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Contents. Remittances from the United States. International money transfers made by migrant workers and immigrants sending a portion of their earnings to their families in their country of origin are known as remittances. Remittances are an important aspect of the global economy, totaling an estimated $601 billion (USD) for the year 2015. [ 1 ]
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.
Mental accounting (or psychological accounting) is a model of consumer behaviour developed by Richard Thaler that attempts to describe the process whereby people code, categorize and evaluate economic outcomes. [2] Mental accounting incorporates the economic concepts of prospect theory and transactional utility theory to evaluate how people ...
The foreign exchange market (forex, FX (pronounced "fix"), or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling and exchanging currencies at current or determined prices.
International or global psychology is an emerging branch of psychology that focuses on the worldwide enterprise of psychology in terms of communication and networking, cross-cultural comparison, scholarship, practice, and pedagogy (Stevens & Gielen, 2007). Often, the terms international psychology, global psychology, transnational psychology ...
Attribution (psychology) Attribution is a term used in psychology which deals with how individuals perceive the causes of everyday experience, as being either external or internal. Models to explain this process are called Attribution theory. [ 1 ]
In Freudian psychology, externalization (or externalisation) is a defense mechanism by which an individual projects their own internal characteristics onto the outside world, particularly onto other people. [1] For example, a patient who is overly argumentative might instead perceive others as argumentative and themselves as blameless.
The current account is an important indicator of an economy's speed. It is defined as the sum of the balance of trade (goods and services exports minus imports), net income from abroad, and net current transfers. A positive current account balance indicates the nation is a net lender to the rest of the world, while a negative current account ...