Search results for: foreign exchange

Authors: J. Hassan

Abstract:

Water 2H NMR signal on the surface of nano-silica material, MCM-41, consists of two overlapping resonances. The 2H water spectrum shows a superposition of a Lorentzian line shape and the familiar NMR powder pattern line shape, indicating the existence of two spin components. Chemical exchange occurs between these two groups. Decomposition of the two signals is a crucial starting point for study the exchange process. In this article we have determined these spin component populations along with other important parameters for the 2H water NMR signal over a temperature range between 223 K and 343 K.

Keywords: Nano-Silica, surface water, NMR

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Authors: Gulsevim Yumuk Gunay, Suleyman Gokhan Gunay

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Corporate social responsibility (CSR) can be defined as the management of social, environmental, economical and ethical concepts and firms sensivities to the expectations of the social stakeholders. CSR is seen as an important competitive advantage in the textile sector because this sector has an important impact on the environment and it is labor extensive. Textile sector has a strong advantage when compared with other sectors in Turkey due to its low labor costs and abundancy of raw materials. Turkey was a producer and an exporter of cotton, and an importer of fiber, clothes and dresses until 1950s. After 1950s, Turkey has begun to export fiber, ready-made clothes and become one of the most important textile producers in the world recently. CSR practices of the textile firms that are quoted in Istanbul Stock Exchange and these firms sensivities to their internal and external stakeholders and environment will be presented in this study.

Keywords: corporate social responsibility, Istanbul Stock Exchange, textile sector, Turkey

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Authors: Giorgi Bregadze

Abstract:

Tourism is the most viable and sustainable economic development option for Georgia and one of the main sources of foreign exchange earnings. Events are considered as one of the most effective ways to attract foreign visitors to the country, and, recently, the government of Georgia has begun investing in this sector very actively. This article stresses the necessity of research based economic policy in the tourism sector. In this regard, it is of paramount importance to measure the economic effects of the events which are subsidized by taxpayers’ money. The economic effect of events can be analyzed from two perspectives; financial perspective of the government and perspective of economic effects of the tourism administration. The article emphasizes more realistic and all-inclusive focus of the economic effect analysis of the tourism administration as it concentrates on the income of residents and local businesses, part of which generate tax revenues for the government. The public would like to know what the economic returns to investment are. In this article, the methodology used to describe the economic effects of UEFA Super Cup held in Tbilisi, will help to answer this question. Methodology is based on three main principles and covers three stages. Using the suggested methodology article estimates the direct economic effect of UEFA Super cup on Georgian economy. Although the attempt to make an economic effect analysis of the event was successful in Georgia, some obstacles and insufficiencies were identified during the survey. The article offers several recommendations that will help to refine methodology and improve the accuracy of the data. Furthermore, it is very important to receive the correct standard of measurement of events in Georgia. In this caseü non-ethical acts of measurement which are widely utilized by different research companies will not trigger others to show overestimated effects. It is worth mentioning that to author’s best knowledge, this is the first attempt to measure the economic effect of an event held in Georgia.

Keywords: Biased economic effect analysis, expenditure of local citizens, time switchers and casuals, UEFA super cup.

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Authors: Nobue T. Ellis

Abstract:

This preliminary study attempts to see if a learning environment influences instructor’s teaching strategies and learners’ in-class activities in a foreign language class at a university in Japan. The class under study was conducted in a computer room, while the majority of classes of the same course were offered in traditional classrooms without computers. The study also sees if the unplanned blended learning environment, enhanced, or worked against, in achieving course goals, by paying close attention to in-class artefacts, such as computers. In the macro-level analysis, the course syllabus and weekly itinerary of the course were looked at; and in the microlevel analysis, nonhuman actors in their environments were named and analyzed to see how they influenced the learners’ task processes. The result indicated that students were heavily influenced by the presence of computers, which lead them to disregard some aspects of intended learning objectives.

Keywords: Computer-assisted language learning, actor-network theory, English as a foreign language, task-based teaching.

