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Money, the Financial System, and the Economy, 6e (Hubbard)
Chapter 8 The Foreign-Exchange Market and Exchange Rates
8.1 Multiple Choice Questions
1) Why were interest rates on U.S. Treasury securities in 1998 at their lowest levels in a
generation?
A) Investors were fearful of a revival of inflation.
B) A severe recession in the United States resulted in investors shifting out of corporate
bonds and into U.S. Treasury securities.
C) A cut in tax rates reduced the desirability of municipal bonds, leading investors to shift
into U.S. Treasury securities.
D) A crisis in Asian financial markets resulted in a flight to quality.
Answer: D
Diff: 1
Question Status: Previous Edition
2) About what percentage of the goods and services purchased by U.S. consumers, businesses,
and governments in 2006 were produced by foreigners?
A) 1%
B) 11%
C) 17%
D) 40%
Answer: C
Diff: 2
Question Status: New
3) About what percentage of U.S. output was exported to foreigners in 2006?

A) 1%
B) 11%
C) 17%
D) 25%
Answer: B
Diff: 2
4) Between 1965 and 2006, the percentage of U.S. output exported to foreigners
A) remained about the same.
B) more than doubled.
C) increased by more than ten times.
D) declined by about half.
Answer: B
Diff: 2
Question Status: Revised
1
5) Between 1965 and 2006, the percentage of goods and services purchased by U.S. consumers,
businesses, and governments from foreigners
A) remained about the same.
B) more than tripled.
C) increased by more than ten times.
D) declined by about half.
Answer: B
Diff: 2
6) The nominal exchange rate is

A) the difference between the interest rate in one country and the interest rate in another
country.
B) the rate at which a bond may be exchanged for currency.
C) the rate at which a stock may be exchanged for currency.
D) the price of one country's currency in terms of another's.
Answer: D
Diff: 1
7) The daily turnover in the foreign exchange market is:

A) millions of dollars
B) billions of dollars
C) trillions of dollars
D) declining in the last decade
Answer: C
Diff: 1
8) A Japanese television sells for ¥100,000 and a dollar is equal to ¥100. What is the dollar price
of the television?
A) $1000
B) $99,900
C) $10,000,000
D) $100,100
Answer: A
Diff: 1
9) If a British automobile sells for £20,000 and the British pound is worth $1.50, then the dollar
price of the automobile is
A) $1.60.
B) $12,500.
C) $20,000.
D) $30,000.
Answer: D
Diff: 2
2
10) Suppose the exchange rate between India and the United States is 48 rupee per dollar while
the exchange rate between China and the United States is 8 renminbi per dollar. What is the
exchange rate between India and China?
A) 6 rupee per renminbi
B) 6 renminbi per rupee
C) 384 rupee per renminibi
D) 384 renminbi per rupee
Answer: A
Diff: 2
11) If the United States places a trade barrier on Brazilian steel, other things equal, in the long
run
A) U.S. imports from Brazil will become less expensive.
B) U.S. exports to Brazil will become less expensive.
C) U.S. exports to Brazil will increase.
D) the United States will import more steel from Brazil.
Answer: A
Diff: 2
12) If Americans develop a taste for Canadian maple syrup, the likely result is
A) the value of the Canadian dollar will rise relative to the value of the U.S. dollar.
B) the value of the Canadian dollar will fall relative to the value of the U.S. dollar.
C) the price of Canadian maple syrup will fall when measured in Canadian dollars.
D) neither the price of Canadian maple syrup nor the value of the Canadian dollar will be
affected.
Answer: A
Diff: 2
13) A change in the dollar value of the British pound from $1.60 to $1.50 represents
A) an increase in the pound price of British goods.
B) an appreciation of the dollar relative to the pound.
C) an appreciation of the pound relative to the dollar.
D) an increase in the dollar price of British goods.
Answer: B
Diff: 2
14) When a country's nominal exchange rate appreciates, the price of

A) that country's goods abroad increases.
B) that country's goods abroad decreases.
C) foreign goods sold in the country increases.
D) that country's goods produced and sold at home increases.
Answer: A
Diff: 2
3
15) When a country's nominal exchange rate depreciates, the price of
A) that country's goods abroad increases.
B) that country's goods abroad decreases.
C) foreign goods sold in the country decreases.
D) that country's goods produced and sold at home decreases.
Answer: B
Diff: 2
16) If the Japanese yen appreciates against the U.S. dollar,

A) Japanese businesses gain by a decrease in the dollar price of exports to the United
States.
B) Japanese consumers gain by a decrease in the yen price of U.S. exports to Japan.
C) Japanese consumers lose by an increase in the yen price of U.S. exports to Japan.
D) U.S. consumers gain by an decrease in the dollar price of Japanese exports to the
United States.
Answer: B
Diff: 3
17) If the British pound depreciates against the U.S. dollar,

A) British businesses gain by an increase in the dollar price of exports to the United States.
B) British consumers gain by a decrease in the pound price of U.S. exports to Britain.
C) British consumers lose by an increase in the pound price of U.S. exports Britain.
D) U.S. consumers lose by an increase in the dollar price of British exports to the United
States.
Answer: C
Diff: 3
18) A substantial appreciation of the U.S. dollar will likely result in, all else equal,
A) lower demand for U.S. products and layoffs of U.S. workers.
B) increased demand for U.S. products and increased employment of U.S. workers.
C) lower foreign currency prices of U.S. products in foreign countries.
D) higher U.S. dollar prices of foreign products in the United States.
Answer: A
Diff: 2
19) Nominal exchange rates differ from real exchange rates in that nominal exchange rates
A) do not correct for differing interest rates across countries.
B) do not measure the purchasing power of the currency.
C) are fixed, while real exchange rates are flexible.
D) are flexible, while real exchange rates are fixed.
Answer: B
Diff: 2
4
20) Suppose that a slice of pepperoni pizza costs £1 in London and $2 in San Francisco. If the
real exchange rate is one-third of a slice of U.S. pizza for one slice of British pizza, how many
pounds should you receive in exchange for $1?
A) 1/3
B) 1.5
C) 2
D) 3
Answer: B
Diff: 3
21) The relation between the nominal and real exchange rates is given by which of the following
equations?
A) EX = (EXr × P)/Pf
B) EXr = (EX × P)/ Pf
C) EX = (EXr × Pf)/P
D) EXr = (EX × Pf)/P
Answer: B
Diff: 2
22) When a country's real exchange rate appreciates,

A) its nominal exchange rate must also have appreciated.
B) its nominal exchange rate must have depreciated.
C) it can trade its goods for fewer units of foreign goods.
D) it can trade its goods for more units of foreign goods.
Answer: D
Diff: 2
23) When a country's real exchange rate depreciates,

A) its nominal exchange rate must have appreciated.
B) its nominal exchange rate must also have depreciated.
C) it can trade its goods for fewer units of foreign goods.
D) it can trade its goods for more units of foreign goods.
Answer: C
Diff: 2
24) The relation between changes in the nominal and real exchange rates is given by which of
the following equations?
A) ΔEX/EXr = ΔEX/EX + π - π f
B) ΔEXr/EX = ΔEXr/EXr + π - π f
C) ΔEX/EX = ΔEXr/EXr + π f + π
D) ΔEXr/EXr = ΔEX/EX + π f - π
Answer: D
Diff: 2
5
25) A depreciating nominal exchange rate results from
A) a depreciating real exchange rate.
B) a low domestic inflation rate relative to the foreign inflation rate.
C) an appreciating real exchange rate.
D) a large government budget deficit.
Answer: A
Diff: 2
26) Which of the following would cause the nominal exchange rate to depreciate?
A) The real exchange rate appreciates.
B) The domestic inflation rate increases.
C) The foreign inflation rate increases.
D) The government budget deficit increases.
Answer: B
Diff: 2
27) Which of the following would cause the nominal exchange rate to appreciate?
A) The real exchange rate depreciates.
B) The domestic inflation rate decreases.
C) The domestic inflation rate increases.
D) The government budget deficit decreases.
Answer: B
Diff: 2
28) Which of the following is NOT true of the foreign-exchange market?

