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Associate Professor Christopher Bajada

Biography

Christopher Bajada is an Associate Professor of Economics at the UTS Business School, University of Technology Sydney. He started his teaching career at the University of New South Wales, from which he holds a PhD. He has taught economics in a variety of undergraduate and postgraduate courses, with his most recent teaching experience being in applied microeconomics.

In recognition of his teaching, Chris was awarded the University of Technology Teaching Excellence Award and the Carrick Institute (now Australian Learning and Teaching Council) Teaching Award for Outstanding Contributions to Student Learning in Higher Education. Chris’s research is primarily in applied macroeconomics, with a special interest in the underground economy. He has worked with the Australian Taxation Office as a member of the Cash Economy Task Force and his research has attracted national publicity. Chris has also served as a member of Council of the Economic Society of Australia (NSW Branch).

Professional

Dr Chris Bajada awarded a 2006 Carrick Citation for Outstanding Contributions to Student Learning
The 2006 Carrick Citations for Outstanding Contributions to Student Learning have just been announced and UTS Faculty of Business academics have been nationally recognised.
The Carrick Citations are granted to individuals and teams who have made a significant contribution to the quality of student learning in a specific area of responsibility over a sustained period. Citations for Outstanding Contribution to Student Learning recognise and reward the diverse contributions that individuals and teams make to the quality of student learning.
Congratulations to: Dr Christopher Bajada: For the development of innovative and imaginative resources and approaches to engaging first year students within a large class setting. There were four citations awarded to UTS, of which the Faculty of Business received two; a great success rate.

Image of Christopher Bajada
Associate Professor, Economics Discipline Group
Associate Professor, Economics Discipline Group
BEc (Hons) (Macquarie), PhD (UNSW)
 
Phone
+61 2 9514 9746

Research Interests

Economic Measurement, Applied Macroeconomics, Business Cycles.

Can supervise: Yes

Microeconomics, Macroeconomics.

Books

Bajada, C., Melatos, Karlan & Morduch 2017, Principles of Economics (1st edition), McGraw-Hill, Australia.
Bajada, C., Brown, P.J., Edwards, M. & Jonson, P.T. 2014, Integrating Business Perspectives, 3rd, McGraw-Hill, Australia.
Bajada, C., Brown, P.J., Edwards, M. & Jonson, P.T. 2012, Integrating Business Perspectives, 2nd, McGraw- Hill.
Bajada, C., McIver, R., Jackson, J. & Wilson, E. 2011, Economic principles, 3rd, McGraw-Hill, Australia.
Bajada, C., Brown, P.J., Edwards, M. & Jonson, P.T. 2010, Integrating business perspectives, 1st, McGraw-Hill, Australia.
Bajada, C. 2008, Economic principles instructor resources, McGraw-Hill, Australia.
Jackson, J., McIver, R. & Bajada, C. 2007, Economic principles, 2nd, McGraw-Hill, Australia.
Bajada, C. & Schneider, F. 2005, Size, Causes and Consequences of the Underground Economy An International Perspective, Ashgate Publishing Company.
(1996), Exploring the Underground Economy, Kalamazoo, Michigan (Upjohn Institue for Employment Research). Rose-Ackerman, S. (1999), Corruption and Government: Causes, consequences, and reform, Cambridge University Press, ...
Jackson, J., McIver, R., Bajada, C. & Hettihewa, S. 2004, Economic principles, McGraw Hill, Sydney, Australia.
Bajada, C. 2003, The tax mix and the underground economy, The Taxpayers Research Foundation, Sydney.
Bajada, C. 2002, Australia's cash economy: a troubling issue for policymakers, 1, Ashgate Publishing, Aldershot, UK.
Bajada, C. 2001, The Cash Economy & Tax Reform, ATRF Publications, Australia.
Bajada, C. 2001, The Cash Economy and Tax Reform, The Australian Tax Research Foundation, Australia.

