从十九世纪初以来，主要的国际货币都一直都是由是处于民主政治体制下的国家发行，而在这些国家官方是不能任意行动的，债权人的权利也因此得到良好的保障。
Since the early nineteenth century, the leading international currencies have been those of countries with democratic political systems, where arbitrary official action is constrained and creditors are well represented.