The Indonesian Financial Crisis Essay Online For Freedere - Free Essay Example

Sample details Pages: 9 Words: 2772 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Tags: Banking Essay Did you like this example? Introduction The occurrence and severity of the Indonesian financial crisis in 1997 surprised everyone. Indonesian economic performance has ranked among the best in the world, so that praised by the World Bank (1993) as a part of East Asian miracle. Hill (1998) notes that before the crisis almost every technical economic indicator looked safe. Don’t waste time! Our writers will create an original "The Indonesian Financial Crisis Essay Online For Freedere" essay for you Create order Economic growth was robust in average of 7.9 percent during 1990 to 1996. The inflation rate associated with the growth path was persistently high, but was still below 10 percent. The average inflation rate associated with the 7.9 percent was 8.3 percent in CPI, and even reached 6.5 percent in 1996. As pointed out by McLeod (1997), inflation was falling, not rising, and the relatively large current account deficit was not caused by unsustainably rapid growth but by high capital inflow, which made sustainable high growth possible, and was itself a response to high returns to investment in Indonesia. In other words, the deficit on current account of the balance of payments looked manageable. The fiscal accounts were in surplus, except a little negative in 1992 and 1993. The structure of savings and investment associated with the growth path was good enough. Official foreign exchange reserves looked adequate and were trending upwards. Even many also believed that Indonesia was in muc h better position and strategy in responding to the regional currency crisis compared to Thailand. (Feridhanusetyawan, et al, 1998). First, macroeconomic indicators, especially current account deficit was at around 4 percent of GDP while Thailand already reached around 9 percent. Second, Indonesias Rupiah was not fixed like the Thai Bath, which allowed for some adjustments in responding to the speculative attacks. Third, the slowdown in export growth in 1996 was not as severe as Thailand mainly because real wages grew at much slower rate due to less tight labor market compared to Thailand. In short time after the crisis started, however, it was clear that Indonesia was in much worse condition compared to other Asian countries in crisis. Both foreign and domestic investors have fled, and hundreds of corporations are bankrupt. The banking system has effectively ground to a halt, with very little new lending taking place and dozens of banks insolvent. Domestic demand has plummeted. Thousands of Indonesians have lost their jobs, and millions more face a substantial reduction in their standard of living. (Radelet, 1999) Even after ten years of Indonesian crisis, it is still unclear what really the roots of crisis. The common agreement among scholars is that the existing models so called first generation models (Krugman, 1979; Flood and Garber, 1984) and second generation models (Obstfeld, 1986) failed to explain the Indonesian financial crisis. The failure of the first generation models can be seen from these facts. Government budget was balance or moving into surplus (partly in appropriate fiscal response to higher net private capital flows). Growth in monetary aggregates was fairly high, but cannot be described as runaway monetary expansion. Inflation rate was coming down, nominal GDP growth was largely at levels corresponding to money creation, and Indonesia was at a stage of development where money demand was still growing. The logic of the second-generat ion crisis model does not apply to the Indonesian financial crisis either. There was no such trade-off between the benefits of a credible exchange rate peg and the costs in terms of higher interest rates, higher unemployment or lower growth of defending the peg before the crisis erupted. Past and expected growth was enviably high, interest rates and sovereign yield spreads were going down, not up, and unemployment was informal (as usual in developing countries). In other words, when the crisis began in mid-1997 Indonesia did not have substantial unemployment nor other apparent incentives to abruptly abandon the pegged exchange rate regimes generally followed in the region in order to pursue a more expansionary policy as suggested by second-generation crisis models. Research Objective While many studies are still difficult to find common agreement about the causes of the Indonesian financial crisis, this paper argues that the weak Indonesian banking sector as result of improper banking deregulation contributed to the crisis. In this respect, this paper provides an empirical test of the view that the banking was fragile, and to determine the factor contributing to banking fragility by using individual bank balance sheet data. Methodological Issues II.1. Framework Banks continue to dominate the financial systems of most developing and transition countries, as well as Indonesia. As illustration, the study of the World Bank (1997) shows that the ratio of banking sector assets to all financial institutions assets of Indonesia in 1994 was 0.9. The importance of banking system in Indonesia can also be considered from the ratio of deposit money bank assets to GDP at 0.65 in the same year. In another hand, banking is by nature a high exposure business. As financial intermediaries, it is the business of banks to take on risks passed on them. Banks are typically exposed to a host of different types of risks. Aside from credit risks (default risk) that arise from intermediating between depositors and