Ewch i’r prif gynnwys
Maxim Munday

Yr Athro Maxim Munday

Director of Welsh Economy Research Unit

Ysgol Busnes Caerdydd

+44 29208 75089
Adeilad Aberconwy, Ystafell T01, Rhodfa Colum, Cathays, Caerdydd, CF10 3EU
Sylwebydd y cyfryngau
Ar gael fel goruchwyliwr ôl-raddedig


Has been a member of Cardiff Business School since 1990, and over this period has developed a wide range of research interests on Welsh economy, the economics of inward investment, tourism economics, regional economics and policy, and on corporate restructuring.

Research on inward investment, regional economics and policy, have led to successful research bids and a wide range of consultancy work for organisations in both the public and private sector.

Research: Summary

Published over 80 refereed papers in leading academic journals; recent papers in ABS 4* journals including  Environment and Planning A, Tourism Management, European Journal of Operations Research

  • H index 30; G index 52 in Sept 2016
  • Over £2.1m of external income in period 2012-16 including major grants from Welsh Government, European Commission.
  • Currently directing major £1.1m programme of EU research in Wales examining small firm impacts of access to superfast broadband services.

Founder member of the Welsh Economy Research Unit, and Director. With WERU members, has been involved in a number of successful bids for research monies from private and public organisations.

  • Regular collaboration with regional institutions and anchor companies, both in terms of research, evaluation, services, and advice.
  • Regularly asked to provide economic advice to Welsh Government and stakeholder organisations.
  • Regular responses to national and regional government inquiries. Most recently Advisor to Welsh Affairs Committee inquiry to inward investment in Wales (2012) and expert witness to Welsh Government Committee on Promotion of Trade and Investment (2014), and 2015-16 provided evidence to Welsh Government Committee on regional economic modelling, and in 2016 evidence to Hendry Review on Tidal Lagoons.
  • Regularly support planning inquiries involving local firms. Most recently undertook research to support new General Dynamics investment at Merthyr Tydfil.
  • In 2016 joined Welsh Government delegation to Industrial Liaison Programme at MIT.
  • Regular reviewer for journals including Tourism Management, Regional Studies, Ecological Economics, European Journal of Ops Management, Energy Policy, Journal of Sustainable Tourism, Geoforum, Urban Studies


























Book sections




Research grants and activity 2013-2017

2016: ERDF Superfast Broadband Exploitation project, Digital Maturity Survey for Wales, £1.5m 

2016: Welsh European Funding Organisation. Ex post evaluation of 2007-13 Structural Funding Programme, with Rhys Davies WISERD, £3,300.

2016: Welsh Local Government Association. Municipal waste: Economic evaluation of activity in the Welsh sector, £2,900.

2015-17: Welsh Government. The economics of stamp duty land tax in Wales. Research funding for studentship to examine the regional implications of changes on taxes levied by Welsh Government using CGE and IO frameworks. £60,000 PI Max Munday with Kent Matthews and Andy Crawley (WERU).

2015-2017: Ser Cymru National Research Network for Low Carbon Energy & Environment. Consequential Life Cycle of Environmental & Economic Effects of Dairy and Beef Consolidation and Intensification Pathways: CLEANER COWS. Funding for studentship to examine farm consolidation using CGE model framework. £57,000 PI M Munday with K Matthews, A Roberts, A Crawley and C Jones.

2015-16: Welsh European Funding Organisation. Separate evaluations of New Business Starts Programme, and Heritage Tourism Programme, £6,400 with Old Bell 3 Limited.

2015: Natural Resources Wales. Electricity production on the NRW estate: Review of current subsidy regimes, and socio economic benefits from different electricity generation technologies. Funding for review and analysis to inform NRW plans, July/August 2015, with C Jones, J Bryan and N Roche, £18,500

2015: Welsh Government. Review of the Alacrity Programme. With Professor Rob Huggins, CPAN £9,700.

2015: Community Energy Wales. Research to provide a detailed audit of community energy in Wales in 2015, and to describe the evolution of community energy projects in Wales. £12,105. With Jane Bryan and Calvin Jones (WERU)

2015: RSM McClure Watters Consulting (PACEC). Economic evaluation of Export Assist Programme in Wales, £2,800.                                    

2015: RWEnpower. RWEnpower: Local socio-economic activity supported by energy generation. Analysis of effects related to construction and operation of the Pembroke Dock Power Station. £6,764. With Annette Roberts (WERU)

 2015: National Museums Wales. Assessment of regional economic activity supported by NMW. Analysis based on NMW spending and that of its visitors to separate NMW sites. £8,160. With Annette Roberts and Jane Bryan (WERU)

2015: Welsh Government EST. Evaluating Business Usage and Exploitation of Superfast Broadband in Wales: A Review and Recommendations for Metrics and a Digital Dashboard. Research and report for Welsh Government in connection with roll-out of new infrastructure and business exploitation. £18,700 with Annette Roberts and Jane Bryan.

