  By using the Gerasimov-Drell-Hearn (GDH) sum rule and an isobaric model of
kaon photoproduction, we calculate contributions of kaon-hyperon final states
to the magnetic moment of the proton and the neutron. We find that the
contributions are small. The approximation of sigma_{TT'} by sigma_{T} clearly
overestimates the value of the GDH integral. We find a smaller upper bound for
the contributions of kaon-hyperon final states to the proton's anomalous
magnetic moment in kaon photoproduction, and a positive contribution for the
square of the neutron's magnetic moment.
