Abstract:

The choice of a higher education investment model has a decisive impact on the competitiveness of higher education. It is shown that the quality of teaching, the scope and structure of investment, the number of students as well as the competitiveness of higher education all depend on the investment model. Different investment models result from the social conditions in certain countries, the method of implementation of the Bologna Declaration, as well as historical, educational and cultural characteristics. The choice of the investment model depends on the budget capacity but also on the commitment of the state regarding the amount of public funds spent on investment in higher education.

This paper analyses the state of the competitiveness of higher education in Serbia, through observation and analysis of selected indicators of competitiveness and through calculating the index of competitiveness of higher education. The goal of this paper is to present an overview of the possibilities for increasing the level of the competitiveness of higher education in Serbia by implementing a new investment model.

One of the aims of the present study is an econometric analysis of the rankings of Serbia, in terms of the competitiveness of higher education in relation to the European countries in the period from 2009 to 2014. Using econometric analysis, this study determines changes in the rank and competitiveness index of higher education in Serbia in relation to the European countries, applying a new model of investment.

Since the present study analyses the competitiveness of higher education, the results are significant for both the professional and the academic community. The importance of the study is also reflected in the fact that higher education has a crucial influence on the creation of a knowledge based society, on learning and on innovation, an important political as well economic goal of all countries of the European Union. Development trends and tendencies in the field of higher education suggest that the development of the competitiveness of higher education should be directed towards more differentiated higher education systems, especially when there is a broad consensus that it is necessary to establish the country's elite universities.

The conclusion, based on the analysis of survey results, proposes measures and activities to the strategy and development policy makers of higher education in the European Union and Serbia, in order to improve the competitiveness of higher education. The conclusion also points to directions for further research in this area, as well as to the limitations of the present study.

Keywords:

Competitiveness of higher education, ranking, econometric analysis.