Veronica Cacdac Warnock

About

Veronica Cacdac Warnock is a professor of practice at the UVA Darden School of Business and a Batten Institute Fellow. She is an economist with a background in applied econometrics, economic forecasting, and housing and housing finance. Her research currently focuses on the financial sector and human development. Warnock serves as a consultant to international and research organizations, including the Inter-American Development Bank, the World Bank, ShoreBank International, and the Bank for International Settlements. She has held visiting positions at the Asian Institute of Management, HKMA's Hong Kong Institute for Monetary Research, and IIIS at Trinity College Dublin. Prior to her tenure at UVA, she was a senior economist and director at the Mortgage Bankers Association of America. She holds a Ph.D. in economics from Fordham University and an A.B. in economics from Ateneo de Manila University.

Research topics

• Economics
• Financial economics
• Political Science
• Physics
• Microeconomics
• Geography
• Business
• Macroeconomics
• Econometrics
• Monetary economics

Selected publications

• Currency matters: Analyzing international bond portfolios

  Journal of International Economics · 2018-08-06 · 55 citations

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• US investment in global bonds: as the Fed pushes, some EMEs pull

  Economic Policy · 2015-10-01 · 30 citations

  articleSenior author

  We analyse reallocations within the international bond portfolios of US investors. The most striking empirical observation is a steady increase in US investors’ allocations towards emerging market local currency bonds, unabated by the global financial crisis and accelerating in the post-crisis period. Part of the increase in emerging market economy (EME) allocations is associated with global ‘push’ factors such as low US long-term interest rates and unconventional monetary policy as well as subd…

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• The Effects of U.S. Monetary Policy on Emerging Market Economies' Sovereign and Corporate Bond Markets

  National Bureau of Economic Research · 2017-07-01 · 26 citations

  preprintOpen accessSenior author

  We analyze the effect of the US Federal Reserve's monetary policy on EME sovereign and corporate bond markets by focusing on two dimensions: the evolution of the structure (size and currency composition) of the bond markets and their allocations within the bond portfolios of US investors. Global factors, particularly the level of long-term US Treasury yields, matter. Across all specifications, when US long-term interest rates were low (i) EMEs issued more sovereign and private-sector local curre…

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• A natural level of capital flows

  Journal of Monetary Economics · 2022 · 13 citations

  Senior authorCorresponding
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• Currency Matters: Analyzing International Bond Portfolios

  National Bureau of Economic Research · 2017-02-01 · 13 citations

  preprintOpen accessSenior author

  Currency denomination is a prominent feature in the analysis of the structure of international bond markets, but is largely absent from analyses of cross-border investment in debt securities. This omission owes in part to the limitations of widely used datasets such as the IMF's CPIS data (on positions) and its BOP data (on flows): Neither identifies the currency denomination of the underlying bonds and both combine bonds of various currencies in a single data point. In this paper we show that b…

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Frequent coauthors

• Francis E. Warnock

  National Bureau of Economic Research

  88 shared

• John D. Burger

  Loyola University Maryland

  58 shared

• Rajeswari Sengupta

  Indira Gandhi Institute of Development Research

  16 shared

• Alessandro Rebucci

  George Washington University

  6 shared

• Arturo Galindo

  Inter-American Development Bank

  1 shared

• Frank Warnock

  1 shared

Similar researchers at University of Virginia

• Dennis T. Yangh-32
• Daniel Murphyh-24