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

Journal of Bhutan Studies, 22, 1-36, (2010)

36 Pages Posted: 15 Jun 2010 Last revised: 19 Nov 2012

See all articles by Bruce Allen Hearn

Bruce Allen Hearn

University of Southampton; University of Bradford - School of Management

Michael Givel

University of Oklahoma

Date Written: June 14, 2010

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.

Keywords: South Asia, Bhutan, Buddhist Finance, Gross National Happiness

JEL Classification: N25, O16, P45

Suggested Citation

Hearn, Bruce Allen and Givel, Michael, Stock Market Finance and Gross National Happiness: An Institutional Fit? Evidence from Bhutan (June 14, 2010). Journal of Bhutan Studies, 22, 1-36, (2010), Available at SSRN: https://ssrn.com/abstract=1624824

Bruce Allen Hearn (Contact Author)

University of Southampton ( email )

University Rd.
Southampton SO17 1BJ, Hampshire SO17 1LP
United Kingdom

University of Bradford - School of Management ( email )

Emm Lane
Bradford, West Yorkshire Bd9 4JL
United Kingdom

Michael Givel

University of Oklahoma ( email )

307 W Brooks
Norman, OK 73019
United States

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