Just published!  With George Psacharopoulos: Returns to investment in education: a decennial review of the global literature

The Educate Girls DIB exceeded its goals: How did they do it and what does it mean?  The first year was a scramble to get the program up and running, year two was full of stops and starts — it wasn’t until the third and final year of the Educate Girls’ development impact bond that things clicked into place. But even with a two-year ramp-up to smooth operations, the impact bond outperformed the goals set. The Educate Girls DIB, which kicked off in 2015, was one of the first development impact bonds launched. The new model was the result of some in the aid community looking to find new financing tools that could reduce risk to donors and have the potential to bring in private investors. The results, released Friday, are sure to set off a conversation about the funding mechanism, how it works, and what can be learned about the burgeoning field. But there are limits on how much can be extrapolated from this single example. The Educate Girls DIB had not been on track to meet the bond’s goals, but made such progress in year three that it managed to significantly exceed them. The organization achieved 160 percent of the learning gains that it had targeted, helping thousands of children in public schools in Rajasthan, India, improve their education levels, data released by the organization shows.

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