As I said earlier, EMEs surely need capital flows for their investment needs. But if they get more of the flows than they can absorb, it hurts the economy both in financial and economic terms. I will not go into all the details here, but what you should know is that there are no easy ways to deal with excess flows.
Depending on how the excess flows are handled, it can lead to appreciation of the currency making exports less competitive, build up asset price bubbles, fuel inflationary pressures or drive up interest rates.