Default
Default
Within the limited time before IMF assistance, the film unfolds the crisis forecast, closed-door meetings, IMF negotiations, and individuals’ choices in parallel. The Deputy Minister of Finance clashes with Han Si-hyeon and represents a different position on IMF negotiations and structural reform.
OVERALL TRUTH BASIS · Fact-based dramatization
Based on the real historical events of the 1997 Korean foreign-exchange crisis and IMF bailout negotiations, but key figures such as Han Si-hyeon, Yoon Jeong-hak, Gap-su, and the Deputy Minister of the Ministry of Finance, as well as many meeting and confrontation scenes, are fictional or composite dramatic reconstructions.
1997 South Korean foreign-exchange crisis
A foreign-exchange and financial crisis caused by the combination of vulnerabilities in the corporate and financial sectors, international capital outflows, and worsening foreign-currency liquidity in 1997. The government requested IMF financial assistance in November 1997, and the IMF program began in December.
1997 South Korea–IMF Stand-By Arrangement
The IMF Stand-By Arrangement concluded in response to the 1997 foreign-exchange crisis, along with the financial assistance and policy program under it.
South Korean Government's Request for IMF Financial Assistance
The event in which the South Korean government officially decided and announced that it would request emergency financial assistance from the IMF.
Program Agreement Between the South Korean Government and the IMF
The event in which the South Korean government agreed to the first Letter of Intent for an IMF assistance program and its economic policy conditions.
IMF Approval of South Korea's Stand-By Arrangement
The IMF Executive Board approved a three-year Stand-By Arrangement for South Korea worth SDR 15.5 billion.
FACT / FICTION
Verification 41
Fact / Fiction verification
41 recordsThe film <Default> was released on November 28, 2018, and has a runtime of 114 minutes.
On screen · Verified record
- On screen
- —
- Verified record
- The KMDb title information lists the release date as 2018-11-28 and the runtime as 114 minutes.
View 1 sources
- 국가부도의 날 - KMDb 작품정보한국영상자료원 KMDb · Specialist database · Grade BOpen source →
The bailout agreement between South Korea and the IMF was formalized in early December 1997.
On screen · Verified record
- On screen
- In the latter part of the film, negotiations and an agreement between the IMF and South Korea are depicted as key events.
- Verified record
- The National Archives of Korea records the signing of the agreement on December 3, and the IMF formalized a Stand-By Arrangement for South Korea in early December.
View 2 sources
- 이달의 기록 - IMF 구제금융사건국가기록원 · Government source · Grade AOpen source →
- Republic of Korea IMF Stand-By ArrangementInternational Monetary Fund · International organization · Grade AOpen source →
The 1997 IMF program included the closure and restructuring of insolvent financial institutions.
On screen · Verified record
- On screen
- The film is set against a situation in which the foreign-exchange crisis leads to the collapse and restructuring of businesses and financial institutions.
- Verified record
- The official IMF agreement documents state that nine insolvent merchant banks had already suspended operations by December 2, 1997, and set out a policy of closing or restructuring and recapitalizing insolvent financial institutions.
View 1 sources
- Republic of Korea IMF Stand-By ArrangementInternational Monetary Fund · International organization · Grade AOpen source →
After the 1997 foreign-exchange crisis, South Korea drew funds under an IMF Stand-By Arrangement and completed repayment in August 2001.
On screen · Verified record
- On screen
- —
- Verified record
- The Bank of Korea records that South Korea drew SDR 14.41 billion from the arrangement, which totaled SDR 15.5 billion, and completed repayment in August 2001.
View 1 sources
- 국제금융기구 및 국제회의체 - IMF 융자 및 기술지원 수혜한국은행 · Government source · Grade AOpen source →
Han Si-hyeon is a fictional character created through cinematic imagination, not a specific real person.
