| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17214 |
| DP17214 A Theory of Social Impact Bonds | |
| Daniel Tortorice; David Bloom; Paige Kirby; John Regan | |
| 发表日期 | 2022-04-12 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Social impact bonds (SIBs) are an innovative financing mechanism for public goods. In a SIB, an investor provides capital to a service provider for a social intervention. The investor receives a return from the government based on the outcome of the intervention relative to a predetermined benchmark. We describe the basic structure of a SIB and provide some descriptive statistics for these financial instruments. We then consider a formal model of SIBs and examine their ability to finance positive net present value projects that traditional debt finance cannot. We find that SIBs expand the set of implementable projects if governments are pessimistic (relative to the private sector) about the probability an intervention would succeed or if the government is particularly averse to paying costs associated with a project that does not generate offsetting benefits. As various public programs include both these features, we conclude that SIBs are a real innovation in public finance and should be considered for projects when traditional debt finance has been rejected. |
| 主题 | Financial Economics ; Public Economics |
| 关键词 | Public goods Fixed income securities Impact investing Social impact bonds |
| URL | https://cepr.org/publications/dp17214 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546210 |
| 推荐引用方式 GB/T 7714 | Daniel Tortorice,David Bloom,Paige Kirby,et al. DP17214 A Theory of Social Impact Bonds. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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