd>budgetary system</kwd><kwd>economic security</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Глазьев С. Ю. За горизонтом конца истории. 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