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

Adrian Tschoegl ()

Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), 2010, vol. 39, issue 1, 100-109

Abstract: 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.

Keywords: Decimalization; Currency; Denominations; Numismatics (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:eee:soceco:v:39:y:2010:i:1:p:100-109

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