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Social Impact Bonds: Implementation, Evaluation, and Monitoring

Author

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  • Foroogh Nazari Chamaki
  • Glenn Paul Jenkins
  • Majid Hashemi

Abstract

Traditional approaches to public policy increasingly fail to resolve social challenges, particularly in the field of criminal justice. High rates of juvenile recidivism, for example, are often linked to inequality in education and persistent, long-term unemployment—factors which, while complex, are nonetheless conducive to preventative strategies.Social impact bonds (SIBs) are “pay-for-success” programs that attract private-sector, upfront funding for social interventions. If the program achieves agreed targets, taxpayer funds repay the investor. If the program fails to meet agreed targets, investors take the loss.This innovative form of social finance through public–private partnership has helped spur efficiencies and improvements in the provision and outcomes of criminal justice services. However, the success of a SIB depends on careful implementation, evaluation, and monitoring.

Suggested Citation

  • Foroogh Nazari Chamaki & Glenn Paul Jenkins & Majid Hashemi, 2019. "Social Impact Bonds: Implementation, Evaluation, and Monitoring," International Journal of Public Administration, Taylor & Francis Journals, vol. 42(4), pages 289-297, March.
    • Handle: RePEc:taf:lpadxx:v:42:y:2019:i:4:p:289-297
    DOI: 10.1080/01900692.2018.1433206
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    References listed on IDEAS

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    1. Hanna Azemati & Michael Belinsky & Ryan Gillette & Jeffrey B. Liebman & Alina Sellman & Angela Wyse, 2013. "Social impact bonds: lessons learned so far," Community Development Innovation Review, Federal Reserve Bank of San Francisco, issue 01, pages 023-033.
    2. Adam Thomas, 2012. "Three Strategies to Prevent Unintended Pregnancy," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 31(2), pages 280-311, March.
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    Cited by:

    1. Paweł Mikołajczak, 2023. "Comparative study of social impact bonds – capital per beneficiary and scheme duration," Bank i Kredyt, Narodowy Bank Polski, vol. 54(2), pages 191-220.

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    More about this item

    JEL classification:

    • H53 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Welfare Programs
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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