2015: Mineral Products Association. Analysis of the effects associated with aggregates industries in Wales. £9,900 (with Annette Roberts, WERU)

2014-2015: Welsh Government. Economic Impact of Unconventional Gas in Wales, report examining regional effects of different fracturing scenarios. Research with Regeneris UK and AMEC. £10,800 (with Calvin Jones, WERU).

2014: Welsh European Funding Office. ESF Combined Analysis. Longitudinal analysis of three ESF Leavers Surveys in Wales, £15,500. With Rhys Davies (WISERD), Neil Roche (WERU) and Gerry Makepeace (CARBS)

2014: Cardiff City Council. Employer Engagement – Linking Job Growth, Employment Support and the NEET Agenda in Cardiff. Research on NEETS in Cardiff. £20,000, with WERU team.

2014: Welsh European Funding Office (IFF Research, London) European Social Fund Leavers Survey 2013. Analysis of the findings from the survey undertaken by IFF in London. £18,420. With Rhys Davies (WISERD) and Neil Roche (WERU)

2014: Welsh Government General Dynamics UK – Land Systems: Economic effects in Wales of Expansion. Report and advice to Welsh Government and General Dynamics on the local effects associated with proposal for tank manufacturing at Merthyr Tydfil. £4,900. with Annette Roberts

2014-2017: E C Harris Limited. Capturing the wider economic benefits of A465 construction: Socio-economic dashboard. Analysis of socio-economic effects of major road redevelopment at Head of the Valleys and involving close collaboration with Costain and Carillion. £47,000 (with WERU team).                              

2014-15: Natural Resources Wales: Linking the Welsh Economy to the Environment. Programme of research for NRW linking to economy effects of environmental interventions, and modelled analyses. £15,000 (with WERU team)

2013: Dwr Cymru Welsh Water: Economic analysis of spending. Modelled analysis of regional economic effects of spending and prospects of inward investment in water intensive sectors. £24,000, with WERU team.

2014: Airbus Defence and Space. Evaluation of activities under Foundation Wales programme. £11,200.

2014: Murco Petroleum Limited: An analysis of economic activity dependent on the Murco Oil Refinery in Pembrokeshire. Report for taskforce dealing with potential effects of closure of the facility. £10,000 (with Annette Roberts).

2014: Welsh Government: NATO Summit Wales 2014 – Economic Impact Study. Analysis of expected tourism effects of the NATO Summit at Celtic Manor. £5,000 (with Calvin Jones)

2014: Public Policy Institute for Wales: Location and Staffing of the Welsh Government’s Overseas Offices, Think piece prepared for the First Minister for Wales, £4,000.

2014: Porthcawl Habourside: Analysis of harbourside property development, £4,000.

2014: Welsh European Funding Office (through OB3 Limited): Ex ante evaluation of Ireland-Wales Interreg Programme. £6,400.

2013-14: Natural Resources Wales. River Wye Restoration Options. Examination of costs and benefits associated with different management options for upper Wye catchment. £15,000 (with Cardiff University Biosciences, Dr Ian Vaughan et al.)

2013-14: Natural Resources Wales. Economic advice relating to ecosystem services, and general economic research for merged organisation, £19,000, with WERU team.

2013: Tidal Lagoon Power Limited. Economic effects associated with construction and operation of schemes. Report focused on expected socio-economic effects of planned Swansea barrage. £12,000 (with Calvin Jones).


Current Teaching and Learning: Summary

 Lead the Business Economics stream within the Economics section of Cardiff Business School

  • Undergraduate teaching on BS3561 Modern Business Enterprise (Module Leader), and BS2560 Managerial Economics. Also postgraduate courses in BST 186 Economics and the Business Environment.
  • UG Modern Business Enterprise Year 3 Semester 1 & 2.
  • PG Economics and Business Environment Lectures in Autumn semester.
  • Supervise 6-8 MSc dissertations per annum.
  • Currently principal supervisor 2 PhDs. Annum Rafique: Sustainable Intensification in Dairy Farms. Long Zhou: Stamp Duty Land Tax in Wales.
  • Personal tutor to both undergraduate and postgraduate students.
  • Examination liaison group for Business Economics schemes and associated quality assurance
  • External examiner Aston Postgraduate programmes on International Business until 2015



·        Professor, Cardiff Business School, Economics Section ·        

         Director: Welsh Economy Research Unit 2000-15.

  • Deputy Director: Water Research Institute Cardiff University
  • Hon Professor: Aberystwyth University -2019
  • Chair: Regional Studies Association: Wales Section
  • Member Energy Systems Research Institute, Cardiff University
  • Regional Science Association International
  • Higher Education Academy
  • Western Regional Science Association (United States)