Domingo Cavallo

Domingo Felipe Cavallo is an Argentine economist and politician who served as Minister of Economy under President Carlos Menem from 1991 to 1996. He is best known for implementing the convertibility plan, which linked the Argentine peso to the U.S. dollar, significantly reducing inflation from over 1,300% in 1990 to less than 20% by 1992 and nearly eliminating it in the following years. His tenure also saw pro-market reforms, including the privatization of state-owned enterprises, which contributed to a more than 100% increase in productivity per hour worked. Cavallo later returned to the role of economy minister from 2001 to 2002 during Argentina's economic crisis, where he introduced the "corralito," a cash withdrawal restriction that contributed to widespread unrest and the eventual downfall of President Fernando de la Rúa.