The Economics of Transnational Living1

Migrants' long‐distance economic relations with their homelands have been the subject of an extensive, albeit fragmented, multidisciplinary inquiry. Most existing studies have been primarily concerned with the north‐south flow of monetary remittances that migrants send to their homelands. Using a transnational perspective informed by economic sociology tenets, this article argues that this north‐south, monetary‐centered approach is too limited, for it fails to heed the multiple macroeconomic effects of migrants' transnational economic and noneconomic connections and, thus, underestimates migrants' agency and their influence at the global level. Using the concept of transnational living, the study presents new vistas of transnational migration that question accepted notions about the relationship between labor mobility and capital mobility.