ACADEMIC AREA Global Economies and Markets AREAS OF EXPERTISE International Finance, International Portfolio Allocation, Capital Flows, Financial Sector Development BiographyPublicationsCoursesCase Studies Education: B.A., Johns Hopkins University; Ph.D., University of North Carolina at Chapel HillFrancis E. Warnock, the James C. Wheat, Jr. Professor of Business Administration, teaches Global Financial Markets and, along with Veronica Cacdac Warnock, Transforming Societies. Warnock is an expert on international capital flows, international portfolio allocation and financial sector development. His work has been featured in the Financial Times, the Economist, Barron's, the Wall Street Journal and the New York Times, and his publications have appeared in a number of journals, including the American Economic Review, Quarterly Journal of Economics, Review of Financial Studies, Journal of Accounting Research, Journal of International Economics, Journal of Housing Economics and Financial Analysts Journal.Before coming to Darden in 2004, Warnock was a senior economist in the international finance division at the Board of Governors of the Federal Reserve System while also teaching at Georgetown University. Warnock's international experience includes, among other things, two years as a Peace Corps Volunteer in Malawi's Thyolo District. His professional career started on Wall Street, where he was a commodity trading advisor.Warnock is research associate at the National Bureau of Economic Research in Cambridge. He consults regularly at the European Central Bank and the Bank for International Settlements Representative Office for Asia and the Pacific. In the recent past, he has been a research fellow at the Hong Kong Monetary Authority and Council for Foreign Relations; co-led a multi-team Inter-American Development Bank project on housing finance systems in Latin America; and been a consultant to the IMF and to the World Bank on its GEMLOC emerging bond markets project.Current Working PapersBurger, J., F. Warnock and V. Warnock, 2017. Currency Matters: Analyzing International Bond Portfolios. NBER Working Paper 23175.Burger, J., F. Warnock and V. Warnock, 2017. Benchmarking Portfolio Flows. NBER Working Paper 24761 (forthcoming, IMF Economic Review). Ahmed, S., S. Curcuru, F. Warnock, and A. Zlate, 2017. Decomposing International Capital Flows.Holland, S., S. Sarkissian, M. Schill, and F. Warnock, 2017. Global Equity Investment. Selected PublicationsInternational Capital Flows/Portfolio AllocationBurger, J., R. Sengupta, F. Warnock and V. Warnock. "U.S. Investment in Global Bonds: As the Fed Pushes, Some EMEs Pull," Economic Policy, Vol. 84 (2015).Burger, J., F. Warnock and V. Warnock. "Emerging Local Currency Bond Markets," Financial Analysts Journal, Vol. 68, No. 4 (2012): p. 73-93.Forbes, K. and F. Warnock."Capital Flow Waves: Surges, Stops, Flight and Retrenchment," Journal of International Economics, Vol. 88, No. 2 (2012): p. 235-251.Ammer, J., S. Holland, D. Smith, and F. Warnock. "U.S. Equity Investment," Journal of Accounting Research, Vol. 50, No. 5 (2012): p. 1109-1139.Curcuru, Stephanie E., Charles P. Thomas, Francis E. Warnock, and J. Wongswan. "U.S. International Equity Investment and Past and Prospective Returns." American Economic Review 101, No. 7 (December 2011): p. 3440-3455.Rothenberg, A. and Francis E. Warnock. "Sudden Flight and True Sudden Stops." Review of International Economics 19, No. 3 (August 2011): p. 509-524.Francis E. Warnock and Veronica Warnock. "International Capital Flows and U.S. Interest Rates," Journal of International Money and Finance, Vol. 28, No.6, October 2009, 903-919.Bong-Chan. Kho, Rene. Stulz, and Francis E. Warnock. "Financial Globalization, Governance, and the Evolution of the Home Bias, Journal of Accounting Research, Vol. 47, No. 2, May 2009, 597-635.Christian Leuz, Karl V. Lins, Francis E. Warnock. "Do Foreigners Invest Less in Poorly Governed Firms?," Review of Financial Studies, Vol. 22, No. 8, August 2009, 3245-3285.Hali Edison and Francis E. Warnock. "Cross-Border Listings, Capital Controls, and Equity Flows to Emerging Markets," Journal of International Money and Finance, Vol. 27, No. 6, October 2008, 1013-1027.Ahearne, Alan, William Griever, and Francis E. Warnock, 2004, Information Costs and Home Bias: An Analysis of U.S. Holdings of Foreign Equities, Journal of International Economics 62: 313-336.Edison, Hali, and Francis E. Warnock, 2004, U.S. Investors' Emerging Market Equity Portfolios: A Security-Level Analysis, Review of Economics and Statistics 86: 691 - 704.Edison, Hali, and Francis E. Warnock, 2003, A Simple Measure of the Intensity of Capital Controls, Journal of Empirical Finance 10(1/2): 81-103.Returns DifferentialsStephanie E. Curcuru, Tomas Dvorak, and Francis E. Warnock. "Cross-Border Returns Differentials," Quarterly Journal of Economics, Vol. 123, No. 4, November 2008, 