International Capital Flows


International Portfolio Allocation


Financial Sector Development

Frank Warnock
 Research and Policy Pieces  |  Courses and Materials  |  CV 

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James C. Wheat, Jr. Professor of Business Administration
Area Coordinator, Global Economies and Markets Group

B.A., Johns Hopkins University; Ph.D., University of North Carolina

    Author Pages: SSRN  NBER    Google Scholar    


                 Transforming Societies     The Global Financial Markets Courses     Markets in Human Hope

                 PhD Course on International Capital Flows (Trinity College Dublin)


    Videos: Global Field Experience (Philippines); Markets for Human Hope

               Interview with Vincent Reinhart, Morgan Stanley's Chief US Economist (Nov 2011)

               Interview with Dennis Lockhart, President of Atlanta Fed (Nov 2012)

Research Associate, National Bureau of Economic Research
Senior Fellow, Globalization & Monetary Policy Institute (Federal Reserve Bank-Dallas)


Selected Recent Papers (see Research page for full listing)
    Burger, J., R. Sengupta, F. Warnock, and V. Warnock, 2015. U.S. Investment in Global Bonds: As the Fed Pushes, Some EMEs Pull. Economic Policy. NBER WP 20571.

  Curcuru, S., C. Thomas, F. Warnock, and J. Wongswan, 2014. Uncovered Equity Parity and Rebalancing in International Portfolios. Journal of International Money and Finance 47: 86-99.

  "On Returns Differentials" (w/ S. Curcuru and C. Thomas) Journal Int'l Money and Finance 36: 1-25 (Lead article). Workbook available at
  "Developing Housing Finance Systems" (w/ V. Warnock) RBA/BIS Annual Conference Volume (Dec 2012).
  "Debt- and Equity-Led Capital Flow Episodes" (w/ Forbes) in Capital Mobility and Monetary Policy, edited by Miguel Fuentes and Carmen M. Reinhart. Santiago: Central Bank of Chile. NBER WP 18329.
  "US International Equity Investment" (w/ Ammer, Holland, and Smith), Journal of Accounting Research (Dec 2012). NBER Working Paper 17839 version February 2012. Dataset on cross-listing and float.
  "Foreign Exposure through Domestic Equities" (w/Cai) Finance Research Letters (2012).
  "Emerging Local Currency Bond Markets" (w/ Burger and V. Warnock) Financial Analysts Journal 68(4): 73-93. (July 2011 version)
  "Capital Flow Waves: Surges, Stops, Flight and Retrenchment" (w/ Forbes), Journal of International Economics, 88(2): 235-251; NBER version
"U.S. international equity investment and past and prospective returns" (w/ Curcuru, Thomas, and Wongswan) American Economic Review 101(7): 3440-3455 NBER WP version.
Sudden flight and true sudden stops" (w/ Rothenberg) Review of International Economics 2011.

BIOGRAPHY (expanded, one-page version)
Professor Frank Warnock holds the James C. Wheat, Jr. Chair at the University of Virginia's Darden School of Business. His research, which focuses on international capital flows, international portfolio allocation, and financial sector development, has been published in American Economic Review, Quarterly Journal of Economics, Journal of International Economics, Review of Financial Studies, Journal of Accounting Research, Financial Analysts Journal, and Journal of Housing Economics (among other journals) and featured in Financial Times, The Economist, Barron's, Wall Street Journal, and New York Times. At Darden, Frank has been awarded an Outstanding Faculty (teaching) Award, a multi-year teaching award, and several Wachovia Awards for Research Excellence.

Prior to joining Darden in 2004, Frank was Senior Economist in the International Finance Division at the Board of Governors of the Federal Reserve System in Washington, DC. He also taught at Georgetown University and the University of North Carolina. Frank's international experience includes a stint with Merrill Lynch in Vienna, Austria as well as 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 (CTA).

Frank's current affiliations include Research Associate at the National Bureau of Economic Research (NBER) in Cambridge and Senior Fellow at the Federal Reserve Bank of Dallas' Globalization and Monetary Policy Institute. In the recent past he has been Research Fellow at the Hong Kong Monetary Authority, Adjunct Senior Fellow at Council on Foreign Relations, and a consultant with the IMF, ECB, BIS, and Inter-American Development Bank. Frank earned a PhD in economics at UNC Chapel Hill and a BA at Johns Hopkins.


Recent and Upcoming Talks
 NUS, BSP, Central Bank of Chile, ADB, HKMA/ECB/Fed/FRB Dallas Conference, FMA International, Wisconsin, CEPR/Trinity College Dublin Conference on Macroeconomics of Global Interdependence, InterAmerican Development Bank workshop on Structure and Composition of Firms’s Balance Sheets, Indian Institute of Management Bangalore / IMF Conference on Housing Markets, Financial Stability and Growth, RBNZ-BIS Conference on Cross-border Financial Linkages, Banco de México/IMF high level meeting in Mexico City on “Regional Macroeconomic Strengths and Challenges”, Econometric Society Australasian conference in Hobart Tasmania, ECB/IMF Conference on Spillovers of Unconventional Monetary Policy, Dallas Fed/SMU Conference on the Political Economy of International Money, RBNZ Conference on Monetary Policy in Open Economies, CEMLA/World Bank/Bank of Italy Conference on Macro-prudential Policies, Bank Negara Malaysia’s Conference on Monetary Policy in the New Normal, Russia G20/Central Bank Turkey/Reinventing Bretton Woods Conference on Global Finance in Transition, Fed Board of Governors, BIS Consultative Council for the Americas Research Conference (at Central Bank of Chile), Bank Negara Malaysia, University of Auckland, Reserve Bank of Australia/BIS (Property Markets and Financial Stability conference), Oxford (Household Behaviour in Mortgage and Housing Markets Conference), IJCB Annual Conference (at Central Bank of Chile), International Economics Association/Bank of Turkey Roundtable on Currency Flows

Past Practitioner Talks
Emerging Local Currency Bonds: A View from the US, Russia G20/Central Bank Turkey/Reinventing Bretton Woods Conference on Global Finance in Transition (Istanbul, May 2013)
Housing Finance and Financial Stability, Philippine Urban Consortium Events (World Bank, Manila, Mch 2012)
Housing Finance around the World, Il Foro de Vivienda (Bogota, Dec 2010)
Currency Wars, Capital Flows, and EME Consequences ADB-AIM Knowledge Hub (Manila, Nov 2010)
China's Currency Policy and Global Imbalance, Global HR Forum 2010 video/slides (Seoul, Oct 2010)
Global Imbalances: The Next Crisis? AEI's No Way Out series slides/video (Washington, Dec 2009)
US International Capital Flows NABE Professional Development Seminar (Washington, April 2009)
On the US Economy Houston Area Darden Tuck Alumni Group (Houston, Feb 2008)
Financial Globalization World Economic Forum/RBWC/G20 Deputies (Durban Sept 2007)