Social impact bonds: a new tool for governance of social programs - evidence from the UK, USA and Australia

Tamara Dimitrijevska-Markoski

International Journal of Public Policy, 2016, vol. 12, issue 3/4/5/6, 261-275

Abstract: This study explores the ways in which social impact bonds (SIBs) are utilised to deliver social services in the area of criminal justice across the UK, the USA and Australia. The paper defines SIBs, explains their structure, and briefly discusses their advantages and disadvantages. Later, the three examples where SIBs are used for reducing recidivism are compared and contrasted. Even though the effectiveness of the implemented projects has not been confirmed, the paper identifies challenges for SIBs' effectiveness, efficiency, equity and manageability that need to be considered when designing a SIB.

Keywords: social impact bonds; SIBs; social benefit bonds; pay for performance; recidivism; governance; social programmes; UK; United Kingdom; USA; United States; Australia; performance-related pay; social services; criminal justice. (search for similar items in EconPapers)
Date: 2016
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