Dear reader!
We present to you the new all-Russian scientific and analytical journal “Financial Economics.” It replaces the regular collection “Current Issues of Market Economics,” which began publication in 2003. A comprehensive analysis of its publications over the past years reveals that you, dear reader, are primarily interested in a range of issues that, with a certain degree of conventionality, can, in our opinion, be briefly described as financial economics.
However, this may raise the question: is there such a thing as a non-financial economy? And if not, then can we rightly refer to financial economics as a substitute for economics proper, which, as we know, also includes financial aspects?
The answers to these questions are far from straightforward. In both theory and practice, economics in general and financial economics in particular are not synonymous; they are not usually equated. Each of these terms carries its own meaning and possesses independent content.
Incidentally, this approach has been cultivated in Western countries for decades without question. It has also begun to gain ground in our country. This is particularly true in education, with the implementation of the Bologna process for personnel training. In particular, many universities in the country, instead of (or in parallel with) economics majors, offer courses in Economics, which, among other programs, includes a Master’s program in Financial Economics.
As stated in the relevant standard, this program provides the opportunity to acquire modern knowledge in the areas of financial and credit relations, accounting and auditing, investment planning, and insurance.
It offers a range of specializations. For example, one of them – accounting and auditing – provides for the study of the theory of economic analysis, the theory of accounting and general auditing, the tax system, management and international accounting, financial analysis, the specifics of accounting for foreign economic activity, accounting and auditing in trade, audit of insurance organizations, banking audit, accounting and auditing in budgetary organizations, audit of investment projects; another – computer financial analysis – investment design, where a large proportion of such courses as project analysis, financial mathematics, the securities market, project management, enterprise restructuring, project risk analysis, audit of investment projects; the third – finance and credit – is represented by disciplines related to the activities of banks and other financial institutions, including: accounting in banks, securities, banking management, etc.
However, the field of financial economics is not limited to these areas. It is associated with the processes of generating, distributing, and using financial resources to achieve goals at the macro, meso, and micro levels. In the latter case, for example, this involves stimulating enterprise development, strengthening its financial position, and ensuring efficient operations. Financial economics involves finding sources of cash flow, determining asset requirements, and building an effective cost and financial resource management system. In this sense, financial economics is inextricably linked and intertwined with financial management.
Financial economics is also closely linked to the development of modern financial policy, as a clear understanding of its content, the ability to quickly respond to changes in the external and internal environment, such as the emergence of a crisis, and knowledge of the strengths and weaknesses of financial policy are essential for the effective functioning of the core element of the economic process.
All aspects of the activities of both state and municipal financial bodies and enterprises (production, the ability to improve the material and technical base, human resources management, etc.) depend on the construction and organization of the financial economy.
Financial economics can be understood as a set of financial and economic relations in the sphere of finance and the financial activities of individuals, various economic entities, the state, and its agencies under conditions of limited resources. It presupposes the effective use of a variety of financial instruments in a market economy.
To summarize, financial economics is a discipline that underlies the study of budgetary, tax, monetary, banking, insurance, the securities market, accounting and auditing, investment planning and design, their functioning in various sectors of the national (global) economy or individual regions, as well as other conditions of financial support for production.
It is with this understanding of financial economics in mind that the editorial board intends to address related issues. Dear reader, the ultimate goal of this publication is to satisfy your interests in comprehensive coverage of the aspects raised, which is entirely achievable with your active participation!
Sincerely,
Editor-in-Chief
Professor M.Kh. Gazetdinov