Chapters

Bajada, C. & Trayler, R.M. 2015, 'Technology-driven Service Innovation in the Banking Industry' in Agarwal, R., Selen, W., Roos, G. & Green, R. (eds), The Handbook of Service Innovation, Springer, London, pp. 319-343.
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Agarwal, R., Bajada, C., Brown, P.J. & Green, R. 2015, 'Global Comparisons of Management Practices' in Wilkinson, A., Townsend, K. & Suder, G. (eds), Handbook of Research on Managing Managers, Edward Elgar, UK, pp. 327-350.
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Agarwal, R., Bajada, C., Brown, P.J. & Green, R. 2014, 'Managerial Practices in a High Cost Manufacturing Environment: A Comparison with Australia and New Zealand' in Roos, G. & Kennedy, N. (eds), Global Perspectives on Achieving Success in High and Low Cost Operating Environments, IGI Global, Hershey, PA, USA, pp. 268-289.
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This chapter explores the management strategies adopted by manufacturing firms operating in high versus low cost economies and investigates the reasons for differences in the management practice choices. The study reported in this chapter identifies a subset of countries that have either high or low labour costs, with USA, Sweden, and Japan being high, and India, China, and Brazil being low labour cost economies. The high labour cost manufacturing firms are found to have better management practices. In this chapter, the authors find that Australia and New Zealand manufacturing firms face relatively high labour cost but lag behind world best practice in management performance. The chapter concludes by highlighting the need for improvement in management capability for Australian and New Zealand manufacturing firms if they are to experience a reinvigoration of productivity, competitiveness, and long-term growth.
Green, R., Agarwal, R., Bajada, C. & Brown, P.J. 2014, 'Management Practices in Medium-Sized Enterprises: Insights from Benchmarking Australian Manufacturing Firms' in Kotey, B., Mazzarol, T., Clark, D., Foley, D. & McKeown, T. (eds), Meeting the Globalisation Challenge, Tilde University Press, Australia, pp. 84-105.
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Bajada, C. 2011, 'The shadow economy in the residential construction sector' in Friedrich Schneider (ed), Handbook on the Shadow Economy, Edward Elgar, UK, pp. 293-323.
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The shadow economy (also known as the black or underground economy) covers a vast array of trade, goods and services that are not part of the official economy of a country. This original and comprehensive Handbook presents the latest research on the size and development of the shadow economy, which remains an integral component of the economies of most developing and many developed countries. The volume explores the driving forces behind the shadow economy and highlights important regional variations. The expert authors address the whole spectrum of issues including tax moral, government institutions, corruption and illicit work. Importantly the book also examines recent progress in how the shadow economy is measured and estimated. This well-documented and authoritative study will appeal to economists and researchers, as well as academics and students in the fields of economics, political science and social science. It will also be of interest to anyone seeking a comprehensive investigation into the workings of shadow economy.
Bajada, C. & Trayler, R.M. 2010, 'How Australia survived the global financial crisis' in Gup, B.E. (ed), The Financial and Economic Crises: An International Perspective, Edward Elgar, UK, pp. 139-154.
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The first major effect of the US subprime mortgage market was relt in Australia around August 2007 when the Australian mortgage lender RAMS announced that it was unable to sell $6 billion' of its securitized debt in the global financial market. The RAMS financing model depended on selling home loans in AustralIa, securitizing these and then seUing the securitize<! debt in international financial markets. Following this announcement, the RAMS share price rell $0.82c to $0.57c. The announcement had an Immediate detrimental flow-on effect On the share prices of other financial institutions including the Macquarie~ Adelaide and St George banks, as well as several other highly geared non-bank companies such as Centro Properties,
Schneider, F.G. & Bajada, C. 2005, 'An international comparison of underground economic activity' in Bajada, C. & Schneider, F. (eds), Size, Causes and Consequences of the Underground Economy, Ashgate, United Kingdom, pp. 73-106.
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Despite continuous government attempts to increase taxpayer compliance, the underground economy continues to offer an avenue for taxpayers to evade their tax paying obligations. The consequences are clear: policymakers have imperfect knowledge on the state of economic affairs, more so as underground economic activities increase. Estimating the size of the underground economy is an onerous task. Any serious attempt to gauge its size should be able to measure a broad range of activities. These activities may include income generated from (say) babysitting, bartering of services, income evaded by (say) a mechanic who chooses to report only part of their income, businesses that overstate their expenses, legitimate income earned and laundered abroad, and income concealed by welfare recipients. Many academic studies have simply focused on some aspects of the vast array of underground activities, and in doing so provide only a lower bound estimate of its size. Part of the problem is the complexity involved in attempting to capture the various facets of these activities. Most authors trying to measure the underground economy face the difficulty of how to define it. One commonly used working definition is all currently unregistered economic activities that contribute to the officially calculated (or observed) Gross Domestic Product.
Bajada, C. 2005, 'Tackling the underground economy in the UK: A government's response' in Bajada, C. & Schneider, F. (eds), Size, Causes and Consequences of the Underground Economy, Ashgate, United Kingdom, pp. 223-241.
Bajada, C. 2005, 'Recent government initiatives in tackling the underground economy in Australia' in Bajada, C. & Schneider, F. (eds), Size, Causes and Consequences of the Underground Economy, Ashgate, United Kingdom, pp. 243-274.
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In July 2000, Australia undertook a major step in reforming its tax system by introducing a Goods and Services Tax (GST). This tax replaced part of the governments revenue from its indirect tax with an across the board tax on most goods and services. The GST is a broad based tax set at 10 percent of sales or supplies and borne by the end consumer. So although the GST is paid at each step of the supply chain, each business registered for the GST is able to claim an input tax credit, implying that the GST flows along this supply chain until it reaches the end consumer who is not entitled to claim an input tax credit on purchases.
Agarwal, R., Bajada, C., Brown, P. & Green, R., 'Global Comparisons of Management Practices' in Wilkinson, A., Townsend, K. & Suder, G. (eds), Handbook on Managing Managers, Edward Elgar.
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Conferences

Bajada, C. & Trayler, R.M. 2012, 'Rules versus practice: Governance in the financial services sector', Financial Markets and Corporate Governance Conference, Melbourne, Australia.
Bajada, C. & Trayler, R.M. 2012, 'Rules versus practice: Governance in the financial services sector', 74th International Atlantic Economic Conference, Montreal, Canada.

