Ecuador: Contemporary Processes of Market Reform and Regulatory Improvement
Article Sidebar
Published:
Dec 20, 2021
Keywords:
market economy, legislation, legal regime, business economics
Main Article Content
Abstract
ABSTRACT: Throughout Ecuador's republican history, critical regulatory reform processes have been developed to introduce regulatory improvements in the market. For implementing these reforms in the national regulatory framework, the structure of incentives and social costs must be considered to facilitate an effective "design" prototype that foresees, for example, simplified procedures and services, i.e., with a low social opportunity cost. Therefore, this article focuses on the qualitative legal-economic analysis (theoretical and conceptual) of new legal institutions such as the merger regime, reorganization proceedings, shareholders' agreements, good corporate governance and those legal barriers that may hinder the necessary regulatory improvement.
JEL Code: K, K0
Downloads
Download data is not yet available.
Article Details
How to Cite
Lara AlvearJ. E., ReáteguiR. M., Mendoza GarcíaL. S., Portilla RuizJ. C., & Suarez JácomeJ. G. (2021). Ecuador: Contemporary Processes of Market Reform and Regulatory Improvement. AXIOMA, 1(25), 48-55. https://doi.org/10.26621/ra.v1i25.706
Section
INGENIERÍA, INDUSTRIA Y CONSTRUCCIÓN
Con la finalidad de contar con un tipo de licencia más abierta en el espectro que ofrece Creative Commons, a partir de diciembre de 2022 desde el número 27, AXIOMA asume la Licencia Creative Commons 4.0 de Reconocimiento-NoComercial-CompartirIgual 4.0(CC BY-NC-SA 4.0). Tanto el sitio web como los artículos en sus diferentes formatos, reflejan esta información.
Hasta el mes de noviembre de 2022 con el número 26, la revista AXIOMA asumió una Licencia Creative Commons Atribución-NoComercial-SinDerivadas 4.0 Internacional (CC BY-NC-ND 4.0). Los artículos contenidos en cada número hasta el 26, cuentan con esta licencia y su descripción se conserva en el portal de nuestra revista.
Atribución-NoComercial-SinDerivadas
CC BY-NC-ND
Al respecto explicamos que los artículos científicos presentados al Comité Editorial de la Revista Científica “Axioma” deben ser inéditos y originales; sin haber sido publicados o sometidos a revisión en otras revistas o publicaciones técnico-científicas en cualquier idioma. El Comité Editorial se reserva el derecho de rechazar o aceptar los materiales enviados para su publicación.
La presentación de los artículos científicos a la Revista “Axioma” conlleva:
- Que han sido aprobados por las autoridades responsables de la institución donde se efectuó la investigación y por todos los coautores (si los hay).
- Cuando el artículo científico es aceptado para su publicación, la revista “Axioma”, asume los derechos para editar y publicar en índices nacionales e internacionales o bases de datos con fines académicos y científicos, no comerciales, respetando los derechos de autoría.
AXIOMA- Revista Científica de Investigación, Docencia y Proyección Social
References
Adad, C. (2012). The Family Protocol as a Parasocial Agreement. Its Transcendence in Family Businesses. (Master's thesis). Austral University: Buenos Aires, Argentina.
Arias, X. C. and Caballero, G. (2003). Institutions, transaction costs and public policies: an overview. Journal of Institutional Economics, 5(8). Retrieved from: https://dialnet.unirioja.es/servlet/articulo?codigo=2329137
National Assembly of Ecuador (ANE). Law for the Modernization of the State. Law 50]. Registro Oficial Suplemento 349 of December 31, 1993.
National Assembly of Ecuador (ANE). Preventive Contest Law. [Law]. (December 21, 2006). Official Gazette Supplement 422 of December 21, 2006. Retrieved from: https://vlex.ec/vid/codificacion-12-ley-concurso-643461585.
National Assembly of Ecuador (ANE). Law for the Optimization and Efficiency of Administrative Procedures. Official Gazette Supplement 353 of October 23, 2018.
National Assembly of Ecuador (ANE). Ley de Apoyo Humanitario para Combatir la Crisis Sanitaria Derivada del Covid-19. [Law]. (June 16, 2020). Registro Oficial Suplemento 225 of June 16, 2020.
National Assembly of Ecuador (ANE). Companies Law. (February 28, 2020). Official Gazette Supplement 312 of November 5, 1999.