borrowers, banks also face interest rate risk, currency risk, and market risk. (Bacha, 1998) Based on the importance and the nature of banking system as explained above, it is important to maintain bank soundness. For achieving sound banking system, si nce the early 1980s, the Indonesian government introduced banking deregulation. It seems such deregulation encouraged operating environment of the Indonesian financial system. However, discussions even prior to the crisis had pointed to the underdevelopment of governance in the Indonesian banking sector, resulting weak banking sector. Some analyses (including Frankel, 1998; Krugman, 1998; Noland, 1998; Yellen, 1998) as summarized by Cabalu (1999), note this stylist features: connected lending (i.e. lending to related parties); excessive concentration of lending to particular borrowers or areas; excessively high loan to valuation ratios; inadequate covenants to restrict the activities of borrowers; lending based on asset values, rather than capacity to service from income; failure to recognize and provide for deterioration in loan quality; lending to firms or individuals as a result of government directive, rather than on a commercial basis; lack of transparency and inadequate pruden tial regulations; strong expectations of government bailouts should banks get into difficulties. For maintaining sound banking system, Lindgren, et al. (1996) present a framework for sound banking that comprises a supportive operating environment, internal governance, external discipline provided by market forces, and external governance provided by regulation and supervision at the domestic and international levels. (Figure 1) No single of one of these elements is sufficient by itself; each is subject to failure, or may be underdeveloped in a given economy. Figure 1: Framework of banking sector soundness Supportive operating environment Internal governance Banking sector soundness External governance Market discipline Regulation and supervision Source: Lindgren, et al. (1996) In analyzing the existing weakness on the Indonesian banking sector, which contributed to the crisis, this paper employs that framework with some modifications. This paper argues that banking deregulation has imposed by the Indonesian government since the early 1980s significantly encouraged the operating environment of the Indonesian financial system. We can note the greater access to banking sector due to increasing the number of banks and branches, increasing bank lending, developing the size of financial sector, maturity structure that beneficial for corporate sector, and better performance and efficiency of banking sector. This good result, however, was undermined by underdevelopment of governance in the Indonesian banking sector. Refer to the framework presented by Lindgren et al. (1996); Indonesia did not yet successfully solve the existing governance failure, both internal and external governance failures. The se failures have caused unsoundness in the Indonesian banking sector, indicated by accumulation of non-performing assets in the banking sector. As further will be analyzed, such a banking weakness in the arena of international integration contributed in maintaining dynamics of sustained mispricings and continuous short-term capital inflows. The weak banking sector caused higher interest rates in the domestic markets so that interest rate arbitration does not take place. When interest rate arbitration does not take place, where i(d) i(f) + e + rp  [1]  , while large firms could, to some extent, take advantage of low foreign interest rates by borrowing abroad directly rather than via the intermediation of the domestic banking sector, it tended to be the smaller and perhaps less efficient firms that increased their demand for loans from the private banking sector. If this is so, then as far as the domestic banks are concerned, there is an adverse selection problem in terms of the nature of their assets, which further weakens their balance sheets. The proportion of non-performing loans (NPLs) burdening the banks may therefore be expected to rise over time. This in turn makes the supply curve of bank lending shift left (i.e. de facto increase in bank cost structure), leading to a reduction of domestic credit and a rise in the domestic equilibrium interest rate. In fact, if there is asymmetric information such that foreign investors are not aware of the increased NPLs and if consequently country/currency risk premia remain unchanged, we have the paradoxical result that increased domestic financial fragility could induce additional capital inflows in the short to medium term. Figure 2: Conceptual framework and flow of analysis Banking sector deregulation Better operating environment Governance Problem failure Weak banking sector Financial vulnerability Figure 3: Effects of banking deregulation number of banks and branches bank lending size of the financial sector Banking deregulation maturity structure performance: profitability efficiency: ex ante spreads and ex post spreads Figure 4: The governance failures in the Indonesian banking sector Internal governance failure Governance failure Market discipline failure External governance failures Regulatory and supervisory failure Figure 5: Weak banking sector and build up financial vulnerability International market integration Weak banking sector Capital inflows Interest rate differential External borrowing accumulation, especially in corporate sector Accumulation of NPLs Build up financial vulnerability A reasonable place to start is with a traditional model of the effects of financial liberalization against the background of financial repression, with