The inconsistency between the deeds and words of national governments on their exchange rate policies has long been recognized in the international political economy literature. The political roots of this inconsistency, however, has only begun to be studied despite its strong implication for institutional performances. This paper studies how 'democratic age' affects a government's choice between under- and over-reporting the stability of its exchange rates, the phenomena also known as 'fear of floating' and 'fear of pegging', respectively. Focusing on the incentives and constraints democratic age generates on governments, the paper finds that younger democracies with high (low) policy transparency are more likely to have fear of floating (pegging). This argument is tested on time-series cross-section data covering 73 democracies from 1981 to 2010.