Definition of Financial Law
Miscellanea / / November 13, 2021
By Cecilia Bembibre, in Jul. 2011
The right Financial is that right that is responsible for regulating and organizing all activities that have to do with the finance and the budgeting of a State. As such, financial law (as opposed to tax law or fiscal) is part of the public Law since it is established between public entities such as States, institutions administrative, legislative, etc. Financial law is of great relevance when it comes to good functioning of the States since it is responsible for granting the governing entities and persons with the monetary and financial prerogatives to carry out different projects of government, measures and decisions that require the use of the available budget.
To understand the usefulness of financial law it is necessary to make it clear that all States need to have a budget more or less planned or planned on an annual level to project different types of works and measures to run. Unlike what happened with the monarchical governments of other times, today most of the world's democracies have their own own version of financial law, that is, the set of rules, regulations and laws that establish characteristic elements of the management of funds public.
The main objective of financial law is to prevent the abuse of public funds at the hands of shift officials and this is achieved through the establishment of limits, controls and regulations on the use of those capitals that are considered not belonging to the person who is governing if not the contribution of all the individuals that make up the society. Financial law can also establish prerogatives, facilities and exceptions that take into account particular situations (such as situations of emergency) in which the use of public funds may have to do with urgent needs. Thus, financial law organizes in every sense the destination given to these public funds trying to avoid situations of abuse or corruption but also allowing adaptation to different contingencies.
Topics in Financial Law