Evidence from Korea”, IMF Working Paper 11/297. BIS central bankers’ speeches  3  to be more prone to two related problems: circumvention/elusion and leakages/waterbed effects. Circumvention/elusion occurs when the agents to which the policy measure is directed find ways to mitigate or even neutralize it.
Leakages/waterbed effects arise when the agents to which the measure is directed are fully affected, but other sectors are also affected and adjust their behaviour so as to contain the impact of the measures. Due to these effects, MAP policy can at best lose effectiveness; at worst, it can exacerbate imbalances in parts of the system. Circumvention/elusion.