Francis Warnock

Education:  B.A., Johns Hopkins University; Ph.D., University of North Carolina at Chapel Hill

Francis E. Warnock, the James C. Wheat, Jr. Professor of Business Administration, is Area Coordinator of the Global Economies and Markets (GEM) area. Warnock developedand delivers GEM''s First Year Core Elective; Advanced Global Financial Markets; and, along with Veronica Cacdac Warnock, Transforming Societies.

Warnock is an experton international capital flows, international portfolio allocation andfinancial sector development. His work has been featured in the Financial Times, the Economist, Barron''s, the Wall Street Journal and the New York Times, and his publications have appeared in a number of journals, including the American Economic Review, Quarterly Journal of Economics, Review of Financial Studies, Journal of Accounting Research, Journal of International Economics, Journal of Housing Economics and Financial Analysts Journal.

Before coming to Darden in 2004, Warnock developed his expertise in international capital flows as a senior economist in the international finance division at the Board of Governors of the Federal Reserve System while also teaching at Georgetown University. Warnock''s international experience includes, among other things, two years as a Peace Corps Volunteer in Malawi''s Thyolo District. His professional career started on Wall Street, where he was a commodity trading advisor.

Warnock is research associate at the National Bureau of Economic Research in Cambridge, senior fellow at the Globalization and Monetary Policy Institute at the Federal Reserve Bank of Dallas, and consultant in Bloomberg''s Financial Products Group. He is a serial consultant at the European Central Bank and the Bank for International Settlements Representative Office for Asia and the Pacific. In the recent past, he has been a research fellow at the Hong Kong Monetary Authority and Council for Foreign Relations; co-led amulti-team Inter-American Development Bank project on housing finance systems in Latin America; and been a consultant to the IMF and to the World Bank on its GEMLOC emerging bond markets project.

MBA Courses

First Year Elective: Global Financial Markets (GFM)
Professor Warnock designed, wrote all content for, and teaches GFM, which roughly 60% of Darden students elect to take. GFM provides MBA students with macro-finance training by examining the underlying economic drivers of bond, currency, equity, and commodity markets

Second Year Elective: Advanced Global Financial Markets (AdvGFM)
AdvGFM is an intensive student-led capstone course on some of the biggest issues in international finance. Recent topics include unintended consequences of Federal Reserve policy, bubbles lean or clean, Bitcoin and what it means to be a currency, shadow banking, and deep dives into various countries.

Second Year Elective: Transforming Societies
Transforming Societies explores the role of managers, intrapreneurs, and entrepreneurs in effecting innovations that promote human development and transform societies across the world. The course grew out of the old year-long SY Practicum "Markets in Human Hope," which was similar but with a distinct focus on entrepreneurs. Some MHH projects included cell phone banking in Haiti and underserved areas of the US; peer-to-peer lending focused on consolidating and refinancing consumer and small business debt; an entrepreneurial approach to providing housing to low income households in West Virginia; a microfinance fund; fostering entrepreneurship in Tibet; and work on the housing finance sector in Nigeria.