Abstract: Traditional Keynesian multiplier of fiscal policy includes governmental expenditure multiplier and tax multiplier.Modem finance theory discussed the multiplied effect of the transfer payments to the output ulteriorly.jn principle, the author analyzed the factors of the short run which affect the effect of the national debt, as well as in the long run,then figured out that pulling the growth of the economy with the foreign loans in the short run will praduce good multiplied effect, but in the long run the ec...