Veronica Cacdac Warnock, Ph.D.

Senior Lecturer
Batten Institute Fellow
Darden School of Business

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

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Featured Courses

Transforming Societies (Darden Executive MBA 2018 Q10, Charlottesville Residency)
Global Leadership Explorations, Part III (Darden Executive MBA 2018 Q6, South Africa Residency)
Transforming Societies (Darden MBA, First Quarter 2016, First Quarter 2015, First Quarter 2014)
Markets in Human Hope (Darden MBA, Academic Years 2006 to 2014)

Global Sustainability in Practice: Philippines (Darden MBA, Spring 2013)
Markets and Society (Asian Institute of Management MBA, Fall 2010)
Markets in Human Hope with Field Study in South Africa (Darden MBA, March 2010)
Economics and the Built Environment (UVA School of Architecture, Spring Semesters, 2006 to 2009)

Urban Environmental Economics and Development Economics (UVA/Semester at Sea, College, Fall 2008)
Global Business Experience - South Africa (Darden MBA, January 2006, March 2007, March 2008)

Research Interests

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

Featured Seminars and Conferences

Pretoria, South Africa -- Research Seminar on Benchmarking Portfolio Flows
--  South African Reserve Bank (July 11, 2017)
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)

Featured Publications

Financial Inclusion Case Module:
I. Background Note on the Philippines and Financial Inclusion, forthcoming.
II. Lifting the Poor: A Microfinance NGO Approach in the Philippines
, forthcoming.
III. BPI Globe BanKO: Inclusive Banking in the Philippines
, UVA-GEM-0137, October 2015.
with F. Warnock
Darden Business Publishing.

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

The Effects of U.S. Monetary Policy on Emerging Market Economies' Sovereign and Corporate Bond Markets
with J. Burger and F. Warnock
in Monetary Policy and Global Spillovers: Mechanisms, Effects and Policy Measures,
edited by E. Mendoza, et al., Central Bank of Chile, forthcoming.

U.S. Investment in Global Bonds: As the Fed Pushes, Some EMEs Pull
with J. Burger, 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.  Barnes and Noble / Amazon

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

Markets and Housing Finance
with F. Warnock
Journal of Housing Economics, 2008, 17(3): 239-251.

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

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

Brief Biography

Veronica Cacdac Warnock has been teaching at the University of Virginia since 2005. She is Senior Lecturer and Batten Institute Fellow at Darden School of Business. She co-teaches Transforming Societies, an elective course aimed at guiding transformative leaders in fulfilling their crucial roles in improving the world wherever they are. She has also taught Global Sustainability in Practice (a nine-day immersive course), Markets in Human Hope (an experiential learning course in social ventures), and recently, Global Leadership Explorations (an Executive MBA course).

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.

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). 

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 traveled to over 40 countries and 400 cities/towns around the world. She is bilingual in English and Filipino, and has formally learned Spanish, Italian and French (CEFR B1,  ILR 1+ levels). She is currently self-studying Korean and Japanese.

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

Veronica Cacdac Warnock is principal of CW Economics Group.

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