Research

Working Papers

Tabova, A., and F. Warnock, 2024b. Exorbitant Changes in Three Parts. working paper.

Tabova, A., and F. Warnock, 2024a. Preferred Habitats and Timing in the World's Safe Asset. 

            Update of NBER WP 30722.   Online Appendix

            Supersedes "Foreign Investors and U.S. Treasuries" NBER WP 29313. 

Published Articles (complete list in reverse chronological order)

Holland, S., S. Sarkissian, M. Schill, and F. Warnock, 2024. Nonlinearities and a Pecking Order in Cross-Border Investment. Journal of Banking and Finance vol. 166. Earlier version: NBER WP 29432. 

Burger, John, Francis E. Warnock and Veronica Cacdac Warnock, 2023. KF* and Portfolio Inflows: A Focus on Latin America. in Credibility of emerging markets, foreign investors’ risk perceptions, and capital flows edited by Álvaro Aguirre, Andrés Fernández, and Sebnem Kalemli-Öscan, Santiago, Chile, pgs. 185-204. Also available as NBER Working Paper 30453.

Burger, John, Francis E. Warnock and Veronica Cacdac Warnock, 2022. A Natural Level of Capital Flows. Journal of Monetary Economics 130: 1-16 (lead article).   https://doi.org/10.1016/j.jmoneco.2022.05.009

Forbes, K., and F. Warnock, 2021. Capital Flow Waves—or Ripples? Extreme Capital Flow Movements Since the Crisis. Journal of International Money and Finance 116: 1-24 (lead article).

Burger, J., F. Warnock, and V. Warnock, 2018. Currency Matters: Analyzing International Bond Portfolios.  Journal of International Economics 114: 376-388.  Code and data

Burger, J., F. Warnock, and V. Warnock, 2018. Benchmarking Portfolio Flows. IMF Economic Review 66(3): 527–563. 

Burger, J., F. Warnock, and V. Warnock, 2018. The Effects of U.S. Monetary Policy on Emerging Market Economies’ Sovereign and Corporate Bond Markets. Central Banking, Analysis, and Economic Policies Book Series in: Enrique G. Mendoza & Ernesto Pastén & Diego Saravia (ed.), Monetary Policy and Global Spillovers: Mechanisms, Effects, and Policy Measures, edition 1, volume 25, chapter 3, pages 49-96 Central Bank of Chile. 66(3): 527–563. 

Claessens, S., L. Stracca, and F. Warnock, 2016. International dimensions of conventional and unconventional monetary policy. Journal of International Money and Finance 67: 1-7.

Burger, J., R. Sengupta, F. Warnock, and V. Warnock, 2015. U.S. Investment in Global Bonds: As the Fed Pushes, Some EMEs Pull. Economic Policy 30 (84): 729-766.

Burger, J., F. Warnock, and V. Warnock, 2015. Bond Market Development in Developing Asia. 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. Also ADB Economics Working Paper 448. 

Curcuru, Stephanie E., Charles Thomas, and Francis E. Warnock, 2015. Cross-border portfolios: assets, liabilities, and nonflow adjustments. in Cross-border financial linkages: challenges for monetary policy and financial stability (BIS Papers 82): 7-24.

Burger, J., F. Warnock, and V. Warnock, 2015. Bond Market Development in Developing Asia. 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. Also ADB Economics Working Paper 448. 

Forbes, K., and F. Warnock, 2014. Debt- and Equity-Led Capital Flow Episodes. in Capital Mobility and Monetary Policy, edited by Miguel Fuentes, Claudio Raddatz and Carmen M. Reinhart. Santiago: Central Bank of Chile. Working Paper version: NBER WP 18329.

Curcuru, S., C. Thomas, F. Warnock, and J. Wongswan, 2014. Uncovered Equity Parity and Rebalancing in International Portfolios. Journal of International Money and Finance 47: 86-99.

Warnock, F., 2013. Discussion of “Global Imbalances and Taxing Capital Flows”. International Journal of Central Banking (June).

