Comparative Study of Social Impact Bonds - Capital Per Beneficiary and Scheme Duration

• Autorzy: Paweł Mikołajczak

Warianty tytułu

Analiza porównawcza obligacji społecznych - kapitał przypadający na beneficjenta i czas trwania programu

• Języki publikacji: EN

Abstrakty

EN

Despite numerous articles on Social Impact Bonds (SIBs), the current academic debate lacks in-depth empirical research on how countries differ in terms of the direction and level of support using SIBs. The purpose of the article is to examine whether in countries issuing SIBs the intervention objectives differ between countries in terms of the amount of capital allocated per support beneficiary and the term of repayment from the bonds. It shows that schemes classified as 'social' have on average higher capital allocated per beneficiary and a longer repayment date. This is confirmed for both SIBs issued worldwide and those issued in the UK and USA. The results of this study provide guidance for public policy makers on the scale of expenditure and the duration of intervention depending on objectives, which can be important both in the sustainable budget planning process and for the issue itself. (original abstract)

W obliczu rosnących potrzeb społecznych, niewystarczających wydatków na rozwiązywanie problemów społecznych i coraz większej liczby organizacji społecznych konkurujących o wsparcie publiczne kluczowa wydaje się większa parametryzacja emisji obligacji społecznych (Social Impact Bonds, SIB). Jednocześnie w dyskusji na temat obligacji społecznych podkreśla się brak wystarczającej wiedzy o możliwościach generowania oszczędności w budżecie państwa i jednostkach samorządu terytorialnego dzięki wykorzystaniu SIB (np. Lowe 2020; Tan et al. 2019; Crowley 2014). Dlatego celem artykułu jest zbadanie, czy w krajach, gdzie emituje się SIB, cele emisji - socjalne, aktywizacyjne i edukacyjne - wpływają na wielkość kapitału przeznaczanego na jednego beneficjenta oraz na termin wykupu obligacji. Ze względu na to, że najwięcej przedsięwzięć z wykorzystaniem SIB realizuje się w krajach anglosaskich (jak USA i Wielka Brytania), analiza ANOVA została zrealizowana odrębnie dla tych państw oraz dla pozostałych krajów, które emitowały obligacje społeczne. Badaniem objęto 51 emisji obligacji społecznych przeprowadzonych w 13 krajach Azji, Europy, Australii i Ameryki Północnej. (skrócony abstrakt oryginalny)

Słowa kluczowe

EN

Bonds; Societal policy; Comparative analysis

PL

Obligacje; Polityka społeczna; Analiza porównawcza

• Czasopismo: Bank i Kredyt
• Rocznik: 2023
• Numer: nr 2
• Strony: 191--219

Twórcy

autor

Paweł Mikołajczak

• Poznan University of Economics and Business, Poland

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