A) It is an over-the-counter market.
B) Most foreign-exchange trading takes place in London.
C) Trading volume exceeds $100 billion per day in the United States.
D) Trading volume worldwide exceeds $1 trillion per day.
Answer: B
Diff: 1
29) Most foreign exchange is bought and sold

A) by governments.
B) by tourists.
C) in over-the-counter markets.
D) on the New York Stock Exchange.
Answer: C
Diff: 2
30) Which of the following is NOT a primary center of foreign-exchange trading?

A) New York
B) London
C) Munich
D) Tokyo
Answer: C
Diff: 2
6
31) In the foreign-exchange market, trading
A) is restricted to the hours 10 A.M. to 3 P.M. New York time.
B) may not take place after 5 P.M. London time.
C) takes place at any hour of the night or day.
D) takes place at prices set by the U.S. government in consultation with the governments
of other leading countries.
Answer: C
Diff: 2
32) In the spot foreign exchange market,

A) only dollars, yen, and pounds may be traded.
B) only dollars and yen may be traded.
C) currencies or bank deposits are exchanged immediately.
D) currencies or bank deposits are exchanged at a fixed date (or spot) in the future.
Answer: C
Diff: 1
33) In forward transactions,

A) the exchange takes place at the same exchange rate as in the spot market.
B) currencies are exchanged at a set date in the future.
C) currencies may only be exchanged at rates set by governments well in advance.
D) currency is bought and sold for delivery later that same day.
Answer: B
Diff: 1
34) In the long run, exchange rates are determined by

A) economic fundamentals such as price levels or productivity levels in different
countries.
B) agreement among the governments of the major industrial countries.
C) the rate at which each country's currency exchanges for gold.
D) the difference between short-run and long-run interest rates in each country.
Answer: A
Diff: 1
35) If the forward exchange rate of the yen in terms of dollars is greater than the spot exchange
rate,
A) Japanese interest rates must be higher than U.S. interest rates.
B) U.S. interest rates must be higher than Japanese interest rates.
C) market participants must be expecting the dollar to appreciate against the yen.
D) market participants must be expecting the dollar to depreciate against the yen.
Answer: D
Diff: 3
7
36) If the forward exchange rate of the dollar in terms of pounds is less than the spot exchange
rate,
A) inflation must be lower in the United States than in Britain.
B) inflation must be higher in the United States than in Britain.
C) market participants must be expecting the dollar to appreciate against the pound.
D) market participants must be expecting the dollar to depreciate against the pound.
Answer: D
Diff: 3
37) Between 1973 and 2005, the dollar

A) appreciated against the British pound.
B) depreciated against the British pound.
C) maintained the same exchange rate against the British pound.
D) was not actively traded for the British pound in foreign exchange markets.
Answer: A
Diff: 1
38) If the price level in the United States increases more slowly than the price level in Canada,
we would expect
A) interest rates in the United States to be higher than interest rates in Canada.
B) the U.S. dollar to depreciate against the Canadian dollar.
C) the Canadian dollar to depreciate against the U.S. dollar.
D) U.S. productivity to have increased more slowly than Canadian productivity.
Answer: C
Diff: 2
39) If the price level in Japan increases more rapidly than the price level in Britain, we would
expect
A) interest rates in Japan to lower than interest rates in Britain.
B) the Japanese yen to depreciate against the British pound.
C) the British pound to depreciate against the Japanese yen.
D) Japanese productivity to have increased more rapidly than British productivity.
Answer: B
Diff: 2
40) One of the reasons the British pound depreciated against the U.S. dollar during the late
1970s is that
A) British productivity growth was greater than U.S. productivity growth.
B) the U.S. inflation rate was greater than the British inflation rate.
C) the British inflation rate was greater than the U.S. inflation rate.
D) U.S. consumers increased their preference for British goods.
Answer: C
Diff: 1
8
41) If the rate of growth of U.S. productivity lags behind the rate of growth of productivity in
most other countries,
A) the prices of U.S. goods will fall relative to foreign goods.
B) the prices of U.S. goods will rise relative to foreign goods.
C) the U.S. real exchange rate will appreciate.
D) the cost of producing U.S. goods will rise more slowly than the cost of producing
foreign goods.
Answer: B
Diff: 2
42) If the rate of growth of U.S. productivity is higher than the rates of growth of productivity in
most other countries,
A) the prices of U.S. goods will fall relative to foreign goods.
B) the prices of U.S. goods will rise relative to foreign goods.
C) the U.S. real exchange rate will depreciate.
D) the cost of producing U.S. goods will rise faster than the cost of producing foreign
goods.
Answer: A
Diff: 1
43) If the U.S. rate of productivity growth is less than the rate of Canadian productivity growth,
then we would expect
A) the Canadian dollar to appreciate against the U.S. dollar.
B) the Canadian dollar to depreciate against the U.S. dollar.
C) interest rates in Canada to be higher than interest rates in the U.S.
D) the price level in Canada to be increasing more rapidly than the price level in the U.S.
Answer: A
Diff: 1
44) One of the reasons the dollar appreciated against the British pound during the 1970s and
1980s is that
A) U.S. productivity growth was greater than British productivity growth.
B) British productivity growth was greater than U.S. productivity growth.
C) the British inflation rate was lower than the U.S. inflation rate.
D) U.S. consumers increased their preference for British goods.
Answer: A
Diff: 1
45) If U.S. consumers increase their demand for Canadian goods,

A) they are willing to pay more U.S. dollars per Canadian dollar.
B) they are willing to pay fewer U.S. dollars per Canadian dollar.
C) the U.S. dollar appreciates.
D) the U.S. dollar price of Canadian goods in the United States rises, but the U.S. dollar-
Canadian dollar exchange rate is unaffected.
Answer: A
Diff: 1
9
46) If U.S. consumers greatly increase their demand for Canadian moose burgers, then, holding
everything else constant,
A) the U.S. dollar will appreciate relative to the Canadian dollar.
B) the U.S. dollar will depreciate relative to the Canadian dollar.
C) the real exchange rate between the Canadian dollar and the U.S. dollar will be affected,
but the nominal exchange rate will be unaffected.
D) the nominal exchange rate between the Canadian dollar and the U.S. dollar will be
affected, but the real exchange rate will be unaffected.
Answer: B
Diff: 2
47) A tariff is a
A) limit on the volume of foreign goods that can be brought into the country.
B) tax on goods purchased from other countries.
C) tax on goods exported to other countries.
D) subsidy by governments to firms that produce goods for export to other countries.
Answer: B
Diff: 1
48) Trade barriers

A) affect the real exchange rate, but not the nominal exchange rate.
B) lead to a higher nominal exchange rate in the long run for the country imposing them.
C) lead to a lower nominal exchange in the long run for the country imposing them.
D) raise costs to consumers but do not affect the nominal exchange rate.
Answer: B
Diff: 1
49) If the United States puts a quota on imports of automobiles,

A) the price of U.S.-produced automobiles will fall.
B) the dollar will depreciate.
C) the dollar will appreciate.
D) the efficiency of the U.S. economy will be enhanced.
Answer: C
Diff: 2
50) If the United States puts a tariff on the import of golf balls,
A) the price of U.S.-produced golf balls will fall.
B) the dollar will depreciate.
C) the dollar will appreciate.
D) the price of foreign-produced golf balls sold in the United States will fall.
Answer: C
Diff: 2
10
51) The law of one price states that
A) most countries require that all entering goods have the same price.
B) most countries require that all exported goods have the same price.
C) identical goods should have the same price anywhere in the world.
D) most countries require that the price of a good not be changed once it is already in a
store and available for sale.
Answer: C
Diff: 1
52) An exception to the law of one price occurs if