1495-1530.Curcuru, S., C. Thomas and Francis E. Warnock. "On Returns Differentials," Journal of International Money and Finance, 36: 1-25 (lead article).Stephanie E. Curcuru, Tomas Dvorak, and Francis E. Warnock. "Decomposing the U.S. External Returns Differential," Journal of International Economics, January 2010, Vol. 80, No. 1, 22-32.Housing Finance and Bond Market DevelopmentWarnock, Veronica and Francis E. Warnock. "Developing Housing Finance Systems," in Property Markets and Financial Stability, eds. Alexandra Heath, Frank Packer, and Callan Windsor. Pgs. 49-67. Reserve Bank of Australia and BIS. 2012.Veronica Warnock and Francis E. Warnock. "Markets and Housing Finance," Journal of Housing Economics, Vol. 17, No. 3, September 2008, 239-251.John Burger, Francis E. Warnock, and Veronica Warnock. "Ingredients of a Well-Functioning Capital Market, Korea's Economy, Volume 24, 2008, 31-38.Burger, John D., and Francis E. Warnock, 2006, Local Currency Bond Markets, IMF Staff Papers 53: 115-132.MBA CoursesFirst Year Elective: Global Financial Markets (GFM) Professor Warnock designed, wrote all content for, and teaches GFM, which roughly 60% of Darden students elect to take. GFM provides MBA students with macro-finance training by examining the underlying economic drivers of bond, currency, equity, and commodity marketsSecond Year Elective: Advanced Global Financial Markets (AdvGFM) AdvGFM is an intensive student-led capstone course on some of the biggest issues in international finance. Recent topics include unintended consequences of Federal Reserve policy, bubbles lean or clean, Bitcoin and what it means to be a currency, shadow banking, and deep dives into various countries.Second Year Elective: Transforming Societies Transforming Societies explores the role of managers, intrapreneurs, and entrepreneurs in effecting innovations that promote human development and transform societies across the world. The course grew out of the old year-long SY Practicum "Markets in Human Hope," which was similar but with a distinct focus on entrepreneurs. Some MHH projects included cell phone banking in Haiti and underserved areas of the US; peer-to-peer lending focused on consolidating and refinancing consumer and small business debt; an entrepreneurial approach to providing housing to low income households in West Virginia; a microfinance fund; fostering entrepreneurship in Tibet; and work on the housing finance sector in Nigeria.Advancing knowledge through research that shapes business, Darden professors are recognized thought leaders in their fields. They are not only master case method teachers, they also author many of the cases used in Darden classrooms and around the world.Francis E. Warnock's cases are available in the Darden Business Publishing website.Course MaterialsCase studies that are updated each year for the GFM courseFand, Jeremy, and Francis E. Warnock, 2014. Prospective capital flows and currency movements: Euro versus Canadian dollar (UVA-GEM-0124).Warnock, Francis E., 2014. Yellen, Guidance, and the Exit Strategy. (UVA-GEM-0121)Warnock, Francis E., 2013. Draghi's Commitment, revised June 2014 (UVA-GEM-0113, UVA-GEM-0113TN)Warnock, Francis E., 2011, revised summer 2015. Global Asset Allocation: All That Glitters? (UVA-F-1646, UVA-F-1646TN)Warnock, Francis E., 2011, revised summer 2015. Global Asset Allocation: Crude Calculations (UVA-F-1647, UVA-F-1647TN)Warnock, Francis E., 2011, revised summer 2015. Yield Curve and Growth Forecasts (UVA-GEM-0106, UVA-GEM-0106TN)Warnock, Francis E., and Marc Chandler, 2011, revised summer 2015. Global Asset Allocation: Whither the U.S. Dollar? (UVA-F-1591, UVA-F-1591TN)Selected Other CasesWarnock, Francis E., 2015 (UVA-GEM-0136). The Eurozone at 15: A Monetary Union without Growth?Warnock, Francis E., 2013. Bernanke's Dilemma (UVA-GEM-0111, UVA-GEM-0111TN)Warnock, Francis E., 2011, revised July 2015. Currency Crises in the United Kingdom and Hong Kong (UVA-GEM-0108, UVA-GEM-0108TN)Warnock, Francis E., 2011. Greenspan's Conundrum and Bernanke's Nightmare (UVA-BP-0544, UVA-BP-0544TN). Final revision August 2012, superseded by "Bernanke's Dilemma"Rodriguez, Peter, and Francis E. Warnock, 2009. Whither the US Economy? (UVA-BP-0542, UVA-BP-0542TN ) (updated slides available as UVA-BP-0542P and UVA-BP-0542X)Warnock, Francis E., 2009. Geithner and Bernanke Amid the Global Financial Crisis (UVA-BP-0540, UVA-BP-0540TN)Warnock, Francis E., 2008. Inflation Targeting in South Africa (UVA-BP-0507, UVA-BP-0507TN)Rodriguez, Peter, and Francis E. Warnock, 2008. Vietnam: A New Tiger Earns Its Stripes (UVA-G-0618)Technical NotesFor the GFM course, the three primary technical notes I use are The Determinants of Interest Rates (UVA-BP-0489; 2006 revised Feb. 2013), Exchange Rate Models (UVA-BP-0496; 2008 revised Feb. 2013), and A User's Guide to the BOP and IIP: The (Incomplete) Transition from BPM5 to BPM6 (UVA-GEM-0135, 2015).