In recent years, digital currencies have shown considerable promise. Research by the People’s Bank of China suggests that the best way to take advantage of these innovations is for central banks to take the lead, both in supervising private digital currencies and in developing digital legal tender of their own. At the PBOC, this effort is underway. In approaching ...

If you believe that government meddling in financial markets was responsible for the last recession and the lackluster recovery, you might be right. But probably not in the way you think. Imagine what would happen in a free market if everyone suddenly decided that future economic growth would be very slow. The price of safe assets such as U.S. government ...

Apple’s legal defense against European Commission charges of improper tax avoidance is yet to be heard. But even based on the company’s own reporting, Apple’s claim that it has always paid all the taxes it owed is disingenuous. The recent ruling — forcing Ireland to hit the iPhone maker with 13 billion euros ($14.5 billion) in back taxes — throws ...