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Social Impact Bonds: Implementation, evaluation and monitoring


  • Foroogh Nazari Chamaki

    () (Department of Banking and Finance, Eastern Mediterranean University, North Cyprus)

  • Glenn P. Jenkins

    () (Queen’s University, Canada and Eastern Mediterranean University, North Cyprus)


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 social finance through public-private partnership (PPP) 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 P. Jenkins, 2016. "Social Impact Bonds: Implementation, evaluation and monitoring," Development Discussion Papers 2016-04, JDI Executive Programs.
  • Handle: RePEc:qed:dpaper:286

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    References listed on IDEAS

    1. 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.
    2. Azemati, Hanna & Belinsky, Michael & Gillette, Ryan & Liebman, Jeffrey & Sellman, Alina & Wyse, Angela, 2013. "Social impact bonds: lessons learned so far," Community Development Investment Review, Federal Reserve Bank of San Francisco, issue 01, pages 023-033.
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    More about this item


    Pay-for-success; social service; social impact bond (SIB); public-private partnership (PPP); social finance; service provider.;

    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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