) ▁mon opol ies . ▁Their ▁tar iffs ▁on ▁long - term ▁contract s ▁were ▁raised ▁in ▁line ▁with ▁American ▁infl ation , ▁even ▁though ▁prices ▁in ▁Argentina ▁were ▁falling . ▁ ▁In ▁ 1 9 9 1 , ▁economy ▁minister ▁Dom ingo ▁Caval lo ▁set ▁out ▁to ▁reverse ▁Argentina ' s ▁decl ine ▁through ▁free - market ▁re forms ▁such ▁as ▁open ▁trade . ▁ ▁On ▁ 1 ▁January ▁ 1 9 9 2 , ▁a ▁mon et ary ▁reform ▁replaced ▁the ▁austral ▁with ▁the ▁pes o ▁at ▁a ▁rate ▁of ▁ 1 0 , 0 0 0 ▁a ustr als ▁for ▁ 1 ▁pes o . ▁The ▁corner stone ▁of ▁the ▁reform ▁process ▁was ▁a ▁currency ▁board , ▁under ▁which ▁the ▁pes o ▁was ▁fixed ▁by ▁law ▁at ▁par ▁to ▁the ▁doll ar , ▁and ▁the ▁money ▁supply ▁restricted ▁to ▁the ▁level ▁of ▁hard - currency ▁res erves . ▁A ▁ris ky ▁policy ▁which ▁meant ▁at ▁a ▁later ▁stage ▁Argentina ▁could ▁not ▁de value . ▁After ▁a ▁lag , ▁infl ation ▁was ▁t amed . ▁With ▁risk ▁of ▁de valu ation ▁apparently ▁removed , ▁capital ▁pou red ▁in ▁from ▁abroad . ▁G DP ▁growth ▁increased ▁significantly ▁and ▁total ▁employ ment ▁rose ▁stead ily ▁until ▁mid - 1 9 9 3 . ▁During ▁the ▁second ▁half ▁of ▁ 1 9 9 4 , ▁the ▁economy ▁slow ed ▁down ▁and ▁un emp loyment ▁increased ▁from ▁ 1 0 % ▁to ▁ 1 2 . 2 %. ▁ ▁Although ▁the ▁economy ▁was ▁already ▁in