Duhalde PJ transition — pesificación asymmetric devaluation, Jefes y Jefas

Doctrine — stated goals and content

Heterodox asymmetric-devaluation + pesificación emergency government reconstructing price signals after corralito. Five doctrinal pillars: (a) Convertibility repeal — Ley 25.561 (Emergency and Exchange Regime) 6 January 2002 abandoned Convertibility Law 23.928; dual-exchange-rate regime then unified float from February; peso depreciated $1 → $3.85 by June. (b) Asymmetric pesificación — Decreto 214/2002 (3 Feb 2002) converted USD-denominated bank deposits at $1.40/dollar while loans at $1:1; state absorbed ~$13B cost; bank balance-sheet recapitalisation via compensation BODEN bonds. (c) Plan Jefes y Jefas de Hogar Desocupados (Decreto 565/2002, 3 April 2002) — $150/month workfare to unemployed household heads; coverage ~2M beneficiaries by 2003; first mass cash-transfer programme. (d) Lavagna-Blejer turnaround — April 2002 Lavagna replaced Remes Lenicov; floating peso stabilised ~ $3; inflation peaked 41% (2002); GDP contracted 10.9% (2002) then rebounded 8.8% (2003). (e) Default continuation + Kirchner handoff — 26-27 June 2002 Puente Pueyrredón killings (Kosteki, Santillán) advanced elections; 27 April 2003 first round Menem 24.5%, Kirchner 22.2%; Menem withdrew before runoff; Kirchner assumed 25 May 2003 with 22.2% mandate. Stated school: Peronist heterodox + developmentalist + emergency statist. Left- right: centre-left on transfers, statist on banking, pragmatic. Popularity: no direct election; approval grew from ~20% early to ~50% by mid-2002 as recovery began. Coherence: trade convertibility + bank-deposit contract integrity for asymmetric-pesificación recovery impulse, mass workfare floor, and stabilised-float currency regime that Kirchner inherited.