an added assumption that financial intermediation occurs largely through the banking sector, with households placing their savings with the banks and the banks lending to firms for purposes of investment. Figure 6 illustrates this, where the authorities fix an interest rate at level (ic) below the equilibrium one. As a consequence there is excess demand and credit rationing. Financial liberalization allows a (higher) equilibrium rate (ie) to be established. This causes both the supply of loanable funds to increase, as saving is encouraged, and the demand for them to fall, as fewer investment projects appear profitable. Since at the equilibrium interest rate the market is cleared, there is no ration credit by other means. However, the model so far relates to a closed economy and needs to be modified to allow for a liberalized c apital account and access to international capital. International financial liberalization may also include trade in financial services. Here the key questions are: how does the domestic rate of interest compare with interest rates abroad, what is expected to happen to the exchange rate, is currency depreciation anticipated, and does the country carry a risk premium because of concerns about default and the small probability of a large negative exogenous shock. Making allowance for these factors, foreign capital will flow in for as long as the domestic rate of interest exceeds the foreign rate. In terms of Figure 7 the supply curve of loans will shift to the right, with Z2 Z1 reflecting capital inflows. However, of course, this increase in the supply of credit will tend to push down the domestic rate of interest until it is equal to the foreign rate (if), after allowing for expected currency depreciation and risk premia. Thus in equilibrium in a country with both a liberalized d omestic financial system and international financial liberalization, the following equality will tend to hold: i(d) = i(f) + e + rp where i(d) is the domestic interest rate, i(f) is the foreign interest rate, e is the expected exchange rate depreciation, and rp is the risk premium. But will it automatically follow that, with e and rp both equal to zero, i(d) = i(f)? The rapid convergence of interest rates may be prevented if the domestic banking sector is relatively inefficient and if capital inflows are intermediated only via the domestic banking sector. In these circumstances i(d) may continue to exceed i(f). However, with fuller international financial liberalization and increasing foreign competition, which may involve the establishment of foreign subsidiaries in the domestic banking sector, the costs of the domestic banks may be expected to fall. This will shift the supply curve of bank lending down and to the right. When interest rate arbitration does not take plac e, where i(d) i(f) + e + rp, while large firms could, to some extent, take advantage of low foreign interest rates by borrowing abroad directly rather than via the intermediation of the domestic banking sector, it tended to be the smaller and perhaps less efficient firms that increased their demand for loans from the private banking sector. If this is so, then as far as the domestic banks are concerned, there is an adverse selection problem in terms of the nature of their assets, which further weakens their balance sheets. The proportion of non-performing loans (NPLs) burdening the banks may therefore expected to rise over time. This in turn makes the supply curve of bank lending shift left (i.e. de facto increase in bank cost structure), leading to a reduction of domestic credit and a rise in the domestic equilibrium interest rate. In fact, if there is asymmetric information such that foreign investors are not aware of the increased NPLs and if consequently country/currency ris k premia remain unchanged, we have the paradoxical result that increased domestic financial fragility could induce additional capital inflows in the short to medium term. Figure 6: Loan market equilibrium with financial repression and financial liberalization SS0 DD0 i e ic Zd Zz Ze Zs Figure 7: International financial liberalization SS0 SS1 DD1 DD0 i id if Z2 Z1 Z II.2. Empirical Model and Econometric Procedures The empirical framework used to determine factors contribution to the banking fragility is a probit or normit model. The regression model is specified as: (1) where is commonly known as a latent variable. It is unobserved, and therefore is replaced by an observed dummy variable, , such that: (2) A bank is said to be solvent if it had a capital adequacy ratio (CAR) equal to, or more than, zero during the crisis. A bank is technically bankrupt if the CAR fell below zero. Because the shocks that occurred during the crisis were so large, a bank that maintained its CAR above zero can be called a resistant bank. Therefore, the latent variable can be defined as the ability to resist the crisis. The vector of explanatory variables, , represent the performance and conduct of a bank during the pre-crisis period. If these pre-crisis indicators can significantly explain the variation in , it can be claimed statistically that is detrimental for bank performance during the crisis. Technically, this requires relatively small error terms , in the sense that the variation in mostly belongs to the variation in . In order to accommodate the above idea, the probit estimation technique is used. In Shazam, the probability of occurrence of the dependent variable P(y=1), is described as: (3) Where F(.) represents the cumulative normal density function. The index is a linear function of , but the probabilities are not; therefore, the coefficient must be interpreted carefully. The