This explanation notwithstanding, the possibility of a disorderly unwinding of global imbalances cannot be excluded for several reasons. First, the structural factors underlying the large financial flows from Asia and oil-exporting countries into the United States cannot persist forever.
Second, economic policies which have been causing, or have thus far failed to address, a variety of market distortions and inefficiencies, have also been contributing to existing financial imbalances. Financial market participants may eventually question the sustainability of some of these policies and change their behaviour in anticipation of their ultimate consequences.