Evolution of Evaluation Methods of Global Financial Institutions’ Activities

The aim of the article is to systematize and critically analyze the methodological approaches to evaluating the impact of global financial institutions on the economic policies of countries, considering the evolution of their functions and the conditions for the development of the global economy. The research is based on the use of historical-logical analysis to reproduce the sequence of changes, a comparative-historical method to contrast approaches from different periods, as well as the systematization of scientific sources to substantiate the key stages of evolution. As a result of the research, a conceptual model of the evolution of methodological approaches has been developed, which reveals the logic and vector of transition from the paradigm of direct economic effect to the modern integrative paradigm. Five key stages of this evolution have been systematized. The first stage is the early stage, covering the 1950s to the 1970s, where researchers focus on macroeconomic effects. The second stage is the period of structural reforms from 1980 to the 1990s, characterized by the analysis of reforms and social criticism. The third stage is the period of evidence-based evaluation, which encompasses the 2000s. Research at this stage is noted as the «counterfactual revolution». The fourth stage is the post-crisis period from 2009 to 2019, with special attention given to systemic risks. The fifth, contemporary stage began with the crisis of the COVID-19 pandemic. Research during this period focuses on resilience, non-financial factors (ESG), and other modern challenges. It is proved that each paradigm is characterized by a unique subject of evaluation and methodological instruments. It is substantiated that the driving forces of this transformation were global economic crises, changes in the priorities of the global financial institutions themselves, and criticism of previous approaches from the scientific community. A promising direction for further research is the formation of new approaches to synthesizing evidence and developing adaptive indicators of the efficiency of the impact of global financial institutions, taking into account the contemporary multi-level nature of political and economic transformations.