We value sharing our research and findings in order to further the Pay for Success movement in International Development.

In that vein, we continue to publish articles and papers on the application of Social Impact Bonds and Development Impact Bonds to international development. Below we list publications which our staff has contributed to and authored.


A Response to the Consultation Draft of the Development Impact Bond Working Group Report (Instiglio, July 2013). Instiglio’s response to the DIB Consultation Draft.

Innovations in Workforce Training Programs in Ghana: Using Pay for Performance Contracts (Ning Fu and Shunde Tu, Harvard Kennedy School of Government, March 2013). This paper, written in collaboration with Instiglio, argues that the social investment model could strengthen workforce development in Ghana in the long-term.

Lessons Learned So Far (Community Development Investment Review, The Federal Reserve Bank of San Francisco, Volume 9, Issue 1, 2013). This article was co-authored by Instiglio co-founder Michael Belinsky with Hanna Azemati, Ryan Gillette, Jeffrey Liebman, Alina Sellman, and Angela Wyse of Harvard Kennedy School.

Designing a Social Impact Bond in the Tropics (Stanford Social Innovation Review, Nov. 12, 2012). Five early lessons from implementing SIBs in emerging markets.

A New Wave of Social Innovation Comes to Colombia (Portafolio, Sept. 27, 2012, in Spanish). This article, a first about social impact bonds in Colombia, introduces the innovative concept and discusses potential applications in Colombia and Latin America.

White Paper on Social Impact Bonds in Tuberculosis (Instiglio, Sept. 1, 2012). This paper discusses a potential social impact bond to improve tuberculosis treatment, with an illustrative case for a TB SIB in South Africa.

Private Investment into Social Impact Bonds (Stanford Social Innovation Review, Aug. 8, 2012). This article provides an analysis of the Goldman Sachs investment into the New York City social impact bond for recidivism.

Potential Applications for Social Impact Bonds in Low- and Middle-Income Countries (Instiglio, June 2012). This paper proposes potential applications for the SIB mechanism in international development.

Launching the First U.S. Pay-for-Success Contract: Youth Recidivism in Massachusetts (Michael Belinsky and Angela Wyse, Harvard Kennedy School of Government, March 20, 2012). This document offers a summary of the work conducted by members of the Harvard team advising Massachusetts on one of the first social impact bonds in the United States.

Social Impact Bonds: Lessons from the field (Stanford Social Innovation Review, Jan. 12, 2012). This article reviews initial experiences creating social impact bonds throughout the world. 


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