[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f3pnda2tyljdwi":3,"$f1fn4bvlmx2a6v":232,"page-template:\u002Farticles\u002Fwarnock-capital-flows:{}":253},{"content":4,"navigationFallbacksEnabled":35,"previewEnvironmentEnabled":35},{"siteKey":5,"siteName":6,"tagline":7,"seo":8,"errorPage":21,"siteModals":36,"customSettings":37,"globals":42},"darden-report","Darden Report","News and knowledge from the UVA Darden School of Business.",{"title":9,"description":10,"image":11},"Darden Report - The Latest News and Ideas from UVA Darden School of Business","The Darden Report offers the latest news, research, and stories about the University of Virginia Darden School of Business.",{"src":12,"alt":13,"aspectRatio":14,"width":15,"height":16,"bynderDat":17},"https:\u002F\u002Fimages.darden.virginia.edu\u002Ftransform\u002F189175de-2440-489a-939e-91d6f7e7989a\u002FGoodwin-Grounds-autumn","goodwin grounds","6048 \u002F 4024",6048,4024,{"baseUrl":18,"assetId":19,"name":20},"https:\u002F\u002Fimages.darden.virginia.edu","189175de-2440-489a-939e-91d6f7e7989a","Goodwin-Grounds-autumn",{"statusLabel":22,"title":23,"summaryBeforeHomeLink":24,"homeLinkLabel":25,"homeHref":26,"summaryAfterHomeLink":27,"searchEnabled":28,"searchLabel":29,"searchPlaceholder":30,"seo":31},"Error 404","Wa-who?","We cannot locate a page at this address. Try searching using the input below or starting from the ","homepage","\u002F",".",true,"Search Darden Report","Search...",{"title":32,"description":33,"robots":34},"Page Not Found",null,{"noindex":28,"nofollow":35},false,[],{"algoliaEngagement":38},{"activeSeconds":39,"scrollRatio":40,"idleSeconds":41,"mediaPercent":39},20,0.5,60,{"masthead":43,"menuOverlay":59,"footer":191},{"homeHref":26,"tagline":7,"topicsLabel":44,"subscribeLabel":45,"menuLabel":46,"searchLabel":47,"topics":48},"Trending","Subscribe","Open menu","Open search",[49,51,53,55,57],{"label":50,"href":26},"Tariffs Q&A",{"label":52,"href":26},"AI Datacenters",{"label":54,"href":26},"Productivity Boom",{"label":56,"href":26},"CES 2026",{"label":58,"href":26},"Colorado Water Rights",{"overlayLabel":60,"homeHref":26,"tagline":7,"quickLinks":61,"topicsLabel":62,"topics":63,"browseLabel":121,"browseLinks":122,"connectLabel":154,"connectLinks":155,"registerLabel":172,"registerCta":173,"searchLabel":29,"searchPlaceholder":30,"searchSubmitLabel":189,"closeLabel":190},"Site menu",[],"Topics",[64,71,77,83,89,95,102,109,115],{"id":65,"label":66,"href":67,"external":35,"openInNewWindow":35,"description":68,"imageSrc":69,"imageAlt":70},"2PGBfQ54OTbNUe92lTxC30","Artificial Intelligence","\u002Ftopics\u002Fartificial-intelligence","Research and expert perspective on intelligent systems, automation, and the changing economics of decision-making. Darden faculty explore how organizations can evaluate emerging tools, govern responsible adoption, and use AI to improve judgment, productivity, customer value, and competitive advantage without losing sight of people and institutional trust.","https:\u002F\u002Fimages.darden.virginia.edu\u002Ftransform\u002Fsquare-medium\u002Feadee323-faa1-436f-979b-40761fb64624\u002FAI-Primary-Topic-Vertical","Surreal AI-Generated Cosmic Landscape – Generative AI, Art and Human Creativity",{"id":72,"label":73,"href":74,"external":35,"openInNewWindow":35,"description":75,"imageSrc":76,"imageAlt":73},"7hvQgsg6I0A9QRkXKcNJrN","Data & Analytics","\u002Ftopics\u002Fdata-analytics","Data & Analysis examines how leaders turn information into sharper questions, stronger evidence, and