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
Global Economies and Markets Group
Research Associate, National Bureau of Economic Research

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)


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.