A) the good is not tradeable.
B) demand for the good is stronger in some countries than in others.
C) exchange rates are flexible, rather than fixed.
D) interest rates differ across countries.
Answer: A
Diff: 2
53) If pepperoni pizzas sell for $10 in Berkeley, California, and £10 in London, England, and the
exchange rate is $1.35 = £1,
A) the law of one price has been violated.
B) either the British government or the American government must be interfering with
the market determination of the exchange rate.
C) the value of the dollar versus the pound is likely to rise.
D) there is no contradiction in the information given because pizza is not a tradeable good.
Answer: D
Diff: 2
54) If oranges sell for $100 per crate in the United States and 4000 pesos per crate in Mexico, the
law of one price indicates that you should be able to exchange $1 for
A) 0.025 peso.
B) 4 pesos.
C) 40 pesos.
D) 400 pesos.
Answer: C
Diff: 2
55) The theory of purchasing power parity

A) extends the law of one price to a group of goods.
B) assumes that most changes in nominal exchange rates are the result of changes in real
exchange rates.
C) assumes that inflation rates are roughly the same in most countries.
D) was valid only under the gold standard.
Answer: A
Diff: 1
11
56) The theory of purchasing power parity assumes that
A) movements in nominal exchange rates are the result of movements in relative price
levels.
B) real exchange rates are volatile.
C) movements in nominal exchange rates are the result of movements in real exchange
rates.
D) inflation rates are roughly the same in most countries.
Answer: A
Diff: 2
57) The theory of purchasing power parity assumes that

A) nominal exchange rates are not affected by movements in relative price levels.
B) real exchange rates are fixed.
C) movements in nominal exchange rates are the result of movements in real exchange
rates.
D) inflation rates are roughly the same in most countries.
Answer: B
Diff: 2
58) According to the theory of purchasing power parity, whenever a country's price level is
expected to fall relative to another country's price level,
A) its currency's real exchange rate relative to the other country's currency should rise.
B) its currency should depreciate relative to the other country's currency.
C) its currency should appreciate relative to the other country's currency.
D) its nominal interest rate should rise relative to the other country's nominal interest rate.
Answer: C
Diff: 2
59) Under the theory of purchasing power parity, an increase in the U.S. price level of 10%
relative to the Japanese price level will result in
A) a 10% appreciation of the yen.
B) a 10% appreciation of the dollar.
C) an appreciation of the yen by an amount that depends upon what happens to the real
exchange rate.
D) an appreciation of the dollar by an amount that depends upon what happens to the
real exchange rate.
Answer: A
Diff: 2
60) According to the theory of purchasing power parity, if the inflation rate in England is greater
than the inflation rate in Japan,
A) the law of one price has been violated.
B) the nominal value of the pound will appreciate against the yen.
C) the nominal value of the yen will appreciate against the pound.
D) the nominal value of the pound will appreciate against the yen, but only if the two
countries are on the gold standard.
Answer: C
Diff: 2
12
61) The law of one price does not hold for
A) agricultural goods.
B) tradeable goods.
C) differentiated goods.
D) goods whose production causes pollution.
Answer: C
Diff: 2
62) Differences in price levels

A) explain well actual exchange rate movements.
B) are not capable of explaining well actual exchange rate movements, particularly in the
short run.
C) have been small for most countries in the post-World War II period.
D) only can be explained by the fact that little foreign trade actually takes place.
Answer: B
Diff: 2
63) Purchasing power parity's assumption that the real exchange is constant
A) is correct in nearly all instances.
B) would be correct were it not for the existence of trade barriers.
C) is not reasonable.
D) is correct for trade between the United States and Japan, but incorrect in most other
bilateral trading relations.
Answer: C
Diff: 2
64) Because of shifts in preferences for domestic or foreign goods and because of the existence of
trade barriers
A) purchasing power parity's underlying assumption is not valid.
B) the nominal exchange rate will fluctuate, but the real exchange rate will not.
C) purchasing power parity will be accurate in predicting short-run fluctuations in
exchange rates, but not in predicting long-run fluctuations.
D) most national governments believe exchange rates should not be set by the market.
Answer: A
Diff: 2
65) Though useful, purchasing power parity does not completely explain long-run movements
in exchange rates due to
A) some goods being nontradeable.
B) changes in the real exchange rate.
C) differentiated products.
D) all of the above.
Answer: D
Diff: 2
13
66) The dollar
A) appreciated during the early 1980s and depreciated during the late 1980s.
B) depreciated during the early 1980s and appreciated during the late 1980s.
C) appreciated during the early and late 1980s.
D) depreciated during the early and late 1980s.
Answer: A
Diff: 2
67) A key assumption behind the explanation of exchange rate determination in the short run is
A) trade barriers are unimportant in the short run.
B) changes in price levels are unimportant in the short run.
C) exchange rates represent prices of financial assets in one currency relative to prices of
similar financial assets in another currency.
D) trade barriers and changes in price levels are unimportant in the short run.
Answer: C
Diff: 1
68) Suppose that you expect during the next year the dollar will appreciate against the pound
from 0.5 pound to the dollar to 0.75 pound to the dollar. How much will you expect to make
on an investment of $10,000 in British government securities that will mature in one year and
pay interest of 8%?
A) -59.5%
B) -28%
C) 8%
D) 28%
Answer: B
Diff: 3
69) Suppose the exchange rate is 10 pesos per dollar and you use $1000 to purchase a one-year
Mexican bond that pays 10% interest. Next year, the exchange rate is 11 pesos per dollar.
Assuming you convert your funds back to U.S. dollars, how much money will you have in
one year?
A) $1000
B) $1100
C) $91
D) $0
Answer: A
Diff: 3
14
70) Which of the following is the correct expression for the value of $1 invested in a foreign
security for one year?
A)
1 - if - ΔE Xe/EX
B)
1 - if + ΔE Xe /EX
C)
1 + if - ΔE Xe /EX
D)
1 + if + ΔE Xe /EX
Answer: C
Diff: 2
71) If you are indifferent between investing $1000 for one year in a U.S. Treasury security that
has an interest rate of 5% or in a Canadian government security that has an interest rate of
8%, you must be expecting
A) the inflation rate in the United States will be higher than the inflation rate in Canada
during the year.
B) the U.S. dollar to depreciate against the Canadian dollar by 3% during the year.
C) the U.S. dollar to appreciate against the Canadian dollar by 3% during the year.
D) productivity growth in Canada to be greater than productivity growth in the United
States during the year.
Answer: C
Diff: 2
72) When deciding between domestic and foreign financial investments, investors typically
consider
A) domestic and foreign inflation rates and expected changes in the exchange rate.
B) domestic and foreign budget deficits.
C) shifts in the relative demand for foreign and domestic goods.
D) domestic and foreign interest rates and expected changes in the exchange rate.
Answer: D
Diff: 2
73) International capital mobility refers to

