Equity capital markets are important indicators in sharing information among investors, and in predicting firm value and fundamental economic parameters. Equity markets conducting these functions form a link between economic activities and financing. Therefore, development of equity markets plays an important role on the improvement of the global economy and finance. Especially, well functioning of capital markets possesses a separate importance for savings to be utilized effectively in the financial system and for the flow of funds in the system in emerging economies. The countries named as fragile five countries which are Brazil, India, Indonesia, South Africa and Turkey, with resemblance to each other due to their current account deficits, deterioration of government budget balance and loans granted at high levels, are studied with The Calderon-Rossell Model for the period of 2003-2013 in this article. For the development of equity markets, the analysis proves that real economic growth, turnover ratio, gross domestic savings and foreign direct investment variables have been statistically significant and have positive influence on the development of equity capital markets. On the other side, bank loans granted to private sector and inflation rate parameters have been statistically insignificant which proves that they have no effect on the development of equity capital markets.