Economists
W. Scott Frame
Vice President
Federal Reserve Bank of Dallas
W. Scott Frame is a vice president in the banking and finance group in the research department of the Dallas Fed. His major fields of study are financial institutions, credit markets, real estate and public policy.
Frame previously was a financial economist and senior adviser on the financial markets team at the Atlanta Fed. He also spent two years as the Belk Distinguished Professor of Finance at the University of North Carolina at Charlotte (2012–14). Before joining the Atlanta Fed, Frame was a senior financial economist at the U.S. Treasury Department from 1996 to 2000.
Frame has published in many scholarly journals, and is currently an associate editor of the Journal of Money, Credit, and Banking, the Journal of Financial Services Research and the Journal of Financial Research. He is also currently the executive director of the International Banking, Economics, and Finance Association (IBEFA). Frame is a past president of both IBEFA and the Southern Finance Association and previously served on the board of directors of the American Real Estate and Urban Economics Association and the Financial Management Association.
Frame received his doctorate in economics in 1996 and his master's degree in economics in 1993, both from the University of Georgia. He received his bachelor of science in economics in 1990 from Arizona State University.
Publications
- “Are the Largest Banking Organizations More Operationally Risky?” with Filippo Curti and Atanas Mihov, Journal of Money, Credit, and Banking, forthcoming.
- “Quantitative Easing and Agency MBS Investment and Financing Choices by Mortgage REITs,” with Eva Steiner, Real Estate Economics, forthcoming. https://doi.org/10.1111/1540-6229.12355.
- “Villains or Scapegoats? The Role of Subprime Borrowers in Driving the U.S. Housing Boom,” with James N. Conklin, Kristopher Gerardi and Haoyang Liu, Journal of Financial Intermediation, forthcoming. https://doi.org/10.1016/j.jfi.2021.100906.
- “Foreign Investment, Regulatory Arbitrage, and the Risk of US Banking Organizations,” with Atanas Mihov and Leandro Sanz, Journal of Financial and Quantitative Analysis, vol. 55, no. 3, May 2020, pp. 955-988. https://doi.org/10.1017/s0022109019000267.
- “Fiscal Implications of the Federal Reserve's Balance Sheet Normalization,” with Michele Cavallo, Marco Del Negro, Jamie Grasing, Benjamin A. Malin, and Carlo Rosa, International Journal of Central Banking, vol. 15, no. 5, December 2019, pp. 255-306.
- “Technological Change and Financial Innovation in Banking: Some Implications for FinTech,” with Larry Wall and Lawrence J. White, Oxford Handbook of Banking, 3rd Edition, 2019. https://doi.org/10.1093/oxfordhb/9780198824633.013.10.
- “Agency Conflicts in Residential Mortgage Securitization: What Does the Empirical Literature Tell Us?” Journal of Financial Research, vol. 41, no. 2, Summer 2018, pp. 237-251. https://doi.org/10.1111/jfir.12145.
- “Technological Change, Financial Innovation, and Economic Development,” with Thorsten Beck, Handbook of Finance and Development, 2018, pp. 369-390. https://doi.org/10.4337/9781785360510.00021.
- “The Federal Home Loan Bank System and U.S. Housing Finance,” Principles of Housing Finance Reform, 2018, pp. 150-164. https://doi.org/10.9783/9780812293739-008.
- “The Effect of Large Investors on Asset Quality: Evidence from Subprime Mortgage Securities,” with Manuel Adelino and Kristopher Gerardi, Journal of Monetary Economics, vol. 87, May 2017, pp. 34-51. https://doi.org/10.1016/j.jmoneco.2017.03.003.
- “Reexamining the Empirical Relation Between Loan Risk and Collateral: The Roles of Collateral Liquidity and Types,” with Allen N. Berger and Vasso Ioannidou, Journal of Financial Intermediation, vol. 26, April 2016, pp. 28-46. https://doi.org/10.1016/j.jfi.2015.11.002.
- “Bank Supervision After the Financial Crisis,” with Jason Berkowitz, Beverly Hirtle, Robert DeYoung and Mark Kurst, Journal of Applied Finance, vol. 25, Fall 2015, pp. 5-15. https://search.proquest.com/docview/1819125904.
- “The Rescue of Fannie Mae and Freddie Mac,” with Andreas Fuster, Joseph Tracy and James Vickery, Journal of Economic Perspectives, vol. 29, no. 2, Spring 2015, pp. 25-52. https://doi.org/10.1257/jep.29.2.25.
- “Introduction to Special Issue: Government Involvement in Residential Mortgage Markets,” Real Estate Economics, vol. 43, no. 4, Winter 2015, pp. 807-819. https://doi.org/10.1111/1540-6229.12122.
- “The Devil's in the Tail: Residential Mortgage Finance and the US Treasury,” with Larry D. Wall and Lawrence J. White, Journal of Applied Finance, vol. 23, September 2013, pp. 61-83.
