A second lower bound for interest rates

The first lower bound for interest rates is well known: the zero (or near-zero) lower bound of nominal interest rates. But there is a second lower bound for interest rates, namely the interest rate below which there are significant capital outflows that weaken the economy , by reducing liquidity for banks and by eroding the terms of trade under the effect of exchange rate depreciation . This second lower bound exists clearly in the case of emerging countries, but it probably exists in the euro zone also.