A) the ease with which manufacturing equipment can be transported across countries.
B) the ease with cash may be transferred from one country to another without having to
be converted into a foreign currency.
C) the ease with which investors move funds among international financial markets.
D) the ease with which exchange rates may be adjusted to reflect changes in the relative
economic strengths of countries.
Answer: C
Diff: 1
15
74) We would not expect a Japanese financial asset and a U.S. financial asset with identical risk,
liquidity, and information characteristics to have different expected returns because
A) the U.S. and Japanese governments have pledged themselves to avoid this outcome.
B) traders would buy the asset with the higher expected yield and sell the asset with the
lower expected yield until the yields were brought into equality.
C) traders would sell the asset with the higher expected yield and buy the asset with the
lower expected yield until the yields were brought into equality.
D) the exchange rate between the dollar and the yen would adjust automatically to
eliminate any difference in yields.
Answer: B
Diff: 1
75) In a graph illustrating the determination of the exchange rate that has the yen-dollar
exchange rate on the vertical axis and the expected rate of return, in dollars terms, from
investing in a U.S. or Japanese asset on the horizontal axis, the line representing R, the return
on a U.S. asset in dollar terms, is
A) a vertical line.
B) a horizontal line.
C) an upward-sloping line.
D) a downward-sloping line.
Answer: A
Diff: 2
76) The nominal interest rate parity condition states that

A) domestic and foreign assets must have nominal returns that are identical, irrespective
of the characteristics of the assets.
B) when domestic and foreign assets have identical risk, liquidity, and information
characteristics, their nominal returns must also be identical.
C) while nominal returns are equalized across all foreign and domestic assets, real returns
may vary widely.
D) while real returns are equalized across all foreign and domestic assets, nominal returns
may vary widely.
Answer: B
Diff: 1
77) Equilibrium occurs in the foreign exchange market when the

A) domestic return equals the expected foreign return when measured in the same
currency.
B) inflation rates in all countries are equalized.
C) demand for domestic exports equals the demand for foreign imports.
D) government budget deficits in all countries are equalized.
Answer: A
Diff: 1
16
78) Which of the following expressions gives the nominal interest rate parity condition?
A)
i = if + ΔE Xe /EX
B)
i = if - ΔE Xe /EX
C)
i = ΔE Xe /EX - if
D)
if = i - ΔE Xe /EX
Answer: B
Diff: 2
79) Which of the following expressions gives the expected rate of return on foreign assets in
dollar terms?
A)
Rf = if - ΔE Xe /EX
B)
R = if - ΔE Xe /EX
C)
Rf = if + ΔE Xe /EX
D)
Rf = i + ΔE Xe /EX
Answer: A
Diff: 3
80) If the German interest rate is 4% and the U.S. interest rate is 5%, what is the expected change
in the value of the dollar in terms of the euro?
A) 1%
B) -1%
C) 9%
D) -9%
Answer: B
Diff: 3
81) What would happen in the foreign exchange market if the European Central Bank raises
European interest rates?
A) There will be a decline in the value of the euro.
B) There will be a decline in the value of the dollar.
C) There will be an increase in the value of the dollar.
D) U.S. interest rates will decline
Answer: B
Diff: 3
17
82) If the nominal interest rate parity condition is not met,
A) imports will exceed exports.
B) the return from holding domestic assets must exceed the expected return from holding
foreign assets.
C) the return from holding domestic assets must be less than the expected return from
holding foreign assets.
D) the return from holding domestic assets must be greater or less than the expected
return from holding foreign assets.
Answer: D
Diff: 1
83) Which of the following expressions gives the real interest rate parity condition?
A) 1 + r = (1 + rf)( EXr / EX e )
r
B) 1 - r = (1 - rf))( EXr / EX e )
r
C) 1 + rf) = (1 + r)( EXr / EX e )
r
D)
1 + r = (1 + rf))( EX er /EXf)
Answer: A
Diff: 2
84) The soaring dollar in the early 1980s

A) increased the demand for U.S. exports.
B) reduced the demand in the U.S. for foreign imports.
C) hurt U.S. exporters.
D) is attributable to low U.S. interest rates relative to foreign interest rates.
Answer: C
Diff: 1
85) If the interest rate in the United States rises

A) investors increase their demand for dollars and the U.S. exchange rate appreciates.
B) investors increase their demand for dollars and the U.S. exchange rate depreciates.
C) investors decrease their demand for dollars and the U.S. exchange rate appreciates.
D) investors decrease their demand for dollars and the U.S. exchange rate depreciates.
Answer: A
Diff: 2
86) An increase in the expected inflation rate in the United States will
A) reduce the nominal interest rate in the United States.
B) cause the U.S. exchange rate to depreciate.
C) cause the U.S. exchange rate to appreciate.
D) increase the budget deficit in the United States relative to the budget deficits of foreign
governments.
Answer: B
Diff: 1
18
87) If foreign interest rates rise
A) the demand for domestic currency rises, causing it to appreciate.
B) the demand for domestic currency falls, causing it to depreciate.
C) the demand for domestic currency rises, causing it to depreciate.
D) the demand for domestic currency falls, causing it to appreciate.
Answer: B
Diff: 2
88) If a currency's foreign exchange value is expected to fall, then

A) demand for the currency will rise in anticipation.
B) the current foreign-exchange value of the currency will rise.
C) the current foreign-exchange value of the currency will fall.
D) the country's nominal interest rate will rise.
Answer: C
Diff: 1
89) If foreign exchange traders become convinced that the value of the yen will rise against the
dollar in the future, the likely result is that
A) demand for the yen will fall in anticipation.
B) the current value of the yen against the dollar will rise.
C) the current value of the yen against the dollar will fall.
D) nominal interest rates in Japan will fall.
Answer: B
Diff: 1
90) In September 1992, the British government was forced to abandon efforts to stabilize the
value of the pound against other European currencies because
A) British dependence on imports of foreign oil was escalating rapidly.
B) British nominal interest rates were much higher than nominal interest rates in other
European countries.
C) the value of the pound against the yen was increasing rapidly, reducing the ability of
British goods to compete in the Japanese market.
D) foreign exchange traders had become convinced that the foreign exchange value of the
pound would soon fall.
Answer: D
Diff: 3
91) The currency premium in foreign-exchange markets

A) helps to offset anticipated declines in exchange rates.
B) helps to offset anticipated increases in exchange rates.
C) indicates investors' collective preference for financial instruments denominated in one
currency relative to those denominated in another.
D) rises as domestic interest rates fall.
Answer: C
Diff: 2
19
92)
In the expression i = if - ΔEXe/EX – hf,d, the term hf,d represents
A) the currency premium.
B) the difference between the inflation rate in the home country and the inflation rate in
the foreign country.
C) the average brokerage fee charged in the home country when domestic currency is
exchanged for foreign currency.
D) the tax levied by the home country's government on foreign exchange transactions.
Answer: A
Diff: 2
93) Which of the following countries did not join in the establishment of a common European
currency beginning in 1999?
A) Germany
B) France
C) England
D) Italy
Answer: C
Diff: 1
8.2 Essay Questions

1) Suppose that Canada has been experiencing high rates of inflation. If the Canadian
government institutes a plausible new policy to lower inflation, what will be the effect on the
value of the Canadian dollar?
Answer: A decrease in expected inflation should reduce interest rates in Canada which would
tend to lower the exchange rate and increase the expected appreciation of the
Canadian dollar which would tend to raise the exchange rate. Because the second
effect is generally larger than the first effect, the exchange rate should rise.
2) Suppose that short-term real interest rates fall in Japan. Is this likely to be good news or bad
news for the tourism industry in Hawaii?
Answer: Good news, unless short-term real interest rates decline in the United States as well. If
short-term real interest rates in Japan fall relative to short-term real interest rates in
the United States, the value of the yen should decline relative to the dollar. This will
lower the yen price of vacations in Hawaii.
3) Suppose that the one-year Treasury bill rate in the United States is 6%, the one-year
government bond rate in Canada is 4%, and investors expect the U.S. dollar to depreciate
against the Canadian dollar by 4% over the coming year. Is the nominal interest rate parity
condition violated?
Answer: Not if investors have a preference for U.S. securities over Canadian securities. In this
example there is an implied currency premium of 2%.
20
4) In late 2003, fears were growing that the dollar would experience a significant decline in
value. What are the likely implications for the euro-dollar exchange rate?
Answer:
If people expect the dollar to decline in value, ΔEXe will be negative, thus increasing
the expected foreign return on assets. This should lead to an appreciation of the euro
relative to the dollar.
21
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Title: Derrière les vieux murs en ruines: roman marocain
Author: A. R. de Lens
Release date: July 15, 2022 [eBook #68528]
Language: French
Original publication: France: Calmann Lévy, 1922
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*** START OF THE PROJECT GUTENBERG EBOOK DERRIÈRE