On screen · Verified record
- On screen
- Han Si-hyeon, played by Kim Hye-soo, appears as the head of the Bank of Korea's monetary policy team and a central figure who warns of the crisis and opposes the IMF bailout.
- Verified record
- In a TBS interview, writer Eom Seong-min directly explained that the title was also unlike any real one and that Han Si-hyeon herself was a fictional character created through cinematic imagination.
View 1 sources
- 엄성민 <국가부도의 날> 작가 인터뷰(전문)TBS · Creator interview · Grade AOpen source →
Titles such as “Bank of Korea Monetary Policy Team” and “Governor of the Bank of Korea” in the film do not use the actual organization and position names as they were.
On screen · Verified record
- On screen
- Han Si-hyeon is described as head of the Bank of Korea's monetary policy team, while the head of the Bank of Korea is referred to as the “Governor.”
- Verified record
- Writer Eom Seong-min explained that actual events were adapted and reconstructed cinematically, and that titles and names were changed to reduce misunderstandings and emphasize the film's creative expression.
View 1 sources
- 엄성민 <국가부도의 날> 작가 인터뷰(전문)TBS · Creator interview · Grade AOpen source →
The Deputy Minister of the Ministry of Finance is a composite character combining several people and assessments of the economic team at the time, rather than being modeled on one specific real person.
On screen · Verified record
- On screen
- The Deputy Minister of the Ministry of Finance, played by Jo Woo-jin, is a key official who clashes with Han Si-hyeon over policy.
- Verified record
- Writer Eom Seong-min explained that he did not have a specific person in mind and brought together in one character various assessments of the economic team's response at the time. Producer Oh Hyo-jin also said the character was not modeled on just one person but combined several people.
View 2 sources
- 엄성민 <국가부도의 날> 작가 인터뷰(전문)TBS · Creator interview · Grade AOpen source →
- <국가부도의 날> 최국희 감독·오효진 프로듀서 인터뷰씨네21 · Creator interview · Grade BOpen source →
Gap-su is a character created by combining the experiences of several people who faced business difficulties during the foreign-exchange crisis with the writer's family's experiences, rather than being one specific real person.
On screen · Verified record
- On screen
- Gap-su, a small-business owner played by Heo Jun-ho, represents an ordinary economic actor directly hit by the foreign-exchange crisis.
- Verified record
- Writer Eom Seong-min explained that he created the character of Gap-su by combining interviews with working people who faced difficulties at the time, his own experiences, and material drawn from his father.
View 1 sources
- 엄성민 <국가부도의 날> 작가 인터뷰(전문)TBS · Creator interview · Grade AOpen source →
Yoon Jeong-hak is more of a cinematic device for expressing the changes after the foreign-exchange crisis and a particular viewpoint than a biographical portrayal of one specific real-life financier.
On screen · Verified record
- On screen
- Yoon Jeong-hak, played by Yoo Ah-in, sees the foreign-exchange crisis as an investment opportunity and makes contrarian investments.
- Verified record
- Director Choi Kook-hee described Yoon Jeong-hak as “a cinematic device and a character depicting the younger generation,” and writer Eom Seong-min explained that he concentrated various perspectives and the meaning of change in individual characters, and that Yoon Jeong-hak was constructed in the same way.
View 2 sources
- 엄성민 <국가부도의 날> 작가 인터뷰(전문)TBS · Creator interview · Grade AOpen source →
- “1997년 위기 복기하고, 화두 던지는 영화”…<국가부도의 날> 최국희 감독 인터뷰경향신문 · Major news · Grade BOpen source →
The news of Midopa Department Store's final default inserted into the film is a temporal reconstruction that uses material from early 1998 within the 1997 crisis narrative.
On screen · Verified record
- On screen
- News of Midopa Department Store's collapse heightens the urgency of the unfolding 1997 foreign-exchange crisis.
- Verified record
- Producer Oh Hyo-jin directly explained that Midopa was finally declared in default in early 1998 and that the film used news footage from that period as a cinematic liberty.
