risk free rate SD is standard deviation 3.1.2 Minimum Variance 3.rd or min 2 2 2 2 2 1 1 2 2 1 2 1 2 12... 2 ...p Minw w w w     = + + + + is weight of asset is volatility is correlation

supported debtors who were affected from the pandemic. Although the loan quality is likely to deteriorate, Thai banks remained sound thanks to close monitoring of credit quality, high levels of capital fund

, the bank reserves was likely to increase, affecting the commercial banks’ performance. However, the overall Thai commercial bank system remains sound, thanks to close monitoring of credit quality

sector on export competitiveness. However, the tourism sector continued to expand mainly thanks to an increase in the number of tourists of most nationalities; especially tourists from China, India, and

sector on export competitiveness. However, the tourism sector continued to expand mainly thanks to an increase in the number of tourists of most nationalities; especially tourists from China, India, and

performance as of April 21, 2020 of the company and its subsidiaries was changed accordingly. Table: Operating Results (Unit: Million Baht) Items Quarter Variance 1/2020 1/2019 Amount (%YoY) Interest income

the impact of US sanction which led to the depreciation of Russian ruble. However, domestic demand continued to expand, private consumption expanded well in most spending categories thanks to the

the impact of US sanction which led to the depreciation of Russian ruble. However, domestic demand continued to expand, private consumption expanded well in most spending categories thanks to the

The author thanks Mr. Chirasakdi and Mrs. Saijai Poonpol for their generous research grant also thanks Professor Anya khanthavit, Mr. Nopadon Nimmanpipak, Dr. Pokpong Chirayukool, Mr. Woraphon

., Graduate School of Development Economics, NIDA How to measure spillovers? 9  The VDs (𝜃𝑖,𝑗(𝐻)) represent the contribution of a one-standard deviation shock of Xj to the variance of the H-step ahead