theoretical analysis that may be termed “Madisonian”: Institutions that divide political power between multiple veto players and … where political power is dispersed among more veto players has a similar effect …

argues that institutional checks on policymaking discretion ("veto players") improve the property rights of investors … regarding the value of the domestic currency. Veto players constrain the ability of policymakers to opportunistically pursue … currency as a store of value -- a common hedge against domestic currency depreciation -- decreases with the number of veto …