View 1 sources
- <국가부도의 날> 최국희 감독·오효진 프로듀서 인터뷰씨네21 · Creator interview · Grade BOpen source →
The filmmakers researched records and reports on the foreign-exchange crisis, National Assembly materials from the special committee on the currency crisis, footage from the time, and interviews with people who experienced it, among other sources, to develop the broad outline of the screenplay.
On screen · Verified record
- On screen
- —
- Verified record
- Writer Eom Seong-min said that he consulted records and materials from the time, reports by economic research institutes, National Assembly reports from the special committee on the currency crisis, accounts from people who experienced it, video materials, and memoirs.
View 1 sources
- 엄성민 <국가부도의 날> 작가 인터뷰(전문)TBS · Creator interview · Grade AOpen source →
On December 3, 1997, the South Korean government formally requested a three-year Stand-By Arrangement from the IMF for SDR 15.5 billion.
On screen · Verified record
- On screen
- The IMF bailout negotiations and request are depicted as key historical events in the latter part of the film.
- Verified record
- The South Korean government's Letter of Intent dated 1997-12-03 formally requests a three-year Stand-By Arrangement of SDR 15.5bn.
View 1 sources
- Korea Letter of Intent, December 3, 1997International Monetary Fund · International organization · Grade AOpen source →
On December 4, 1997, the IMF Executive Board approved three-year Stand-By credit for South Korea worth approximately US$21 billion.
On screen · Verified record
- On screen
- The film depicts the IMF agreement as a turning point that reshapes the national economic system.
- Verified record
- An official IMF press release states that it approved SDR 15.5bn (approximately US$21bn at the time), of which approximately US$5.56bn was immediately available.
View 2 sources
- IMF Approves SDR 15.5 Billion Stand-By Credit for KoreaInternational Monetary Fund · International organization · Grade AOpen source →
- History of Lending Commitments: KoreaInternational Monetary Fund · International organization · Grade AOpen source →
At the end of November 1997, South Korea's usable foreign-exchange reserves had fallen to around US$7.3 billion.
On screen · Verified record
- On screen
- The film depicts a situation in which very little time remains before national default and usable foreign currency is rapidly running out.
- Verified record
- The Bank of Korea records that usable foreign-exchange reserves at the end of November 1997, just before the IMF bailout, amounted to only US$7.3 billion.
View 1 sources
- 외환보유액 운용의 과거·현재·미래한국은행 · Government source · Grade AOpen source →
Yoon Jeong-hak is not a character modeled on one specific real-life investor.
On screen · Verified record
- On screen
- Yoon Jeong-hak appears as a financier who anticipates the foreign-exchange crisis and makes a large profit through contrarian investing.
- Verified record
- In an SBS interview, Yoo Ah-in directly said that he “didn't have a role model” when playing Yoon Jeong-hak, and explained that he referred to newspaper articles and TV news from the time.
View 1 sources
- '국가부도의 날' 유아인·조우진, 실제 모델 있다?SBS 뉴스 · Cast interview · Grade BOpen source →
The film's stark institutional conflict—“the Bank of Korea opposed going to the IMF, while the Ministry of Finance and Economy pushed for it”—is a simplified and reconstructed portrayal of the actual policy-making process.
On screen · Verified record
- On screen
- Han Si-hyeon and the Bank of Korea side strongly oppose the IMF bailout, while the Deputy Minister of the Ministry of Finance is presented as pushing for IMF negotiations.
- Verified record
- According to Yonhap News' review of materials from the time, the Bank of Korea repeatedly warned of the crisis, and the actual positions and decision-making of the government and the Bank of Korea regarding IMF assistance were more complex than the film's binary framing.
View 1 sources
- [팩트체크] '국가부도의날', 고통스럽던 실제 그때는연합뉴스 · Major news · Grade BOpen source →
South Korea's first IMF Letter of Intent in 1997 was submitted to the IMF Managing Director under the names of the Governor of the Bank of Korea and the Minister of the Ministry of Finance and Economy.
