Tunisia is a country that has made the choice for several decades to gradually open up to foreign capital. Therefore, this paper examines the short-and long-term dynamics between capital account liberalization and economic growth in Tunisia during the period 1984-2018. Based on a bounds test co-integration approach using the Auto Regressive Distributive Lags (ARDL) by Pesaran et al. (2001) and the causality test by Toda Yamamota (1995), we found evidence supporting long- term co-integration relationships between capital account liberalization and economic growth. Nevertheless, the short-term impact is more limited and the causality runs from financial liberalization to economic growth. This result is explained by the importance of the financial and institutional reforms that the Tunisian authorities continue to adopt in the context of a cautious, gradual and orderly approach, allowing to meet some preliminary conditions required for the implementation of external financial liberalization. In fact, it is the level of financial development resulting from the various undertaken reforms that constitutes one of the two main channels through which the liberalization of the capital account affects economic growth in our study.