better decisions. Darden insights cover analytics, experimentation, forecasting, risk, and interpretation, helping organizations separate signal from noise and translate complex findings into practical choices across strategy, operations, markets, and society.","https:\u002F\u002Fimages.darden.virginia.edu\u002Ftransform\u002Fsquare-medium\u002Fbbea14b9-cfe3-415b-bcab-f97f753f6c54\u002FData-Analytics-Primary-Topic",{"id":78,"label":79,"href":80,"external":35,"openInNewWindow":35,"description":81,"imageSrc":82,"imageAlt":79},"7hztN5kb1RdsP9iGiC05dV","Entrepreneurship","\u002Ftopics\u002Fentrepreneurship","Economic and social advancement require leaders who embrace an entrepreneurial outlook and a commitment to innovation. Darden thought leadership emphasizes that an entrepreneurial mindset is about more than starting a new business venture; it encompasses the opportunity-seizing and action-oriented behavior essential for sustained growth in organizations of all sizes.","https:\u002F\u002Fimages.darden.virginia.edu\u002Ftransform\u002Fsquare-medium\u002Fa8e8e5fe-f1d5-478b-8877-31b8b0c43f0c\u002FThe-Importance-of-Courage",{"id":84,"label":85,"href":86,"external":35,"openInNewWindow":35,"description":87,"imageSrc":88,"imageAlt":85},"2dPcCN1FQ26ZIFcvdIsh4","Global Economies & Markets","\u002Ftopics\u002Fglobal-economies-markets","Faculty insight on trade, markets, policy, global business, and economic change. This topic connects macroeconomic forces with organizational decisions, examining how leaders navigate uncertainty, regulation, capital flows, geopolitical shifts, and cross-border opportunity while building resilient institutions in markets that are increasingly interdependent.","https:\u002F\u002Fimages.darden.virginia.edu\u002Ftransform\u002Fsquare-medium\u002Fd6db5e0d-c0fe-4e51-8f38-5e995d232d04\u002FA-Quick-Queue-or-a-Long-One-Waiting-in-Line-Around-the-World",{"id":90,"label":91,"href":92,"external":35,"openInNewWindow":35,"description":93,"imageSrc":94,"imageAlt":91},"7mgp2vBjTofDsgB34ap4nb","Ethics & Society","\u002Ftopics\u002Fbusiness-ethics-society","The multidisciplinary study of Business, Ethics & Society focuses on sustaining, growing and sharing value, not just for businesses and their shareholders, but for stakeholders and the societies in which they operate. This vein of study encompasses ethical decision-making, examination of how business can and does impact society, implications for policy, principles of moral and institutional leadership, and the tenets of stakeholder theory.","https:\u002F\u002Fimages.darden.virginia.edu\u002Ftransform\u002Fsquare-medium\u002F326ec289-e377-49ca-81ff-8a78a16d7e6d\u002FEthics-and-Society-Primary-Topic",{"id":96,"label":97,"href":98,"external":35,"openInNewWindow":35,"description":99,"imageSrc":100,"imageAlt":101},"18nXfYyrV3JAT3y57GWhcK","Leadership & Management","\u002Ftopics\u002Fleadership-management","Practical research for leading teams, organizations, culture, and change. Darden thought leadership explores how managers build trust, make difficult decisions, communicate purpose, develop talent, and guide people through uncertainty while sustaining performance and strengthening the human systems that make organizations work.","https:\u002F\u002Fimages.darden.virginia.edu\u002Ftransform\u002Fsquare-medium\u002F6557a226-8bac-44d0-83c1-0efdfe88b396\u002F11-Key-Characteristics-of-a-Global-Business-Leader","various colors of blocks stand in an equality and inclusive space, in the style of precisionism