Some States host Open Registers (also known under the pejorative term of “flags of convenience”): ships are registered regardless of their actual owners’ nationality or residence, and thus States enable them to escape from their country of origin’s legal framework. By being an aspect of globalization, this phenomenon has been growing up for 30 years, and is nowadays widespread, or even universal. Because each State fixes the conditions for implementation of its right to register ships, the phenomenon is a legal one. But it has strong economic implications too. Indeed, the laws of the State of registration – namely “flag state” – determine certain costs or some advantages for the company that adopts it, and can be attractive or repellent as for them.This work proposes an economic reading of the open registers of ships as a recent object of economics and tries to highlight the contribution of this activity to small islands’ economies, especially through some Caribbean examples (the Caribbean is by the way the historical cradle of this activity and offshore financial centres).Based on data concerning the last 30 years and 7 open-registry countries of the Caribbean (Gross Domestic Products and some items of the balances of payments), the research conducted here shows that, except perhaps Antigua, no significant correlation exists in host countries between the fleets registered and the economic gains : the “open registration” is not, by itself, a gain for small island economies surveyed.
