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The Convertibility plan was a plan by the Argentine Currency Board that pegged the Argentine peso to the U.S. dollar between 1991 and 2002 in an attempt to eliminate hyperinflation and stimulate economic growth. [1] While it initially met with considerable success, the board's actions ultimately failed.
Rapid growth rates soon returned: in the period 1903–1913, GDP increased at an annual rate of 7.7%, and industry grew even faster, jumping by 9.6%. [ 77] By 1906, Argentina had cleared the last remnants of the 1890 default and a year later the country re-entered the international bond markets.
[13] [14] Argentina repaid its International Monetary Fund loans in full in 2006, [15] but had a long dispute with the 7% of bond-holders left. [16] In April 2016 Argentina came out of the default when the new government decided to repay the country's debt, paying the full amount to the vulture/hedge funds. [17]
All values, unless otherwise stated, are in US dollars. The economy of Argentina is the second-largest national economy in South America, behind Brazil. Argentina is a developing country with a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Argentina benefits from rich natural resources.
It can be read from the table that if the (annual) inflation is for example 100%, it takes about 3.32 years for prices to increase by an order of magnitude (e.g., to produce one more zero on the price tags), or 9.97 years to produce three zeros. Thus can one expect a redenomination to take place about ten years after the currency was introduced.
Of the companies with more than 100 years of history, most of them (89%) employ fewer than 300 people. [ 1 ] [ 2 ] A nationwide Japanese survey counted more than 21,000 companies older than 100 years as of September 30, 2009.