Veronica Cacdac Warnock

Senior Lecturer and
Batten Institute Fellow
Darden Graduate School of Business

University of Virginia
100 Darden Blvd.
P.O. Box 6550
Charlottesville, VA 22906-6550
vwarnock at

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Current and Recent Courses

Transforming Societies (Darden, First Quarter 2016, First Quarter 2015, First Quarter 2014)
Markets in Human Hope (Darden, Academic Years 2006 to 2014)

Global Sustainability in Practice: Philippines (Darden,  Spring 2013)
Markets and Society (Asian Institute of Management, Fall 2010 )

Research Interests

Housing Finance Systems Around the World
Bond Markets Around the World
Financial Inclusion and Mobile Banking
Social Metrics

Selected Seminars and Conferences

Cebu, Philippines -- Research Conference on Financial Inclusion and Central Banks -- Bangko Sentral ng Pilipinas and Bank for International Settlements-Asia (June 2-4, 2016)
Calgary, Alberta, Canada  -- Housing Affordability Workshops for the City of Calgary -- Westman Centre for Real Estate Studies, Haskayne School of Business, University of Calgary  (Feb 10-11, 2016)
Singapore -- Research Seminar --  NUS Department of Real Estate  (October 2015)
San Francisco, California -- 26th annual NBER East Asian Seminar on Economics -- San Francisco Fed/NBER--  (June 18-19, 2015)
Bangalore, India -- Indian Institute of Management / IMF Conference on Housing Markets, Financial Stability and Growth  (December 11-12, 2014)
Paris, France – Research Seminar -- Banque de France (October 28, 2014)
Tasmania, Australia -- Joint Australian Conference of Economists & Econometric Society Australasian Annual Meeting (July 1-4, 2014)
Sydney, Australia -- Property Markets and Financial Stability Conference -- Reserve Bank of Australia/BIS Asia (August 19-21, 2012)
Manila, Philippines-- WB Knowledge Sharing Event: Housing Finance and Financial Stability -- World Bank/HUDCC/Philippine Urban Consortium (March 28 & 29, 2012)
Hong Kong SAR, China -- BIS Research Seminar on Housing Finance and Financial Stability -- Bank for International Settlements (March 23, 2012)
New Delhi, India -- Macro/Finance 9th Research Meeting -- NIPFP (March 15-16, 2012)
Sydney, Australia -- 24th Australasian Finance and Banking Conference -- UNSW (December 14-16, 2011)
Wellington, New Zealand --  Macro Policies after the Crisis -- RBNZ, ANU, Univ of Auckland Business School (December 12-13, 2011)
Dublin, Ireland --  Seminar on Mobile Banking in South Asia -- Trinity College Dublin (October 24, 2011)
Manila, Philippines -- Housing and Housing Finance Forum II -- Asian Institute of Management (September 8, 2011)
Singapore --  Workshop on Property Markets and Financial Stability -- Monetary Authority of Singapore/BIS Asia (September 5-6, 2011)
Seoul, South Korea --  Managing Real Estate Booms and Busts --  Bank of Korea/IMF(April 11-12, 2011)
Charlottesville, Virginia --  People + Planet = Profit:  Rewriting the Business Equation - Darden Net Impact (February 1-2, 2011)
Manila, Philippines -- Taking Stock of Housing and Housing Finance in the Philippines -- AIM (December 7, 2010)
Bogota, Colombia -- Asobancaria -- II Foro de Vivienda: Una Tarea de Todos: Un Techo para Todos  (December 3, 2010)

Selected Publications

BPI Globe BanKO: Inclusive Banking in the Philippines
with F. Warnock
Darden Business Publishing, UVA-GEM-0137, October 2015.

U.S. Investment in Global Bonds: As the Fed Pushes, Some EMEs Pull
with J. Burger, John, R. Sengupta, and F. Warnock
Economic Policy, October 2015.
NBER Working Paper Number 20571.

Bond Market Development in Developing Asia
with J. Burger and F. Warnock
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, October 2015.  BN Amazon

Chapter 146. Overview: Mortgage Market Functioning
with F. Warnock
Elsevier's International Encyclopedia of Housing and Home, July 2012.

Chapter 7. Too Small to Thrive: Housing Finance Market
with A. Galindo, A. Rebucci, and F. Warnock
2012 DIA -- Room for Development: Housing Markets in Latin America and the Caribbean, April 2012

Investing in Local Currency Bond Markets
with J. Burger and F. Warnock
Financial Analysts' Journal 68 (4): 73-93, 2012
NBER Working Paper Number 16429, 2011

International Capital Flows and U.S. Interest Rates
with F. Warnock
Journal of International Money and Finance, 2009, 28: 903-919

Markets and Housing Finance

with F. Warnock
Journal of Housing Economics, 2008, 17(3):239-251.
SSRN Author Page

Brief Biography

Veronica Cacdac Warnock is Senior Lecturer and Batten Institute Fellow at the University of Virginia's Darden Graduate School of Business. She co-teaches a graduate course called Transforming Societies. She has also taught Global Sustainability in Practice (a Global Field Elective), and Markets in Human Hope (an  experiential learning course in social entrepreneurship).

Veronica also serves as consultant to international and research organizations, such as the Asian Development Bank, the Inter-American Development Bank, the World Bank, the Bank for International Settlements and ShoreBank International.

At the core of Veronica’s research is financial sector development, with a focus on housing/housing finance, inclusive banking and bond market development.

Veronica has held visiting positions at the Asian Institute of Management, HKMA's Hong Kong Institute for Monetary Research, and IIIS at Trinity College Dublin. She has taught urban economics and development courses for the Urban and Environmental Planning Department at UVA's School of Architecture and for ISE's Semester-at-Sea Fall 2008 voyage. Previously, Veronica was Senior Economist and Director at the Mortgage Bankers Association (of America) and Research Associate at Haver Analytics, Inc.   

Veronica Warnock holds a Ph.D. in Economics from Fordham University and an A.B. in Economics from Ateneo de Manila University.

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