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The Swedish transaction tax collected about 3% of its forecast and cost the bond market 85% of its volume
The bond, futures and bill figures are first week declines measured against the average volume in the summer of 1987, from Campbell and Froot. The money market figure is annual turnover, SEK 1,750bn in 1988 against SEK 532bn in 1989, from Barr and Sellin. They are different series over different windows and are shown together only because they describe the same episode.
Sweden taxed fixed income transactions from January 1989. Bond volume fell about 85% in the first week against the summer 1987 average, futures on bonds and bills fell about 98%, and realised revenue averaged about 50 million kronor against a forecast of 1,500 million.
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