Large and variable errors & omissions indicate inaccuracies in reported data. It follows that reported data constitute inaccurate and potentially unreliable information for policy formation. To the extent that successive data revisions involve substantial alterations in the reported statistics,...

Emerging-market countries are being urged to choose between freely floating exchange rates and firmly fixed rates supported by strong institutional arrangementsûcurrency boards, monetary unions, or formal dollarization. This paper assesses the benefits and costs of institutionalizing fixed...