Andrés Chiriboga-Tejada
Andrés Chiriboga
The Ecuadorian Securities Market: Sociological Account of an apparent failure
Dir. Olivier Godechot (Sciences Po - CRIS & MaxPo)
PhD Defence: May 11th, 2023.
Jury members:
Valérie Boussard, Professeure de sociologie, Université Paris Nanterre
Felix Bühlmann, Professeur associé, Université de Lausanne
Bruce Carruthers, Professor of Sociology, Northwestern University
Olivier Godechot, Directeur de recherche CNRS, Sciences Po Paris (supervisor)
Paola Tubaro, Directrice de recherche CNRS, ENSAE-CREST Paris (reviewer)
Tod Van Gunten, Lecturer in Economic Sociology, University of Edinburgh (reviewer)
Andrés Chiriboga-Tejada holds a Bachelor's degree in Sociology from the Pontifical Catholic University in Quito, Ecuador, and Master's degrees in Finance from the Monterrey Institute of Technology and Higher Education and in Economic Sociology from the London School of Economics and Political Science. He has worked in the economic policy and regulation area for the last ten years as an advisor and consultant to several public institutions. He is currently a member of the Council for Economic and Financial Policy and Regulation, representing the Ministry of Planning of Ecuador. His research explores how economic, social, political, and cultural factors interact and have influenced the (under) development of the Ecuadorian Securities Market, contributing to a concentration of power among traditional economic and political actors and to inequality in access to financing in the country.
Project description: Within economic sociology, there is a set of studies that have analyzed the way social structures and institutions have influenced the development and expansion of financial markets. Following this tradition, this research project proposes a sociological approach to a financial market: the Ecuadorian Securities Market (ESM). However, it differs in several ways from most previous work within the sociology of finance. This ongoing research is not a traditional account of the way social structures influence the market's expansion; rather, it is a sociological exploration of a failure of market expansion. The ESM has failed to develop and expand even when, in the last decades, de-regulation and other economic policy decisions seemed to favor its expansion. This research builds upon evidence that economic, social, political, and cultural factors are mostly responsible for the market's failure to expand, its particular economic outcomes, limited innovation and unequal resource allocation. Despite the key role of interpersonal and institutional structures in the way the market works, this project takes other elements into account by building a dynamic and complex topology. Finally, this project explores the ways in which the market's particular structure and evolution through time (2001–2015) have contributed to the concentration of power held by traditional political and economic actors and to the increasing inequality in the access to financing inside the country.