On screen · Verified record
- On screen
- The film depicts the Bank of Korea and government economic officials as strongly opposed sides, but the actual IMF Letter of Intent was submitted jointly under the names of the heads of the two institutions.
- Verified record
- The National Archives of Korea explains that the first IMF Letter of Intent was submitted to IMF Managing Director Michel Camdessus under the names of the Governor of the Bank of Korea and the Minister of the Ministry of Finance and Economy.
View 2 sources
- 경제 성장을 지원한 국제금융기구(IMF, IBRD), 기록으로 보다국가기록원 · Government source · Grade AOpen source →
- Korea Letter of Intent, December 3, 1997International Monetary Fund · International organization · Grade AOpen source →
There had been actual conflicts between the Ministry of Finance and Economy and the Bank of Korea over the central bank's system and authority even before the foreign-exchange crisis.
On screen · Verified record
- On screen
- The film dramatizes policy conflict between the finance authorities and the Bank of Korea through the clash between the Deputy Minister of the Ministry of Finance and Han Si-hyeon.
- Verified record
- The National Archives of Korea records that the Bank of Korea opposed the Ministry of Finance and Economy's proposed amendments to the Bank of Korea Act in 1995, preventing their passage, and that in 1997 amendments were pursued after related debate and a four-party agreement.
View 1 sources
- 한국은행법 - 1997년 금융·외환위기와 개정국가기록원 · Government source · Grade AOpen source →
The film's Bank of Korea versus finance authorities setup draws on institutional and policy conflicts that did exist, but the primary records currently available are not sufficient grounds for treating the entire actual decision-making process surrounding the IMF request as a simple pro-and-con battle between the two institutions.
On screen · Verified record
- On screen
- The film depicts a binary conflict in which Han Si-hyeon/the Bank of Korea oppose going to the IMF, while the Deputy Minister of the Ministry of Finance/the government push for it.
- Verified record
- Official records confirm institutional conflicts between the two bodies, while the final IMF Letter of Intent was jointly submitted under the names of the Governor of the Bank of Korea and the Minister of the Ministry of Finance and Economy. It is therefore possible to conclude that the film's dramatic conflict simplifies the actual policy-making structure, but further materials from the special committee on the currency crisis and meeting records from the time are needed to establish the specific positions in greater detail.
View 3 sources
- 경제 성장을 지원한 국제금융기구(IMF, IBRD), 기록으로 보다국가기록원 · Government source · Grade AOpen source →
- 한국은행법 - 1997년 금융·외환위기와 개정국가기록원 · Government source · Grade AOpen source →
- IMF 외환위기 극복 관련기록물 목록국가기록원 · Government source · Grade AOpen source →
The IMF program was associated with broad changes to the economic system, including the exchange-rate regime, opening financial markets, and restructuring financial institutions.
On screen · Verified record
- On screen
- The film depicts the IMF negotiations as an event that brought institutional changes to the South Korean economy, not merely an emergency loan.
- Verified record
- The National Archives of Korea summarizes the outcomes of the IMF negotiations as including the adoption of a free-floating exchange-rate system, the opening of stock, bond, and short-term financial markets, restructuring, and changes to the financial infrastructure.
View 2 sources
- 통화신용정책 - 외환위기와 IMF 협상 이후 제도 변화국가기록원 · Government source · Grade AOpen source →
- Korean Crisis and RecoveryInternational Monetary Fund eLibrary · International organization · Grade AOpen source →
<Default> is a South Korean film released in 2018 and directed by Choi Kook-hee.
On screen · Verified record
- On screen
- —
- Verified record
- The KOFIC official database confirms it as a 2018 work directed by Choi Kook-hee.
View 1 sources
- Default (2018)Korean Film Council / Koreanfilm.or.kr · Specialist database · Grade AOpen source →
The South Korean government and the IMF agreed on the first Letter of Intent for an IMF program on December 3, 1997.
