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The results were persistent inflation and low economic growth.
More recently, in 1989, Carlos Menem became president and the core of his policies was the Convertibility Law. It ended hyperinflation by establishing a pegged exchange rate with the U.S. dollar and backed money issued by the central bank substantially with dollars. The exchange rate was initially 10,000 Argentine autrales per dollar: on January 1, 1992 the peso replace the austral at 1 peso = 10,000 australes = US $1. The major disaster of the period was that the unemployment rate rose. "From 1989 to 1999, the number of jobs grew as fast as the population, but the number of people who wanted to work grew even faster...
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