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9 N.Y.U. J.L. & Bus. 447 (2012-2013)
Globalizing Social Finance: How Social Impact Bonds and Social Impact Performance Guarantees Can Scale Development

handle is hein.journals/nyujolbu9 and id is 461 raw text is: GLOBALIZING SOCIAL FINANCE: HOW SOCIAL IMPACT BONDS AND SOCIAL IMPACT PERFORMANCE GUARANTEES CAN SCALE DEVELOPMENT DEBORAH BURAND* An earlier version of this article was presented on November 9, 2012 at the N. Y.U. Journal of Law & Business Fall Conference on the Law and Finance of Social Enterprise. Two comments on this article, presented by Ana Demel and Rebecca Leventhal at the Fall Conference, are also published in this issue at 9 N.Y U. J.L. & Bus. 503 and 9 N.Y U. J.L. & Bus. 511, respectively. 1. INTRODUCTION ..................................... 449 II. EARLY SIBs ..................................... 452 A. Structures of the Early SIBs.................... 452 B. Interest in the Early SIBs ...................... 461 C. Differences Between the Early SIBs and Traditional Performance-Based Government Contracting............................... 464 III. GROWING THE SIB ECOSYSTEM: CHALLENGES AND OPPORTUNITIES .................................... 467 A. Intervention Model Risk ....................... 468 B. Execution Risk............................... 469 C. Intermediary Risk............................. 472 D . Political Risk ................................ 473 E. Financial Risk ............................... 478 F. Reputation Risk.............................. 480 IV. TAKING SIBs GLOBAL.............................. 480 A. Non-Host Governmental SIBs ................. 482 * Deborah Burand is a Clinical Assistant Professor at the University of Michigan Law School, where she is the founding Director of the Interna- tional Transactions Clinic, established in 2008. She is deeply grateful to the many people who kindly offered their time and expertise to explore (and debate) the ideas presented in this article, including, in particular, her sym- posium commenters, Ana Demel and Rebecca Leventhal. She is also grateful for the research support she received from Jessica Finz. Any failures in this analysis, however, belong to Deborah and not to her many generous thought partners. 447 Imaged with Persmission of N.Y.U. Journal of Law and Business

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