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The “Global Financial Development Report 2015/2016,” published by the World Bank in September 2015 presents how long-term finance may lead to growth and prosperity in developing economies, based on research and analysis of the global financial services market and in addition recommends policies that the authors believe would increase it. According to the report, the use of long-term finance, which is defined having a time horizon exceeding one year, is more restricted in developing countries, especially for smaller firms and poorer households. The availability of equity is limited for firms of all sizes. In addition, the 2008 financial downturn reduced leverage by 0.3 percent for large firms and 1.56 percent for small and medium-sized firms.