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Authors: Atheel Hassan Alwash, Ahmad Zuhairi Abdullah, Norli Ismail

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Characteristics and sonocatalytic activity of zeolite Y catalysts loaded with TiO2 using impregnation and ion exchange methods for the degradation of amaranth dye were investigated. The Ion-exchange method was used to encapsulate the TiO2 into the internal pores of the zeolite while the incorporation of TiO2 mostly on the external surface of zeolite was carried out using the impregnation method. Different characterization techniques were used to elucidate the physicochemical properties of the produced catalysts. The framework of zeolite Y remained virtually unchanged after the encapsulation of TiO2 while the crystallinity of zeolite decreased significantly after the incorporation of 15 wt% of TiO2. The sonocatalytic activity was enhanced by TiO2 incorporation with maximum degradation efficiencies of 50% and 68% for the encapsulated titanium and titanium loaded onto the zeolite, respectively after 120min of reaction. Catalysts characteristics and sonocatalytic behaviors were significantly affected by the preparation method and the location of TiO2 introduced with zeolite structure. Behaviors in the sonocatalytic process were successfully correlated with the characteristics of the catalysts used.

Keywords: Sonocatalytic degradation, TiO2 loaded, ionexchange, impregnation, amaranth dye, process behavior.

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Authors: Alaa Fahmy

Abstract:

Key management represents a major and the most sensitive part of cryptographic systems. It includes key generation, key distribution, key storage, and key deletion. It is also considered the hardest part of cryptography. Designing secure cryptographic algorithms is hard, and keeping the keys secret is much harder. Cryptanalysts usually attack both symmetric and public key cryptosystems through their key management. We introduce a protocol to exchange cipher keys over insecure communication channel. This protocol is based on public key cryptosystem, especially elliptic curve cryptosystem. Meanwhile, it tests the cipher keys and selects only the good keys and rejects the weak one.

Keywords: Key management and key distribution.

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Authors: Natarajan Venkatachalam, Subrahmanya V. R. K. Rao, Vijay Karthikeyan Dhandapani, Swaminathan Saravanavel

Abstract:

The quantum communication technology is an evolving design which connects multiple quantum enabled devices to internet for secret communication or sensitive information exchange. In future, the number of these compact quantum enabled devices will increase immensely making them an integral part of present communication systems. Therefore, safety and security of such devices is also a major concern for us. To ensure the customer sensitive information will not be eavesdropped or deciphered, we need a strong authentications and encryption mechanism. In this paper, we propose a mutual authentication scheme between these smart quantum devices and server based on the secure exchange of information through quantum channel which gives better solutions for symmetric key exchange issues. An important part of this work is to propose a secure mutual authentication protocol over the quantum channel. We show that our approach offers robust authentication protocol and further our solution is lightweight, scalable, cost-effective with optimized computational processing overheads.

Keywords: Quantum cryptography, quantum key distribution, wireless quantum communication, authentication protocol, quantum enabled device, trusted third party.

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Authors: V. Pérez-Herranz, M. Pinel, E. M. Ortega, M. García-Gabaldón

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In the present work, Electrochemical Impedance Spectrocopy (EIS) is applied to study the transport of different metal cations through a cation-exchange membrane. This technique enables the identification of the ionic-transport characteristics and to distinguish between different transport mechanisms occurring at different current density ranges. The impedance spectra are dependent on the applied dc current density, on the type of cation and on the concentration. When the applied dc current density increases, the diameter of the impedance spectra loops increases because all the components of membrane system resistance increase. The diameter of the impedance plots decreases in the order of Na(I), Ni(II) and Cr(III) due to the increased interactions between the negatively charged sulfonic groups of the membrane and the cations with greater charge. Nyquist plots are shifted towards lower values of the real impedance, and its diameter decreases with the increase of concentration due to the decrease of the solution resistance.

Keywords: Ion-exchange Membranes, Electrochemical Impedance Espectroscopy, Multivalent Metal Cations.

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Authors: E. Pop, M. Barbos

Abstract:

Using mobile Internet access technologies and eservices, various economic agents can efficiently offer their products or services to a large number of clients. With the support of mobile communications networks, the clients can have access to e-services, anywhere and anytime. This is a base to establish a convergence of technological and financial interests of mobile operators, software developers, mobile terminals producers and e-content providers. In this paper, a client server system is presented, using 3G, EDGE, mobile terminals, for Stock Exchange e-services access.

Keywords: Mobile communications, e-services access, stockexchange.

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Authors: A. T. M Shahjahan, Kutub Uddin Chisty

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Social media refers to the means of interactions among people in which they create share, exchange and comment contents among themselves in virtual communities and networks. Social media or "social networking" has almost become part of our daily lives and being tossed around over the past few years. It is like any other media such as newspaper, radio and television but it is far more than just about sharing information and ideas. Social networking tools like Twitter, Facebook, Flickr and Blogs have facilitated creation and exchange of ideas so quickly and widely than the conventional media. This paper shows the choices, communication, feeling comfort, time saving and effects of social media among the people.