- “Federal Home Loan Bank Advances and Commercial Bank Portfolio Composition,” with Diana Hancock and Wayne Passmore, Journal of Money Credit and Banking, vol. 44, no. 4, June 2012, pp. 661-684. https://doi.org/10.1111/j.1538-4616.2012.00505.x.
- “Industrial Organisation of the US Residential Mortgage Market,” with L. J. White, International Encyclopedia of Housing and Home, 2012, pp. 37-48. https://doi.org/10.1016/B978-0-08-047163-1.00134-X.
- “Technological Change, Financial Innovation, and Diffusion in Banking,” with Lawrence J. White, Oxford Handbook of Banking, 1st Edition, 2012. https://doi.org/10.1093/oxfordhb/9780199640935.013.0019.
- “The Surprising Use of Credit Scoring in Small Business Lending by Community Banks and the Attendant Effects on Credit Availability, Risk, and Profitability,” with Allen N. Berger and Adrian M. Cowan, Journal of Financial Services Research, vol. 39, April 2011, pp. 1-17. https://doi.org/10.1007/s10693-010-0088-1.
- “Tests of Ex Ante Versus Ex Post Theories of Collateral Using Private and Public Information,” with Allen N. Berger and Vasso Ioannidou, Journal of Financial Economics, vol. 100, no. 1, April 2011, pp. 85-97. https://doi.org/10.1016/j.jfineco.2010.10.014.
- “The Information Revolution and Small Business Lending: The Missing Evidence,” with Robert DeYoung, Dennis Glennon and Peter Nigro, Journal of Financial Services Research, vol. 39, April 2011, pp. 19-33. https://doi.org/10.1007/s10693-010-0087-2.
- “Why Do Borrowers Pledge Collateral? New Empirical Evidence on the Role of Asymmetric Information,” with Allen N. Berger, Marco A. Espinosa-Vega and Nathan H. Miller, Journal of Financial Intermediation, vol. 20, no. 1, January 2011, pp. 55-70. https://doi.org/10.1016/j.jfi.2010.01.001.
- “The Federal Home Loan Bank System: The Lender of Next-to-Last Resort?” with Adam Ashcraft and Morten L. Bech, Journal of Money Credit and Banking, vol. 42, no. 4, June 2010, pp. 551-583. https://doi.org/10.1111/j.1538-4616.2010.00299.x.
- “The Federal Home Loan Bank System: Current Issues in Perspective,” with Lawrence White, Reforming Rules and Regulations, 2010, pp. 255-276. https://doi.org/10.7551/mitpress/9780262014687.003.0010.
- “The 2008 Federal Intervention to Stabilize Fannie Mae and Freddie Mac,” Journal of Applied Finance, vol. 18, no. 2, Fall/Winter 2008, pp. 124-133.
- “Commercial Lending Distance and Historically Underserved Areas,” with Robert DeYoung, Dennis Glennon, Daniel P. McMillen and Peter Nigro, Journal of Economics and Business, vol. 60, January-February 2008, pp. 149-164. https://doi.org/10.1016/j.jeconbus.2007.08.004.
- “An Analysis of the Systematic Risks Posed by Fannie Mae and Freddie Mac and an Evaluation of the Policy Options for Reducing Those Risks,” with Robert A. Eisenbeis and Larry D. Wall, Journal of Financial Services Research, vol. 31, April 2007, pp. 75-99. https://doi.org/10.1007/s10693-006-0002-z.
- “Charter Value, Risk-Taking Incentives, and Emerging Competition for Fannie Mae and Freddie Mac,” with Lawrence J. White, Journal of Money Credit and Banking, vol. 39, no. 1, February 2007, pp. 83-103. https://doi.org/10.1111/j.0022-2879.2007.00004.x.
- “Small Business Credit Scoring and Credit Availability,” with Allen N. Berger, Journal of Small Business Management, vol. 45, no. 1, January 2007, pp. 5-22. https://doi.org/10.1111/j.1540-627X.2007.00195.x.
- “Credit Scoring and the Availability, Price, and Risk of Small Business Credit,” with Allen N. Berger and Nathan H. Miller, Journal of Money Credit and Banking, vol. 37, no. 2, April 2005, pp. 191-222. https://doi.org/10.1353/mcb.2005.0019.
- “Resolving Large Financial Intermediaries: Banks Versus Housing Enterprises,” with Robert A. Eisenbeis and Larry D. Wall, Journal of Financial Stability, vol. 1, no. 3, April 2005, pp. 386-425. https://doi.org/10.1016/j.jfs.2005.02.009.
- “Debt Maturity, Risk, and Asymmetric Information,” with Allen N. Berger, Marco A. Espinosa-Vega and Nathan H. Miller, Journal of Finance, vol. 60, no. 6, December 2005, pp. 2895-2923. https://doi.org/10.1111/j.1540-6261.2005.00820.x.
