Domingo Cavallo

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Domingo Felipe Cavallo (born July 21, 1946) is an Argentine economist and politician. Between 1991 and 1996 he was Economic Ministry of Argentina during Carlos Menem presidency. He is known for implementing the Convertibility plan, which established a pseudo-currency board with the dollar and allowed the dollar to be used for legal contracts. This brought the inflation rate down from over 1,300% in 1990 to less than 20% in 1992 and nearly to zero during the rest of the 1990s. He implemented pro-market reforms which included privatizations of state enterprises. Productivity per hour worked during his 5-years as minister of Menem increased by more than 100%. In 2001, he was Economic Ministry for nine months during the 1998–2002 Argentine great depression. During a bank run he implemented a restriction on cash withdrawing, known as corralito. This was followed by riots and the fall of President Fernando de la Rúa. He is Doctor in Economic Sciences from the National University of Córdoba and obtained his PhD in Economics from Harvard University. He received five Honoris Causa doctorates from the Universities of Genoa, Turin, Bologna, Ben-Gurion and Paris Pantheon-Sorbonne. He was professor at the National and Catholic Universities of Córdoba, and at New York, Harvard and Yale Universities. (Source: DBPedia)