Based on the panel smoothing regression model (PSTR),this paper uses capital ac-count opening as a threshold variable,and trade openness,gross domestic savings and financial development ass control variables,to study the impact of different international capital flows on economic growth in emerging economies.The results show that there is a non-linear relationship between them,and the role of direct investment in economic growth is becoming more and more important,portfolio investment gradually decreased,other investment from significant to not sig-nificant,when the capital account opening deg...