On screen · Verified record
- On screen
- The film condenses the tense negotiations between the IMF and the South Korean negotiating team into a major part of the story.
- Verified record
- The South Korean government's Letter of Intent dated December 3, 1997, is publicly available from the IMF.
View 1 sources
- Korea Letter of Intent, December 3, 1997International Monetary Fund · International organization · Grade AOpen source →
On December 4, 1997, the IMF approved a three-year Stand-By Arrangement for South Korea of SDR 15.5 billion, worth approximately US$21 billion at the time.
On screen · Verified record
- On screen
- The film's IMF bailout negotiations are based on an actual international financial assistance decision.
- Verified record
- An official IMF press release records SDR 15.5 billion, approximately US$21 billion.
View 1 sources
- IMF Approves SDR 15.5 Billion Stand-By Credit for KoreaInternational Monetary Fund · International organization · Grade AOpen source →
The approximately US$58.4 billion often cited in connection with assistance to South Korea at the time was not the same amount as the IMF's own US$21 billion Stand-By Arrangement, but the total package combining commitments from other international organizations and bilateral assistance.
On screen · Verified record
- On screen
- —
- Verified record
- The IMF Staff Country Report distinguishes the US$58.4 billion package, which combined the IMF's US$21 billion with World Bank, ADB, and bilateral assistance, from the IMF amount.
View 1 sources
- Republic of Korea - IMF Staff Country Report 2000International Monetary Fund · International organization · Grade AOpen source →
At the end of November 1997, just before the IMF bailout, South Korea's usable foreign-exchange reserves had fallen to approximately US$7.3 billion.
On screen · Verified record
- On screen
- The film depicts the rapid depletion of usable foreign currency as a direct sign of the national crisis.
- Verified record
- The Bank of Korea gives South Korea's usable foreign-exchange reserves at the end of November 1997 as US$7.3 billion.
View 1 sources
- 외환보유액 운용의 과거·현재·미래한국은행 · Government source · Grade AOpen source →
The 1997 South Korean foreign-exchange crisis was not simply a government fiscal collapse; it was a crisis combining a shortage of foreign-currency liquidity, vulnerabilities in the financial and corporate sectors, and failure to roll over short-term foreign debt.
On screen · Verified record
- On screen
- The film's title compresses this into the forceful expression “national default.”
- Verified record
- IMF, KDI, and government materials analyze the crisis as a liquidity and confidence crisis in the foreign-exchange and financial sectors.
View 2 sources
- 경제위기 10년: 평가와 과제한국개발연구원 · Academic source · Grade AOpen source →
- The Korean Financial Crisis of 1997—A Strategy of Financial Sector ReformInternational Monetary Fund · Academic source · Grade AOpen source →
It would be inaccurate to understand the film's phrase “national default” as meaning that the Republic of Korea actually declared sovereign default.
On screen · Verified record
- On screen
- The film dramatically presents the depletion of foreign exchange and the risk of insolvency using the phrase “national default.”
- Verified record
- South Korea suffered a severe foreign-exchange liquidity crisis and requested IMF assistance, but this was not an event in which the country officially declared sovereign default; the National Archives of Korea also states that the country avoided default through the assistance.
View 2 sources
- 기록으로 만나는 대한민국 - IMF 외환위기 극복국가기록원 · Official record · Grade AOpen source →
- 경제위기 10년: 평가와 과제한국개발연구원 · Academic source · Grade AOpen source →
The initial IMF program included tight monetary policy and interest-rate increases.
On screen · Verified record
- On screen
- The film depicts conflict over the heavy burden that the IMF's terms would place on the South Korean economy and businesses.
- Verified record
- The official IMF program description records immediate monetary tightening, including raising the call rate from 12.5% to 21%.
