Among countries that already have proceeded with the activation of these measures, some have noted that the measures have been exerting their intended effects on such sectors as the housing market, where overheating has been observed. At the same time, some point to the considerable uncertainty surrounding the measures’ effects and to difficulties that accompany their application, including the following.
First, there is a lag after activation before the measures begin producing effects. Second, leakages of policy effects to unregulated sectors, such as shadow banking institutions, as well as to overseas, may well occur. And third, measures intended for specific sectors, such as housing, give rise to the issue of conflict with other governmental measures.