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The Social Impact Bond as a Financial Instrument

Author

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  • Wiśniewski Marcin

    (Poznań University of Economics and Business, Poznań, Poland)

Abstract

Social impact bonds are an innovative mechanism for financing social tasks with the financial resources of private investors. The repayment of the capital invested and capital gains depends on obtaining apredetermined social aim that is paid for by the public side under the “payment for results” formula. The previous work on this mechanism focused mainly on its task and organizational dimension. In this paper, the author attempts to define the social impact bond as afinancial instrument. In particular, the financial side of the mechanism is considered. First, an attempt is made to determine the place of the social impact bond in the theoretical classifications of financial instruments. Second, the place of the instrument is indicated in the system of financial law. Finally, some remarks are made on the need to have the new instrument regulated in Polish legislation.

Suggested Citation

  • Wiśniewski Marcin, 2018. "The Social Impact Bond as a Financial Instrument," Financial Sciences. Nauki o Finansach, Sciendo, vol. 23(4), pages 102-117, December.
    • Handle: RePEc:vrs:finsci:v:23:y:2018:i:4:p:102-117:n:7
    DOI: 10.15611/fins.2018.4.07
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    References listed on IDEAS

    as
    1. Cooper, Christine & Graham, Cameron & Himick, Darlene, 2016. "Social impact bonds: The securitization of the homeless," Accounting, Organizations and Society, Elsevier, vol. 55(C), pages 63-82.
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    More about this item

    Keywords

    social impact bonds; financial instruments; bonds; public management;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H40 - Public Economics - - Publicly Provided Goods - - - General
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation

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