Within a dynamical model, rescattering effects are studied in coherent pionphotoproduction on the deuteron in the $\Delta$(1232) resonance region. Themodel consists of a system of coupled equations for the N$\Delta$, NN$\pi$ andNN channels. Pion rescattering leads in general to a significant reduction oftotal and differential cross sections resulting in a better description ofexperimental data. Only a few polarization observables are sensitive torescattering effects. In particular $T_{20}$ allows an analysis of the reactionmechanism for specific kinematics. The question how rescattering affects thesensitivity to the E2 excitation of the $\Delta$ resonance is also studied.
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