estimation is done by maximizing the value of the log likelihood function, which is defined as: (4) The maximization of equation (4) is accomplished by non-linear estimation methods. Because it is a concave function, it has a unique solution and trial and error procedures can start from any value. The estimated coefficients tell the effect of a change in the explanatory variable on the index, rather than on the dependent variable. The effect on the dependent variable can b e computed as: (5) Where f(.) is the normal density function. It is clear from equation (5) that the effect on the dependent variable is different for each observation. Alternatively, the elasticity can be used, and is defined as: (6) Since the elasticity is different for every observation, either elasticity at means or weighted aggregate elasticity may be used. The elasticity at means is defined as: (7) The weighted aggregate elasticity is computed as: (8) A test of the null hypothesis that all are zero can be carried out by using the log-likelihood as follows: (9) Where L(0) is defined as: (10) Where N is the number of observations and S is the number of successes observed (=1). Various R ² can be computed, and the most appealing one can be selected. The Maddala R ² is computed as: (11) The Cragg-Uhler R ² is defined as: (12) The McFadden R ² is: (13) The Chow R ² is: (14)

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How Slavery Affected the New World Free Essays

How Slavery Affected the New World Amanda Maldonado 9/11/2012 Unit 1: Essay When we think of slavery we cannot help to think of mistreated people. Slaves are responsible for making the New World succeed in the enlightenment of civilization, and the production of wealth. Without slave labor economy would not be working today. We will write a custom essay sample on How Slavery Affected the New World or any similar topic only for you Order Now Slavery teaches us that after suffering there comes reward. At the same time however, slavery is the definition of anguish and torment. The separation of loved ones to service a stranger is erroneous. Slave labor feeds the master’s family, but distresses the laborer’s family. Slavery brings us new traditions and diversity to the New World. In her book, The Origins of American Slavery, Betty Wood explains her point of view of how slavery came to be and I will be referring to her book. Slave labor is a topic that is very important, because slaves are used to serve others, without being paid. They are used as objects and treated as so. The owner has power over the slave’s life, and liberty, â€Å"†¦loss of humanity; that the slave was no longer a person, a man or a woman, but an animal. (Origins10) Slaves are treated this way, even though they harvest the corn we eat. The clothes that the master wears are made by the slave, and with cotton that the slave picked. The land that is being used to harvest by the English, and the Europeans, belongs to the Native slaves, and yet they are being disconnected from their own rightful property. The foreigners are takin g advantage of the people, to make themselves wealthy. They are greedy and want all the riches for themselves and no one else. The Europeans and the English fight over land, however that land belongs neither. They came and took over without the permission of the people who were there first. The slaves are moving economy forward, because their labor produces money. Money goes into the economy, and there is the start to a strong New World. Agriculture and trading make it easy for people to live in the New World, and persuades people to come. This also persuades slaves, because they believe that someday they will be free and also gain wealth. The slaves bring new customs to the New World. They bring new ways of cooking, strategies to grow crops, and they bring ideas to the Europeans and English. However the English and the Europeans believe that they are descents of Ham a sinner that is punished with servitude. The slaves are put to work because they are believed to be servants of servants. The appearance of the Africans and their culture comes off as different to the Europeans, and English. However slaves are human beings, whether or not they are said to be descendents of Ham. The first slaves are the Native Americans according to Betty Wood. The reason is because the Natives are already here when the English and the Europeans come. The Natives are lured into slavery, because when the Europeans come, they come with smiles. Not knowing, the Natives get taken advantage of. The Europeans want everything that the Natives have. The Natives eventually become slaves. However, the Europeans bring diseases, and wipe out many of the Natives. It is not only Africans and Natives that are slaves though. Some English and some Europeans are put to work as well, but a conclusion is drawn, that white skin is too weak for labor outside. So that is when they bring the Africans. The Africans also die of diseases, but become immune eventually. Their skin is not weak, and they are known to be the best slaves to have. The Europeans and the English want to civilize the African slaves, because they feel that the way they dress and their lack of intelligence is shocking. However, each culture is different, and it is unfair to change their culture, because changing their culture changes their tradition. And, tradition is not tradition if it is changed. The irony of this is the fact that Africans are traded by their own people in Africa. They are traded to the Europeans for gold and other objects. They tear these families apart just to be self-centered and greedy. All these things, and yet the slaves keep going. Some