Francis Warnock headshot
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Francis E. Warnock

Professor
Unit: Darden School of Business
Department: Darden Graduate School of Business
Office location and address
FOB 298D
90 Darden Blvd
Charlottesville, Virginia 22903
Education
B.A., Johns Hopkins University
Ph.D., University of North Carolina at Chapel Hill
Biography

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, theEconomistBarron's, the Wall Street Journal and the New York Times, and his publications have appeared in a number of journals, including the American Economic ReviewQuarterly Journal of EconomicsReview of Financial StudiesJournal of Accounting ResearchJournal of International EconomicsJournal 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.

GBUS 7100: Global Leadership Explorations - Part I
Credits: 2
Each location chosen for our GEMBA residencies offers a broad set of opportunities for building global awareness as well as allowing more integration opportunities across courses. Global Leadership Explorations are a series of courses that will leverage the "why" we are in a certain location and "what" we can learn about ourselves, our companies, business and our world.
GBUS 7118: Explorations in Enterprise Leadership - Part III
Credits: 2
Washington, DC region provides a wealth of opportunities for engaging directly with topics relevant to the challenges of leading a global firm, exploring the challenges of managing diverse stakeholders, & discussing how we can leverage concepts from across our curriculum as we manage the uncertainties facing contemporary leaders. Course provides a diverse range of leadership experiences & topics.
GBUS 7231: Global Economies and Markets
Credits: 2
This course applies the ideas and methodologies of economics to the analysis of the business environment in which firms operate and managers make decisions. The course expands students' knowledge of global economies and markets in three dimensions. First, it delivers insights and tools for analyzing markets in the global economy by studying such topics as competition, market structure, efficiency, industry equilibrium, and change. Prerequisites: Restricted to Darden students.
GBUS 7232: Global Economies and Markets - Part II
Credits: 2
This course applies the ideas and methodologies of economics to the analysis of the business environment in which firms operate and managers make decisions. The course expands students' knowledge of global economies and markets in three dimensions. First, it delivers insights and tools for analyzing markets in the global economy by studying such topics as competition, market structure, efficiency, industry equilibrium, and change. Prerequisites: Restricted to Darden students.
GBUS 7602: Global Financial Markets
Credits: 2
This course emphasizes the development of technical skills that enable students to improve their understanding of global financial markets. The course focuses on the key drivers of movements in currency and interest-rate markets around the world, as well as the important institutions and players that impact those markets. Students will examine how interest rates are impacted by such factors as central-bank behavior, fiscal policy, the state of the business cycle, productivity, inflation expectations, and international capital flows. For currencies, students will develop two related tool kits: one that is useful for understanding the drivers of orderly changes in exchange rates, and a second, through the construction of an early-warning system, that focuses on factors associated with large and potentially disorderly depreciations. Students will also investigate ways in which firms and investors manage interest-rate and currency exposure, as well as how countries manage exchange rates. The course, which includes both technical readings and cases, should appeal to a broad array of students, especially those who wish to pursue careers in investment banking, international finance, and general management.
GBUS 8022: Transforming Societies
Credits: 2
This course seeks to equip students with basic economic and development concepts and tools in order to enhance their problem-solving skills, and to deepen their understanding of socioeconomic issues and how business, entrepreneurs, and markets can promote human development and transform societies across the world. We will tackle issues in the social sector, sustainability challenges, problems of the underserved, and other urgent issues.
GBUS 8491: Advanced Global Financial Markets
Credits: 2
This course is an extension of the content of the prerequisite, first-year elective, Global Financial Markets (GFM).As in GFM, students will discuss real-time forward-looking 'live' cases on the world's currency and the bond, gold, and oil markets as well as have the opportunity to analyze in depth current big issues in international financial markets.
GBUS 8999: Darden Independent Study
Credits: 2–3
A Darden Independent Study elective includes either case development or a research project to be conducted by an individual student under the direction of a faculty member. Students should secure the agreement of a resident faculty member to supervise their independent study and assign the final grade that is to be based to a significant degree on written evidence of the individual student's accomplishment.