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irsa.institute › library › capital-map
Capital frameworks array instruments along one dimension: the return a financier expects. This paper argues that is one axis short. Traditional finance underwrites two independent questions — can the venture service a fixed, scheduled claim (bankability), and is there a surplus a financier can capture (extractability) — and the recoverable grant is the unique instrument indifferent to both. Classifying every financially-reporting Australian charity (n = 44,196) and 283,771 US full-990 public charities on the two axes, the cell neither debt nor equity can reach is the largest by entity count in both jurisdictions.
Where it sits. The programme's empirical base — the population estimate four other papers quantify their arguments with
The long-form argument for this work still lives on the existing explainer at /explainer/capital-map. This page carries the abstract and the corpus metadata — the frame the argument would move into unchanged.
The works either side of this one in the canon order — what it builds on and what builds on it.
Where to go once you have the argument — the paper it comes from, the instrument that measures it, or the next thing it depends on.