Liquidity in Retirement Savings Systems: An International Comparison
比较了六个发达国家雇主支持的固定缴费退休计划中的流动性安排，发现各国在允许提前取款的条件上差异显著，美国流动性最高，而德国、新加坡和英国则基本禁止提前取款。
We compare the liquidity that six developed countries have built into their employer-based defined contribution (DC) retirement schemes. In Germany, Singapore, and the UK, withdrawals are essentially banned no matter what kind of transitory income shock the household realizes. By contrast, in Canada and Australia, liquidity is state-contingent. For a middle-income household, DC accounts are completely illiquid unless annual income falls substantially, in which case DC assets become highly liquid. The US stands alone in the universally high liquidity of its DC system: whether or not income falls, the penalties for early withdrawal are low or non-existent.