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Stock market finance and gross national happiness: An institutional fit? Evidence from Bhutan

Stock market finance and gross national happiness: An institutional fit? Evidence from Bhutan
Stock market finance and gross national happiness: An institutional fit? Evidence from Bhutan
This paper studies the institutional fit and the appropriateness of neoclassical stock market institutions within the context of Buddhist informal institutions in the Himalayan Kingdom of Bhutan. This is particularly timely given the considerable media interest in the principles of Gross National Happiness (GNH) as an alternative series of measures relating to economic growth and development. Our findings reveal that while conventional development policy supporting stock market and banking system financial systems is not counter to the principles embodied in GNH the central government may be better in administering finance owing to a general apathy towards formal neoclassical institutions by the population owing to the dominance and pervasive strength of the Buddhist monastic traditions and culture in Bhutan
1-36
Hearn, Bruce
45dccea3-9631-4e5e-914c-385896674dc2
Givel, Michael
2105eaea-3be7-4360-8878-189a87d02806
Hearn, Bruce
45dccea3-9631-4e5e-914c-385896674dc2
Givel, Michael
2105eaea-3be7-4360-8878-189a87d02806

Hearn, Bruce and Givel, Michael (2010) Stock market finance and gross national happiness: An institutional fit? Evidence from Bhutan. Journal of Bhutan Studies, 22, 1-36.

Record type: Article

Abstract

This paper studies the institutional fit and the appropriateness of neoclassical stock market institutions within the context of Buddhist informal institutions in the Himalayan Kingdom of Bhutan. This is particularly timely given the considerable media interest in the principles of Gross National Happiness (GNH) as an alternative series of measures relating to economic growth and development. Our findings reveal that while conventional development policy supporting stock market and banking system financial systems is not counter to the principles embodied in GNH the central government may be better in administering finance owing to a general apathy towards formal neoclassical institutions by the population owing to the dominance and pervasive strength of the Buddhist monastic traditions and culture in Bhutan

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Published date: 1 July 2010

Identifiers

Local EPrints ID: 423439
URI: http://eprints.soton.ac.uk/id/eprint/423439
PURE UUID: 74b80fcb-5d17-4508-8638-e247c3b89fbd
ORCID for Bruce Hearn: ORCID iD orcid.org/0000-0001-9767-0198

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Date deposited: 24 Sep 2018 16:30
Last modified: 23 Jul 2022 02:22

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Contributors

Author: Bruce Hearn ORCID iD
Author: Michael Givel

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