Brazil's inflation rate, for example, exceeded 1,000 percent per year in four of the five years between 1989 and 1993. Other Latin American countries suffering hyperinflations at about that time included Argentina, Bolivia, Nicaragua, and Peru. A particularly striking aspect of this poor inflation performance is that it occurred while most of the rest of the world was reducing inflation to low levels.
But it is still important to think about ways to innovate and make a good system better so that borrowers and lenders can make choices that better suit their circumstances. Of course, there have been innovations in Canada’s mortgage market over the years. Mortgage brokers have appeared on the scene.