In all the exchange rate tests of which I am aware, the hypothesis has been contradicted by the facts. The third difference from an emerging market viewpoint is their relatively under-developed financial infrastructures and regulatory frameworks. They do not have as strongly a based system of regulating stock markets or banks or the underlying body of commercial (including bankruptcy) law or accounting practices.
The current nationalism is built on a very narrow economic base and it is fairly clear, given the structural features of these economies, that it will be a major struggle to achieve our targets on our own. In fact, not even in the larger countries have these been achieved.