influence, silhouette figures, superimposed text, nul group, disfigured forms, miniature illumination, consumer culture critique --ar 128:85 --stylize 50 --v 6 Job ID: 2731b55d-e2b8-4468-81be-bb16e507686f",{"id":103,"label":104,"href":105,"external":35,"openInNewWindow":35,"description":106,"imageSrc":107,"imageAlt":108},"5JMdm6cuNXm8p9L15kOLSX","Marketing & Sales","\u002Ftopics\u002Fmarketing-sales","Ideas for understanding customers, building markets, and communicating value. This topic examines consumer behavior, brand strategy, sales effectiveness, pricing, segmentation, and digital channels, helping leaders connect insight to action and create relationships that support growth across changing audiences and competitive environments.","https:\u002F\u002Fimages.darden.virginia.edu\u002Ftransform\u002Fsquare-medium\u002F146f2b70-b04a-4495-853d-c5b78196f276\u002FMarketing-Primary-Topic","Marketing Primary Topic",{"id":110,"label":111,"href":112,"external":35,"openInNewWindow":35,"description":113,"imageSrc":114,"imageAlt":111},"siVfdjcE5Xfd4pbT1jeWD","Operations & Technology","\u002Ftopics\u002Foperations-technology","Research on systems, digital operations, supply chains, and technology-enabled performance. Darden faculty examine how organizations design processes, manage complexity, improve reliability, and use new tools to create efficient, adaptable operations that support strategy, customer experience, and long-term organizational resilience.","https:\u002F\u002Fimages.darden.virginia.edu\u002Ftransform\u002Fsquare-medium\u002Ff36239ad-c7bf-46fe-93b2-e6df18cb2fef\u002FOperations-Technology-Primary-Topic",{"id":116,"label":117,"href":118,"external":35,"openInNewWindow":35,"description":119,"imageSrc":120,"imageAlt":117},"4NDEiXoxAt8TlDGLBWYCqu","Strategy","\u002Ftopics\u002Fstrategy","Frameworks and evidence for competition, growth, transformation, and long-term enterprise decisions. Strategy insights from Darden help leaders assess where to play, how to win, when to change course, and how to allocate resources in ways that create durable advantage amid uncertainty.","https:\u002F\u002Fimages.darden.virginia.edu\u002Ftransform\u002Fsquare-medium\u002Ff8c81a7f-2b2c-4d37-964e-84382b3b1ef5\u002FBeyond-Strategy-3-Lessons-and-4-Ingredients-of-Execution","Browse",[123,127,131,135,139,143,146,150],{"id":124,"label":125,"href":126,"external":35,"openInNewWindow":35},"49UXns6sWSYS1QfelJsnUS","Articles","\u002Farticles",{"id":128,"label":129,"href":130,"external":35,"openInNewWindow":35},"5h02IsSCwqwqdvAeEfC2uq","Podcasts","\u002Fpodcasts",{"id":132,"label":133,"href":134,"external":35,"openInNewWindow":35},"3i2eJKSFhZolFdIe3c6t5V","Videos","\u002Fvideos",{"id":136,"label":137,"href":138,"external":35,"openInNewWindow":35},"7x4aolsVH0DQFMby9iunAJ","Media Features","\u002Fmedia-features",{"id":140,"label":141,"href":142,"external":35,"openInNewWindow":35},"3rM0mhH3WJY4ThjFiyfnoV","Experts","\u002Fexpert\u002Fdirectory",{"id":144,"label":45,"href":145,"external":35,"openInNewWindow":35},"1pq8d8gTugtnM0goPxBXVR","#subscribe",{"id":147,"label":148,"href":149,"external":28,"openInNewWindow":28},"2G9kuRukBaUj9ddCJur1rC","Give","https:\u002F\u002Fwww.givecampus.com\u002Fcampaigns\u002F20048\u002Fdonations\u002Fnew",{"id":151,"label":152,"href":153,"external":35,"openInNewWindow":35},"1ql3y6NAQuUglXnn3dKJPy","About","\u002Fabout","Connect with