LES VIEUX MURS EN RUINES: ROMAN MAROCAIN ***
A. R. DE LENS
———
Derrière
les vieux murs
en ruines
—Roman marocain—
PARIS
CALMANN-LÉVY, ÉDITEURS
3, RUE AUBER, 3
—
1922
Prix: 6 fr. 75 c.
DERRIÈRE
LES VIEUX MURS EN RUINES
——
DU MÊME AUTEUR
Format in-18.
LE HAREM ENTR’OUVERT 1 vol.
En préparation:
OUM EL GHIT OU L’OMBRE DU HAREM, roman. 1—
OUM EL GHIT OU LA CHOUETTE AU SOLEIL, roman 1 —
Droits de traduction et de reproduction réservés

pour tous les pays.
Copyright 1922, by Calmann-Lévy.

A. R. DE LENS
——
DERRIÈRE
LES VIEUX MURS
EN RUINES
ROMAN MAROCAIN
PARIS
3, RUE AUBER, 3
——
1922
A JEAN REVEILLAUD
DERRIÈRE
LES VIEUX MURS EN RUINES
20 novembre 1915.
De Meknès on ne voit d’abord que des remparts et des ruines.
Les remparts déroulent, durant des heures, une ceinture farouche derrière
laquelle on ne devine rien.
Parfois un palmier incline sa tête au-dessus des murailles, un olivier gris
surgit dans une crevasse, quelques figuiers s’agrippent entre les cailloux.
Il semble que l’on soit destiné, comme en un conte, à longer
inlassablement une cité mystérieuse et morte...
Puis, sur la colline, apparaissent les ruines. Ce sont de très vieux murs
aux tons fauves, des palais à demi détruits, dont quelques arcades attestent
encore les dimensions colossales; un enchevêtrement de terrasses vétustes,
de treilles, de logis abandonnés, de pierres qui ne tiennent plus et que la
végétation envahit... Seuls des minarets émaillés de vert, sveltes et luisants,
dominent, intacts, l’immense écroulement de la ville.
A cette heure tardive où nous arrivons, la chaîne du Zerhoun est revêtue
d’une brume violette, striée de grandes ombres bleues, et les ruines,
subitement, se dorent, flamboient et s’éteignent avec le crépuscule, plus
grises, plus tragiques d’avoir été si lumineuses il y a quelques minutes à
peine.
Le Chérif[1] nous a envoyé des esclaves et des mules. Un négrillon nous
précède à travers les ruelles qui se croisent, se multiplient, s’engouffrent
sous des voûtes aux ténèbres profondes. Puis elles reviennent à la faible
lueur nocturne, pour nous mieux révéler l’infinie vieillesse et la mélancolie
des bâtisses qui s’effondrent.
Combien de temps devrons-nous circuler dans cet impressionnant
dédale, où les rares passants, enveloppés de leurs burnous, semblent des
fantômes? Ils glissent le long des murs, sans plus de bruit que le halo de
leurs lanternes, dont les sautillements jaunâtres exécutent une danse de feux
follets.
Le ruelle se resserre, se fait plus noire et désolée, elle descend, à présent,
au fond de l’ombre, par un grossier escalier de pierres, dans lequel nos
mules butent à chaque pas. Le négrillon s’arrête... C’est ici?... Cette porte
derrière laquelle on aperçoit un vestibule misérable?... Ici, la demeure du
noble et richissime Chérif Mouley Hassan?...
Le voici qui s’avance, tout de blanc drapé, avec cet air altier dont il ne se
départ jamais. Des esclaves noirs l’accompagnent, car il ne se déplace qu’en
grande pompe, comme le Sultan que son orgueil voudrait égaler. Mais un
sourire adoucit, pour nous, la fierté de ses allures. Le Chérif nous honore
d’une amitié particulière depuis que mon mari eut, au Maghzen[2],
l’occasion de débrouiller une affaire de faux dont il avait été victime.
—Soyez les bienvenus chez moi! Soyez les bienvenus! répète-t-il.
Après mille congratulations et politesses, nous le suivons dans le
vestibule aux angles brusques. Plusieurs portes, massives, blindées de fer,
hérissées de clous, se succèdent avec des airs hostiles. La dernière s’ouvre...
Le patio nous apparaît tout à coup, sous la caresse bleue des rayons
lunaires, tandis que les salles flamboient, toutes dorées dans l’illumination
des cierges de cire qui s’alignent sur les tapis.
Enchantement exquis et mystérieux de cette demeure, auquel on n’est
pas préparé. Des reflets miroitent sur les murs revêtus de mosaïques, sur les
ors des plafonds ciselés et peints, sur les dalles de marbre, si polies qu’elles
semblent mouillées. Ils dansent en étincelles opalines au sommet du jet
d’eau. Chaque gouttelette est piquée d’un reflet vert par la lune, et d’un
reflet orange par la lumière des flambeaux.
Une foule d’esclaves s’empresse à nous servir. Elles apportent le thé à la
menthe et les parfums, avec un luxe princier d’argenterie. D’énormes plats
de Fès, aux bleus rares, des coupes de Chine et d’autres en cristal, remplies
de gâteaux, de noix, de dattes, sont disposés sur une mida[3] que recouvre
une soie émeraude brochée d’or. Et l’on nous verse aussi du lait d’amandes,
du sirop de grenades et du café à la cannelle.
Le Chérif, nonchalamment accroupi parmi les coussins, dirige les
négresses d’un signe ou d’un clignement d’œil. Elles ne passent devant lui
qu’humbles, les bras collés au corps, la tête basse, dans une attitude de
respect infini et de crainte. Mais leurs croupes rebondies, ondulant sous le
caftan, leurs faces rondes et luisantes, leurs bras vigoureux, attestent la
richesse d’une maison où l’abondance règne...
Toutes choses de ce palais, comme en un conte des Mille et Une Nuits,
sont d’une incomparable somptuosité. En nulle autre demeure je ne vis une
décoration si luxueuse, des tapis si épais, des sofas si moelleux, ni pareille
abondance de coussins... L’air est embaumé par les vapeurs légères et
précieuses qui s’échappent des brûle-parfums; des esclaves nous aspergent
d’eau de rose, avec les mrechs d’argent au col effilé; d’autres, agitant
devant nous des mouchoirs de soie, chassent d’invisibles mouches.
Indolent et majestueux, le Chérif jouit de notre admiration, à laquelle
nous savons, comme il sied, donner un tour flatteur, mais discret.
—Oui, nous dit-il, cette demeure est agréable... j’en ai bien d’autres à
Fès, à Tanger, à Marrakech, cent fois plus belles, où vous serez mes hôtes
un jour, s’il plaît à Dieu!...
Son orgueil est immense et magnifique. Il rivalise de faste avec le
Sultan, son cousin, qu’il surpasse par la largesse de son hospitalité et l’éclat
de son train.
Chacun se souvient encore du brigandage de ses ancêtres toujours en
dissidence, et dont Mouley Abder Rahman[4] ne se concilia l’amitié qu’en
accordant sa fille, Lella Aïcha Mbarka, au père de notre hôte.
—C’était un homme! nous dit-il, un guerrier valeureux que nul n’a pu
vaincre... Nous ne sommes point efféminés comme ces citadins aux cœurs
de poules... et nous descendons, par les mâles, plus directement du Prophète
que par notre alliance avec les Alaouïine[5]... Je me souviens des séjours
que je fis, en mon enfance, dans nos tribus de l’Atlas... Nous partions dès
l’aube à la chasse aux fauves, précédés par des centaines de rabatteurs. Il y
avait de nombreuses victimes parmi eux, cela compte peu, et nous
revenions chargés de trophées importants. Au reste, mes cousins, les
Chorfa, qui vivent encore à Ifrane, ne recouvrent pas leurs couches avec des
brocarts, mais avec des peaux de lions...
Ses yeux flambent en évoquant de tels souvenirs, sa taille se redresse, sa
belle tête à barbe blanche est celle d’un chef, d’un conquérant. Mouley
