Frank Warnock

Francis E. Warnock

James C. Wheat, Jr. Professor of Business Administration


FOB 298 D

Areas of Expertise

International Finance, International Portfolio Allocation, Capital Flows, Financial Sector Development

Education: B.A., Johns Hopkins University; Ph.D., University of North Carolina at Chapel Hill

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 EconomistBarron's, The Wall Street Journal and The New York Times, and his publications have appeared in a number of journals, including the American Economic ReviewQuarterly Journal of EconomicsReview of Financial StudiesJournal of Accounting ResearchJournal of International EconomicsJournal 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 adviser.

Warnock is Research Associate at the National Bureau of Economic Research, Research Advisor at the Federal Reserve Board's International Finance Division, and Associate Editor at the Journal of International Economics. He has consulted often 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.


In April 2020, University of Virginia Darden School of Business Professor Frank Warnock accepted a new appointment at the Board of Governors of the Federal Reserve System, bolstering the research capabilities of the body's International Finance Division. To read the announcement, please visit this link.

Current Working Papers

Burger, J., F. Warnock, and V. Warnock, 2020. The Natural Level of Capital Flows. NBER WP 26184 (current version: September 2020).

Forbes, K., and F. Warnock, 2020. Capital Flow Waves--or Ripples? NBER WP 26851.

Ahmed, S., S. Curcuru, F. Warnock, and A. Zlate, 2020. Decomposing International Capital Flows.

Holland, S., S. Sarkissian, M. Schill, and  F. Warnock, 2020. Global Equity Investment.


Selected Publications

International Capital Flows/Portfolio Allocation

Burger, J., F. Warnock and V. Warnock, 2018. Currency Matters: Analyzing International Bond Portfolios. Journal of International Economics 114: 376-388.

Burger, J., F. Warnock and V. Warnock, 2018. Benchmarking Portfolio Flows. IMF Economic Review 66(3): 527-563.

Burger, 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 Differentials

Stephanie 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 Development 

Warnock, 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.


Case Studies

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.

For the Transforming Societies course

Warnock, Veronica Cacdac, and Francis E. Warnock, 2015. BPI Globe BanKO and Financial Inclusion in the Philippines (UVA-GEM-0137).

Warnock, Veronica Cacdac, and Francis E. Warnock, 2018. Lifting Filipinos Out of Poverty: An NGO MFI Approach (UVA-GEM-0148).

Warnock, Veronica Cacdac, and Francis E. Warnock, 2018. Background Note on the Philippines and Financial Inclusion (UVA-GEM-0149).

For the Global Financial Markets course

Long-term interest rates

Warnock, Francis E., 2018. Powell's Perilous Situation (UVA-GEM-0156)

Warnock, Francis E., 2006. The Determinants of Interest Rates (UVA-BP-0489).

Warnock, Francis E., 2011. Yield Curve and Growth Forecasts (UVA-GEM-0106, UVA-GEM-0106TN)

Warnock, Francis E., 2013. Draghi's Commitment (UVA-GEM-0113, UVA-GEM-0113TN)

Exchange Rates

Warnock, Francis E., 2008. Exchange Rate Models (UVA-BP-0496)

Fand, Jeremy, and Francis E. Warnock, 2014. Prospective capital flows and currency movements: Euro versus Canadian dollar (UVA-GEM-0124).

Global Asset Allocation

Warnock, Francis E., and Marc Chandler, 2011, revised summer 2015. Global Asset Allocation: Whither the U.S. Dollar? (UVA-F-1591, UVA-F-1591TN)

Warnock, Francis E., and Liz Wurster, 2015. Global Asset Allocation: Investing in a Time of Debt, Deficits, and Quantitative Easing (UVA-F-1738, UVA-F-1738TN)

Warnock, Francis E., 2011. Global Asset Allocation: All That Glitters? (UVA-F-1646, UVA-F-1646TN)

Warnock, Francis E., 2011. Global Asset Allocation: Crude Calculations (UVA-F-1647, UVA-F-1647TN)

For the Core GEM course

Warnock, Francis E., 2018. A User's Guide to the BOP and IIP (UVA-GEM-0154)

Warnock, Francis E., 2015. The Eurozone at 15: A Monetary Union without Growth? (UVA-GEM-0136)

Warnock, Francis E., 2008. Inflation Targeting in South Africa (UVA-BP-0507, UVA-BP-0507TN)

Warnock, Francis E., 2011. Currency Crises in the United Kingdom and Hong Kong (UVA-GEM-0108, UVA-GEM-0108TN)