Modern approaches to the definition of the concept and essence of finance

This article discusses modern approaches to the definition of the concept and essence of finance, proposed by a number of Russian and foreign economists. Various authors, studying the concept, essence, role and importance of finance in ensuring the development of the economy and the social sphere, define the essence of finance as a set of money relations regarding the distribution of the value of gross domestic product, the movement of financial flows, the practice of handling and managing money or the science of money management for a certain period of time.