National Assembly of Ecuador (ANE). Organic Law of Entrepreneurship and Innovation. [Law of 2020]. (February 28, 2020). Official Gazette Supplement 151 of February 28, 2020.
National Assembly of Ecuador (ANE). Organic Law of Regulation and Control of Market Power. [Law 0]. (October 13, 2011). RO. 555 of October 13, 2011.
Bonmatí, J. (2011). Shareholders' Agreements. Constable, (40), pp. 16-21.
Cabrillo, F. (2017). Administration of justice judicial decisions: interests and preferences. In Rubén Méndez Reátegui, R. , Reflexiones Jurídicas Vol II, pp. 23-63. Quito, Ecuador: Centro de Publicaciones PUCE.
Cachanosky, J. (2007). Economics, law and the "Economic Analysis of Law". Retrieved from http://institutoamagi.org/download/CachanoskyJuanCarlos-Econom%C3%ADayDerecho_An%C3%A1lisisEcon%C3%B3micodelDerecho.pdf
Cevallos, V. (2005). Analyzing the impact of regulation: Towards a pragmatic vision. Lima, Peru, Regulación Racional.
Constitution of the Republic of Ecuador [Const.] (2008). Official Gazette 449. (Article 66 and others). Retrieved from http://www.lexis.com.ec/wp-content/uploads/2017/09/LI-CONSTITUCION-DE-LA-REPUBLICA-DEL-ECUADOR.pdf
Cordero Cuesta, A. B. (2019). La validez del Manual de Buenas Prácticas Comerciales para el Sector de los Supermercados y/o Similares y sus Proveedores de la Superintendencia de Control del Poder de Mercado. Quito, Ecuador: USFQ.
Córdoba, P. (2014). Corporate Law and Corporate Governance: Corporate Interest, Bodies, Shareholders and Administrators. Bogotá, Colombia: Universidad Externado de Colombia.
Fushimi, J. F. (May 8, 2020). Possible exits from the post-Covid-19 economic crisis. Commerce and Justice. Retrieved from: https://comercioyjusticia.info/opinion/posibles-salidas-de-la-crisis-economica-post-covid-19/
Ghersi, E. (1991). The Cost of Legality: An Approach to the Lack of Legitimacy of Law. THĒMIS-Revista de Derecho, (19), pp. 5-14.
Gingerich, Daniel W. 2013. Governance Indicators and the Level of Analysis Problem: Empirical Findings from South America. British Journal of Political Science, 43 (3), pp. 1- 38.
Guimaray Morales, Á. S. and Romero Serrano, Y. L. (2017). Manual on Prevention and Elimination of Bureaucratic Barriers, Vol. 1. Lima, Peru: INDECOPI Ediciones. Retrieved from https://repositorio.indecopi.gob.pe/handle/11724/5703
Lauroba Lacasa, M. E. (2003). The principle of legal certainty and the discontinuity of law. Louisiana Law Review, 63(4). 18.
Lara Alvear, J. and Méndez, Reátegui, R. (2020). Law and Economics: Legal Regime of Corporate Merger Control in Ecuador. Quito, Ecuador: Corporación de Estudios y Publicaciones - CEP.
Lepage, H. (1980), How to Channel the Growth of the State, Spanish French Conference on the New Economy.
Lizana, C., Pavic, L., (2002). Preventive control of mergers and acquisitions vis-à-vis antitrust law. Revista Chilena de Derecho, 29(3), (pp.507-555). Retrieved from https://dialnet-unirioja-es.puce.idm.oclc.org/servlet/articulo?codigo=2650236.
López, C. G.-M. L. and Ariño, O. G. (2003). La competencia en sectores regulados: Regulación empresarial y mercados de empresas. Granada, Spain: Comares Editores.
Maldonado, P. (2017). Parasocial Agreements: Nature and Legal Efectiveness. In Consejo General de los Colegios Oficiales de Corredores de Comercio (ed). Cuadernos de Derecho y Comercio. Extraordinary, pp. 257-295.
Manrique, I., & López, G. T. (2005). Fiscal and financial policy in the context of state reform and economic deregulation in Latin America. Mexico City: Miguel Ángel Porrúa.
