One reason why democracy might matter for international currency status is that democratically elected governments are best able to make the credible commitments needed to develop deep and liquid financial markets. They can commit not to expropriate creditors, since the latter will vote them out of office if they do.
民主政治对国际货币地位很重要的原因之一在于民主选举出来的政府最能够许下开发大规模以及流动性的金融市场所需的信用承诺。它们可以承诺不剥夺债权人的权利，因为如果不能够保证这一点的话后者就会投票赶它们下台。这种对债权的尊重既使国内投资者放心，同样也使国外的官方和私人的投资者放心。