try to escape, and get away, but others find death or punishment. Life as a slave is a terrible experience, and only they know what it really feels like to be one. All we can do is read about them and feel appalled and impotent. The Europeans and the English gain power by being leeches. They suck out all the power from the slaves, while they live the life of kings and queens. Luckily, this comes to n end eventually; it only took more than two-hundred years. But, today we are free, because they fight for our freedom. Slavery built the nation that we are today. They are responsible for our freedom and for the nation we are today. At the time they did not know it, but thanks to them today we can be free without chains. We can live life peacefully, and independently. We can walk outside and breathe fresh air without being afraid. Slavery brought traditions, customs, and most of all diversity. We do not have to worry about being separated from our families. And, most of all we do not have to be afraid. The New World is made of immigrants. Whether brought by force or by choice, this country we are today is made of people from different countries. We made the New World, but we owe most of it to the slaves. They are the ones who work hard and experience torment so that today we can be free. Slaves make the New World succeed, economically and culturally. We are now equal to each other, no more anguish. Work Cited Wood, Betty. The Origins of American Slavery: Freedom and Bondage in the English Colonies. New York: Hill and Wang, 1998. Print. How to cite How Slavery Affected the New World, Essay examples

Sometimes a Shining Moment Good Teachers/ Bad Tea Essay Example For Students

Sometimes a Shining Moment: Good Teachers/ Bad Tea Essay chers Sometimes a Shining Moment: Good Teachers/ Bad Tea Essaychers In the book Sometimes a Shining Moment: Eliot Wiginton had a student that talked about a teacher who takes time to recognize students as an individual and not just part of a group. The student went on to say I had one particular teacher that I would never forget. Once when the teacher gave back an essay I found that she had complimented my essay, the topic, and even me. I had a teacher that that was just like the teacher that one of the juniors or seniors had. The teacher that I remember the best was my twelfth grade English teacher, Mrs. Oehler was a type of teacher that always involved every one in the class discussion. She took the time to realize me as a individual and not just a student that showed up for her class every day. Every day when I went to class I was excited to be their. We never knew what Mrs. Oehler had up her sleeve, but we knew that we would have a good time. When I showed up at room 124 on the first day of class I did not know what to expect. You see I never had Mrs. Oehler in my previous three years of high school. I thought she would be a nice person to have as teacher, but I never knew that she would be the best teacher that I ever had. I first noticed that Mrs. Oehler was a special kind of person when she came over to my desk and out of the clear blue she asked me about my story I was writing for her class. I was surprised to here her say so Matt how do you like you story so far. She did not ask any body else in the class, just me. It was those little things that she did that impressed me. She always made time in class for each and every one of us to state our opinion about the days topic. Some days when we were reading a story she would turn it into a theatrical performance. She always keep us interested in what we were reading, and turned an ordinary assignment that would of been boring with any other teacher into a fun and rewarding experience. We read the Adromenal Strain a story that dealt with a deadly virus from outer space and the use of the atomic bomb to rid the earth of this deadly infection. Our class was mixed with different emotions about using the atomic bomb. We discussed the effects and devastation that the bomb could bring and compared them to the good possibilities that could occur from bombing the city that had been hit with this infections virus. In order to make this debate more interesting than before Mrs. Oehler declared every one in the class congressmen. We were then required to write a letter of recommendation to the President of the United States of America. The topic of the letter was to persuade the president to drop or not to drop the bomb. I took this assignment to heart, I tried to make the letter look so official and realistic as possible. That night when I went home I turned on the computer and created a letter head to match the letter head of this letter that I got from Congressman John Kaisch. I did such a good job that Mrs. Oehler showed it off to the whole entire class. When one of her students in her class did some thing that was extremely outstanding she would take notice and share it with the class. It was things like that she did that made her class a fun learning experience. Genetics & The Red Haired Italians of New York Essay Another student from Wigintons book said: I had a teacher who was always willing to stay after class and talk to you. He would always help straighten things out. If I did something wrong hell tell me. I really appreciated the fact that he cared the that much. My art teacher Mrs. Lenher was like that. She was a very nice person and every one in the school knew it, even the other teachers. When ever I had a problem she would take time out of her very busy day to help. I remember last fall one of my friend was in trouble with the law. This really brought me down because my friend was in a high speed chase and he got away. He .

