Based on the Barro classical growth model, this paper introduces capital account openness and exchange rate volatility to conduct an empirical analysis using the panel data of 182 countries(regions) during 1970-2013 to examine the combined effects of capital account openness and exchange rate risks on economic growth. Our findings are as follows:(1) Without considering exchange rate volatility, capital account openness is subject to a threshold effect, i.e. capital account openness significantly promotes the economic growth of middle-and high-income countries but exerts the opposite effect on low-income countries; and(2) after exchange rate volatility is taken into account, the growth effect of capital account openness is reduced and the greater the exchange rate volatility is, the smaller the marginal effect of capital account openness will be; sample-specific results also proved the existence of the threshold effect. This paper offers the following implications:(1) The effect of capital account openness can be better examined based on risk factors;(2) moderately controlling exchange rate volatility is conducive to acquiring greater benefits from capital account openness; and(3) the threshold effect of capital account openness cannot be overlooked. Based on the Barro classical growth model, this paper introduces capital account openness and exchange rate volatility to conduct an empirical analysis using the panel data of 182 countries (regions) during 1970-2013 to examine the combined effects of capital account openness and exchange rate risks risks open economy is subject to a threshold effect, ie capital account openness significantly promotes the economic growth of middle-and high-income countries but exerts the opposite effect on low-income countries; and (2) after the exchange rate volatility is taken into account, the growth effect of capital account openness is reduced and the greater the exchange rate volatility is, the smaller the marginal effect of capital account openness will be; sample-specific results also proven the existence of the threshold effect. This paper offers the following implications: (1) The effect of capi tal account openness can be better examined based on risk factors; (2) moderately controlling exchange rate volatility is conducive to acquiring greater benefits from capital account openness; and (3) the threshold effect of capital account openness can not be overlooked.