This study examines the interaction between the financial sector and the real economy of Iran over the period 1999–2016 using a Financial Social Accounting Matrix (FSAM) and a three-layer analytical framework. The objective is to assess the allocation of financial resources and identify shifts in the functional role of the banking system across service subsectors. The findings indicate a significant reorientation of financial intermediation toward distributive, personal, and social services in 2016 compared to 1999, accompanied by a relative decline in support for productive activities. In 2016, distributive services emerged as a primary destination of bank credit, with multipliers of 3.01 (commodity account) and 3.35 (activity account), while the shares of industry and agriculture decreased. Structural multiplier analysis further reveals that the financial sector’s impact on real sector growth has been transmitted predominantly through less-productive service activities. This allocation pattern has reinforced a service-oriented structure and widened the gap from development objectives, underscoring the need to reconsider credit policies and redefine the role of the financial system in supporting productive growth and sustainable development
momeni, L., banuei, A. A., mohajeri, P., momeni, F., & talebloo, R. (2026). Application of the Three-Layer Structural Multiplier Approach to Assess the Financial Sector’s Function in Iran’s Economy. (e21814). Economics Research, (), e21814 https://doi.org/10.22054/joer.2026.91618.1326
MLA
momeni, L., banuei, A. A., mohajeri, P., momeni, F., & talebloo, R. "Application of the Three-Layer Structural Multiplier Approach to Assess the Financial Sector’s Function in Iran’s Economy" .e21814 , Economics Research, , 2026, e21814. doi: 10.22054/joer.2026.91618.1326
HARVARD
momeni L., banuei A. A., mohajeri P., momeni F., talebloo R. (2026). 'Application of the Three-Layer Structural Multiplier Approach to Assess the Financial Sector’s Function in Iran’s Economy', Economics Research, (), e21814. doi: 10.22054/joer.2026.91618.1326
CHICAGO
L. momeni, A. A. banuei, P. mohajeri, F. momeni & R. talebloo, "Application of the Three-Layer Structural Multiplier Approach to Assess the Financial Sector’s Function in Iran’s Economy," Economics Research, (2026): e21814, doi: 10.22054/joer.2026.91618.1326
VANCOUVER
momeni L., banuei A. A., mohajeri P., momeni F., talebloo R. Application of the Three-Layer Structural Multiplier Approach to Assess the Financial Sector’s Function in Iran’s Economy. Economics Research. 2026;():e21814 (In Persian). doi: 10.22054/joer.2026.91618.1326
