The author considers the issue of inter-industry labour mobility in the theory of optimum currency areas (OCA) and analyses the explanatory and predictive power of Mundell´s and Kenen´s criteria when the phenomenon of monetary integration presents itself as a process of gradual incorporation...

Starting from the observations that the U.S. is faced with a considerable deficit of its manufactures balance of trade with Japan and that strong interna1 pressures for intervention are present, the author calculates several scenarios with an empirical world trade model of protectionist trade...