Challenge funds in international development: definitions, variations and research directions

James Copestake; Anne-Marie O'Riordan

doi:10.1002/pad.1710

Challenge funds in international development: definitions, variations and research directions

James Copestake, Anne-Marie O'Riordan

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Abstract

The use of challenge funds to promote economic and social development continues to grow but has been the subject of relatively little research. This article draws on institutional economics (particularly principal-agent theory) to define challenge funds and review how they differ from other development funding mechanisms, taking into account their purpose, financial terms, interagency relationships, screening processes, selection mechanisms, implementation and risk sharing characteristics. It then draws on web-based data for 50 challenge funds to analyse variation in some of these characteristics. The paper identifies evaluability as an important influence, including the relative importance attached to promoting the financial performance of grantees relative to the indirect social benefits of their activities. We conclude with suggestions for further research into the design and performance of challenge funds

Original language	English
Pages (from-to)	1-18
Number of pages	18
Journal	Public Administration and Development
Volume	35
Issue number	1
Early online date	13 Feb 2015
DOIs	https://doi.org/10.1002/pad.1710
Publication status	Published - Feb 2015

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10.1002/pad.1710

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This is the peer reviewed version of the following article:Copestake, J., & O'Riordan, A-M. (2015). Challenge funds in international development: definitions, variations and research directions. Public Administration and Development, 35(1), 1-18. 10.1002/pad.1710, which has been published in final form at [Link to final article using the DOI]. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving.
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Challenge funds in international development: definitions, variations and research directions

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