Darden",[156,160,164,168],{"id":157,"label":158,"href":159,"external":28,"openInNewWindow":28},"2EPrW3IELdCZUN4AdZc5aU","Facebook","https:\u002F\u002Fwww.facebook.com\u002FDardenMBA",{"id":161,"label":162,"href":163,"external":28,"openInNewWindow":28},"382CfbeZQiqklJrRmCGew4","Instagram","https:\u002F\u002Fwww.instagram.com\u002Fdardenmba\u002F",{"id":165,"label":166,"href":167,"external":28,"openInNewWindow":28},"5IPd9qziZHiSSLmZ9ypypW","LinkedIn","https:\u002F\u002Fwww.linkedin.com\u002Fedu\u002Fschool?id=19605",{"id":169,"label":170,"href":171,"external":28,"openInNewWindow":28},"5DpGLgbQS541wvmzk7yAn4","YouTube","https:\u002F\u002Fwww.youtube.com\u002Fuser\u002FDardenMBA","Featured Event",{"id":174,"previewOnly":35,"href":175,"external":28,"accessibleLabel":176,"openInNewWindow":28,"image":177,"date":186,"startDateTime":187,"endDateTime":188,"title":179},"3sGe8qongAY1Kc95z4h0Oh","https:\u002F\u002Fwww.darden.virginia.edu\u002Fexecutive-education\u002Fstrategic-data-analytics-for-competitive-advantage","Test",{"src":178,"alt":179,"aspectRatio":180,"width":181,"height":181,"bynderDat":182},"https:\u002F\u002Fimages.darden.virginia.edu\u002Ftransform\u002Fsquare-medium\u002Fc9667467-ef6d-41ff-91ee-3f9665adc4b7\u002FDriving-Ethical-Innovation-in-the-Age-of-AI","AI-Powered Data Analytics","1 \u002F 1",700,{"baseUrl":18,"assetId":183,"name":184,"preset":185},"c9667467-ef6d-41ff-91ee-3f9665adc4b7","Driving-Ethical-Innovation-in-the-Age-of-AI","square-medium","Nov 10-13","2026-11-10","2026-11-13","Submit search","Close menu",{"homeHref":26,"links":192,"subscribeHeading":227,"subscribeLabel":45,"imageSrc":228,"imageAlt":229,"institutionalLabel":230,"copyright":231},[193,197,201,204,207,211,214,217,219,223],{"id":194,"label":195,"href":196,"external":35,"openInNewWindow":35},"6GCwvduoNlDEeO6nq1laFq","For The Media","\u002Ffor-the-media",{"id":198,"label":199,"href":200,"external":28,"openInNewWindow":28},"2lqtlsCRCghroHk8jgcCi0","Publications","https:\u002F\u002Fstore.darden.virginia.edu\u002F",{"id":202,"label":203,"href":26,"external":35,"openInNewWindow":35},"4rcubVXgLnQBYxJ833G7DO","Press Releases",{"id":205,"label":206,"href":26,"external":35,"openInNewWindow":35},"6ColvvcR2M2zggiQQ0l965","In the Media",{"id":208,"label":209,"href":210,"external":28,"openInNewWindow":28},"61sOurYMjR8U4mU5omcUjP","Apply to Darden","https:\u002F\u002Fapply.darden.virginia.edu\u002Fapply\u002F",{"id":212,"label":213,"href":149,"external":28,"openInNewWindow":28},"563xnF7I5F2UYWYwJc5eXE","Support Darden",{"id":215,"label":216,"href":153,"external":35,"openInNewWindow":35},"2BySyFumqkDGPDVmTtMYai","Contact Us",{"id":218,"label":152,"href":153,"external":35,"openInNewWindow":35},"4QSVOSvmRnltRwfr5rLoSS",{"id":220,"label":221,"href":222,"external":28,"openInNewWindow":28},"75C0Q1ojWWmESgYLsm9bQk","Privacy Policy","https:\u002F\u002Fwww.darden.virginia.edu\u002Fprivacy-policy-copyright",{"id":224,"label":225,"href":226,"external":35,"openInNewWindow":35},"35rcom3AAkYzApoNSavl1g","Search Darden","\u002Fsearch","Get Darden news, research, and thought leadership in your inbox.","\u002Fimages\u002Fdarden-report-footer.png","Autumn foliage over a brick courtyard at the UVA Darden School of Business.","UVA Darden School of Business","Copyright ©2026 The Rector and Visitors Of The University Of Virginia. All Rights Reserved.",{"enabled":28,"complete":28,"capacity":233,"label":44,"stale":35,"items":234},4,[235,241,245,249],{"contentId":236,"contentType":237,"label":238,"href":239,"source":240},"3cfnF0kekl1bxtXRgMRn1F","article","Inside the Thinking