Keywords: Media, Choice, Effect.

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Authors: Anouch Mkhitarian

Abstract:

The article examines an opportunity of corruption restriction exercised by international business community in Russia. Integration of Russian economy into the international business does not reduce corruption inside the country. Foreign actors investing in Russia under the condition of obtaining their required rates of returns will be reluctant to harm their investments by involving into anticorruption activities. Furthermore, many Russian firms- competitive advantage could be directly related to their corruption connections. In this case, foreign investments would only accentuate corrupt companies- success by supporting them financially

Keywords: Corrution, FDI, Russian Federation

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Authors: Mojtaba Rezaei, Elham Heydari

Abstract:

This paper highlights the empirical results of analyzing the correlation between accounting information and systematic risk. This association is analyzed among financial ratios and systematic risk by considering the financial statement of 39 companies listed on the Tehran Stock Exchange (TSE) for five years (2014-2018). Financial ratios have been categorized into four groups and to describe the special features, as representative of accounting information we selected: Return on Asset (ROA), Debt Ratio (Total Debt to Total Asset), Current Ratio (current assets to current debt), Asset Turnover (Net sales to Total assets), and Total Assets. The hypotheses were tested through simple and multiple linear regression and T-student test. The findings illustrate that there is no significant relationship between accounting information and market risk. This indicates that in the selected sample, historical accounting information does not fully reflect the price of stocks.

Keywords: Accounting information, market risk, systematic risk, efficient market hypothesis, EMH, Tehran Stock Exchange, TSE.

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Authors: S. Mahmoodzadeh, J. Shahrabi, M. A. Torkamani, J. Sabaghzadeh Ghomi

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Recognizing behavioral patterns of financial markets is essential for traders. Japanese candlestick chart is a common tool to visualize and analyze such patterns in an economic time series. Since the world was introduced to Japanese candlestick charting, traders saw how combining this tool with intelligent technical approaches creates a powerful formula for the savvy investors. This paper propose a generalization to box counting method of Grassberger-Procaccia, which is based on computing the correlation dimension of Japanese candlesticks instead commonly used 'close' points. The results of this method applied on several foreign exchange rates vs. IRR (Iranian Rial). Satisfactorily show lower chaotic dimension of Japanese candlesticks series than regular Grassberger-Procaccia method applied merely on close points of these same candles. This means there is some valuable information inside candlesticks.

Keywords: Chaos, Japanese candlestick, generalized box counting, strange attractor.

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Authors: Philippe Fauquet-Alekhine, Elena Fauquet-Alekhine-Pavlovskaia

Abstract:

On the basis of questionnaires and interviews of two samples of subjects (French and Anglo-Saxon) for which two food products were presented (one of the subject’s country and one of the foreign country), we have shown how consumers could be sensitive to the label or brand written on the package of the food product. Furthermore, in the light of Intersubjectivity theory, we have shown the necessity for the consumer to find congruence between the direct and meta perspective towards the product for which the producer and especially the marketer is responsible. Taking into account these findings may help to avoid the commercial failure of a brand while exported abroad.

Keywords: Brand, failure, food industry.

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Authors: Pisit Potjanajaruwit

Abstract:

The objectives of the study were to determine the marketing mix factors that influencing tourist’s destination decision making for cultural tourism in the Chonburi province. Both quantitative and qualitative data were applied in this study. The samples of 400 cases for quantitative analysis were tourists (both Thai and foreign) who were interested in cultural tourism in the Chonburi province, and traveled to cultural sites in Chonburi and 14 representatives from provincial tourism committee of Chonburi and local tourism experts. Statistics utilized in this research included frequency, percentage, mean, standard deviation, and multiple regression analysis. The study found that Thai and foreign tourists are influenced by different important marketing mix factors. The important factors for Thai respondents were physical evidence, price, people, and place at high importance level. For foreign respondents, physical evidence, price, people, and process were high importance level, whereas, product, place and promotion were moderate importance level.

Keywords: Chonburi Province, Decision Making for cultural tourism, Marketing Mixed.

