In 2010 the municipality of Norrköping took a decision to implement a social impact bond. This decision was the starting point for a wave of similar decision around the Swedish municipalities. Södertälje took the decision to implement their social impact bond in early 2013. Even though much of the policy was the same as in Norrköping, it didn’t generate the result expected and already in 2018 it was reconstructed and brought back into the daily business. The purpose of this study is to explain the policy decisions taken, both in connection with the introduction of the policy in 2013 and the transformation done in 2018. The analytic framework used to explain these policy changes is based on the Multiple Streams Theory. The study is based on a qualitative research method with information taken from documents and interviews. These are aimed to help us gathering the empirical material needed, which consist of official control documents from the current municipality and interviews with pertinent people who worked within the policy or who have good knowledge of the phenomenon of social impact bonds. Our main conclusions are that the policy decision to implement the social impact bond, did couple the three streams; problem, political and policy, so this decision was done within an open policy window. However, the decision to reconstruct the social impact bond didn’t couple the streams in the same way and because of that a policy window didn't open.

[pt] O objetivo deste trabalho é avaliar a possibilidade de implementar o modelo de Contrato de Impacto Social no Brasil como uma nova ferramenta para aumen-tar a participação das mulheres empreendedoras no mercado. A implementação deste modelo poderia incentivar mecanismos de finanças sociais que visam facili-tar a entrada das mulheres no mercado. Consequentemente, isto trata de um tema maior, a desigualdade de gênero, reconhecendo os desafios que as empreendedo-ras enfrentam no meio dos negócios em comparação com seus colegas do sexo masculino. O desafio reside na institucionalização da desigualdade de gênero, presente na estrutura da sociedade. Analisando as soluções apresentadas neste artigo relacionadas à área de finanças sociais, concluo que este desafio pode ser combatido através da integração das economias locais com o mercado, diminuin-do e possivelmente erradicando os obstáculos que as mulheres empreendedoras enfrentam para participar do mercado de forma igualitária. / [en] The objective of this article is to demonstrate the possibility of implementing the Social Impact Bond model in Brazil, as a new tool in order to increase the participation of women entrepreneurs in the market. The implementation of this model involves the greater subject of gender inequality, recognizing the challenges that women entrepreneurs face in comparison with their male counterparts. The challenge resides in the institutionalization of gender inequality present within the structures of society. The alternatives presented in this article are related to the area of social finances. The challenge of gender inequality can be addressed through the integration of local economies in the greater market, diminishing and potentially eradicating the challenges that women entrepreneurs face in order to participate on an equal-level playing field.

