Policy Suggestions to Improve Social Impact Bond(SIB) in Korea

Abstract

The purpose of this article is to analyze the contemporary situations and underlying problems of the SIB project in Korea, which is in the early stages of implementation, and to suggest the success requirements of the SIB project in the provision of social services. To the end, this article first examined the backgrounds, operation structure, and advantages and limitations of the SIB project, and established the analytical framework to conduct an empirical study. The next chapter delved into the contemporary situations and underlying problems the SIB projects in Korea, with reference to the first SIB project of Seoul Metropolitan City. The first SIB project showed not a few limitations throughout the whole processes of the SIB project enactment. In addition, the UK's Peterborough Prison SIB project, the world's first SIB project, was analyzed to derive some appropriate implications. Finally, based on the implications of the SIB projects in Seoul and Peterborough Prison, this article suggested the requirements for successful introduction of SIB projects in Korea, in line with the eight variables of the analytical framework.