MAIN DETERMINANTS OF THE DEVELOPMENT OF AN EFFICIENT AMERICAN AND EUROPEAN EDUCATION SYSTEM AND THE SEARCH FOR EFFECTIVE MODELS OF FINANCING DOMESTIC EDUCATIONAL INSTITUTIONS

Abstract

This article reflects the importance of developing an effective model for the financing of higher education institutions in determining the key role of higher education institutions in the formation of an innovative economy and the formation of human capital of the country, which is an extremely urgent issue in a full-scale war and the aggravation of the economic situation in Ukraine. The purpose of this study is the analysis of different models of financing the world's most famous foreign universities and the possibility of their further application to higher education institutions in Ukraine. In the course of the study the main determinants of the development of an effective American and European education system were considered. QS World University Rankings presents the rankings of the best universities in the world. The cost of studying at the world's most prestigious universities is examined, and the different financing models of the world's most prominent universities are analyzed. The essence of public and private funding models for universities is described, as well as various variations within both public and private funding models. The budgets of prominent universities and their annual expenditures on research and development are examined. Presented for comparison are the salaries of professors at the most prominent universities. As a result of the study, the article offers directions for the development of an effective diversified model of financing of domestic educational institutions using public and private forms of financing, as well as certain mechanisms of public-private partnerships, philanthropic funding and formation of endowment funds. Different financial strategies, tactics, and financial levers and mechanisms should be combined and combined for each individual activity of a higher education institution. It is the introduction of financial diversification in the activities of domestic universities, according to the author, will allow the entire system of higher education to overcome the deep systemic crisis, will enhance the development of partnerships between the state, academic institutions and the private sector, will allow institutions of higher education to improve the management of existing assets, will attract extrabudgetary funds to implement large-scale research projects, will increase the level of sophistication of the system.