Veronica Cacdac Warnock, Ph.D.

Senior Lecturer & Batten Institute Fellow
Darden School of Business

University of Virginia

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Featured Courses

Transforming Societies (Darden MBA: 2019Q2, 2018Q2, 2016Q1, 2015Q1, 2014Q1)
Transforming Societies (Darden ExecMBA 2021, 2019, 2018)
Global Leadership Explorations, Part III (Darden ExecMBA 2018, South Africa Residency)
Global Course - South Africa (Darden MBA: January 2006, March 2007, March 2008)
Global Sustainability in Practice: Philippines (Darden MBA, Spring 2013)
Markets in Human Hope (Darden MBA: Academic Years 2006 to 2014)

Markets and Society (Asian Institute of Management MBA, Fall 2010)
Markets in Human Hope with Field Study in South Africa (Darden MBA, Academic Year 2009-10, Field Study in March 2010)
Economics and the Built Environment (UVA School of Architecture: Spring Semesters, 2006 to 2009)

Urban Environmental Economics;  Development Economics (UVA/Semester at Sea Undergraduate, Fall 2008)

Research Interests

Local Affordable Housing Strategies
Housing Finance Systems Around the World
Capital Flows in Emerging Economies
Inclusive Growth and Businesses
Financial Sector Development
Happiness and Quality of Life in Cities

Featured Seminars and Conferences

Seoul, South Korea -- SNU Policy Forum on Capital Flows (서울대학교 경제연구소 정책 포럼)
--  Seoul National University, Economics (September 19, 2019)
Seoul, South Korea -- Research Seminar
--  Korea University, School of Political Science and Economics (September 18, 2019)
Tokyo, Japan -- Research and Policy Seminar
--  Ministry of Finance (September 10, 2019)
Tokyo, Japan -- Research and Policy Seminar
--  Bank of Japan (August 30, 2019)
Charlottesville, Virginia -- Asia Week, Session on Financial Inclusion
--  Darden Business School (February 5, 2019)
Kuala Lumpur, Malaysia -- Fifth SEACEN Centre Research Week
--  The Southeast Asian Central Banks Research and Training Centre (April 18-19, 2019)
Manila, Philippines -- 7th BSP International Research Conference
--  Bangko Sentral ng Pilipinas (September 24-25, 2018)
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

Natural Level of Capital Flows
with J. Burger and F. Warnock, August 2019.
NBER Working Paper Number 26184.

Financial Inclusion Case Module:
I. Background Note on the Philippines and Financial Inclusion, UVA-GEM-0149, 2018.
II. Lifting the Poor: A Microfinance NGO Approach in the Philippines
, UVA-GEM-0148, 2018.
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 over 600 citations
with F. Warnock. Journal of International Money and Finance, 2009, 28: 903-919

Benchmarking Portfolio Flows
with J. Burger and F. Warnock
IMF Economic Review, 66(3), September 2018, 527-563.
NBER Working Paper Number 24761.

Currency Matters: Analyzing International Bond Porforlios

with J. Burger and F. Warnock
Journal of International Economics, 114, September 2018, 376-388.
NBER Working Paper Number 23175.

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 Banking, Analysis, and Economic Policies Book Series, Vol 25, Ch 3, pp 49-96,
Central Bank of Chile, March 2018.

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 over 265 citations
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: Chapter 7. April 2012.
Room for Development: Housing Markets in Latin America and the Caribbean.

Mailing address:
Darden School of Business

University of Virginia
100 Darden Blvd.
P.O. Box 6550
Charlottesville, VA 22906-6550
Office: FOB 292D
Phone: 434-243-2042
: warnockm at

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