Procedia Economics and Finance

Abstract

Higher education is important for countries for several reasons. It is a significant step for countries in achieving higher levels of development. The quality and efficiency of higher education are necessary to reach a high level of country's human capital. Each country uses a different higher education financing model with a different success rate. While some countries apply mainly private sector financing, others employ higher education systems which are financed by public sectors. The contribution of public sector to higher education financing varies significantly in each country. There have been important developments in higher education systems in many countries recently. As a result of developments in this area, the balance between the contribution levels of private and public sectors to higher education financing has changed. The current study discusses the different applications of higher education financing systems and analyzes the contribution of different actors participating in higher education financing. Higher education financing systems in different countries are examined. The first part of this study focuses on the theoretical framework of higher education services, and the second part provides a comparison of the shares of the actors who contribute to higher education financing in the countries in question. Thus, a comparative analysis of higher education system among countries is conducted. The last part consists of conclusions and recommendations. (C) 2015 The Authors. Published by Elsevier B.V.