View 1 sources
- Republic of Korea IMF Stand-By ArrangementInternational Monetary Fund · International organization · Grade AOpen source →
The IMF program included the restructuring of financial institutions and financial-sector reform.
On screen · Verified record
- On screen
- The film emphasizes divisions within the South Korean negotiating team over the IMF conditions.
- Verified record
- The December 1997 Letter of Intent and IMF program documents specify financial-sector restructuring and reform measures.
View 2 sources
- Korea Letter of Intent, December 3, 1997International Monetary Fund · International organization · Grade AOpen source →
- Republic of Korea IMF Stand-By ArrangementInternational Monetary Fund · International organization · Grade AOpen source →
Han Si-hyeon is a fictional character created by the writer through cinematic imagination, not a portrayal of a specific real person.
On screen · Verified record
- On screen
- Han Si-hyeon is set up as the head of the Bank of Korea's monetary policy team, who anticipates the crisis and tries to respond to it.
- Verified record
- Writer Eom Seong-min directly explained that no such person existed in reality and that he created her as a fictional protagonist.
View 1 sources
- 엄성민 <국가부도의 날> 작가 인터뷰(전문)TBS · Creator interview · Grade AOpen source →
Han Si-hyeon's title in the film, “head of the Bank of Korea's monetary policy team,” also does not reproduce an actual title from the time.
On screen · Verified record
- On screen
- Han Si-hyeon is introduced as the head of the Bank of Korea's monetary policy team.
- Verified record
- Writer Eom Seong-min said that the title did not exist in reality and was devised for cinematic expression.
View 1 sources
- 엄성민 <국가부도의 날> 작가 인터뷰(전문)TBS · Creator interview · Grade AOpen source →
Gap-su is a composite character combining the experiences of several people affected by the foreign-exchange crisis, not a direct portrayal of one specific real-life business owner.
On screen · Verified record
- On screen
- Gap-su appears as a small-business owner who directly experiences the shock of the foreign-exchange crisis because of payments by promissory note.
- Verified record
- The writer explained that he combined his family's experiences with material gathered while reporting on several working people who faced difficulties at the time.
View 1 sources
- 엄성민 <국가부도의 날> 작가 인터뷰(전문)TBS · Creator interview · Grade AOpen source →
The Deputy Minister of the Ministry of Finance is not a character directly modeled on one specific real-life official.
On screen · Verified record
- On screen
- The Deputy Minister of the Ministry of Finance clashes with Han Si-hyeon and represents a different position on IMF negotiations and structural reform.
- Verified record
- The writer said that he did not have a specific real person in mind, but concentrated in one character various later assessments of the economic team at the time.
View 1 sources
- 엄성민 <국가부도의 날> 작가 인터뷰(전문)TBS · Creator interview · Grade AOpen source →
Yoon Jeong-hak is a created character who dramatizes the viewpoint of seeing the foreign-exchange crisis as an investment opportunity, rather than a portrayal of one specific real-life financier.
On screen · Verified record
- On screen
- Yoon Jeong-hak anticipates the foreign-exchange crisis, resigns, and then bets against the crisis in pursuit of investment returns and upward social mobility.
- Verified record
- The writer explained that he concentrated various perspectives on the 1997 crisis and thoughts about social change in characters representing those positions, and contemporary fact-check reporting also identified Yoon Jeong-hak as not a real person.
View 2 sources
- 엄성민 <국가부도의 날> 작가 인터뷰(전문)TBS · Creator interview · Grade AOpen source →
- <국가부도의 날> 엄성민 작가 - 현실의 뿌리에 상상력을 더한다씨네21 · Creator interview · Grade AOpen source →
The film's development of negotiations and countermeasure meetings is a dramatic compression that concentrates several events and debates from the actual 1997 crisis into a short period.
On screen · Verified record
- On screen
- Within the limited time immediately before IMF assistance, the film interweaves forecasts of the crisis, closed-door meetings, IMF negotiations, and individuals' choices.
