The article explores why countries sometimes say they have one type of exchange rate system but actually have a different one. This can make their monetary policy less trustworthy. The researchers looked at different factors like foreign reserves and economic openness to see what influences these gaps. They found that countries with more money saved up and better trade balances are less likely to break their exchange rate promises. Also, countries with stronger democratic institutions tend to have fewer inconsistencies between their stated and actual exchange rate systems.