ROLE OF EXTERNAL FINANCIAL SHOCKS IN FORMING A MODEL OF RUSSIA’S ECONOMIC DEVELOPMENT
Economic developments of national economies within current stateof financial globalization, characterized by increasing role of externalshocks, are reviewed in the paper. The influence of last decade exter-nal shocks on Russian economy is analyzed. The shocks under con-sideration are global economic and financial crisis, European debt cri-sis, tapering in US monetary policy, Ukrainian political crisis andjoining of Crimea to Russia, international sanctions on Russia, fall ofoil prices in 2014-2015. Measures of economic policy reaction tothese external shocks are estimated. The author concludes that fiscalpolicy was often behind the need to finance the aggregate demand,while monetary policy used to implement inappropriate set of meas-ures and was lacked foreign exchange restrictions