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Authors: Raghvendra Kumar, Lillie Dewan

Abstract:

Exchange algorithm with constraints on magnitude and phase error separately in new way is presented in this paper. An important feature of the algorithms presented in this paper is that they allow for design constraints which often arise in practical filter design problems. Meeting required minimum stopband attenuation or a maximum deviation from the desired magnitude and phase responses in the passbands are common design constraints that can be handled by the methods proposed here. This new algorithm may have important advantages over existing technique, with respect to the speed and stability of convergence, memory requirement and low ripples.

Keywords: Least square estimation, Constraints, Exchange algorithm.

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Authors: Dong-Woo Lim, Chang-Jae Chun, Hyung-Myung Kim

Abstract:

We consider a two-way relay network where two sources exchange information. A relay helps the two sources exchange information using the decode-and-XOR-forward protocol. We investigate the power minimization problem with minimum rate constraints. The system needs two time slots and in each time slot the required rate pair should be achievable. The power consumption is minimized in each time slot and we obtained the closed form solution. The simulation results confirm that the proposed power allocation scheme consumes lower total power than the conventional schemes.

Keywords: Decode-and-XOR-forward, power minimization, two-way relay

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Authors: Birol Yildiz, Abdullah Yalama, Metin Coskun

Abstract:

Many studies have shown that Artificial Neural Networks (ANN) have been widely used for forecasting financial markets, because of many financial and economic variables are nonlinear, and an ANN can model flexible linear or non-linear relationship among variables. The purpose of the study was to employ an ANN models to predict the direction of the Istanbul Stock Exchange National 100 Indices (ISE National-100). As a result of this study, the model forecast the direction of the ISE National-100 to an accuracy of 74, 51%.

Keywords: Artificial Neural Networks, Istanbul StockExchange, Non-linear Modeling.

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Authors: Aslı Taş, Şebnem Ertaş

Abstract:

Culture consists of material and spiritual values adopted by the emerging societies during the historical and social processes and continues to exist from past to present by being transferred through generations. Culture and cultural sustainability are interdependent concepts. Cultural sustainability exists when the requirements established cultural expression are added to the social life as lifestyle and habits. However, sustainability renders change inevitable. Changes that take place in the culture of a society also shows the impact in the daily life places. Functional changes occur in the spaces in order to adapt particularly to cultural change that appear in the aftermath of the user change, to modern technology and living standards. In this context, in this study, it was aimed to investigate the effect of the time-dependent functional changes that took place in the housing where non-Muslim population who was subject to population exchange and Muslim population lived after the population exchange in the vacated housing in Sille. Therefore, the changed and newly added venues in the house belonging to Ali Oğuz in Hacı Ali Ağa Street were investigated over the generated graphic in order to clearly perceive the cultural exchange on the housing and settlement and the functional changes were demonstrated.

Keywords: Culture, house, spatial changes, sustainability.

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Authors: I-En Lin, Feng-Jung Yang

Abstract:

In addition to kidney transplant, renal replacement therapy involves hemodialysis and peritoneal dialysis (PD). PD possesses advantages such as maintaining stable physiological blood status and blood pressure, alleviating anemia, and improving mobility, which make it an ideal method for at-home dialysis treatment. However, potential danger still exists despite the numerous advantages of PD, particularly when patients require dialysis exchange four to five times a day, during which improper operation can easily lead to peritonitis. The process of draining and filling is called an exchange and takes about 30 to 40 minutes. Connecting the transfer set requires sterile technique. Transfer set may require a new cap each time that it disconnects from the bag after an exchange. There are many chances to get infection due to unsafe behavior (ex: hand tremor, poor eyesight and weakness, cap fall-down). The proposed semi-automatic connection mechanism used in the PD can greatly reduce infection chances. This light-weight connection device is portable. The device also does not require using throughout the entire process. It is capable of significantly improving quality of life. Therefore, it is very promising to adopt in home care application.

Keywords: Automatic connection, catheter, glomerulonephritis, peritoneal dialysis.

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Authors: S. Baghdar Hosseini, K. Bashirnezhad, A. R. Moghiman, Y. Khazraii, N. Nikoofal

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The increasing industrialization and motorization of the world has led to a steep rise for the demand of petroleum-based fuels. Petroleum-based fuels are obtained from limited reserves. These finite reserves are highly concentrated in certain regions of the world. Therefore, those countries not having these resources are facing energy/foreign exchange crisis, mainly due to the import of crude petroleum. Hence, it is necessary to look for alternative fuels which can be produced from resources available locally within the country such as alcohol, biodiesel, vegetable oils etc. Biodiesel is a renewable, domestically produced fuel that has been shown to reduce particulate, hydrocarbon, and carbon monoxide emissions from combustion. In the present study an experimental investigation on emission characteristic of a liquid burner system operating on several percentage of biodiesel and gas oil is carried out. Samples of exhaust gas are analysed with Testo 350 Xl. The results show that biodiesel can lower some pollutant such as CO, CO2 and particulate matter emissions while NOx emission would increase in comparison with gas oil. The results indicate there may be benefits to using biodiesel in industrial processes.