Behind…","\u002Farticles\u002Finside-the-thinking-behind-uva-dardens-new-student-housing","algolia",{"contentId":242,"contentType":237,"label":243,"href":244,"source":240},"61xGycZknWivEK2Vffla2V","How AI Is Transforming…","\u002Farticles\u002Fhow-ai-is-transforming-healthcare",{"contentId":246,"contentType":237,"label":247,"href":248,"source":240},"legacy-article-11266","IHG CEO on Leadership Lessons","\u002Farticles\u002Fthe-most-important-leadership-skill-ihg-ceo-elie-maalouf-learned-at-darden-might-surprise-you",{"contentId":250,"contentType":237,"label":251,"href":252,"source":240},"2GBmzAadCKzwTWJggqmArB","Christopher Fuller Named CMCO","\u002Farticles\u002Fchristopher-fuller-named-chief-marketing-and-communications-officer-at-uva-darden",{"path":254,"template":255,"content":256,"context":535},"\u002Farticles\u002Fwarnock-capital-flows","articlePage",{"id":257,"title":258,"slug":259,"path":254,"modifiedAt":260,"summary":261,"publishedDate":266,"topics":269,"authors":272,"insightsFrom":273,"topper":287,"bodyBlocks":301,"outro":485,"seo":528},"2pgURwXTxdyGfsDxgiHFdt","Darden Professor’s Research Informs Presidential Economic Report","warnock-capital-flows","2026-09-23T12:04:51.016Z",{"plainText":262,"inlines":263},"The 2025 “Economic Report of the President,” released in January, extensively cites the research of Francis E. Warnock, the James C. Wheat Jr. Professor of Business Administration at the University of Virginia Darden School of Business.",[264],{"type":265,"value":262},"text",{"display":267,"dateTime":268},"17 February 2025","2025-02-17",[270],{"id":271,"label":85,"href":86},"global-economies-markets",[],[274],{"id":275,"name":276,"title":277,"href":278,"profileType":279,"image":280,"bio":286},"6ryyUIJwojy4VV9paweP5R","Francis E. Warnock","James C. Wheat, Jr. Professor of Business Administration","\u002Fexpert\u002Fdirectory\u002Ffrancis-e-warnock","faculty",{"src":281,"alt":282,"aspectRatio":180,"width":181,"height":181,"bynderDat":283},"https:\u002F\u002Fimages.darden.virginia.edu\u002Ftransform\u002Fsquare-medium\u002F4794f6fd-8304-454e-b7e5-3dfe4d07bfd5\u002FFrank-Warnock-Preferred","Frank Warnock Preferred",{"baseUrl":18,"assetId":284,"name":285,"preset":185},"4794f6fd-8304-454e-b7e5-3dfe4d07bfd5","Frank-Warnock-Preferred","Warnock is an expert on international capital flows and financial sector development. He has served as a senior research advisor at the Federal Reserve Board's International Finance Division and as a consultant to IMF and the World Bank.",{"id":288,"variant":289,"title":258,"subheadline":33,"topic":290,"image":291},"2pgURwXTxdyGfsDxgiHFdt-topper","wide",{"id":271,"label":85,"href":86},{"src":292,"alt":293,"aspectRatio":294,"width":295,"height":296,"bynderDat":297},"https:\u002F\u002Fimages.darden.virginia.edu\u002Ftransform\u002Fwidescreen-large\u002F56167ef1-fa8c-4aed-ac51-f48b14141525\u002FDarden-Professor-s-Research-Informs-Presidential-Economic-Report","Faucet with one-hundred-dollar bills coming out.","16 \u002F 9",2560,1440,{"baseUrl":18,"assetId":298,"name":299,"preset":300},"56167ef1-fa8c-4aed-ac51-f48b14141525","Darden-Professor-s-Research-Informs-Presidential-Economic-Report","widescreen-large",[302],{"id":303,"contentType":304,"region":305,"render":306},"2pgURwXTxdyGfsDxgiHFdt-body-0","richText","body",{"component":307,"props":308},"RichTextBlock",{"content":309},{"blocks":310},[311,317,330,335,340,352,357,363,368,373,378,383,388,393,439,459],{"type":312,"content":313},"paragraph",[314],{"type":265,"value":315,"marks":316},"Did you know the U.S. now commands nearly half of global capital