Mendoza García, L. S. and Méndez Reátegui, R. (2020). Some theoretical-conceptual aspects of the regulation of preventive bankruptcy proceedings for commercial companies in Ecuador. In R. Barcia, M. Safar, G. Lascano and R. Méndez, Reflexiones jurídicas VI (segunda parte), (pp. 357-399). Quito, Ecuador: Centro de Publicaciones de la Pontificia Universidad Católica del Ecuador.
Méndez Reátegui, R. (2017). Essays on Institutions, Coordination and Legal Theory. Quito, Ecuador: Centro de Publicaciones de la Pontificia Universidad Católica del Ecuador.
Méndez Reátegui, R. (2019). Essays on Institutions, Coordination and Legal Theory. (2nd Ed). Quito, Ecuador: Centro de Publicaciones de la Pontificia Universidad Católica del Ecuador.
North, D. (1990). Institutions, Institutional Change and Economic Performance. Cambridge: Cambridge University Press.
Pacchi, S. (2017). Company and crisis: efficiency of crisis resolution mechanisms from the Italian law experience. Revista Chilena de Derecho, 44(2), (pp. 371-393).
Pacherres Conche, J. M. (2014). The competence of the commission for the elimination of bureaucratic barriers of Indecopi in administrative sanctions of fines.
Peña, D. (2017). Validity of the shareholders' agreement in Ecuador. Quito, Ecuador: Universidad Andina Simón Bolívar Sede Ecuador. Retrieved from: http://repositorio.uasb.edu.ec/bitstream/10644/5467/1/T2174-MDFBS-Peña-Validez.pdf.
Pérez, D.; Marín L.; Navarrete, M. (2018) The merger regime in Ecuador. In A. Brown, D. Robalino and O. Santos (eds), Estudios de Derecho de Competencia Ecuatoriano. (pp. 71 - 85). Quito: FRediciones.
Pla, A. J. (2011). Problems of information asymmetry in SMEs. (Doctoral dissertation). Buenos Aires: University of Buenos Aires. Retrieved from: http://bibliotecadigital.econ.uba.ar/download/tesis/1501-1205_PlaAJ.pdf
Polga-Hecimovich, J., & Trelles, A. (2016). The Organizational Consequences of Politics: A Research Agenda for the Study of Bureaucratic Politics in Latin America. Latin American Politics and Society, 58(4), 56-79. doi:10.1111/laps.12002.
Querbach, T. and Arndt, C. (2017). Regulatory policy in Latin America: An analysis of the current situation. Paris: OECD Publishing.
Sifuentes Domenack, H. (1998). Something about the new company law: the lifting of the legal veil. THĒMIS-Revista De Derecho, (38), pp. 357-371. Retrieved from: http://revistas.pucp.edu.pe/index.php/themis/article/view/10357
National Secretariat of Planning and Development. (SENPLADES) (2013). Buen vivir: Plan nacional 2013-2017: todo el mundo mejor.
National Secretariat of Planning and Development. (SENPLADES) (2017). Buen vivir: Plan nacional 2017-2021 : toda una vida.
Sumar Albujar, O. (2018). Beyond economic analysis of regulation. Regulatory improvement and multidisciplinary approaches. Quito, Ecuador: Centro de Publicaciones de la Pontificia Universidad Católica del Ecuador.
Superintendence of Companies, Securities and Insurance. Ecuadorian Standards for Good Corporate Governance. Resolution No. SCVS-INC-DNCDN-2020-0013]. (September 01, 2020). R. O. 1076 of September 25, 2020.
Tsagas, G. (2020). A Proposal for Reform of EU Member States' Corporate Governance Codes in Support of Sustainability. Sustainability, 12 (10), (pp. 1-25). Retrieved from: http://dx.doi.org/10.3390/su12104328
Vásquez-Palma, M. and Vidal-Olivares, A. (2016). Application of corporate governance principles to unlisted companies in Chile. An approach from European and comparative corporate law. Vniversitas, 65 (133), pp. 383-444.
Arias, X. C. and Caballero, G. (2003). Institutions, transaction costs and public policies: an overview. Journal of Institutional Economics, 5(8). Retrieved from: https://dialnet.unirioja.es/servlet/articulo?codigo=2329137
National Assembly of Ecuador (ANE). Law for the Modernization of the State. Law 50]. Registro Oficial Suplemento 349 of December 31, 1993.
National Assembly of Ecuador (ANE). Preventive Contest Law. [Law]. (December 21, 2006). Official Gazette Supplement 422 of December 21, 2006. Retrieved from: https://vlex.ec/vid/codificacion-12-ley-concurso-643461585.
