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

journal contribution
posted on 2023-06-08, 11:02 authored by Bruce Hearn, Michael Givel
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

History

Publication status

  • Published

File Version

  • Published version

Journal

Journal of Bhutan Studies

ISSN

1608-411X

Publisher

Centre for Bhutan Studies

Volume

22

Page range

1-36

Department affiliated with

  • Business and Management Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2012-05-01

First Compliant Deposit (FCD) Date

2012-02-24

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