Honors Theses and Capstones

Date of Award

Spring 2024

Project Type

Senior Honors Thesis

College or School

PAUL

Department

Economics

Program or Major

Economics (Global Trade and Finance) and Spanish

Degree Name

Bachelor of Arts

First Advisor

Reagan Baughman

Abstract

As a result of increasing internet accessibility and the rise in popularity and possibility of remote work following the COVID-19 pandemic, workers from advanced economies have applied the work-from-home routine while visiting different countries. These destination cities have lower living costs and remote workers can experience increased purchasing power and new cultures. To fully take advantage of their professional autonomy, these workers, known as digital nomads, stay in each international location for one to three months before traveling elsewhere – conveying their propensity for nomadism. Digital nomads (hereafter referred to as DNs) have economic impacts on their host cities in three ways: raising prices in the housing and consumption markets, encouraging entrepreneurship, and enabling an intercultural exchange of information. The focus city of this paper is Medellín, Colombia, as it is one of the most popular nomad destinations and an emerging economy, providing an intriguing backdrop for the evident economic effects.

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