This paper analyzes exchange rate behavior across 154 exchange rate arrangements between 1970-1999 to assess if countries' official labels match their actual practices. The authors find that countries claiming to float their currencies do not actually float and there is widespread "fear of floating." Countries classified as freely or managed floating resemble non-credible pegs. The supposed "demise of fixed exchange rates" is a myth, as fear of floating persists even in developed countries. The authors present a framework explaining why countries fear floating and large exchange rate swings.