When the next big recession comes, we’ll be much better off if governments have established a new kind of bond tied to the ups and downs of the economy.

In fact, just such a financial innovation is almost ready for the marketplace.

The investment vehicle, called a G.D.P.-linked bond because it is tied to fluctuations in a country’s gross domestic product, would be immensely valuable to cash-strapped governments when revenue fell and debt-service costs climbed. In those circumstances, payments on G.D.P.-linked bonds would decline. That’s because the bonds automatically reduce debt payments as the economy weakens, a boon to governments but not obviously a good thing for investors.

In boom times, on the other hand, investors would profit as national economies grow and payouts on the bonds increase. If G.D.P-linked bonds had been on the market, global investors could have cashed in on the rapid growth of China’s economy over the past few decades by buying the Chinese version of such bonds. This would not have been the same as investing in Chinese stocks, which would have represented a claim only on earnings of then-traded corporations based in China.

The idea behind these bonds may seem strange. But many financial innovations that are now commonplace also seemed strange at one time.