Peculiarities of the Higher Education Funding: Analysis of Ukrainian and World Contex

Authors: V. Usyk, ORCID ID 000000020938400X, PhD in Economics, Associate Professor, Postdoctoral Researcher of the Department of national economy and public administration, Kyiv National Economic University named after Vadym Hetman, Kyiv, Ukraine

Abstract: Education plays a special role for the development of economy and society. The financing mechanism of educational sector is imperfect and needs to be modernized. The article emphasizes the importance of understanding the content of financial rules in the field of education for effective decision making. One of the most problematic aspect of education is the financial aspect. Recently, there are more and more discussions about the effectiveness of the financial mechanism in the field of education, identifying the strengths and weaknesses of the national financing systems in different countries of the world. One of the tools for improving the financial mechanism in education can be policy rules..Despite constant criticism from various scholars about the underfunding of education, we can say that in Ukraine expenditures on education are adequate, and their share of GDP corresponds to the average for EU countries. Moreover, we agree with those researches who argue that the funding mechanism is not perfect. Today, there is a need to improve the financial mechanism in the field of education, in particular, higher in order to increase its efficiency..In the arsenal of funding models in world practice, there are a lot of quite successful examples and cases that can be used for creating an effective financial system in the field of higher education of Ukraine. In particular, it is worth to establish the rules of the funds’ distribution between the public and private sector, funding sources diversification, models of financial management in education and financial support of those who study (including lending). We are confident that well-formulated financial rules will promote long-term financial stability of the educational sphere and improve the quality of educational services. A substantiated rule in the field of education provides an answer to the question of how the financing indicators of education should change with changing of macroeconomic and other indicators that determine the state of the national economy and society.

Key words: higher education, funding system, Ukraine, financial rules

Received: 07/12/18

1st Revision: 15/01/19

Accepted: 12/02/19

DOI: https://doi.org/10.17721/1728-2667.2019/203-2/8

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