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Feature: Financial Sector Development

Current Papers

  Ahmed, S., S. Curcuru, F. Warnock, and A. Zlate, 2018. Decomposing International Portfolio Flows. Dataset on capital controls (2002Q1-2012Q4, 19 countries)

  Burger, J., F. Warnock, and V. Warnock, 2019. The Natural Level of Capital Flows.

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

  Burger, J., F. Warnock, and V. Warnock, 2018. Benchmarking Portfolio Flows. IMF Economic Review.

  Holland, S., S. Sarkissian, M. Schill, and F. Warnock, 2018. Global Cross-Border Equity Portfolios.

Published Work (grouped by topic)

Returns Differentials, Exorbitant Privilege, Global Imbalances
  Curcuru, Stephanie E., Charles Thomas, and Francis E. Warnock, 2015. Cross-border portfolios: assets, liabilities, and nonflow adjustments. in Cross-border financial linkages: challenges for monetary policy and financial stability (BIS Papers 82): 7-24.

  Curcuru, S., C. Thomas, and F. Warnock, 2013. On Returns Differentials. Journal of International Money and Finance 36: 1-25 (lead article). Workbook available at http://www.nber.org/data-appendix/w18866/  
  Warnock, F., 2012. Global Imbalances: The Crisis That Did Not Occur�Yet. in No Way Out: Persistent Government Interventions in the Great Contraction (AEI). original paper, slides/video
  Warnock, F., 2011. Review of Barry Eichengreen�s �Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System�, Journal of International Economics.
  Curcuru, S., T. Dvorak, and F. Warnock, 2010. Decomposing the U.S. External Returns Differential. Journal of International Economics 80: 22-32. NBER WP version.  
  Curcuru, S., C. Thomas, and F. Warnock, 2009. Current Account Sustainability and Relative Reliability. in J. Frankel and C. Pissarides (ed) NBER International Seminar on Macroeconomics 2008. University of Chicago Press, pgs 67-109. Data. Featured in Fed Governor Krozner's speech.
  Curcuru, S., T. Dvorak, and F. Warnock, 2008. Cross-Border Returns Differentials. Quarterly Journal of Economics 123(4): 1495�1530. Data
  Warnock, F., 2008. The Impact of a Disorderly Resolution of Global Imbalances on Global Wealth. Economic Notes - Review of Banking, Finance and Monetary Economics 37(3): 345�379. Data

Financial Development (Housing Finance, Local Currency Bond Markets)
 

  Burger, J., F. Warnock, and V. Warnock, 2015. Bond Market Development in Developing Asia. in From Stress to Growth: Strengthening Asia's Financial Systems in a Post-Crisis World. edited by Marcus Noland and Donghyun Park. Peterson Institute for International Economics. also Asian Development Bank Working Paper 448.

   Warnock VC and Warnock FE, 2012. Developing Housing Finance Systems. Reserve Bank of Australia Annual Conference Volume
  Warnock VC and Warnock FE, Mortgage Market Functioning. In: Susan J. Smith, Marja Elsinga, Lorna Fox O�Mahony, Ong Seow Eng, Susan Wachter, Kyung-Hwan Kim, editors. International Encyclopedia of Housing and Home, Vol 4. Oxford: Elsevier; 2012. pp. 394�398
  Warnock, F., 2009. Reducing the currency mismatch: Local currency bond markets and financial stability. VoxEU (12 Feb 2009)
  Warnock, V., and F. Warnock, 2008. Markets and Housing Finance. Journal of Housing Economics 17: 239-251.
  Burger, J., F. Warnock, and V. Warnock, 2008. Ingredients of a Well-Functioning Capital Market. Korea's Economy 24: 31-38.
  Warnock, V., and F. Warnock, 2007. Why Credit Scoring for Housing Micro Lenders? in Access Housing 2007 No. 7 pgs. 6-7 (FinMark Trust).
  Burger, J., and F. Warnock, 2006. Local Currency Bond Markets. IMF Staff Papers 53: 115-132.

International Portfolio Allocation
 

  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 30 (84): 729-766.

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.    

