Interest-free bonds financial innovation: A monetary instrument for economy at crisis

We introduce various Interest-Free Bonds for central bank, commercial banks, treasury, and corporate entities in domestic and foreign currencies as substitutes for conventional bonds as new financial innovations which will accomplish the infrastructures for development of both domestic as well as foreign financial markets. These asset-backed papers have no pre-fixed interest coupons, and are based upon "loan equal to future debt" or, "debt equal to future loan" with "time-drawing right" which is handed to the other party and outlines the primary market. Furthermore, these interest-free financial innovations include no-short pricing of the securities below its face value, and will substitute for conventional bonds and have efficiency to stabilize domestic and foreign exchange markets, especially when the economy is at crises or liquidity trap and interest rate is low.