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Spotlight on Research: Lessons Learned from Pay for Success Programs

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  • Marvin M. Smith

Abstract

Various social problems, such as homelessness and prison recidivism, impose substantial costs on taxpayers. The mounting costs that result from these troubling social concerns at the local, state, and federal levels force officials to seek alternative ways to raise funds to deal with these issues. One such effort is to use a relatively new source of funding called ?pay for success (PFS),? also known as ?social impact bonds,? or ?SIBs.? Currently, there are more than 40 PFS initiatives underway worldwide. A report by Emily Gustafsson-Wright, Sophie Gardiner, and Vidya Putcha discusses what PFS programs are and the lessons learned from using this type of financing to address pressing social issues.1 The following is a summary of their report.

Suggested Citation

  • Marvin M. Smith, 2015. "Spotlight on Research: Lessons Learned from Pay for Success Programs," Cascade, Federal Reserve Bank of Philadelphia, vol. 4, October.
    • Handle: RePEc:fip:fedpca:0052
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    File URL: https://www.philadelphiafed.org/community-development/credit-and-capital/spotlight-on-research-lessons-learned-from-pay-for-success-programs
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