I suggest OBS. It does both streaming, file output, is entirely free, & open source.
Since you're also emulating, I hope you have the CPU to handle both emulation and recording.
Another is DxTory, it doesn't record desktop and it only records the game, & its not free. If you have any overlays, or whatever, or if you tab out, people would still only see the screen; same goes for OBS depending on the setting.
GameCam isn't bad, but you need a computer that is well overpowered for the game and if you don't pay, then they put a watermark and restriction on file format.
There's also Adobe Flash Media Recorder, which is completely free, but you have to do something a bit hackish to get it to record your monitor as it is meant for recording cameras. Supposibly it is one of the better ways since you can get a very high quality video (1080p at 60hz with a high 22k sample rate) if you have the power.