Found some information on the net:
Current theory on vapor retarders indicates that both air infiltration and direct diffusion play significant roles in the transfer of moisture vapor and, therefore, both must be accounted for. Effective vapor retarders must have a water vapor permeability not exceeding 1.0 grains per hour per square foot per inch of mercury vapor pressure difference (referred to as 1.0 perms), and must be installed in such a manner as to prevent air leaks at joints and laps.
Although the issue of what makes a vapor retarder effective is generally settled, controversy still remains as to where to install it, if at all. From this standpoint, the authority on the subject is the 1997 ASHRAE Handbook of Fundamentals, which has more to say on the topic than any of the model codes. In what is defined as heating climates (4,000 heating degree days, base 65F, or more), vapor retarders belong on the interior side of the insulation. In warm, humid, cooling climates (Florida and Gulf Coast) where moisture vapor transfer conditions are effectively reversed, vapor retarders are best placed close to the exterior.
In mixed climates (not fitting either of the above definitions), the vapor retarder should be placed to protect against the more serious condensation condition, summer or winter. If in a mixed climate the winter indoor relative humidity is kept below 35 percent, a vapor retarder at the interior side of the insulation is usually not required, and an exterior vapor retarder strategy is most effective. Where winter interior humidity is not controlled or if a humidifier is used, an interior vapor retarder is most useful. Vapor retarders should never be placed on both sides of a wall. Where a vapor retarder is employed, the opposite wall surface must provide a permeable surface to allow drying to occur. Thus, in hot, humid, cooling climates, where a vapor retarder is employed at the exterior, the interior wall surfaces should be permeable. No vapor retarder paints, kraft-faced insulation, or vinyl wall coverings should be used. Conversely, in northern heating climates, with interior vapor retarders, the exterior wall coverings should be vapor permeable.
Slightly more in initial cost than building felt. Availability of some products may be limited. Inferior performance as a weather barrier compared with building felt. Nail penetrations in housewrap are not self-sealing, as they tend to be in felts. Housewraps are not selective vapor permeable membranes: moisture vapor will pass through in both directions. As water-absorptive siding materials such as wood and brick veneer dry, moisture in vapor form can be forced through housewrap into sheathing and insulation. Less vapor-permeable building felt can better withstand reverse vapor migration.
Some recent studies appear to indicate that surfactants, a class of substances found in wood, stucco, soap and detergents, can decrease the natural surface tension of water and allow it to pass through housewraps wetting the underlying materials. According to anectdotal field observations, this process is most likely to occur in regions with heavy rainfall and when unprimed wood siding is placed in direct contact with the housewrap.
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