Although the relationship betweeneducation spending and outcomes has been the topic of afairly rich body of research at the primary and secondarylevels and has been found fairly ambiguous it has beenpoorly documented at the tertiary level, despite ever risingexpenditures at this level. This paper is exploring theimpact of various measures of spending on a range ofoutcomes of tertiary education, using cross-countrycomparisons. It finds that public expenditures are onlyloosely linked with outcomes in terms of access andparticipation, but that they are positively associated withproxies of quality. Private expenditures appear to have noimpact on either quantity or quality. This exploratoryresearch shows very different patterns for the group ofhigh-income countries and less developed countries. Dataallowing, it also sheds a special light on the South AsiaRegion, where patterns largely echoes the situation of thelow income countries.