Social Impact Bonds: A New Tool For Governance Of Social Programs - Evidence From The Uk, Usa And Australia

Keywords

Pay for performance; Recidivism; SIBs; Social benefit bonds; Social impact bonds

Abstract

Tamara Dimitrijevska-Markoski is a doctoral candidate in the Public Affairs Program: Governance and Policy Research track at the University of Central Florida. She holds Bachelor's degrees in Political Science and International Relations, and European Studies from the American University in Bulgaria and a Master's in Human Rights Law from the Central European University in Hungary. Her research focuses on performance measurement and management, governance and local governments. She is currently a Graduate Teaching/Research Assistant at UCF and she is a recipient of the Graduate Dean's Fellowship. This paper is a revised and expanded version of a paper entitled 'Social impact bonds: a new tool for governance of social programs. Evidence from UK, US, and Australia' presented at the Southeastern Conference for Public Administration, Charleston, North Carolina, 30 September-3 October 2015. 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.

Publication Date

1-1-2016

Publication Title

International Journal of Public Policy

Volume

12

Issue

3

Number of Pages

261-275

Document Type

Article

Personal Identifier

scopus

DOI Link

https://doi.org/10.1504/IJPP.2016.079741

Socpus ID

84991830716 (Scopus)

Source API URL

https://api.elsevier.com/content/abstract/scopus_id/84991830716

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