Curcuru, S., C. Thomas, and F. Warnock, 2013. On Returns Differentials. Journal of International Money and Finance 36: 1-25 (lead article). 

Ammer, J., S. Holland, D. Smith, and F. Warnock, 2012.U.S. International Equity Investment. Journal of Accounting Research 50(5): 1109-1139 (lead article).

Burger, J., F. Warnock, and V. Warnock, 2012. Emerging local currency bond markets. Financial Analysts Journal 68(4): 73-93.

Forbes, K., and F. Warnock, 2012. Capital Flow Waves: Surges, Stops, Flight and Retrenchment. Journal of International Economics 88(2): 235-251.

Cai, F., and F. Warnock, 2012. Foreign Exposure through Domestic Equities. Finance Research Letters 9(1): 8-20.

Warnock VC and Warnock FE, 2012. Developing Housing Finance Systems. Proceedings of a Conference Held in Sydney on 20–21 August 2012. Editors: Alexandra Heath, Frank Packer, and Callan Windsor. Reserve Bank of Australia and Bank for International Settlements.

Warnock, F., 2012.  Global Imbalances: The Crisis That Did Not Occur…Yet. in No Way Out: Persistent Government Interventions in the Great Contraction. AEI.

Warnock VC and Warnock FE, 2012. Mortgage Market Functioning. In: Susan J. Smith, Marja Elsinga, Lorna Fox O’Mahony, Ong Seow Eng, Susan Wachter, Kyung-Hwan Kim, editors. International Encyclopedia of Housing and Home, Vol 4 pp. 394–398. Oxford: Elsevier.

Galindo, Arturo, Alessandro Rebucci, Francis E. Warnock, and Veronica Cacdac Warnock, 2012. Too Small to Thrive: Housing Finance Markets in Latin America and the Caribbean. IDB Working Paper and Chapter 7 in Room for Development: Housing Markets in Latin America and the Caribbean. 

Curcuru, S., C. Thomas, F. Warnock, and J. Wongswan, 2011, U.S. international equity investment and past and prospective returns. American Economic Review 101(7): 3440-3455.

Rothenberg, A., and F. Warnock, 2011. Sudden Flight and True Sudden Stops. Review of International Economics 19(3): 509-524.

Burger, J., A. Rebucci, F. Warnock, and V. Warnock, 2010. External Capital Structures for Managing Oil Price Volatility. Journal of Business, Finance and Economics in Emerging Economies 5(2): 1-37.

Curcuru, S., T. Dvorak, and F. Warnock, 2010. Decomposing the U.S. External Returns Differential. Journal of International Economics 80: 22-32.

Forbes, Kristin, and F. Warnock, 2011. Capital Flow Waves. Macroeconomic Review, X(2), Monetary Authority of Singapore.

Warnock, F., 2011. Review of Barry Eichengreen’s “Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System”, Journal of International Economics 85(2): 336-337.

van Wincoop, Eric, and Francis E. Warnock, 2010. Is Home Bias in Assets Related to Home Bias in Goods? Journal of International Money and Finance 29: 1108-1123.

Warnock, Francis E., and Veronica Cacdac Warnock, 2009. International Capital Flows and U.S. Interest Rates, Journal of International Money and Finance 28: 903-919.

Leuz, Christian, Karl Lins, and Francis E. Warnock, 2009. Do Foreigners Invest Less in Poorly Governed Firms?, Review of Financial Studies 22(8): 3245-3285.

Kho, Bong-Chan, Rene M. Stulz, and Francis E. Warnock, 2009. Financial Globalization, Governance, and the Evolution of the Home Bias, Journal of Accounting Research 47: 597-635. 

Curcuru, Stephanie E., Charles Thomas, and Francis E. Warnock, 2009. Current Account Sustainability and Relative Reliability. in J. Frankel and C. Pissarides (ed) NBER International Seminar on Macroeconomics 2008. University of Chicago Press, pgs 67-109.

Curcuru, Stephanie, E., Tomas Dvorak, and Francis E. Warnock, 2008. Cross-Border Returns Differentials, Quarterly Journal of Economics 123(4): 1495–1530.

