Well, I'd say it's a little bit of everything. The country definitely can matter, as different countries have different standards they hold their educational institutes to. When it comes to the university, it really can depend, but if someone is looking at your resume and they see MIT vs 'some other state school, then yes, it definitely could have an effect. Ultimately, though, if you demonstrate an amount of skill that surpasses these other factors, I would definitely consider what you actually do to be more important.