In 2001 we had ~10 years of 1%-2% annual inflation with the “convertibility” plan, that fix the exchange as $US1=$ARS1. So the dollar was 30% undervalued. But during that time, there was very little money emission. Some provinces had to make their own money, it was technically a bond, but it looked like a bill and was used like a bill. One of the few successful case was the Patacón ( http://en.wikipedia.org/wiki/Patac%C3%B3n_(bond) ). It was successful, because it was emitted by the biggest province, it was one of the last bonds created and it lasted only for a few years. Most of the other province bond started with a $X1=$ARS1=$US1 but after a few years the exchange rate became something like $X1=$ARS0.7=$US0.7, and the public employees of the province were paid in the bonds, as if still $X1=$ARS1=$US1.

Now we have a 20% - 30% annual inflation. Interestingly, the dollar is 30% undervalued. But the emission is so height that we used all the latin alphabet to name the series, and more emission will be translated directly to more inflation.