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The International Diffusion Of An Innovation: The Spread Of Decimal Currency, Adrian E. Tschoegl
The International Diffusion Of An Innovation: The Spread Of Decimal Currency, Adrian E. Tschoegl
Adrian E Tschoegl
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.