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Financing of higher education in developed countries and Russia: An analysis of contemporary trends

Vol. 23, Iss. 38, OCTOBER 2017

PDF  Article PDF Version

Received: 16 August 2017

Received in revised form: 31 August 2017

Accepted: 15 September 2017

Available online: 16 October 2017

Subject Heading: CHALLENGES OF GLOBALIZATION

JEL Classification: H52, I22, I23, I25

Pages: 2305–2316

https://doi.org/10.24891/fc.23.38.2305

Ovchinnikova O.P. Peoples' Friendship University of Russia, Moscow, Russian Federation
oovchinnikova@yandex.ru

Ovchinnikova N.E. Moscow School of Management SKOLKOVO, Moscow, Russian Federation
n.e.ovchinnikova@mail.ru

Importance With technology development, governments of different countries pay more attention to national education systems, including higher education. The higher educational level of a nation, the faster the economy develops.
Objectives We aim to research higher education financing systems in developed countries and Russia and identify the current trends in financial provision of university development.
Methods In the paper, statistical, logical and comparative analysis are used.
Results The article highlights the main trends in the development and financing of higher education. The study analyzes the amount of funding for universities from the public and private sectors of the OECD and Russia. The article identifies common and specific features of financing in the country.
Conclusions It was concluded that most developed countries spend at least 1.5 percent of GDP on financing higher education. At the same time, all countries pay significant attention to the development of universities and the attraction of foreign students for educating talented young people.

Keywords: higher education, universities, education financing

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