The process of the globalization is an important phenomenon of the last decades. Globalization helps to intensify the process of the international division of the labor. On the other side, it stimulates an increase of the international capital movement. The traditional arguments toward the broad capital flows liberalization emphasize the growth benefits. But it is rather inconclusive to measure an exact contribution to economic growth. At the same time the financial liberalization may lead to the higher macroeconomic aggregates volatility. There is also some evidence about benefits of the capital flows liberalization on the microeconomic level that shows the distortional effects of the capital controls. In the paper we analyze the economic aspects of the capital flows liberalization, in terms of growth and volatility of the macroeconomic aggregates.