If the Government borrows a lot of money, what will this do to interest rates?

"I feel that when the Government borrows funds, the affect it has on interest rates may depend on a few factors such as if the funds are being deployed to support war/military, the current interest rate of the central banks, and the debt to GDP ratio. An interesting read is a white paper published by Noriaki Kinoshita. He shows that borrowing from Governments has minimal effect on interest rates. You may be interested in reading it."