- Verified record
- The writer explained that he concentrated positions and events in the characters in order to convey cinematically, within a short period, various records and assessments of the actual crisis and negotiations.
View 2 sources
- 엄성민 <국가부도의 날> 작가 인터뷰(전문)TBS · Creator interview · Grade AOpen source →
- <국가부도의 날> 엄성민 작가 - 현실의 뿌리에 상상력을 더한다씨네21 · Creator interview · Grade AOpen source →
The Deputy Prime Minister for Economic Affairs who announced the decision to request IMF financial assistance on November 21, 1997, was Lim Chang-yuel.
On screen · Verified record
- On screen
- The film reconstructs the government's economic team and the process of deciding on IMF assistance around fictional characters.
- Verified record
- The National Archives of Korea records a special press conference by Deputy Prime Minister for Economic Affairs Lim Chang-yuel on November 21, 1997.
View 1 sources
- 기록으로 만나는 대한민국 - IMF 외환위기 극복국가기록원 · Official record · Grade AOpen source →
The IMF Managing Director during the South Korean foreign-exchange crisis was Michel Camdessus.
On screen · Verified record
- On screen
- In the film, the IMF Managing Director, played by Vincent Cassel, appears as a figure negotiating with the South Korean side.
- Verified record
- Documents from the Bank of Korea and the IMF from the time confirm that Michel Camdessus was IMF Managing Director.
View 2 sources
- Korea Letter of Intent, December 3, 1997International Monetary Fund · International organization · Grade AOpen source →
- 외환보유액 운용의 과거·현재·미래한국은행 · Government source · Grade AOpen source →
The specific dialogue and one-on-one confrontation scenes between the IMF Managing Director and the South Korean negotiating team in the film have not been confirmed as direct reproductions of actual meeting minutes.
On screen · Verified record
- On screen
- The film dramatically depicts negotiation scenes in which the IMF Managing Director directly clashes with South Korean figures.
- Verified record
- The actual IMF program and negotiations are documented in official records, but the film's specific dialogue and scenes fall within the category of cinematic adaptation described by the filmmakers.
View 2 sources
- Korea Letter of Intent, December 3, 1997International Monetary Fund · International organization · Grade AOpen source →
- 엄성민 <국가부도의 날> 작가 인터뷰(전문)TBS · Creator interview · Grade AOpen source →
At the end of September 1997, South Korea's short-term foreign debt reached approximately US$98 billion, accounting for about 54% of its total external debt.
On screen · Verified record
- On screen
- The film emphasizes the rapid depletion of foreign-exchange reserves and the risk that the country would lose its ability to make payments in foreign currency.
- Verified record
- IMF materials explain that short-term foreign debt rose from approximately US$40 billion in 1993 to approximately US$98 billion at the end of September 1997, reaching about 54% of total external debt.
View 1 sources
- From Crisis to Recovery in Korea: Strategy, Achievements, and LessonsInternational Monetary Fund · International organization · Grade AOpen source →
On November 21, 1997, the South Korean government officially decided to request financial assistance from the IMF.
On screen · Verified record
- On screen
- The film is set against the national foreign-exchange crisis immediately before the request for an IMF bailout.
- Verified record
- The National Archives of Korea records that Deputy Prime Minister for Economic Affairs Lim Chang-yuel officially announced the government's decision to request IMF financial assistance on November 21, 1997.
View 2 sources
- 기록으로 만나는 대한민국 - IMF 외환위기 극복국가기록원 · Official record · Grade AOpen source →
- 이달의 기록 - IMF 구제금융사건국가기록원 · Government source · Grade AOpen source →
South Korea's usable foreign-exchange reserves fell to US$3.94 billion on December 18, 1997.
On screen · Verified record
- On screen
- The film shows a crisis in which foreign-exchange liquidity is being critically depleted around the time of the IMF negotiations.