Submitted by Milena Niklewicz (milena.niklewicz@gmail.com) on 2016-02-04T19:45:39Z No. of bitstreams: 1 329322-Milena_Niklewicz.pdf: 1209857 bytes, checksum: 70ad222b4cfe2eb953b56dc03e01b05e (MD5) / Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Milena, In you thesis, below the title it can not appear the words: 1 A Work Project, presented as part of the requirements for the Award of a Masters Degree in International Finance from both the NOVA – School of Business and Economics – and Fundação Getulio Vargas EESP A Project carried out on the Social Impact Bond Research Programme, under the supervision of António Miguel (Nova SBE) and Dr. Ricardo Rochman (FGV-EESP) put only the name of FGV In the first page of your thesis you must put only the year, please remove the day and month. The numbers of the pages should only appear in the introduction, put count from the first page The acknowledgment should be before the abstract and it should be in a different page from the abstract The index of figures and the index of tables should be in differents pages, ex: index of figures page 6, index of tables page 7 In the first page and the 2 page and 4 page, is missing the name of FGV, please remove te sayings A Work Project, presented as part of the requirements for the Award of a Masters Degree in International Finance from both the NOVA – School of Business and Economics – and Fundação Getulio Vargas EESP and put only the name of FGV Please remove the number after your name If you need help please feel free to contact me. Best. Ana Luiza 3799-3492 on 2016-02-05T11:31:55Z (GMT) / Submitted by Milena Niklewicz (milena.niklewicz@gmail.com) on 2016-02-05T14:18:26Z No. of bitstreams: 1 329322-Milena_Niklewicz.pdf: 1208272 bytes, checksum: 0e36ecbd4e1cb62284c259cca5bbb99b (MD5) / Rejected by Ana Luiza Holme (ana.holme@fgv.br), reason: Milena, Is only missing the acknowledgment, please insert before the abstract Best. Ana Luiza 3799-3492 on 2016-02-05T15:34:16Z (GMT) / Submitted by Milena Niklewicz (milena.niklewicz@gmail.com) on 2016-02-05T18:02:26Z No. of bitstreams: 1 329322-Milena_Niklewicz.pdf: 1211000 bytes, checksum: 9b32afc9479f44b543695a939c761452 (MD5) / Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2016-02-05T18:10:20Z (GMT) No. of bitstreams: 1 329322-Milena_Niklewicz.pdf: 1211000 bytes, checksum: 9b32afc9479f44b543695a939c761452 (MD5) / Made available in DSpace on 2016-02-11T10:42:45Z (GMT). No. of bitstreams: 1 329322-Milena_Niklewicz.pdf: 1211000 bytes, checksum: 9b32afc9479f44b543695a939c761452 (MD5) Previous issue date: 2016-01-18 / The present study analyses whether a Social Impact Bond is a suitable tool to fund APAC Portugal’s intervention model aiming to enhance the life of former offenders and reduce recidivism rates through helping them reinsert into society upon release. While the costs of running a prison will be borne by the public sector just as any other prison, the innovative intervention model has to find another way of financing. The suitability of using a Social Impact Bond to fund this innovative intervention was tested through the building of a robust excel model representing the investment mechanism in order to test the profitability of such a measure. The results show that a Social Impact Bond could indeed fund APAC Portugal’s intervention model efficiently. / Este estudo é uma análise à eficácia de um Social Impact Bond como como instrumento financeiro no modelo de intervenção da APAC Portugal. O objetivo é o de melhorar a vida de ex-criminosos e reduzir os índices de reincidência de modo a apoiar a sua reinserção na sociedade após a libertação. Enquanto os custos de funcionamento de um estabelecimento prisional forem suportados pelo sector público, como é de lei, o modelo inovador de intervenção terá de encontrar um meio alternativo de financiamento. Sendo assim, testámos a rentabilidade de um Social Impact Bond através de um bem estruturado modelo Excel que simula o mecanismo de investimento, tendo os resultados demonstrado que um Social Impact Bond pode, de facto, financiar o modelo de intervenção da APAC Portugal de forma eficaz.

This thesis examines if private capital can progress social sustainability through financial instrumentsby unveiling how philanthropy can serve to mobilise private capital investments, alongside social impactbonds, using various finance framework approaches. Presently, the dialogues within sustainable financehave focused primarily on the environmental rather than the social aspects despite social sustainabilitybeing identified as a key component to achieve sustainable development. Therefore, an investigation onwhat can be done to mobilise more capital into social sustainability investments was performed. By conducting a literature pre-study and a survey, this study was able to identify that investors wouldlike for there to be a philanthropic mechanism in place within financial frameworks. However, they donot see themselves as playing a part in contributing philanthropically themselves, rather, it seems asthough investors would prefer for philanthropy to be a separate role. Despite this, when presented withframeworks according to their preferences, investors were hesitant to invest, indicating that it is thebarriers that investors face to make social sustainability investments that must be alleviated in order tomake a fair assessment of the potential for philanthropy alongside social impact bonds to mobilise moreprivate capital into social sustainability investments. / Denna avhandling undersöker ifall privat kapital kan främja social hållbarhet via finansiella instrument.Detta görs genom att utreda hur filantropi genom olika finansieringsramverk kan fungera som ettverktyg för att mobilisera privata kapitalinvesteringar tillsammans med resultatbaseradefinansieringsavtal. För närvarande har fokuset inom hållbar finans främst varit på de miljömässigasnarare än de sociala aspekterna. Detta trots att social hållbarhet har identifierats som ennyckelkomponent för att uppnå hållbar utveckling. Med detta som bakgrund, gjordes en undersökningav vad som kan göras för att frigöra mer kapital till investeringar i social hållbarhet. Genom en litteraturförstudie och enkätundersökning kunde denna avhandling identifiera följande:Investerare vill att det ska finnas en filantropisk mekanism i finansiella ramverk. Däremot serinvesterarna sig inte att de har en roll i att själva bidra filantropiskt, utan de föredrar att filantropi är enseparat roll. Trots detta var investerarna tveksamma till att investera när de presenterades med ramverkenligt deras preferenser, vilket tyder på att det finns andra hinder. Identifierade hinder är: Otydlighetergällande hållbarhetsaspekter i investeringarna, brist på investeringsmöjligheter och svårighetergällande mätning av social påverkan. Dessa hinder måste minskas för att kunna göra en rättvisbedömning av filantropins potential tillsammans med resultatbaserade finansieringsavtal för attmobilisera mer privat kapital till investeringar i social hållbarhet.