Hassan a raison, un sang plus brûlant court en ses veines qu’en celles des
paisibles amis avec lesquels, d’habitude, nous devisons. Il ne parle guère
que de lui, de ses aïeux, de ses chevaux, de ses biens et de ses exploits.
Mais sa vanité devient superbe d’atteindre de telles proportions en un tel
cadre! Il veut éblouir et ne ménage rien à cet effet. Un respect émerveillé
l’entoure à cause de ses richesses, des tribus qu’il domine encore dans la
montagne et de l’influence extrême qu’il possède sur son impérial cousin.
L’agitation grandit parmi les esclaves, leur nombre se multiplie. A
présent le patio est envahi de nègres portant les plats de cuivre coiffés de
couvercles coniques. Ils les alignent à l’entrée de la salle, tandis qu’une
fillette purifie nos mains sous l’eau tiède et parfumée d’une aiguière. Le
Chérif s’accroupit avec nous autour de la table ronde et basse; il rompt lui-
même les pains à l’anis dont il distribue abondamment les morceaux.
—Allons! Au nom d’Allah!
Les plats succèdent aux plats, succulents et formidables: ce sont des
tagines[6] de mouton aux oignons, aux raisins secs, aux épices variées, et
d’autres contenant cinq poulets rôtis, farcis ou à diverses sauces. Quelle
basse-cour tout entière a-t-on sacrifiée pour notre dîner de ce soir!...
Notre accoutumance aux mœurs arabes est telle que nous ne nous
étonnons plus d’un pareil repas, et savons, très correctement, selon les
règles, retirer la viande entre le pouce et l’index de la main droite, ou rouler,
d’un petit mouvement saccadé de la paume, les boulettes de couscous, que
l’on porte à sa bouche, rondes et luisantes comme des œufs.
Mais l’excellence des mets nous surprend agréablement, habitués que
nous sommes à la cuisine moins raffinée des Rbati[7].
—C’est que, nous dit notre hôte, ils n’emploient pas ainsi que nous le
beurre et l’huile fine. Ces «marchands» se contentent de l’abondance, leurs
gosiers n’ont point la délicatesse des nôtres... Au reste, on ne cuit bien que
dans nos maisons du Maghzen et j’ai fait venir de Tétouan plusieurs
négresses expertes aux tagines et à la pâtisserie... Vous ne trouverez nulle
part au Maroc, pas même à Fès, une cuisine comparable à celle-ci.
La mida se couvre à présent de coupes en cristal contenant d’étranges
petites salades qui témoignent d’une imagination culinaire très inventive:
oranges assaisonnées de vinaigre et d’eau de rose; persil haché dans une
sauce huileuse; patates douces relevées de piments; rondelles de carottes à
la fleur d’oranger... Par le Prophète! ce n’est point mauvais et quelques-uns
de ces mélanges ont même une succulence inattendue... Ils sont destinés à
ranimer, pour la fin du repas, nos appétits défaillants. Car il convient encore
de faire honneur à une dizaine de nouveaux poulets, au couscous, et à ce
très délectable «turban du Cadi», qui recèle, en une pâte croustillante et
mince, des amandes pilées avec du sucre. Et comme aucune boisson
n’accompagne un tel festin, le thé à la menthe, dont ensuite on prend trois
tasses, est le très bien venu. Mais il s’accompagne de pâtisseries auxquelles,
malgré l’insistance de notre hôte, nous ne saurions toucher...
Je laisse Mouley Hassan décrire à mon mari, avec son habituelle
emphase, l’étendue de ses domaines et le nombre de ses serviteurs, et, sans
prononcer une parole, je me lève pour aller rendre visite à l’invisible
«maîtresse des choses».
Une négresse a compris mon désir. Elle me précède à travers le patio.
Quatre massifs piliers soutiennent, au premier étage, une galerie
rectangulaire précieusement dorée, peinte et sculptée. Quelques femmes
chuchotent dans l’ombre, et je les sais, tapies derrière les balustrades en
bois tourné, pour épier les hommes qu’elles ne doivent pas approcher...
Mais ce n’est point là-haut que nous allons. L’esclave me fait parcourir
des couloirs sinueux et sombres aboutissant à un «riadh[8]» irréel dans
l’enchantement azuré de la lune: les orangers, chargés de fruits, forment des
masses noires, au-dessus desquelles les bananiers balancent leurs larges
feuilles déchiquetées. Quelques roses tardives, étrangement blafardes,
surgissent dans la verdure; un jasmin recouvre une allée, d’une tonnelle si
parfumée que l’on ne saurait s’attarder à son ombre. Des bassins étroits et
profonds, affleurant le sol au milieu des mosaïques, se moirent de larges
reflets, et l’on n’entend, dans le recueillement nocturne, que les petits cris
étouffés des oiseaux rêvant de l’épervier ou du serpent, et le bruit cristallin
d’une fontaine...
Lella Fatima Zohra m’attend, accroupie en une salle étincelant à la
lumière des flambeaux. C’est une femme assez âgée, au visage grave et
bon, aux gestes sobres, dont on devine, dès l’abord, la haute naissance.
Pourtant elle n’a point la morgue de Mouley Hassan, et les esclaves, autour
d’elle, perdent leur air de servilité craintive; quelques-unes, même,
s’adossent familières aux montants de la porte et mettent leur mot à la
conversation.
La Cherifa me reçoit avec une réelle bienveillance, quoiqu’elle ne me
connaisse pas encore... Et certes je suis sensible à cet accueil, car je sais les
vieilles dames marocaines beaucoup plus farouches aux Nazaréens[9] que
leurs époux, et souvent même hostiles.
—Sois la bienvenue chez nous, dit-elle, tu honores notre maison.
—Sur toi, la bénédiction d’Allah. C’est nous qui sommes honorés d’être
reçus dans une si noble famille et une si magnifique demeure!
—Nos tapis sont indignes d’être foulés par tes pieds; si je le pouvais, je
te porterais sur mes épaules... O le grand jour chez nous, de vous avoir pour
hôtes!
—Plus grande encore est notre réjouissance, ô Lella[10]!
—C’est la première fois que tu viens à Meknès? Que t’en semble?
—Je n’ai rien aperçu dans les ténèbres, mais il ne me reste plus quoi que
ce soit à admirer, puisque j’ai vu ta maison.
—Elle est belle, et semble méprisable à qui n’en sort jamais...
—Le regretterais-tu?
—Certes, je refuserais de franchir la porte si on me le proposait!... Telle
est notre coutume,—et nous, gens du Maghzen, devons la suivre plus
strictement que les autres. Mais je pense parfois qu’il y a des rues, des
souks, des arsas[11], des montagnes... et je ne connais que ces murs...
—Ils sont d’une splendeur sans égale, et tu possèdes un riadh plein de
verdure pour rafraîchir tes yeux...
—Louange à Dieu!... Je te montrerai toute la maison lorsque les hommes
en seront partis. Mais ce soir tu sembles fatiguée, ô ma fille, et, malgré la
joie que me donne ta compagnie, je ne veux pas, après ce long voyage,
t’empêcher de prendre du repos.
—Dieu te bénisse, ô Lella! tu n’as pas «raccourci[12]» avec moi.
—Qu’Allah te fasse dormir en son contentement!
—Puisses-tu te réveiller au matin avec le bien!
A travers les couloirs en labyrinthe, je regagne la salle des hôtes que
nous occupons.
Et, sur une couche de brocart violet ramagé d’or, je perçois encore, en un
demi-sommeil, le clapotis clair du jet d’eau, le glissement des pieds nus
dans le patio, puis, angoissante et sublime, la clameur dont le muezzin
déchire la nuit:
La prière sur toi, ô Prophète de Dieu!