National Assembly of Ecuador (ANE). Law for the Optimization and Efficiency of Administrative Procedures. Official Gazette Supplement 353 of October 23, 2018.
National Assembly of Ecuador (ANE). Ley de Apoyo Humanitario para Combatir la Crisis Sanitaria Derivada del Covid-19. [Law]. (June 16, 2020). Registro Oficial Suplemento 225 of June 16, 2020.
National Assembly of Ecuador (ANE). Companies Law. (February 28, 2020). Official Gazette Supplement 312 of November 5, 1999.
National Assembly of Ecuador (ANE). Organic Law of Entrepreneurship and Innovation. [Law of 2020]. (February 28, 2020). Official Gazette Supplement 151 of February 28, 2020.
National Assembly of Ecuador (ANE). Organic Law of Regulation and Control of Market Power. [Law 0]. (October 13, 2011). RO. 555 of October 13, 2011.
Bonmatí, J. (2011). Shareholders' Agreements. Constable, (40), pp. 16-21.
Cabrillo, F. (2017). Administration of justice judicial decisions: interests and preferences. In Rubén Méndez Reátegui, R. , Reflexiones Jurídicas Vol II, pp. 23-63. Quito, Ecuador: Centro de Publicaciones PUCE.
Cachanosky, J. (2007). Economics, law and the "Economic Analysis of Law". Retrieved from http://institutoamagi.org/download/CachanoskyJuanCarlos-Econom%C3%ADayDerecho_An%C3%A1lisisEcon%C3%B3micodelDerecho.pdf
Cevallos, V. (2005). Analyzing the impact of regulation: Towards a pragmatic vision. Lima, Peru, Regulación Racional.
Constitution of the Republic of Ecuador [Const.] (2008). Official Gazette 449. (Article 66 and others). Retrieved from http://www.lexis.com.ec/wp-content/uploads/2017/09/LI-CONSTITUCION-DE-LA-REPUBLICA-DEL-ECUADOR.pdf
Cordero Cuesta, A. B. (2019). La validez del Manual de Buenas Prácticas Comerciales para el Sector de los Supermercados y/o Similares y sus Proveedores de la Superintendencia de Control del Poder de Mercado. Quito, Ecuador: USFQ.
Córdoba, P. (2014). Corporate Law and Corporate Governance: Corporate Interest, Bodies, Shareholders and Administrators. Bogotá, Colombia: Universidad Externado de Colombia.
Fushimi, J. F. (May 8, 2020). Possible exits from the post-Covid-19 economic crisis. Commerce and Justice. Retrieved from: https://comercioyjusticia.info/opinion/posibles-salidas-de-la-crisis-economica-post-covid-19/
Ghersi, E. (1991). The Cost of Legality: An Approach to the Lack of Legitimacy of Law. THĒMIS-Revista de Derecho, (19), pp. 5-14.
Gingerich, Daniel W. 2013. Governance Indicators and the Level of Analysis Problem: Empirical Findings from South America. British Journal of Political Science, 43 (3), pp. 1- 38.
Guimaray Morales, Á. S. and Romero Serrano, Y. L. (2017). Manual on Prevention and Elimination of Bureaucratic Barriers, Vol. 1. Lima, Peru: INDECOPI Ediciones. Retrieved from https://repositorio.indecopi.gob.pe/handle/11724/5703
Lauroba Lacasa, M. E. (2003). The principle of legal certainty and the discontinuity of law. Louisiana Law Review, 63(4). 18.
Lara Alvear, J. and Méndez, Reátegui, R. (2020). Law and Economics: Legal Regime of Corporate Merger Control in Ecuador. Quito, Ecuador: Corporación de Estudios y Publicaciones - CEP.
Lepage, H. (1980), How to Channel the Growth of the State, Spanish French Conference on the New Economy.
Lizana, C., Pavic, L., (2002). Preventive control of mergers and acquisitions vis-à-vis antitrust law. Revista Chilena de Derecho, 29(3), (pp.507-555). Retrieved from https://dialnet-unirioja-es.puce.idm.oclc.org/servlet/articulo?codigo=2650236.
López, C. G.-M. L. and Ariño, O. G. (2003). La competencia en sectores regulados: Regulación empresarial y mercados de empresas. Granada, Spain: Comares Editores.