- Verified record
- The Bank of Korea's official explanation records that usable foreign-exchange reserves fell to US$3.94 billion on December 18, 1997.
View 1 sources
- 외환보유액의 의의한국은행 · Government source · Grade AOpen source →
CHARACTER ↔ PERSON
Characters and real people
IMF 총재
Historical Role DramatizedBased on a real personMichel Camdessus →
갑수
Composite character윤정학
Fictional Representative재정국 차관
Composite character한시현
Fictional characterOther related people
Lim Chang-yuel
Deputy Prime Minister for Economic Affairs · Minister of the Ministry of Finance and EconomySources used
- 국가부도의 날 - KMDb 작품정보한국영상자료원 KMDb · Specialist database · Grade BOpen source →
- 이달의 기록 - IMF 구제금융사건국가기록원 · Government source · Grade AOpen source →
- Republic of Korea IMF Stand-By ArrangementInternational Monetary Fund · International organization · Grade AOpen source →
- 국제금융기구 및 국제회의체 - IMF 융자 및 기술지원 수혜한국은행 · Government source · Grade AOpen source →
- 엄성민 <국가부도의 날> 작가 인터뷰(전문)TBS · Creator interview · Grade AOpen source →
- <국가부도의 날> 최국희 감독·오효진 프로듀서 인터뷰씨네21 · Creator interview · Grade BOpen source →
- “1997년 위기 복기하고, 화두 던지는 영화”…<국가부도의 날> 최국희 감독 인터뷰경향신문 · Major news · Grade BOpen source →
- Korea Letter of Intent, December 3, 1997International Monetary Fund · International organization · Grade AOpen source →
- IMF Approves SDR 15.5 Billion Stand-By Credit for KoreaInternational Monetary Fund · International organization · Grade AOpen source →
- History of Lending Commitments: KoreaInternational Monetary Fund · International organization · Grade AOpen source →
- 외환보유액 운용의 과거·현재·미래한국은행 · Government source · Grade AOpen source →
- '국가부도의 날' 유아인·조우진, 실제 모델 있다?SBS 뉴스 · Cast interview · Grade BOpen source →
- [팩트체크] '국가부도의날', 고통스럽던 실제 그때는연합뉴스 · Major news · Grade BOpen source →
- 경제 성장을 지원한 국제금융기구(IMF, IBRD), 기록으로 보다국가기록원 · Government source · Grade AOpen source →
- 한국은행법 - 1997년 금융·외환위기와 개정국가기록원 · Government source · Grade AOpen source →
- IMF 외환위기 극복 관련기록물 목록국가기록원 · Government source · Grade AOpen source →
- 통화신용정책 - 외환위기와 IMF 협상 이후 제도 변화국가기록원 · Government source · Grade AOpen source →
- Korean Crisis and RecoveryInternational Monetary Fund eLibrary · International organization · Grade AOpen source →
- Default (2018)Korean Film Council / Koreanfilm.or.kr · Specialist database · Grade AOpen source →
- Korea Letter of Intent, December 3, 1997International Monetary Fund · International organization · Grade AOpen source →
- Republic of Korea - IMF Staff Country Report 2000International Monetary Fund · International organization · Grade AOpen source →
- 경제위기 10년: 평가와 과제한국개발연구원 · Academic source · Grade AOpen source →
- The Korean Financial Crisis of 1997—A Strategy of Financial Sector ReformInternational Monetary Fund · Academic source · Grade AOpen source →
- 기록으로 만나는 대한민국 - IMF 외환위기 극복국가기록원 · Official record · Grade AOpen source →
- <국가부도의 날> 엄성민 작가 - 현실의 뿌리에 상상력을 더한다씨네21 · Creator interview · Grade AOpen source →
- From Crisis to Recovery in Korea: Strategy, Achievements, and LessonsInternational Monetary Fund · International organization · Grade AOpen source →
- 외환보유액의 의의한국은행 · Government source · Grade AOpen source →