Journal articles

Bajada, C., Jarvis, Trayler & Bui 2016, 'Threshold Concepts in Business School Curriculum – A Pedagogy for Public Trust', Education + Training, vol. 58, no. 5.
Bajada, C. & Trayler, R. 2016, 'Introduction to threshold concepts in business education', Education + Training, vol. 58, no. 5, pp. 458-462.
Bajada, C. 2014, 'A Fresh Approach to Indigenous Business Education', Education and Training, vol. 56, no. 7.
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Bajada, C. & Trayler, R.M. 2013, 'Interdisciplinary business education: Curriculum through collaboration', Education & Training, vol. 55, no. 4, pp. 385-402.
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Purpose - A modern business graduate is expected to have strong disciplinary skills as well as the soft skills of communication and team work. However today's business graduate needs to be more than the traditional I-shaped graduate of the past and more of the T-shaped graduate employers are looking for. Many undergraduate business degrees profess to offer integration of the curriculum but on investigation this occurs mainly through a capstone subject at the end of the degree. Today's business graduates need a more integrated approach to their learning. This paper aims to outline the transformation of a traditional business curriculum to one that is inter-disciplinary, outlining the necessary steps and conditions including the most challenging faculty buy in. Design/methodology/approach The review of the Bachelor of Business degree at University of Technology Sydney (UTS) provided an opportunity to explore the option to embrace an integrated curriculum. The authors outline how the review was shaped, the need for change and the approaches to interdisciplinary business education, and an approach to designing an interdisciplinary curriculum. They also provide two case studies. - See more at: http://www.emeraldinsight.com.ezproxy.lib.uts.edu.au/journals.htm?issn=0040-0912&volume=55&issue=4&articleid=17090874&show=abstract#sthash.JPFwHdEe.dpuf
Bajada, C. & Schneider, F.G. 2009, 'Unemployment and the shadow economy in the OECD', Revue économique, vol. 60, no. 2009/5, pp. 1033-1067.
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Although there has been considerable discussion on the size of the shadow economy, comparatively little attention has been given to relationship between unemployment and participation in this sector. The objective of this paper is to examine participation in the shadow economy by those who claim to be unemployed and in receipt of social security benefits but working surreptitiously in the shadow economy. In doing so, we provide a first attempt at gauging the contributions by the unemployed to shadow economy activity. It is of considerable policy interest to know how the extent and duration of shadow economy activity are influenced by changes in the unemployment rate. A significant positive relationship between shadow economy activity and unemployment can be said to generate employment cycles in the shadow economy, which if supported by welfare payments, distorts the equity in the social security system. We find that changes in unemployment contribute to the employment cycles in the shadow economy, which on the whole appears to increase duration spells in unemployment.
Bajada, C. & Schneider, F. 2009, 'Unemployment and the shadow economy in the OECD', Revue Economique, vol. 60, no. 5, pp. 1033-1067.
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Although there has been considerable discussion on the size of the shadow economy, comparatively little attention has been given to relationship between unemployment and participation in this sector. The objective of this paper is to examine participation in the shadow economy by those who claim to be unemployed and in receipt of social security benefits but working surreptitiously in the shadow economy. In doing so, we provide a first attempt at gauging the contributions by the unemployed to shadow economy activity. It is of considerable policy interest to know how the extent and duration of shadow economy activity are influenced by changes in the unemployment rate. A significant positive relationship between shadow economy activity and unemployment can be said to generate employment cycles in the shadow economy, which if supported by welfare payments, distorts the equity in the social security system. We find that changes in unemployment contribute to the employment cycles in the shadow economy, which on the whole appears to increase duration spells in unemployment.
Bajada, C. 2005, 'Unemployment and the underground economy in Australia', Applied Economics, vol. 37, no. 2, pp. 177-189.
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Despite government attempts to reduce welfare benefit fraud in Australia. participation in the underground economy by those claiming to be unemployed continues. Although there exists considerable international literature on the size of the underground ec
Bajada, C. & Schneider, F.G. 2005, 'The shadow economies of the Asia-Pacific', Pacific Economic Review, vol. 10, no. 3, pp. 379-401.
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Despite continuous government attempts to increase taxpayer compliance, the shadow economy continues to offer a way for taxpayers to evade their taxpaying obligations. The consequences are clear: policy-makers have increasingly imperfect knowledge about
Bajada, C. 2004, 'Economic Growth, Inequality and Migration', Economic Record, vol. 80, no. 249, pp. 263-264.
Dabscheck, B., Kline, J., Spindler, Z., Dorrance, G., Bajada, C., Yates, J. & Stone, J. 2004, 'Reviews', Economic Record, vol. 80, no. 249, pp. 258-267.
Books reviewed: Andrew Zimbalist. May the Best Team Win: Baseball Economics and Public Policy Herve Moulin. Fair Division and Collective Welfare Stephanie A. Bell and Edward J. Nell (eds). Does Money's Origin Matter? The State, the Market and the Euro, Chartalism vs. Metalism in the Theory of Money Richard Layard. Happiness. Has Social Science a Clue? Amnon Levy and Joao Ricardo Faria (eds). Economic Growth, Inequality and Migration Stephen L. Ross and John Yinger (eds). The Colour of Credit, Mortgage Discrimination, Research Methodology, and Fair-Lending Enforcement Paul Strangio. Keeper of the Faith. A Biography of Jim Cairnes
Bajada, C. 2003, 'Business cycle properties of the legitimate and underground economy in Australia', The Economic Record, vol. 79, no. 247, pp. 397-411.
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Bajada, C. 2002, 'Estimating the uses of currency in Australia', Economic Papers, vol. 21, no. 3, pp. 14-30.
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Bajada, C. 2002, 'The effects of inflation and the business cycle on revisions of macroeconomic data', The Australian Economic Review, vol. 35, no. 3, pp. 276-286.
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Bajada, C. 2002, 'How reliable are the estimates of the underground economy?', Economics Bulletin, vol. 3, pp. 1-11.
Bajada, C. 2001, 'An Examination of the Statistical Discrepancy and Private Investment Expenditure', Journal of Applied Economics, vol. 4, no. 1, pp. 27-61.
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Bajada, C. 1999, 'Estimates of the underground economy in Australia', The Economic Record, vol. 75, no. 231, pp. 369-384.
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In an age of tighter government regulation, many individuals and businesses are distorting our notion of the size of the Australian economy by actively participating in the underground economy. The consequences are clear: policy makers have imperfect knowledge on the state of economic affairs. Although there exists considerable international literature on the size of the underground economy, academics and public officials alike appear to have paid little attention to the extent of illicit economic behaviour in Australia. The aim of this paper is to provide the first known time-series estimate of the size of the Australian underground economy and to illustrate that its existence has implications for the nature of the business cycle in Australia.