Warnock, Veronica Cacdac, and Francis E. Warnock, 2008. Markets and Housing Finance, Journal of Housing Economics 17: 239-251.

Edison, Hali, and Francis E. Warnock, 2008. Cross-Border Listings, Capital Controls, and Equity Flows to Emerging Markets, Journal of International Money and Finance 27: 1013-1027.

Warnock, Francis E., 2008. The Impact of a Disorderly Resolution of Global Imbalances on Global Wealth, Economic Notes - Review of Banking, Finance and Monetary Economics 37(3): 345–379.

Harvey, C., M. Lipson, and F. Warnock, 2008. Darden Conference Issue: Capital Raising in Emerging Economies (Guest Editorial). Journal of Financial Economics 88: 425-429. 

Burger, John D., Veronica Cacdac Warnock, and Francis E. Warnock, 2008. Ingredients of a Well-Functioning Capital Market, Korea's Economy 2008 (Korea Economic Institute), vol. 24: 31-38.

Burger, John D., and Francis E. Warnock, 2007. Foreign Participation in Local-Currency Bond Markets, Review of Financial Economics 16: 291-304.

Freund, Caroline, and Francis E. Warnock, 2007. Current Account Deficits in Industrial Countries: The Bigger They Are, The Harder They Fall? in R. Clarida, ed. G7 Current Account Imbalances: Sustainability and Adjustment. University of Chicago Press, 133-162.

Burger, John D., and Francis E. Warnock, 2006. Local Currency Bond Markets, IMF Staff Papers 53: 115-132.

Burger, John D., and Francis E. Warnock, 2006. Foreign Participation in Emerging Asian Bond Markets, Korean Economy 2006 (Korea Economic Institute).

Kodres, Laura, and Francis E. Warnock, 2006. The Impact of Petrodollars on U.S. and Emerging Market Bond Yields, Box 2.3 in the IMF's April 2006 World Economic Outlook.

Faucette, Jillian E., Alex Rothenberg, and Francis E. Warnock, 2005. Outflows-Induced Sudden Stops, Journal of Policy Reform 8: 119-130.

Ahearne, Alan, William Griever, and Francis E. Warnock, 2004. Information Costs and Home Bias: An Analysis of U.S. Holdings of Foreign Equities, Journal of International Economics 62: 313-336.

Edison, Hali, and Francis E. Warnock, 2004. U.S. Investors’ Emerging Market Equity Portfolios: A Security-Level Analysis, Review of Economics and Statistics 86: 691 - 704.

Warnock, Francis E. and Chad Cleaver, 2003. Financial Centers and the Geography of Capital Flows, International Finance 6(1): 27-59.

Warnock, Francis E., 2003. Exchange Rate Dynamics and the Welfare Effects of Monetary Policy in a Two-Country Model with Home-Product Bias, Journal of International Money and Finance 22: 343-363.

Edison, Hali, and Francis E. Warnock, 2003. A Simple Measure of the Intensity of Capital Controls, Journal of Empirical Finance 10(1/2): 81-103.

Holland, Sara, and Francis E. Warnock, 2003. Firm-Level Access to International Capital Markets: Evidence from Chilean Equities, Emerging Markets Review 4(1): 39-51. 

Warnock, Francis E., 2002. Home Bias and High Turnover Reconsidered, Journal of International Money and Finance 21: 795-805.

Warnock, Francis E. and Molly Mason, 2001. The Geography of Capital Flows: What We Can Learn from Benchmark Surveys of Foreign Equity Holdings, Emerging Markets Quarterly 5(1): 15-29.

Griever, William, Gary Lee, and Francis E. Warnock, 2001. The U.S. System for Measuring Cross-Border Investment in Securities: A Primer with a Discussion of Recent Developments, Federal Reserve Bulletin 87: 633-650.

Warnock, Francis E., 2000. U.S. International Transactions in 1999, Federal Reserve Bulletin 86: 301-314.