Francis E. Warnock is James C. Wheat Professor of Business Administration at the University of Virginia s Darden School of Business, where he teaches MBA courses on global financial markets and transforming societies, and Research Associate at the National Bureau of Economic Research (NBER). His research focuses on international capital flows, international portfolio allocation, and financial sector development.Prior to joining Darden he was Senior Economist in the International Finance Division at the Board of Governors of the Federal Reserve System in Washington, DC. He also taught at Georgetown University and the University of North Carolina. Prior to receiving a PhD in Economics at the University of North Carolina, Frank was a Commodity Trading Advisor on Wall Street and a Peace Corps Volunteer in Malawi s Thyolo District.Frank consults with many central banks on capital flows and has been a consultant with the World Bank/IFC on its global bond markets project (GEMLOC); with the Inter-American Development Bank (IDB) on a project on countries optimal external capital structure; and with Development Innovations Group on credit scoring for housing microlenders in South Africa. He also co-led IDB s project on housing finance systems in Latin America.