- “The Diffusion of Financial Innovations: An Examination of the Adoption of Small Business Credit Scoring by Large Banking Organizations,” with Jalal Akhavein and Lawrence J. White, Journal of Business, vol. 78, no. 2, March 2005, pp. 577-596. https://doi.org/10.1086/427639.
- “Fussing and Fuming over Fannie and Freddie: How Much Smoke, How Much Fire?” with Lawrence J. White, Journal of Economic Perspectives, vol. 19, no. 2, Spring 2005, pp. 159-184. https://doi.org/10.1257/0895330054048687.
- “Credit Scoring and the Availability of Small Business Credit in Low‐ and Moderate‐Income Areas,” with Lynn Woosley, Financial Review, vol. 39, no. 1, February 2004, pp. 35-54. https://doi.org/10.1111/j.0732-8516.2004.00066.x.
- “Empirical Studies of Financial Innovation: Lots of Talk, Little Action,” with Lawrence J. White, Journal of Economic Literature, vol. 42, no. 1, March 2004, pp. 116-144. https://doi.org/10.1257/002205104773558065.
- “Do Credit Unions Use Their Tax Advantage to Benefit Members? Evidence from a Cost Function,” with Gordon V. Karels and Christine A. McClatchey, Review of Financial Economics, vol. 12, no. 1, 2003, pp. 35-47. https://doi.org/10.1016/S1058-3300(03)00005-3.
- “The Effect of the Common Bond and Membership Expansion on Credit Union Risk,” with Gordon V. Karels and Christine McClatchey, Financial Review, vol. 37, no. 4, November 2002, pp. 613-636. https://doi.org/10.1111/1540-6288.00031.
- “The Effect of Credit Scoring on Small-Business Lending,” with Aruna Srinivasan and Lynn Woosley, Journal of Money Credit and Banking, vol. 33, no. 3, August 2001, pp. 813-825. https://doi.org/10.2307/2673896.
- “US Financial Services Consolidation: The Case of Corporate Credit Unions,” with Tim J. Coelli, Review of Industrial Organization, vol. 18, no. 2, March 2001, pp. 229-242. https://doi.org/10.1023/a:1007831600451.
- “Abnormal Returns in the Acquisition Market: The Case of Bank Holding Companies, 1990-1993,” with William D. Lastrapes, Journal of Financial Services Research, vol. 14, no. 2, October 1998, pp. 145-163. https://doi.org/10.1023/a:1008063429567.
- “The Profit-Structure Relationship in Legally Protected Banking Markets Using Efficiency Measures,” with David R. Kamerschen, Review of Industrial Organization, vol. 12, no. 1, February 1997, pp. 9-22. https://doi.org/10.1023/a:1007798618469.
- “The Value of Olympic Sponsorships: Who is Capturing the Gold?” with Kathleen Anne Farrell, Journal of Market-Focused Management, vol. 12, November 1997, pp. 171-182. https://doi.org/10.1023/A:1009783403415.
- “Empirical Evidence on a Special-Interest-Group Perspective to Antitrust,” with Charles D. Delorme Jr. and David R. Kamerschen, Public Choice, vol. 92, September 1997, pp. 317-335. https://doi.org/10.1023/a:1017971021135.
- “Special-Interest-Group Perspective Before and After the Clayton and Federal Trade Commission Acts,” with Charles D. DeLorme and David R. Kamerschen, Applied Economics, vol. 28, no. 7, July 1996, pp. 773-777. https://doi.org/10.1080/000368496328191.
Working Papers
- “Haste Makes Waste: Banking Organization Growth and Operational Risk” with Ping McLemore and Atanas Mihov, Federal Reserve Bank of Dallas Working Paper no. 2023, August 2020.
- “Quantitative Easing and Financial Risk Taking: Evidence from Agency Mortgage REITs,” with Eva Steiner, Federal Reserve Bank of Dallas Working Paper no. 2020, June 2020.
- “Are the Largest Banking Organizations Operationally More Risky?” with Filippo Curti and Atanas Mihov, Federal Reserve Bank of Dallas Working Paper no. 2016, May 2020.
- “Villains or Scapegoats?: The Role of Subprime Borrowers during the Housing Boom,” with with Jim Conklin, Kris Gerardi and Haoyang Liu, Federal Reserve Bank of Dallas Working Paper no. 2013, May 2020.
Dallas Fed Publications
- “Federal Reserve Banks of Atlanta and Dallas Conference Explored Housing, Urban Economics,” with Christopher Cunningham, Jessica Dill, Kristopher Gerardi and Joseph Tracy, Dallas Fed Economics, January 25, 2022.
