Remittance in the context of "Homeland"

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⭐ Core Definition: Remittance

A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland.

Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Remittance is more than three times as large as the total global foreign aid. In 2021, $780 billion was sent to 800 million people, while foreign aid totalled $200 billion. Most remittance flows from high-income countries to lower-income countries. Workers' remittances are a significant part of international capital flows, especially with regard to labor-exporting countries.

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Remittance in the context of Expenditure

An expense is an item requiring an outflow of money, or any form of fortune in general, to another person or group as payment for an item, service, or other category of costs. For a tenant, rent is an expense. For students or parents, tuition is an expense. Buying food, clothing, furniture, or an automobile is often referred to as an expense. An expense is a cost that is "paid" or "remitted", usually in exchange for something of value. Something that seems to cost a great deal is "expensive". Something that seems to cost little is "inexpensive". "Expenses of the table" are expenses for dining, refreshments, a feast, etc.

In accounting, expense is any specific outflow of cash or other valuable assets from a person or company to another person or company. This outflow is generally one side of a trade for products or services that have equal or better current or future value to the buyer than to the seller. Technically, an expense is an event in which a proprietary stake is diminished or exhausted, or a liability is incurred. In terms of the accounting equation, expenses reduce owners' equity. The International Accounting Standards Board defines expenses as:

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Remittance in the context of Italian American

Italian Americans (Italian: italoamericani [ˌitaloameriˈkaːni]) are Americans who have full or partial Italian ancestry. The largest concentrations of Italian Americans are in the urban Northeast and industrial Midwestern metropolitan areas, with significant communities also residing in many other major U.S. metropolitan areas.

Between 1820 and 2004, approximately 5.5 million Italians migrated to the United States during the Italian diaspora, in several distinct waves, with the greatest number arriving in the 20th century from Southern Italy. Initially, most single men, so-called birds of passage, sent remittance back to their families in Italy and then returned to Italy.

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Remittance in the context of Economy of Ecuador

The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP. Ecuador's economy is based on the export of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from Ecuadorian emigrants employed abroad. In 2017, remittances constituted 2.7% of Ecuador's GDP. The total trade amounted to 42% of Ecuador's GDP in 2017.

The country is substantially dependent on its petroleum resources. In 2017, oil accounted for about one-third of public-sector revenue and 32% of export earnings. When Ecuador was part of OPEC, it was one of the smallest members and produced about 531,300 barrels per day of petroleum in 2017. It is the world's largest exporter of bananas ($3.38 billion in 2017) and a major exporter of shrimp ($3.06 billion in 2017). Exports of non-traditional products such as cut flowers ($846 million in 2017) and canned fish ($1.18 billion in 2017) have grown in recent years.

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Remittance in the context of Brain drain

Human capital flight is the emigration or immigration of individuals who have received advanced training in their home country. The net benefits of human capital flight for the receiving country are sometimes referred to as a "brain gain" whereas the net costs for the sending country are sometimes referred to as a "brain drain". In occupations with a surplus of graduates, immigration of foreign-trained professionals can aggravate the underemployment of domestic graduates, whereas emigration from an area with a surplus of trained people leads to better opportunities for those remaining. However, emigration may cause problems for the home country if trained people are in short supply there.

Research shows that there are significant economic benefits of human capital flight for the migrants themselves and for the receiving country. The consequences for the country of origin are less straightforward, with research suggesting they can be positive, negative or mixed. Research also suggests that emigration, remittances and return migration can have a positive effect on democratization and on the quality of political institutions in the country of origin.

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