This article examines the financing of GDP growth within the framework of catch-up, evolutionary and dynamic models of economic development. Methods/statistical analysis: using the principles of the Solow model and the Cobb-Douglas function, an analysis of the nature of the models has been carried out, considering the processes of capital accumulation, the rate of growth of the workforce, and various aggregate factor productivities. With the help of historical logic and statistical evaluation, examples of countries relating to each of the models examined are reviewed. Based on the analysis, the main ways of financing economic growth are noted: both the state ones, due to budgetary and monetary policy measures, and private ones. It has been proven that with the transition from catch-up to an evolutionary or dynamic model, the role of the state as a centralizing force is diminishing. At the same time, the specificity of a dynamic model is due to the country's objective ability to be among the technological leaders, which is predetermined by the high values of current GDP, per capita GDP, and population size. Countries with an evolutionary model of development are constrained in their ability to maintain a comparable pace of development only within separate "growth points". The main result of the work is the assessment of Russia's potential from the viewpoint of one of the models considered, based on a comparative analysis of several capital indicators, as well as a logical analysis of data on the level of GDP and population with other countries. This makes it possible to make recommendations for financing the country's GDP growth in the medium to long term. Scope/Improvements: The findings can be used in the development of Russia's financial and economic strategy up to 2030.

This article examines the main integration trends of the state's monetary and fiscal policy in influencing economic growth and maintaining the sustainability of public debt. It is argued that the relationship between these trends of macroeconomic regulation is predetermined, on the one hand, by the potentially negative impact of fiscal expansion from the point of view of inflation, and by the negative impact of a likely state default in failing to refinance the debt from the Ministry of Finance, on the other hand. The paper studies the selected array of statistical data using the fiscal policy multipliers concept, the relationship between the effect of increase/decrease in budget expenditures, the slowdown in economic activity and the efforts by the Central Bank to offset fiscal measures, on the one hand, and the ratio of an increase/decrease in budget revenues and debt expenditures used to finance the budget investments, on the other hand. It is revealed that the investments are effective if implementing budget expenditures in the presence of the GDP gap and unrealized expectations of economic agents, while reducing spending in such a situation will intensify the recession. The GDP growth determined by these investments should provide the tax effect sufficient to cover the expenses. Otherwise, there can be negative effects of debt that establishes the need for measures to refinance public debt by the Central Bank. The conclusions of the paper can be used to assess the possible integration of monetary and fiscal policy based on various states.

In recent decades, human capital has become a key element in the development of countries all over the world. The consumer demand for complex products and services (the reflection of human capital in the field of consumption) can enhance the increase in financial and economic indicators. Accordingly, education in the modern economy should not be considered as a field that requires high costs, but rather as an investment field that determines the scale of economic growth. Meanwhile, the policy of financial support of higher education in Russia is still largely focused not on the contribution to the economic and social development of the country, but the internal problems of the system, relying on the notion of education as a sphere of social obligations. In this regard, the transformation of conceptual approaches to the financial management of universities, involving the improvement of the methods used and the development of new methods and models, is of particular relevance. The study aims to develop the methods and models of university financial management given the modern conditions of financial support for educational institutions of higher education for the development of human capital. The research methods include a review of the scientific literature in this field, synthesis, and analysis of the information received, as well as comparison, formalization, and specification. The study identifies modern approaches to the financial management of Russian universities by assessing existing methods and models, as well as the specifics of financing universities in the current conditions of financial support for education. Given the concept of a university as a self-learning organization within the framework of the new paradigm of financial management and human capital development, a system model of financial decision making should be used.

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