flows? ",[],{"type":312,"content":318},[319,322,327],{"type":265,"value":320,"marks":321},"The 2025 “",[],{"type":323,"value":324,"href":325,"external":28,"marks":326},"link","Economic Report of the President","https:\u002F\u002Fwww.govinfo.gov\u002Fapp\u002Fcollection\u002Ferp",[],{"type":265,"value":328,"marks":329},",” released last month, notes that the U.S. has nearly doubled its share of global capital inflows from 23% before the Covid-19 pandemic to 41% in 2022-2023, cementing its role as the world’s go-to financial broker. From foreign investors pouring billions into new semiconductor plants to Wall Street fueling global equity markets, the U.S. is where the world invests — and reaps lucrative returns. ",[],{"type":312,"content":331},[332],{"type":265,"value":333,"marks":334},"The U.S. dollar also plays an important role on the international stage, given its status as world’s main reserve currency. The greenback is what many people, banks and businesses use to price goods and settle accounts, while nations use the dollar for trade.",[],{"type":312,"content":336},[337],{"type":265,"value":338,"marks":339},"Chapter 6 of the report, “America’s Role in International Capital Flows,” extensively cites the research of Francis E. Warnock, the James C. Wheat Jr. Professor of Business Administration at the University of Virginia Darden School of Business and senior research advisor at the Federal Reserve Board's International Finance Division. Warnock is also a research associate at the National Bureau of Economic Research.",[],{"type":312,"content":341},[342,345,349],{"type":265,"value":343,"marks":344},"“The U.S. is increasingly the world's brokerage,” the report states, citing Warnock’s recent ",[],{"type":323,"value":346,"href":347,"external":28,"marks":348},"working paper","https:\u002F\u002Fdrive.google.com\u002Ffile\u002Fd\u002F1GgaR40rB7pFMi6E0KdO8J5TjuQBoJNVb\u002Fview",[],{"type":265,"value":350,"marks":351},", co-authored with Alexandra Tabova of the Federal Reserve Board.",[],{"type":312,"content":353},[354],{"type":265,"value":355,"marks":356},"The report draws on four additional papers co-authored by Warnock to support its key themes.",[],{"type":312,"content":358},[359],{"type":265,"value":360,"marks":361},"The U.S. as a Financial Intermediary",[362],"bold",{"type":312,"content":364},[365],{"type":265,"value":366,"marks":367},"International capital flows play a crucial role in the global economy, just as supply chains do for the trade of goods. These financial movements allow money to cross borders, helping fund investment opportunities worldwide. The U.S. is a key player in this system, both as a sender and receiver of international funds. American investors buy foreign assets such as stocks, while foreign investors help finance U.S. projects, such as semiconductor manufacturing plants.",[],{"type":312,"content":369},[370],{"type":265,"value":371,"marks":372},"With its deep and liquid financial markets, the U.S. remains a primary destination for global investment. Foreign investors, including central banks and institutional investors, hold significant U.S. assets, particularly Treasury bonds and stocks. This position allows the U.S. to act as a broker between global capital suppliers and investment opportunities.",[],{"type":312,"content":374},[375],{"type":265,"value":376,"marks":377},"While foreign investors have long viewed American debt as safe investments, they increasingly see U.S. equity markets as attractive investment destinations. This shift reflects