Reports

Green, R., Agarwal, R., Brown, P.J., Bajada, C. & Shashnov, M. Hargraves Institute and Food and Innovation Australia Ltd (FIAL) 2015, Innovation Capability and the Food Beverage and agri-business sectors.
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A review by University of Technology Sydney UTS on F&B companies recommends that the greatest opportunities to lift innovation culture, productivity and competitiveness lie in improving management practices and workforce skills as well as encouraging collaboration between MNCs and SMEs.
Hausknecht, M., Johnson, T. & Bajada, C. Australian Bureau of Statistics 2004, The Underground Economy and Australia's GDP, pp. 1-57, Australia.
A publication titled Measuring the Non-Observed Economy: A Handbook, was released in 2002. It was jointly authored by Organisation for Economic Cooperation and Development (OECD), the International Monetary Fund, the International Labour Organisation and the Commonwealth of Independent States and was produced for the benefit of both producers and users of the national accounts. The Handbook's key aim is to identify and promote best statistical practice so as to ensure estimates of GDP and its components are as exhaustive as possible within the boundary of economic production as prescribed in the System of National Accounts 1993. The Handbook provides an internationally developed framework against which countries can review their current treatment of unobserved transactions in the national accounts.
Mann, N., Walsh, R., Bajada, C., Braithwaite, V., Dowling, P., Gabogrecan, B., Harnisch, W., Letheren, R., Moore, S., Raper, M., Stendell, D., Richardson, P., Ward, W., Goddard, T. & Histon, A. Australian Taxation Office 2003, The Cash Economy under the New Tax System, pp. 1-66, Australia.
This is the third report of the Cash Economy Task Force. Since the last report in 1998, the Tax Office has modified its approaches to compliance in the cash economy in line with the recommendations in the earlier reports. These have focused on strategic partnerships with industry, and communication and education. The tax system has also undergone enormous change, centred on the introduction of the new tax system in July 2000.
Bajada, C. 2003, The Cash Economy and Tax Reform.
Roe, L., Lockyer, V., White, P. & Bajada, C. Australian National Audit Office 2002, ATO Progress in Addressing the Cash Economy, pp. 1-84, Australia.