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This study investigates the impact of the recent Asian ®nancial crisis on global economic adjustment and its implication for US agriculture using a multi-country, multi-sector dynamic intertemporal general equilibrium model with endogenously modelled ®nancial markets. The simulation results show that the crisis in Asia reduces not only US exports but also interest rates and the cost of intermediate inputs of production, stimulating US domestic economic activity in interest-sensitive sectors, and driving up demand for agriculture products. However, this stimulus of domestic demand may or may not offset the negative impact of declining exports. JEL Classi®cation Numbers: D58, F17, F30.