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Neighbors Matter: Causal Community Effects and Stock Market Participation

It is important to recognize that the main contributor to the current funding problem facing public pension funds was the collapse of the housing bubble and the subsequent downturn in the economy and the stock market. The plunge in the stock market led to a sharp decline in the value of pension fund assets. Figure 1 below projects pension fund assets if pensions had continued to earn on average a 4.5 percent nominal rate of return in the period since the end of 2007. Under this assumption, state and local pension fund assets would have been $857 billion.