Forensic Science Proper Crime Scene Techniques. Essays

Forensic Science: Proper Crime Scene Techniques. The word "Forensic" is derived from the Latin forensus, meaning "of the forum."1 In ancient Rome, the forum was where governmental debates were held, but it was also where trials were held -- the court house. From that, forensic science has come to mean the application of the natural and physical science to the resolution of matters within a legal context2. Forensic Science can be viewed as a tripartite structure consisting of 1. Collection: which pertains to the science investigation, 2. Examination: which pertains to the medical investigation and 3. Presentation: which pertains to the courts. A forensic case will involve all aspects of each of the three structured elements, each being as important as the other. It is obvious that there needs to be a collaborative approach for the successful completion of each case. Each step in forensic science must be done in an exact order, therefor it can be assured that the investigation can have few doubts about what is being debated. In this paper I will focus my attention on the first aspect of the three step structure, Collections and Scientific Investigation. I will show what should be done at crimes scenes, how crime scenes should be handled and what steps must be followed to ensure that all evidence is pure as when the crime was committed. The purpose of crime scene investigation is to help establish what happened at the crime and to identify the responsible person(s). This is done by carefully documenting the condition at a crime scene and recognizing all relevant physical evidence. The ability to recognize and properly collect physical evidence is often times critical to both solving and prosecuting violent crimes. It is no exaggeration to say that in the majority of cases, the law enforcement officer who protects and searches a crime scene plays a critical role in determining whether physical evidence will be used in solving or prosecuting violent crimes. In a personal interview, Lt. Micheal Hritz of the Edison Township Police Department explained, "An investigator must not leap to an immediate conclusion as to what happened based upon limited information, but must generate several different theories of the crime, keeping the ones that are not eliminated by incoming information at the scene. The crime scene is the only link between the crime and its victim, if any or all evidence is destroyed or lost, the crime may never be solved. It is imparative that the officer know what, how and where to look for key evidence." Documenting and Examining a Crime Scene Documenting a crime scene and its conditions can include immediately recording transient details such as lighting, furniture, fingerprints, and other valuable information. Certain evidence if not collected immediately can easily be lost, destroyed or tainted. The scope of investigations can also extend to the fact of argument in such cases as suicide or self defense. It is also important to be able to recognize what should be present at a crime scene, what to look for at a crime scene and what might appear out of place. A crime scene often does not pertain to the immediate area in which a victim or actual crime has occurred, but the possibility of escape or access routes should also be checked. Anything which can be used to connect a victim to a suspect or a suspect to a victim or a crime scene is relevent physical evidence. Richard Saferstein explains, "Physical evidence encompasses any and all objects that can establish that a crime has been committed or can provide a link between a crime scene and its victim or a crime and its perpetrator" (31). I will now explain the proper techniques and ways a crime scene and physical evidence should be handled and examined. One of the first things an officer should do once he approaches a crime scene is to take control and secure the scene as quickly as possible. This is to prevent anyone from tainting evidence and to keep unauthorized person(s) out of the area such as the press, the public or anyone who doesn't belong. While this is being done, an officer should also be alert for discarded evidence and note if there are any possible approach or escape routes. After an officer does this, he should determine the extent in which the scene has been protected and make sure there is adequate security in the area. All persons entering and exiting the crime scene should be logged and kept down to a bare minimum to ensure

A Look at Shakespeares 154 Sonnets

A Look at Shakespeare's 154 Sonnets Shakespeare wrote 154 sonnets, which were collected and published posthumously in 1609. Many critics segment the sonnets into three groups: The Fair Youth Sonnets (Sonnets 1 – 126)The first group of sonnets are addressed to a young man with whom the poet has a deep friendship.The Dark Lady Sonnets (Sonnets 127 – 152)In the second sequence, the poet becomes infatuated with a mysterious woman. Her relationship with the young man is unclear.The Greek Sonnets (Sonnets 153 and 154)The final two sonnets are very different and draw upon the Roman myth of Cupid, to whom the poet has already compared his muses. Other Groupings Other scholars lump the Greek Sonnets with the Dark Lady Sonnets  and call out a different cluster (Nos. 78 to 86) as the Rival Poet Sonnets. This approach treats the subjects of the sonnets as characters  and invites ongoing questions among scholars about the degree to which the sonnets may or may not have been autobiographical. Controversies Although its generally accepted that Shakespeare wrote the sonnets, historians question certain aspects of how the sonnets came to print. In 1609, Thomas Thorpe published  Shakes-Peares Sonnets; the book, however, contains a dedication by T.T. (presumably Thorpe) that confounds scholars as to the identity of whom the book was dedicated, and whether the Mr. W.H. in the dedication may be the muse for the Fair Youth Sonnets. The dedication in Thorpes book, if it had been written by the publisher, may imply that Shakespeare himself did not authorize their publication. If this theory is true, its possible that the 154 sonnets we know today dont constitute the totality of Shakespeares work.