▁failure . ▁The ▁crisis ▁was ▁caused ▁by ▁the ▁lack ▁of ▁co - ord ination ▁between ▁mon et ary ▁policy ▁and ▁fis cal ▁policy , ▁which ▁ultimately ▁led ▁to ▁the ▁collapse ▁of ▁the ▁bank ing ▁system . ▁The ▁financial ▁crisis ▁of ▁ 1 8 9 0 ▁left ▁the ▁government ▁with ▁no ▁funds ▁for ▁its ▁imm igration ▁subs id ies ▁programme , ▁and ▁it ▁was ▁abol ished ▁in ▁ 1 8 9 1 . ▁Lo ans ▁to ▁Argentina ▁were ▁sever ely ▁cur ta iled , ▁and ▁imports ▁had ▁to ▁be ▁cut ▁sharp ly . ▁Ex ports ▁were ▁less ▁affected , ▁but ▁the ▁value ▁of ▁Argent ine ▁exports ▁did ▁not ▁sur pass ▁the ▁ 1 8 8 9 ▁peak ▁until ▁ 1 8 9 8 . ▁ ▁Cel man ' s ▁successor , ▁Carlos ▁P elle gr ini , ▁laid ▁the ▁found ations ▁for ▁a ▁return ▁to ▁stability ▁and ▁growth ▁after ▁the ▁rest oration ▁of ▁convert ibility ▁in ▁ 1 8 9 9 . ▁He ▁also ▁reform ed ▁the ▁bank ing ▁sector ▁in ▁ways ▁that ▁were ▁to ▁restore ▁stability ▁in ▁the ▁medium ▁term . ▁Rap id ▁growth ▁rates ▁soon ▁returned : ▁in ▁the ▁period ▁ 1 9 0 3 – 1 9 1 3 , ▁G DP ▁increased ▁at ▁an ▁annual ▁rate ▁of ▁ 7 . 7 %, ▁and ▁industry ▁grew ▁even ▁faster , ▁jump ing ▁by ▁ 9 . 6 %. ▁By ▁ 1 9 0 6 , ▁Argentina ▁had ▁cleared ▁the ▁last ▁rem n ants ▁of ▁the ▁ 1 8 9 0 ▁default ▁and