Stock Market Finance and Gross National Happiness: An Institutional Fit? Evidence from Bhutan

Hearn, Bruce and Givel, Michael (2010) Stock Market Finance and Gross National Happiness: An Institutional Fit? Evidence from Bhutan. Journal of Bhutan Studies, 22. ISSN 1608-411X

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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

Item Type: Article
Schools and Departments: School of Business, Management and Economics > Business and Management
Subjects: H Social Sciences > HG Finance > HG4001 Finance management. Business finance. Corporation finance
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Depositing User: Bruce Hearn
Date Deposited: 01 May 2012 08:47
Last Modified: 23 Mar 2017 19:01
URI: http://sro.sussex.ac.uk/id/eprint/38194

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