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The international diffusion of an innovation: The spread of decimal currency

  • Tschoegl, Adrian E.

This paper argues that decimalization of currency diffused as a consequence of all three forms of isomorphism: normative, coercive, and mimetic. Furthermore, it is ambiguous as to whether the normative isomorphism was well founded. The patterns of denominations show variety by country as a consequence of a number of factors, including cultural ones. These patterns tend to follow a powers-of-two (binary) principle for smaller denominations and a purer decimal principle for larger denominations, reflecting their utility for cash transactions and for store-of-value functions, respectively.

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File URL: http://www.sciencedirect.com/science/article/B6W5H-4X2DD0K-1/2/fbf2c225419e00e0ac45e5a5d0356424
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Article provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).

Volume (Year): 39 (2010)
Issue (Month): 1 (January)
Pages: 100-109

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Handle: RePEc:eee:soceco:v:39:y:2010:i:1:p:100-109
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/620175

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