Are emerging countries condemned to a lack of growth?

Many emerging countries have structural external deficits that result from the need to finance with external debt the necessary level of investment for these countries to grow . But capital flows to emerging countries are erratic, with outflows at times and inflows at others. This erratic nature of capital flows destabilises emerging countries that have external deficits ( the destabilis ation operates via movements in exchange rates and then in inflation and interest rates). To prevent the destabilisation of their economies , should emerging countries confine themselves to not running external deficits? To be sure, their economies would be more stable, but they would have to reduce their investment, which would result in lower long-term growth.