La prière sur toi, ô l’Aimé de Dieu!
La prière sur toi, ô Seigneur Mohammed!...
21 novembre.
Meknès dans la lumière du matin... Ce sont toujours des ruines, mais des
ruines avenantes, chargées de vignes dont les treilles s’étendent au-dessus
des patios.
Il y a des ruelles aux sinuosités inattendues, des voûtes très noires au
bout desquelles éclate tout à coup l’ensoleillement d’une muraille; de
petites places, provinciales et paisibles sous l’ombre d’un énorme mûrier,
où des Marocains se reposent et boivent le thé, en calculant les coups d’une
partie de dames.
Les marchands somnolent en leurs échoppes, au milieu des babouches,
des lanternes ou des soies éclatantes, sans aucun souci d’attirer le client.
Les menuisiers rabotent les planches de cèdre, qu’ils creusent patiemment
de décors géométriques et compliqués. Une bonne odeur résineuse flotte sur
leur quartier. La cadence des marteaux domine en celui des forgerons. Nul
ne se presse, car le temps appartient à Dieu...
Des herbes garnissent les murs branlants et la crête des terrasses; une vie
douce, ralentie, semble palpiter à peine en la vieille cité.
Mais elle a aussi de larges rues lumineuses qui s’encombrent de
bourricots et de piétons; des souks mouvementés; des places immenses,
brûlées de soleil, où se tiennent les marchés. La foule grouillante des
Berbères; des vendeurs d’œufs, de poulets et de légumes; des vieilles
bédouines aux visages osseux; des jongleurs, des musiciens, des charmeurs
de serpents, des Arabes pouilleux, des gamins et des esclaves, s’agite et
semble minuscule dans un cadre trop colossal pour des humains. Les
remparts, les portes et les palais de Mouley Ismaïl[13] imposent à l’entour
leurs écrasantes silhouettes.
Le mauvais rêve de Rabat et de sa civilisation est loin!... Loin de toute la
distance qui sépare la vie européenne de celle-ci, plus encore que de cet
interminable bled désert et de ces montagnes qu’il nous fallut traverser.
Ici, je sens que je pourrai reprendre mon existence demi-musulmane et
que d’invisibles amies m’attendent en leurs demeures, derrière les vieux
murs en ruines.
23 novembre.
Lella Fatima Zohra me fait appeler chaque matin, et je la trouve
invariablement accroupie au milieu de la salle qui donne sur le riadh. Elle
se soulève à peine pour m’accueillir, car sa corpulence répugne au moindre
mouvement. Toute une vie de réclusion appesantit ses membres. La Cherifa
ne bouge guère de sa place favorite, d’où elle aperçoit le jardin, un coin de
ciel, et surveille les allées et venues des esclaves. Son existence s’écoule sur
un sofa, dans l’amoncellement des coussins; c’est là qu’elle dort, s’habille,
boit le thé, prend ses repas. Ses nobles mains, qui ne connurent jamais le
travail, reposent blanches et potelées parmi les étoffes. Depuis que l’âge et
les soucis ont ravagé sa beauté, Lella Fatima Zohra ne porte plus que les
vêtements sévères qui conviennent aux matrones: des caftans de drap,
voilés par une simple tfina de mousseline; une sebenia, tissée dans le pays,
à rayures oranges et jaunes, alors que les jeunes femmes se coiffent des
soyeux foulards à ramages venus d’Europe.
Haute et rigide, une ceinture de Fès enroule autour de sa taille des
arabesques éblouissantes. C’est le seul luxe qu’elle garde, bien que la mode
en soit passée.
—Car, dit-elle, je ne saurais, sans cela, me soutenir. J’y fus habituée dès
l’enfance, mes os n’auraient pas la force de supporter mon corps.
Elle a renoncé à tout autre ornement, ses joues ne se relèvent d’aucun
fard; c’est à peine si elle noircit ses yeux de kohol et colore ses mains au
henné. Pour qui du reste se parerait-elle?... L’indiscrétion des négresses m’a
déjà révélé que le Chérif ne va plus jamais la rejoindre en sa chambre...
Lella Fatima-Zohra m’apparaît femme de grand sens, prudente et avisée.
Elle accepte, avec une résignation très digne, les désordres de son époux,
les innombrables favorites dont il emplit la maison. C’est elle-même, dit-on,
qui lui ferma sa porte, après trop de scandales, et obtint cette séparation à
l’amiable, si rare chez les Musulmans. Mouley Hassan ne la répudia pas,
son orgueil dut plier devant les exigences de la Cherifa. Il ne fut pas non
plus sans peser la grande fortune que l’épouse ajoutait à la sienne, ni cette
luxueuse demeure, héritée de son beau-père.
Et, qu’a-t-il à regretter d’une femme flétrie, alors qu’il peut se procurer
si facilement toutes ces jeunes négresses à la peau lisse, aux reins
mouvants, et à la forte odeur capiteuse?...
Lella Fatima Zohra reprit donc sa liberté, si l’on peut appeler liberté
l’obligation de vivre entre les murs, dans la stricte observance des coutumes
musulmanes.
Malgré le détachement du maître, elle jouit d’un réel prestige dans la
maison, car elle est de noble race, riche et considérée, outre l’entendement
qu’Allah lui dispensa. Les esclaves semblent la vénérer; les concubines,
dont le nombre augmente chaque jour, lui témoignent une humble déférence
et sollicitent même ses conseils dans les circonstances graves. Un essaim de
négrillons et de négrillonnes, aux teints plus ou moins foncés, bourdonnent
sans cesse autour d’elle, et roulent sur les tapis, bousculent les coussins
avec l’exubérance animale de leur âge. Progéniture du Chérif—qui
témoigne un goût particulier pour les négresses,—et qu’elle traite presque
maternellement.
—Tu n’as pas d’enfant? lui ai-je demandé.
—J’en ai perdu huit, mais,—louange à Dieu!—il me reste un fils,
Mouley Abdallah, marié depuis le mois de Chabane. Sa demeure est toute
proche. Il faudra que tu ailles voir ma belle-fille, Lella Meryem, une gazelle
aux yeux langoureux...
—Elle sera mon amie, puisqu’elle paraît si chère à ton cœur.
—S’il plaît à Dieu!... Mouley Abdallah en a l’esprit perdu. Il la comble
de présents et lui a même promis de ne prendre aucune autre femme.
—Crois-tu qu’il tiendra sa parole?
—Dieu seul connaît le cœur des hommes. Il est le plus savant.
—Les Meknassi[14] ont-ils toujours plusieurs épouses?
—Rare, ô ma fille! celui qui peut se contenter d’une... Généralement ils
en prennent deux ou trois, parfois quatre, selon la permission du Livre, et
combien d’esclaves!...
—Toi, du moins, tu n’as pas de co-épouse?
—Détrompe-toi, Mouley Hassan a trois femmes légitimes, l’une à la
Mecque, fille du Mufti des quatre rites, l’autre à Marrakech, dont le père est
un Caïd des Sgharna, et moi-même... Il songe à présent à en épouser une
quatrième...
Lella Fatima Zohra n’en dit pas davantage, et, malgré sa sérénité, je
n’osai l’interroger sur ce sujet délicat.
24 novembre.
—Je suis lasse et ne puis encore te faire visiter la maison, me répète la
Cherifa toutes les fois que je me rends auprès d’elle.
Je n’imagine guère, du reste, sa lourde personne errant à travers les cours
et les couloirs. C’est à peine si je la vis faire quelques pas dans les allées du
jardin, vite essoufflée par cet effort.
—Aïcheta te guidera, me dit-elle aujourd’hui, en désignant une esclave.
Pardonne-moi, ô ma fille, de ne t’accompagner comme je le voudrais, car
mes membres affaiblis se refusent à moi.
La négresse m’entraîne dans le palais, dont je ne connais encore qu’une
partie, et, consciencieusement, elle m’en fait visiter tous les recoins: les
cuisines sombres, noircies de fumée, où flotte un relent d’huile et de
graisse; les chambres à provisions, pleines d’énormes jarres ventrues; les
escaliers étroits, les couloirs innombrables; le «menzeh»[15], dans lequel le
Chérif aime à recevoir ses amis, et qui a, sur le premier vestibule, son entrée
indépendante; les salles immenses, étincelantes d’ors, de peintures et de
mosaïques, toutes garnies de sofas et de coussins en brocart; et les cinq
patios, différents d’âge et de style, mais également admirables. Ils furent
construits par les ancêtres de Lella Fatima Zohra, à mesure qu’augmentaient
l’opulence de la famille et le nombre des épouses. Les galeries du premier
étage sont soutenues par des piliers sur lesquels repose l’entablement. Dans
chaque patio l’eau scintille, telle la gemme précieuse au milieu de l’écrin.
Elle fuse des grandes coupes de marbre, en jets minces et brillants; ruisselle
des vasques très basses posées à même le sol; s’étale paresseusement dans
les bassins, azurée, changeante, selon les caprices du ciel.
Des esclaves viennent aux fontaines remplir leurs amphores et les
aiguières de cuivre destinées aux ablutions. Une extraordinaire population
féminine s’agite dans le palais, cuit les aliments sur des canoun[16], lave le
sol à grande eau, boit du thé, file de la laine. De belles négresses, aux
croupes arrondies, se vautrent parmi les coussins. Leur indolence, le luxe de
leurs parures multicolores, et certain air de bestiale satisfaction
épanouissant leurs faces, dénoncent les favorites du moment.
Mais il y a aussi de minces fillettes à peine nubiles, dont le Chérif ne
dédaigne pas le charme aigrelet, et des matrones effrontément fardées qui
savent, parfois encore, l’ensorceler de leurs attraits vieillissants.
—Du reste, me confie Aïcheta, il a connu, ne fût-ce qu’une fois, chaque
femme de sa maison. Quand il achète une nouvelle esclave, on la fait bien
reposer, manger avec abondance, aller au hammam et revêtir des vêtements
neufs. Puis, le maître l’appelle un soir. Celle qui sait plaire reçoit des
bijoux, des caftans, des servantes; elle habite une belle chambre et n’a rien à
faire de tout le jour. Les autres, les pauvres! retournent avec les esclaves et
travaillent comme des ânes.
—Et toi, Aïcheta? demandai-je curieuse.
—O mon malheur! Le Seigneur ne m’avait pas désignée pour être une
«maîtresse des choses». Je ne passai, chez Mouley Hassan, qu’une seule
nuit...
Aïcheta est noire et simiesque. Je m’étonne même que notre hôte n’ait
pas jugé à propos de faire une infraction à sa coutume.
—As-tu vu ces vieilles qui filaient dans l’autre cour? continue la
négresse, elles ont eu des jours heureux, lorsque le Chérif était jeune... A
présent, qui songerait à les regarder? Allah seul reste immuable...
—Certes! qu’Il soit exalté. Mais, dis-moi ce que devient une favorite
quand elle a cessé de plaire?
—Si ton vêtement de soie est abîmé, tu en fais un chiffon pour nettoyer
les plateaux...
—Ainsi, elle retourne parmi les esclaves?
—En vérité! et nous nous moquons d’elle ce jour-là.
La face de guenon grimace d’un rire mauvais.
—Il ne tardera pas à luire pour Messaouda, la fière, ajoute-t-elle, en
désignant une négresse qui allaite un nouveau-né. Un sein noir et luisant
sort d’une large manche de son caftan, où disparaît la tête de l’enfant.
—Mais, dis-je, elle a donné un fils au Chérif.
—Et qu’importe?... Il sera Chérif lui-même, si Dieu lui accorde
l’existence... sa mère n’en reste pas moins une esclave comme moi! Nous
autres sommes faites pour servir et manger du bâton...
Aïcheta parle sans amertume. Elle envie le sort des favorites qui goûtent
pendant quelques mois, ou quelques années, aux délices de la richesse et de
l’oisiveté, mais elle est parfaitement résignée à son sort qu’elle juge normal
et dispensé par Allah.
—Ne répète rien de ce que je t’ai raconté à Lella Fatima Zohra, me
recommande-t-elle au retour.
—N’aie pas de crainte, ô ma fille, murmurai-je en lui glissant une pièce
d’argent dans la main; mon cœur est fermé sur les secrets par un cadenas.
25 novembre.
Une chanson:

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Money the Financial System and the

Economy 6th Edition Hubbard Test

Money Banking and the Financial System 2nd Edition

Money Banking and the Financial System 3rd Edition

Money Banking and the Financial System 2nd Edition

Money Banking and the Financial System 3rd Edition

Economics of Money Banking and Financial Markets The

Economics of Money Banking and Financial Markets The

Economics of Money Banking and Financial Markets The

Macroeconomics Understanding the Global Economy 3rd

3) About what percentage of U.S. output was exported to foreigners in 2006?

6) The nominal exchange rate is

7) The daily turnover in the foreign exchange market is:

14) When a country's nominal exchange rate appreciates, the price of

16) If the Japanese yen appreciates against the U.S. dollar,

17) If the British pound depreciates against the U.S. dollar,

22) When a country's real exchange rate appreciates,

23) When a country's real exchange rate depreciates,

28) Which of the following is NOT true of the foreign-exchange market?

29) Most foreign exchange is bought and sold

30) Which of the following is NOT a primary center of foreign-exchange trading?

32) In the spot foreign exchange market,

33) In forward transactions,

34) In the long run, exchange rates are determined by

37) Between 1973 and 2005, the dollar

45) If U.S. consumers increase their demand for Canadian goods,

48) Trade barriers

49) If the United States puts a quota on imports of automobiles,

52) An exception to the law of one price occurs if

55) The theory of purchasing power parity

57) The theory of purchasing power parity assumes that

62) Differences in price levels

73) International capital mobility refers to

76) The nominal interest rate parity condition states that

77) Equilibrium occurs in the foreign exchange market when the

84) The soaring dollar in the early 1980s

85) If the interest rate in the United States rises

88) If a currency's foreign exchange value is expected to fall, then

91) The currency premium in foreign-exchange markets

8.2 Essay Questions

Title: Derrière les vieux murs en ruines: roman marocain

Release date: July 15, 2022 [eBook #68528]

Original publication: France: Calmann Lévy, 1922

Credits: Laurent Vogel, Chuck Greif and the Online Distributed

*** START OF THE PROJECT GUTENBERG EBOOK DERRIÈRE

Droits de traduction et de reproduction réservés

Copyright 1922, by Calmann-Lévy.

La prière sur toi, ô Prophète de Dieu!

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