Ammer, J., S. Holland, D. Smith, and F. Warnock, 2012. U.S. International Equity Investment. Journal of Accounting Research 50(5): 1109-1139 (lead article). Dataset on cross-listing and float. Earlier version featured in NBER Digest.
  Burger, J., F. Warnock, and V. Warnock, 2012. Emerging local currency bond markets. Financial Analysts Journal  68(4): 73-93.
  Cai, F., and F. Warnock, 2012. Foreign Exposure through Domestic Equities. Finance Research Letters 9: 8-20. [P28] Old NBER Working Paper 12220 version featured in NBER Digest.
  Curcuru, S., C. Thomas, F. Warnock, and J. Wongswan, 2011. U.S. international equity investment and past and prospective returns. American Economic Review 101(7): 3440-3455.
    van Wincoop, E., and F. Warnock, 2010. Is home bias in assets related to home bias in goods? Journal of International Money and Finance 29: 1108-1123.
  Burger, J., A. Rebucci, F. Warnock, and V. Warnock, 2010. External Capital Structures and Oil Price Volatility. Journal of Business, Finance and Economics in Emerging Economies. 5(2): 1-37. Lead Article.
  Leuz, C., K. Lins, and F. Warnock, 2009. Do Foreigners Invest Less in Poorly Governed Firms? Review of Financial Studies 22(8): 3245-3285.
  Kho, B.C., R. Stulz, and F. Warnock, 2009. Financial globalization, governance, and the evolution of the home bias. Journal of Accounting Research 47: 597-635.
 Burger, J., and F. Warnock, 2007. Foreign participation in local currency bond markets.  Review of Financial Economics 16: 291-304.
  Burger, J., and F. Warnock, 2006. Foreign Participation in Emerging Asian Bond Markets. Korea's Economy 2006 22: 24-28.
    Warnock, F., 2005. Drawing on American Experience: How Have U.S. Investors Fared with their Allocations to International Equity? Canadian Investment Review 16(2): G23.
  Edison, H., and F. Warnock, 2004. U.S. investors' emerging market equity portfolios: a security-level analysis. Review of Economics and Statistics 84(3): 691-704.
  Ahearne, A., W. Griever, and F. Warnock, 2004. Information costs and home bias: an analysis of US holdings of foreign equities. Journal of International Economics 62: 313-336.
  Holland, S., and F. Warnock, 2003. Firm-level access to international capital markets: evidence from Chilean equities. Emerging Markets Review 4(1): 39-51.
  Warnock, F., 2002. Home bias and high turnover reconsidered. Journal of International Money and Finance 21: 795-805.
  Griever, W., G. Lee, and F. Warnock, 2001. The U.S. system for measuring cross-border investment in securities: a primer with a discussion of recent developments. Federal Reserve Bulletin 87(10): 633-650.
    Warnock, F., and M. Mason, 2001. The geography of capital flows. Emerging Markets Quarterly 5(1): 15-29.

Capital Flows (Effects, Determinants, Extreme Episodes)
  Forbes, K., and F. Warnock, 2012. Debt- and Equity-Led Capital Flow Episodes. in Capital Mobility and Monetary Policy, edited by Miguel Fuentes and Carmen M. Reinhart. Santiago: Central Bank of Chile. also available as NBER WP 18329.
  Forbes, K., and F. Warnock, 2012. Capital Flow Waves: Surges, Stops, Flight and Retrenchment. Journal of International Economics 88(2): 235-251.
  Forbes, K., and F. Warnock, 2011. Capital Flow Waves. Macroeconomic Review X(2), Oct 2011.
  Rothenberg, A., and F. Warnock, 2011. Sudden flight and true sudden stops. Review of International Economics19(3): 509-524. NBER WP version.
  Warnock, F., and V. Warnock, 2009. International capital flows and U.S. interest rates. Journal of International Money and Finance 28: 903-919. Lead Article.  Data. Featured in NBER Digest. Additional analysis of East Asian and petrodollar flows in Kodres, L., and F. Warnock, 2006. The Impact of Petrodollars on U.S. and Emerging Market Bond Yields. Box 2.3 in the IMF's April 2006 World Economic Outlook.
  Edison, H., and F. Warnock, 2008. Cross-Border Listings, Capital Controls, and Equity Flows to Emerging Markets. Journal of International Money and Finance 27: 1013-1027.
  Freund, C., and F. Warnock, 2007. Current Account Reversals in Industrial Countries: The Bigger They Are, The Harder They Fall? in R. Clarida (ed) G7 Current Account Imbalances: Sustainability and Adjustment. University of Chicago Press, pgs 133-162.
 Faucette, J., A. Rothenberg, and F. Warnock, 2005. Outflows-Induced Sudden Stops. Journal of Policy Reform 8(2): 119-130.
  Warnock, F., and C. Cleaver, 2003. Financial centers and the geography of capital flows. International Finance 6(1): 27-59.

Miscellaneous
  Warnock, F., 2011. "Doubts about Capital Controls" Capital Flows Comment (April 2011), Council on Foreign Relations.
  Warnock, F., 2010. Two Myths About the U.S. Dollar. Capital Flows Quarterly (Sept 2010), Council on Foreign Relations.
  Warnock, F., 2010. How Dangerous Is U.S. Government Debt? The Risk of a Sudden Spike in U.S. Interest Rates. Capital Flows Quarterly (June 2010), Council on Foreign Relations.
  Harvey, C., M. Lipson, and F. Warnock, 2008. Guest Editorial: Darden Conference Issue: Capital Raising in Emerging Economies. Journal of Financial Economics 88: 425-429.
  Warnock, F., 2007. Financial Globalization. prepared for G20/World Economic Forum/RBWF Forum.
  Warnock, F., 2006. East Asian Reserves Accumulation and U.S. Interest Rates. Testimony for �China�s Financial System and Monetary Policies: The Impact on U.S. Exchange Rates, Capital Markets, and Interest Rates".
  Edison, H., and F. Warnock, 2003. A simple measure of the intensity of capital controls.  Journal of Empirical Finance 10(1): 2003, 81-103. Dataset updated through Aug 2006
  Warnock, F., 2003. Exchange rate dynamics and the welfare effects of monetary policy in a two-country model with home product bias. Journal of International Money and Finance 22: 343-363.

 
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