Keywords: Biodiesel, combustion, gas oil, pollutant.

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Authors: Shashikant R. Kuchekar, Haribhau R. Aher, Priti M. Dhage

Abstract:

The removal vanadium from aqueous solution using natural exchanger was investigated. The effects of pH, contact time and exchanger dose were studied at ambient temperature (25 ⁰C ± 2 ⁰C). The equilibrium process was described by the Langmuir isotherm model with adsorption capacity for vanadium. The natural exchanger i.e. tamarindus seeds powder was treated with formaldehyde and sulpuric acid to increase the adsorptivity of metals. The maximum exchange level was attained as 80.1% at pH 3 with exchanger dose 5 g and contact time 60 min. Method is applied for removal of vanadium from industrial effluents.

Keywords: Industrial effluent, natural ion exchange, Tamarindus indica, vanadium.

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Authors: Sung-Bae Choi, Sang-Yoon Yoon, Eun-Jun Yoon

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In 2011, Debiao et al. pointed out that S-3PAKE protocol proposed by Lu and Cao for password-authenticated key exchange in the three-party setting is vulnerable to an off-line dictionary attack. Then, they proposed some countermeasures to eliminate the security vulnerability of the S-3PAKE. Nevertheless, this paper points out their enhanced S-3PAKE protocol is still vulnerable to undetectable on-line dictionary attacks unlike their claim.

Keywords: Authentication, 3PAKE, password, three-party key exchange, network security, dictionary attacks.

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Authors: R. Kabila

Abstract:

IPsec has now become a standard information security technology throughout the Internet society. It provides a well-defined architecture that takes into account confidentiality, authentication, integrity, secure key exchange and protection mechanism against replay attack also. For the connectionless security services on packet basis, IETF IPsec Working Group has standardized two extension headers (AH&ESP), key exchange and authentication protocols. It is also working on lightweight key exchange protocol and MIB's for security management. IPsec technology has been implemented on various platforms in IPv4 and IPv6, gradually replacing old application-specific security mechanisms. IPv4 and IPv6 are not directly compatible, so programs and systems designed to one standard can not communicate with those designed to the other. We propose the design and implementation of controlled Internet security system, which is IPsec-based Internet information security system in IPv4/IPv6 network and also we show the data of performance measurement. With the features like improved scalability and routing, security, ease-of-configuration, and higher performance of IPv6, the controlled Internet security system provides consistent security policy and integrated security management on IPsec-based Internet security system.

Keywords: IDS, IPS, IP-Sec, IPv6, IPv4, VPN.

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Authors: Zohreh Bang Tavakoli, Shuktika Chatterjee

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This study investigates the fiscal policy impact on countries’ economic growth in developing countries with a different external debt level. The fiscal policy effectiveness has been re-emphasized in the global financial crisis of 2008 with the external debt as its new contemporary driver. Different theories have proposed the economic consequence of fiscal policy, specifically for developing countries. However, fiscal policy literature is lacking research regarding the fiscal policy’s effectiveness with the external debt’s contributions through comprehensive study. Also, high levels of external debt will influence economic growth. Through foreign resources and channel of investment in which high level of debt decreases the amount of foreign investment in the developing countries. The finding of this study suggests that only countries with a low external debt level and appropriate fiscal policies and good quality institutions can gain the proper quantity and quality of foreign investors in which will help the economic growth. For this, this research is examining the impact of fiscal policy on developing countries' economic growth in the situation of different external debt levels.

Keywords: fiscal policy, external debt, gross domestic product, developing countries

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Authors: D. de Matías Batalla

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This paper develops and extended eclectic paradigm to fit the firm internationalization process with the real international business world. The approach is based on Dunning´s, introducing new concepts like mode of entry, international joint venture o international mergers and acquisitions. At the same time is presented a model to describe the Spanish international mergers and acquisitions in order to determinate the most important factor that influence in this type of foreign direct investment.

