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A study of the strangeness production process pp~AA at threshold and intermediate energies has been performed doing a full coupled-channel (pp, AA) calculation. The elastic part of the pp and AA interactions has been derived from a one-boson-exchange version of the Bonn NN potential and a corresponding extension to the hyperon-nucleon case whereas the annihilation part is taken into account by introducing suitable optical potentials. The transition interaction between pp and AA is based on Kand K*-meson exchange. A reasonably good description of empirical cross sections as well as polarization data is achieved. It is demonstrated that the results are quite sensitive even to short-range modifications of the channel interactions. We also compare our model with other approaches and suggest a new experiment which would be able to check the very different predictions of the meson-exchange and constituent quark model, respectively.PACS number(s): 25.43.+t, 13.75.Cs, 21.30. +j

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