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Abstract.A partial evaluator is said to be Jones-optimal if the result of specializing a self-interpreter with respect to a source program is textually identical to the source program, modulo renaming. Jones optimality has already been obtained if the self-interpreter is untyped. If the selfinterpreter is typed, however, residual programs are cluttered with type tags. To obtain the original source program, these tags must be removed.A number of sophisticated solutions have already been proposed. We observe, however, that with a simple representation shift, ordinary partial evaluation is already Jones-optimal, modulo an encoding. The representation shift amounts to reading the type tags as constructors for higherorder abstract syntax. We substantiate our observation by considering a typed self-interpreter whose input syntax is higher-order. Specializing this interpreter with respect to a source program yields a residual program that is textually identical to the source program, modulo renaming.

Resumen. El propósito de este trabajo es repasar la historia de Nacional Financiera S. A. como banco de fomento en relación con el sector industrial, entre 1940 y 1982, con el objetivo de comprender sus principales características y sus limitaciones más importantes respecto al proceso de industrialización vía sustitución de importaciones. Para cumplir este objetivo resulta necesario enmarcar la participación de la institución en la lógica del proceso de industrialización y las políticas económicas mexicanas. Por las propias características del objeto de estudio y de la metodología de análisis, es necesario incluir este trabajo entre los debates acerca de los problemas de la sustitución de importaciones en América Latina y, en particular, las discusiones sobre la industrialización mexicana.Palabras clave: bancos de desarrollo, industrialización, capitales extranjeros.Abstract. In Mexico, although Nacional Financiera S. A. was founded in the midthirties, it was defined as a development bank in the early forties, with the beginning of the import substitution industrialization process. Therefore, the purpose of this study is to revise the history of the institution and its relation with the industrial sector between 1940 and 1982. In order to do so, we believe it is necessary to take into account the logic of the industrialization process and the Mexican economic policies. Thus, this work aims to be a contribution to the study of the role played by the financial structure in the industrialization process in Mexico. Also, due to the characteristics of the subject of this study and the methodology, this work fits in the discussion about the problems of the import substitution industrialization in Latin America, and in particular the debates on the Mexican industrialization.

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Argentina's case is a ‘game changer’ in the discussion about sovereign debt across the globe, particularly regarding debt restructuring. This article reviews Argentina's sovereign debt and economic growth process over the last 25 years and draws lessons from the country's trajectory. Alternating austerity and heterodox economic policies resulted in different outcomes throughout this period. One lesson, in particular, stands out: sustainable debt has been a necessary condition for sustainable growth. Conversely, austerity policies combined with a lax approach toward debt have led to economic recession and debt unsustainability alike. Argentina's case underscores that the only way to overcome the debt‐recession trap is a timely and big‐enough debt restructuring that provides an economy with a fresh start. Neither austerity policies nor debt roll‐overs have done the job. That is why an orderly, predictable, fair, and balanced sovereign debt restructuring system is such a relevant – still pending – component of the international financial architecture.

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