- “Fed’s Mortgage-Backed Securities Purchases Sought Calm, Accommodation During Pandemic,” with Brian Greene, Cindy Hull and Joshua Zorsky, Dallas Fed Economics, August 26, 2021.
- “Private Subprime Mortgages Challenged FHA During the 2000s Housing Boom,” with Kristopher Gerardi and Daniel Sexton, Dallas Fed Economics, May 11, 2021.
- “COVID-19 Exposes Mortgage Market Vulnerabilities that Led to Volatility, Fed Intervention,” with Brendan McCartney and Eva Steiner, Dallas Fed Economics, February 2, 2021.
- “Does Homeownership Provide an Escape from High Rent Burdens?” with Sam Dannels, Kristopher Gerardi and Joseph Tracy, Dallas Fed Economics, January 5, 2021.
- “Highly Indebted FHA Borrowers at Special Risk as COVID-19 Forbearance Ends,” with Sam Dannels, Kristopher Gerardi and Joseph Tracy, Dallas Fed Economics, September 29, 2020.
- “Ability to Repay a Mortgage: Assessing the Relationship Between Default, Debt-to-Income,” with Kristopher Gerardi, Daniel Sexton and Joseph Tracy, Dallas Fed Economics, March 24, 2020.
- “The Long Road to Housing Finance Reform: 'Are We There Yet?'” with Joseph Tracy, Dallas Fed Economics, February 4, 2020.
- “After the Bust, the Long Road to Housing Finance Reform,” with Joseph Tracy, Dallas Fed Economics, January 14, 2020.
Other Works
- “Did Subprime Borrowers Drive the Housing Boom?” with James Conklin, Kristopher S. Gerardi and Haoyang Liu, Liberty Street Economics, February 26, 2020.
- “The Appropriate Government Role in Mortgage Markets,” with Joseph Tracy, Federal Reserve Bank of New York Economic Policy Review, December 2018, pp. 1-8.
- “Fiscal Implications of the Federal Reserve's Balance Sheet Normalization,” with Michele Cavalo, Marco Del Negro, Jamie Grasing, Benjamin Malin and Carlo Rosa, Liberty Street Economics, January 9, 2018.
- “At the New York Fed: The Appropriate Government Role in Mortgage Markets,” with Joseph Tracy, Liberty Street Economics, August 23, 2017.
- “Conflicts of Interest in Securitization and the U.S. Housing Crisis,” Notes from the Vault, April 2017.
- “Being Up Front about the FHA's Up-Front Mortgage Insurance Premiums,” with Kristopher Gerardi and Joseph Tracy, Liberty Street Economics, March 27, 2017.
- “Risky Business: Government Mortgage Insurance Programs,” with Kristopher Gerardi and Joseph Tracy, Liberty Street Economics, June 20, 2016.
- “Evaluating the Rescue of Fannie Mae and Freddie Mac,” with Andreas Fuster, Joseph Tracy and James Vickery, Liberty Street Economics, October 15, 2015.
- “Marketplace Lending's Role in the Consumer Credit Market,” Notes from the Vault, September 2015.
- “Will Taxpayers Get a Truly Fair Deal with Housing Finance Reform?” with Larry D. Wall and Lawrence J. White, Notes from the Vault, March 2013.
- “Estimating the Effect of Mortgage Foreclosures on Nearby Property Values: A Critical Review of the Literature,” Federal Reserve Bank of Atlanta Economic Review, November 2010, pp. 1-11.
- “The Federal Home Loan Bank System: The “Other" Housing GSE,” with Mark Flannery, Federal Reserve Bank of Atlanta Economic Review, Third Quarter, 2006. Pages 33-54.
- “Regulating Housing GSEs: Thoughts on Institutional Structure and Authorities,” with Lawrence White, Federal Reserve Bank of Atlanta Economic Review, Second Quarter, 2004. Pages 87-102.
- “Federal Home Loan Bank Mortgage Purchases: Implications for Mortgage Markets,” Federal Reserve Bank of Atlanta Economic Review, Third Quarter, 2003. Pages 17-31.
- “Fannie Mae's and Freddie Mac's Voluntary Initiatives: Evidence from Banking,” with Larry Wall, Federal Reserve Bank of Atlanta Economic Review, First Quarter, 2002. Pages 45-59.
- “Financing Housing through Government-Sponsored Enterprises,” with Larry Wall, Federal Reserve Bank of Atlanta Economic Review, First Quarter, 2002, pp. 29-43.
- “FYI - Examining Small Business Lending in Bank Antitrust Analysis,” Federal Reserve Bank of Atlanta Economic Review, March/April, 1995, vol. 80, no. 2, pp. 31-40.
- “FYI - Commercial Bank Profits,” with Christopher Holder, Federal Reserve Bank of Atlanta Economic Review, July/August 1994, vol. 79, no. 4, pp. 22-41.
