Batten Institute

Veronica Warnock



Bio: Veronica Cacdac Warnock is principal of CW Economics Group, a consulting firm specializing in economic and financial research including valuation, policy analysis, international finance, and consumer and industry survey design/analysis. She has over 15 years of experience in research, business modeling and economic analysis.

Her current research focuses on private sector initiatives to spur financial sector development. As a fellow at the Hong Kong Institute of Monetary Research, she recently conducted a cross-country study of housing finance systems. This work has been presented at the Hong Kong Monetary Authority and South African Reserve Bank. She is also undertaking a "scoring the un-scored" project that will design credit assessment systems for the underbanked in South Africa.

She is also a lecturer with the Urban and Environmental Planning Department of UVa School of Architecture teaching Economics and the Built Environment (PLAN 541) in the spring semester. She has recently directed two independent studies: “Housing, Environments and Aging” and “Real Estate Development and Conservation.” Previously, she was Research Assistant Professor at UVa School of Architecture, Senior Economist and Director at Mortgage Bankers Association in Washington, DC, and Research Associate at Haver Analytics, Inc. in New York City. She also taught economics at Colegio San Agustin in Manila. She holds a Ph.D. degree in Economics from Fordham University and an A.B. in Economics from Ateneo de Manila University. She is vice chair of the Crozet Community Advisory Council in Albemarle County (Virginia) and an advisor to ecoMOD, a multi-year design-build-research project that develops affordable, ecological and modular single-family prototypes.

Expertise: Markets in Human Hope 


Fellowship Focus: During her Batten Fellowship, Veronica Cacdac Warnock will collaborate with her faculty hosts Saras Sarasvathy and Frank Warnock on research projects related to Markets in Human Hope. In particular, she and her fellow researchers will conduct research that aims to enable the creation of financial markets where they currently do not exist. Examples of non-existent markets include mortgage and other types of debt and equity markets in emerging economies, stock exchanges in the social sector, futures markets in economic development, innovative funding instruments for disaster relief and human rights issues, and angel and venture capital markets in the citizen sector. Such markets should in a profitable way enable the funding of entrepreneurial initiatives in a variety of industries and sectors, for-profit and otherwise. A necessary component of this research agenda is to help develop infrastructure that enables new markets.

A specific Markets in Human Hope-related project that she will work on during her fellowship aims to improve the robustness of more inclusive housing finance systems around the world. For example, a robust housing finance system requires an assessment of risks that is not currently undertaken in many underserviced or untapped areas, in part because in these settings credit scores based solely on credit histories are not very informative. With her faculty hosts, she will develop a dynamic, non-standard credit scoring system applied to South African housing microlending. This will lead to a research paper that will be submitted to economics or finance journals as well as papers aimed at the practicing manager. In addition, she will co-teach a research seminar and supervise DBP projects related to Markets in Human Hope.

Contact Info


Appointment: 2007–2008

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