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The scientific work is devoted to the current state of the Russian financial system. The first part of the study provides empirical data on budget revenues and expenditures as a macro-legal institution in characterizing the state of the Russian financial system. In the second part — new vectors of legal regulation of the financial market — an attempt is made to resolve the academic dispute about the core consolidation of state and municipal borrowing from the position of goal-setting of the financial market.
T. S. Anisiforov (Fri,) studied this question.