Title: Social impact bonds: a new tool for governance of social programs - evidence from the UK, USA and Australia

Authors: Tamara Dimitrijevska-Markoski

Addresses: College of Health and Public Affairs, Governance and Policy Research Track, University of Central Florida, 12805 Pegasus Drive, HPA I (Bldg. 80), room 211B, Orlando, FL 32816-3680, USA

Abstract: 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.

Keywords: social impact bonds; SIBs; social benefit bonds; pay for performance; recidivism; governance; social programmes; UK; United Kingdom; USA; United States; Australia; performance-related pay; social services; criminal justice.

DOI: 10.1504/IJPP.2016.079741

International Journal of Public Policy, 2016 Vol.12 No.3/4/5/6, pp.261 - 275

Received: 30 Dec 2015
Accepted: 04 May 2016

Published online: 07 Oct 2016 *

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