the dynamism and growth of American companies, which make their stocks lucrative investment opportunities. ",[],{"type":312,"content":379},[380],{"type":265,"value":381,"marks":382},"The report finds that “a variety of motivations — ranging from seeking high returns that accompany economic growth investing in U.S. assets for precautionary or safety reasons, drive international flows into the country” and that the U.S. remains a safe haven for investors worldwide, as evidenced by the demand for U.S. Treasuries. Also, the U.S. dollar’s role as the world’s dominant reserve currency remains intact.",[],{"type":312,"content":384},[385],{"type":265,"value":386,"marks":387},"Academic Contributions to Understanding Capital Flows",[362],{"type":312,"content":389},[390],{"type":265,"value":391,"marks":392},"Warnock’s research informs several key themes discussed in the report:",[],{"type":312,"content":394},[395,398,401,405,408,412,415,419,421,424,427,430,433,436],{"type":265,"value":396,"marks":397},"1. Cross-border Return Differentials and ‘Exorbitant Privilege’",[362],{"type":265,"value":399,"marks":400},": One aspect of the U.S. ‘exorbitant privilege’ is the notion that the U.S. has a very positive returns differential vis-à-vis the rest of the world: that U.S. investors earn far more on their foreign portfolios than foreigners earn on their U.S. securities holdings. If true, the U.S. international budget constraint would be relaxed, providing more room to run large trade deficits. Alas, it isn’t true. Warnock is co-author of “",[],{"type":323,"value":402,"href":403,"external":28,"marks":404},"Cross-Border Returns Differentials","https:\u002F\u002Facademic.oup.com\u002Fqje\u002Farticle-abstract\u002F123\u002F4\u002F1495\u002F1933185",[],{"type":265,"value":406,"marks":407},"” published in ",[],{"type":265,"value":409,"marks":410},"The Quarterly Journal of Economics",[411],"italic",{"type":265,"value":413,"marks":414},", which showed that U.S. privilege is not exorbitant but quite small; “",[],{"type":323,"value":416,"href":417,"external":28,"marks":418},"On Returns Differentials","https:\u002F\u002Fwww.sciencedirect.com\u002Fscience\u002Farticle\u002Fabs\u002Fpii\u002FS0261560613000272",[],{"type":265,"value":406,"marks":420},[],{"type":265,"value":422,"marks":423},"Journal of International Money and Finance",[411],{"type":265,"value":425,"marks":426},", which summarized the first three waves of the literature on returns differentials to show exactly how top researchers produced incorrect estimates; and the working paper",[],{"type":265,"value":428,"marks":429}," ",[411],{"type":265,"value":431,"marks":432},"“",[],{"type":323,"value":434,"href":347,"external":28,"marks":435},"Exorbitant Changes in Three Parts",[],{"type":265,"value":437,"marks":438},"” that shows when properly measured the U.S. returns differential rounds to 0.00.",[],{"type":312,"content":440},[441,444,447,451,453,456],{"type":265,"value":442,"marks":443},"2. Capital Flow Waves",[362],{"type":265,"value":445,"marks":446},": Warnock is co-author of “",[],{"type":323,"value":448,"href":449,"external":28,"marks":450},"Capital Flow Waves: Surges, Stops, Flight, and Retrenchment","https:\u002F\u002Fwww.sciencedirect.com\u002Fscience\u002Farticle\u002Fabs\u002Fpii\u002FS0022199612000566",[],{"type":265,"value":406,"marks":452},[],{"type":265,"value":454,"marks":455},"Journal of International Economics",[411],{"type":265,"value":457,"marks":458},", which ushered in a new era of research on sudden