Keywords: Dunning, eclectic paradigm, foreign direct investment, IJV, international business, international management, multinational firms, firm internationalization process, M&A.

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Authors: F. Rahnamay Roodposhti, M. Falah Shams, H. Kordlouie

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The aim of the article is extending and developing econometrics and network structure based methods which are able to distinguish price manipulation in Tehran stock exchange. The principal goal of the present study is to offer model for approximating price manipulation in Tehran stock exchange. In order to do so by applying separation method a sample consisting of 397 companies accepted at Tehran stock exchange were selected and information related to their price and volume of trades during years 2001 until 2009 were collected and then through performing runs test, skewness test and duration correlative test the selected companies were divided into 2 sets of manipulated and non manipulated companies. In the next stage by investigating cumulative return process and volume of trades in manipulated companies, the date of starting price manipulation was specified and in this way the logit model, artificial neural network, multiple discriminant analysis and by using information related to size of company, clarity of information, ratio of P/E and liquidity of stock one year prior price manipulation; a model for forecasting price manipulation of stocks of companies present in Tehran stock exchange were designed. At the end the power of forecasting models were studied by using data of test set. Whereas the power of forecasting logit model for test set was 92.1%, for artificial neural network was 94.1% and multi audit analysis model was 90.2%; therefore all of the 3 aforesaid models has high power to forecast price manipulation and there is no considerable difference among forecasting power of these 3 models.

Keywords: Price Manipulation, Liquidity, Size of Company, Floating Stock, Information Clarity

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Authors: Drago Jakovcevic, Mihovil Andelinovic, Igor Husak

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The aim of this paper is to explore the economic circumstances in which the selective credit policy, the least used instrument of four types of instruments on disposal to central banks, should be used. The most significant example includes the use of selective credit policies in response to the emergence of the global financial crisis by the FED. Specifics of the potential use of selective credit policies as the instigator of economic growth in Croatia, a small open economy, are determined by high euroization of financial system, fixed exchange rate and long-term trend growth of external debt that is related to the need to maintain high levels of foreign reserves. In such conditions, the classic forms of selective credit policies are unsuitable for the introduction. Several alternative approaches to implement selective credit policies are examined in this paper. Also, thorough analysis of distribution of selective monetary policy loans among economic sectors in Croatia is conducted in order to minimize the risk of investing funds and maximize the return, in order to influence the GDP growth.

Keywords: Global crisis, Selective credit policy, Small open economy.

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Authors: Peng Yew Wong

Abstract:

House prices in the Australian capital cities were at record levels subsequent to Global Financial Crisis (GFC) 2008 and many believed that foreign investors, especially the Chinese investors, were the main reason for the Australian capital cities’ house prices escalation. This research conducted an Australian cross border semi-structured interviews in Shanghai, China to uncover historical evidence and emerging trend supporting the existence of a significant relationship between overseas investors and residential housing markets performance in Australia subsequent to the GFC 2008. Some unique investment strategies of private investors from China which emphasised on non-capitalist factors such as early education were identified, alongside with some insights on the significant China government policies that have incentivised the cross border investments from China. It is believed that this understanding will assist policy makers to effectively manage the overheated Australian residential property market without compromising the steady flow of FREI.

Keywords: Australian housing market, residential property, foreign real estate investment, education, China investor.

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Authors: Jorge A. Schiavon

Abstract:

This article analyzes the international relations of sub-State governments (IRSSG) in Mexico. It aims to answer five questions: 1) What explains the recent and dramatic increase in their international activities? 2) What is the impact of federalism on the foreign affairs of the federal units? 3) What are the levels or degrees of IRSSG and how have they changed over the last years? 4) How do Mexican federal units institutionalize their international activities? 5) What are the perceptions and capacities of the federal units in their internationalization process? The first section argues that the growth in the IRSSG is generated by growing interdependence and globalization in the international system, and democratization, decentralization and structural reform in the national arena. The second section sustains that the renewed Mexican federalism has generated the incentives for SSG to participate more intensively in international affairs. The third section defends that there is a wide variation in their degree of international participation, which is measured in three moments in time (2004 2009 and 2014), and explains how this activity has changed in the last decade. The fourth section studies the institutionalization of the IRSSG in Mexico through the analysis of Inter-Institutional Agreements (IIA). Finally, the last section concentrates in explaining the perceptions and capacities of Mexican sub-State governments to conduct international relations.

Keywords: Federalism, foreign policy, international relations of sub-state governments, paradiplomacy, Mexico.

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