Francis E. Warnock

Francis E. Warnock is a Professor at the University of Virginia Darden Business School and a Research Associate at the National Bureau of Economic Research. He previously served as a Senior Economist at the Federal Reserve System and taught at Georgetown University. His career includes Peace Corps volunteer work in Malawi and experience as a commodity trading adviser on Wall Street.

Education:

• B.A., Johns Hopkins University
• Ph.D., University of North Carolina at Chapel Hill

Research Interests focus on international capital flows, portfolio allocation, and financial sector development. His work explores how global investors allocate capital across borders, the role of governance in attracting foreign investment, and the design of housing finance systems in developing economies. He has contributed extensively to understanding capital flow waves (surges, stops, flight, retrenchment) and returns differentials in international markets.

Scientific Contributions appear in top journals like the American Economic Review, Quarterly Journal of Economics, and Journal of International Economics. His recent work includes analyzing the natural level of capital flows and U.S. investment in global bonds. Collaborations with institutions such as the IMF, World Bank, and European Central Bank highlight his global policy impact.