stops.",[],{"type":312,"content":460},[461,464,467,471,474,478,480,482],{"type":265,"value":462,"marks":463},"3. U.S. Interest Rates and Capital Flows",[362],{"type":265,"value":465,"marks":466},": Warnock, along with Darden Professor of Practice ",[],{"type":323,"value":468,"href":469,"external":28,"marks":470},"Veronica Cacdac Warnock","https:\u002F\u002Fwww.darden.virginia.edu\u002Ffaculty-research\u002Fdirectory\u002Fveronica-warnock",[],{"type":265,"value":472,"marks":473},", authored “",[],{"type":323,"value":475,"href":476,"external":28,"marks":477},"International Capital Flows and U.S. Interest Rates","https:\u002F\u002Fwww.sciencedirect.com\u002Fscience\u002Farticle\u002Fabs\u002Fpii\u002FS0261560609000461",[],{"type":265,"value":406,"marks":479},[],{"type":265,"value":422,"marks":481},[411],{"type":265,"value":483,"marks":484},", which provided the first estimate of the effects of foreign governments’ purchases of Treasury bonds on a range of important interest rates.",[],{"tags":486,"pressContact":491,"bios":521},{"topics":487,"storyType":489},[488],{"id":271,"label":85,"href":86},{"label":490,"href":126},"Article",{"id":492,"heading":493,"body":494,"image":504,"action":512,"contactLabel":514,"contactId":515,"contactName":516,"contactTitle":517,"contactEmail":518},"1JXqEbL3azVV5umnM8ChNj","About UVA Darden School of Business",{"blocks":495},[496,500],{"type":312,"content":497},[498],{"type":265,"value":499},"The University of Virginia Darden School of Business prepares responsible global leaders through unparalleled transformational learning experiences.",{"type":312,"content":501},[502],{"type":265,"value":503},"Darden's graduate degree programs and Executive Education & Lifelong Learning programs offered by the Darden School Foundation set the stage for a lifetime of career advancement and impact.",{"src":505,"alt":506,"aspectRatio":507,"width":508,"height":509,"bynderDat":510},"https:\u002F\u002Fimages.darden.virginia.edu\u002Ftransform\u002Fc88de114-fc91-4aa8-b801-2e987f7a4a22\u002FDarden_Spring_Environmental_Spring_25_Saunders_Hall_20","Darden_Spring_Environmental_Spring_25_Saunders_Hall_20","8354 \u002F 5569",8354,5569,{"baseUrl":18,"assetId":511,"name":506},"c88de114-fc91-4aa8-b801-2e987f7a4a22",{"label":513,"href":26,"external":35,"openInNewWindow":35},"Learn More","Press Contact","2KGmVfjHQigGuWjTI4aCKw","Lauren Foster","Senor Director of Communications",{"label":519,"href":520},"fosterl@darden.virginia.edu","mailto:fosterl@darden.virginia.edu",[522],{"id":275,"name":276,"title":277,"body":286,"image":523,"action":525},{"src":281,"alt":282,"aspectRatio":180,"width":181,"height":181,"bynderDat":524},{"baseUrl":18,"assetId":284,"name":285,"preset":185},{"label":526,"href":278,"accessibleLabel":527},"Read more","Read more about Francis E. Warnock",{"title":258,"description":262,"image":529},{"src":530,"alt":293,"aspectRatio":531,"width":532,"height":533,"bynderDat":534},"https:\u002F\u002Fimages.darden.virginia.edu\u002Ftransform\u002Fwidescreen-large\u002F56167ef1-fa8c-4aed-ac51-f48b14141525\u002FDarden-Professor-s-Research-Informs-Presidential-Economic-Report?io=transform%3Afill%2Cwidth%3A1200%2Cheight%3A630&quality=75","1200 \u002F 630",1200,630,{"baseUrl":18,"assetId":298,"name":299,"preset":300},{"canonicalPath":254,"identity":536},{"id":257,"contentType":237,"title":258,"path":254,"publishedAt":268,"modifiedAt":260,"topics":537,"authors":539,"eligibility":540},[538],{"id":271,"label":85},[],{"searchEngines":28,"followLinks":28,"internalSearch":28}]