Maldonado, P. (2017). Parasocial Agreements: Nature and Legal Efectiveness. In Consejo General de los Colegios Oficiales de Corredores de Comercio (ed). Cuadernos de Derecho y Comercio. Extraordinary, pp. 257-295.
Manrique, I., & López, G. T. (2005). Fiscal and financial policy in the context of state reform and economic deregulation in Latin America. Mexico City: Miguel Ángel Porrúa.
Mendoza García, L. S. and Méndez Reátegui, R. (2020). Some theoretical-conceptual aspects of the regulation of preventive bankruptcy proceedings for commercial companies in Ecuador. In R. Barcia, M. Safar, G. Lascano and R. Méndez, Reflexiones jurídicas VI (segunda parte), (pp. 357-399). Quito, Ecuador: Centro de Publicaciones de la Pontificia Universidad Católica del Ecuador.
Méndez Reátegui, R. (2017). Essays on Institutions, Coordination and Legal Theory. Quito, Ecuador: Centro de Publicaciones de la Pontificia Universidad Católica del Ecuador.
Méndez Reátegui, R. (2019). Essays on Institutions, Coordination and Legal Theory. (2nd Ed). Quito, Ecuador: Centro de Publicaciones de la Pontificia Universidad Católica del Ecuador.
North, D. (1990). Institutions, Institutional Change and Economic Performance. Cambridge: Cambridge University Press.
Pacchi, S. (2017). Company and crisis: efficiency of crisis resolution mechanisms from the Italian law experience. Revista Chilena de Derecho, 44(2), (pp. 371-393).
Pacherres Conche, J. M. (2014). The competence of the commission for the elimination of bureaucratic barriers of Indecopi in administrative sanctions of fines.
Peña, D. (2017). Validity of the shareholders' agreement in Ecuador. Quito, Ecuador: Universidad Andina Simón Bolívar Sede Ecuador. Retrieved from: http://repositorio.uasb.edu.ec/bitstream/10644/5467/1/T2174-MDFBS-Peña-Validez.pdf.
Pérez, D.; Marín L.; Navarrete, M. (2018) The merger regime in Ecuador. In A. Brown, D. Robalino and O. Santos (eds), Estudios de Derecho de Competencia Ecuatoriano. (pp. 71 - 85). Quito: FRediciones.
Pla, A. J. (2011). Problems of information asymmetry in SMEs. (Doctoral dissertation). Buenos Aires: University of Buenos Aires. Retrieved from: http://bibliotecadigital.econ.uba.ar/download/tesis/1501-1205_PlaAJ.pdf
Polga-Hecimovich, J., & Trelles, A. (2016). The Organizational Consequences of Politics: A Research Agenda for the Study of Bureaucratic Politics in Latin America. Latin American Politics and Society, 58(4), 56-79. doi:10.1111/laps.12002.
Querbach, T. and Arndt, C. (2017). Regulatory policy in Latin America: An analysis of the current situation. Paris: OECD Publishing.
Sifuentes Domenack, H. (1998). Something about the new company law: the lifting of the legal veil. THĒMIS-Revista De Derecho, (38), pp. 357-371. Retrieved from: http://revistas.pucp.edu.pe/index.php/themis/article/view/10357
National Secretariat of Planning and Development. (SENPLADES) (2013). Buen vivir: Plan nacional 2013-2017: todo el mundo mejor.
National Secretariat of Planning and Development. (SENPLADES) (2017). Buen vivir: Plan nacional 2017-2021 : toda una vida.
Sumar Albujar, O. (2018). Beyond economic analysis of regulation. Regulatory improvement and multidisciplinary approaches. Quito, Ecuador: Centro de Publicaciones de la Pontificia Universidad Católica del Ecuador.
Superintendence of Companies, Securities and Insurance. Ecuadorian Standards for Good Corporate Governance. Resolution No. SCVS-INC-DNCDN-2020-0013]. (September 01, 2020). R. O. 1076 of September 25, 2020.
Tsagas, G. (2020). A Proposal for Reform of EU Member States' Corporate Governance Codes in Support of Sustainability. Sustainability, 12 (10), (pp. 1-25). Retrieved from: http://dx.doi.org/10.3390/su12104328
Vásquez-Palma, M. and Vidal-Olivares, A. (2016). Application of corporate governance principles to unlisted companies in Chile. An approach from European and comparative corporate law. Vniversitas, 65 (133), pp. 383-444.