KEMA Column
Hearing "IMF" in Korean Dramas: What Happened During That Era?
Have you ever noticed the phrase "back during the IMF" that pops up in Korean dramas and movies? Perhaps you've been curious about the line, delivered by characters with a distant look in their eyes. In reality, this "IMF" is a key term essential for understanding the lives and aesthetics of the Korean people. Today, setting aside complex economic talk, we will gently unravel everything from "What is the IMF?" to the background behind the rise of Korea's "self-refining culture."
To Begin With, What is the "IMF"?
IMF stands for the "International Monetary Fund," which is essentially an "organization for international mutual aid" created by countries pooling their funds. Just as it is reassuring to have someone to turn to when a household budget suddenly becomes strained, the IMF exists to provide funds to help nations rebuild when their economies hit a temporary rough patch. Most countries in the world are members.
However, when people in Korea say "IMF," they are almost always referring to "that era" rather than the organization itself. Koreans still refer to the turbulent years from 1997 onwards as the "IMF era." When the term appears in drama dialogue, it is this specific time period to which they are referring.
What Happened in Korea in 1997?
In 1997, the "Asian Financial Crisis" occurred, causing the currencies of various Asian countries to plummet in value. The shockwaves reached Korea, causing the value of the won to drop significantly and leading to a shortage of foreign currency in the country. Consequently, in December of that year, the Korean government requested support from the IMF and received the largest bailout package of that time from an international organization.
In exchange for this support, the country was required to implement major structural reforms in its corporate and financial systems, which brought various changes to daily life. For many families, it was a time that forced them to rethink what they had previously considered "normal." This is precisely why these few years are passed down not just as an economic event, but as a shared societal memory.
People Contributing Gold Rings: The "Gold Collection Campaign"
When talking about this era, there is an episode that Koreans share with a sense of pride. It is the "Gold Collection Campaign" (Geum-mo-eugi-undong) of 1998. It was a movement where citizens brought in gold items sleeping in their homes to help pay off the nation's debt as quickly as possible.
Wedding rings, gold rings gifted for a baby's first birthday, precious commemorative medals—it is said that about 3.5 million people participated, and the total amount of gold collected exceeded 200 tons. "If the country is in trouble, we will all support it." This memory of mutual aid is still cherished today as an event that symbolizes the solidarity of the Korean people.
A "Graduation" Sooner Than Expected
Following this, Korea recovered with startling speed. The bailout funds were fully repaid in August 2001, about three years ahead of schedule. It was described as a recovery of unprecedented speed even by global standards.
And this experience quietly, but surely, changed the atmosphere of society. "The importance of preparing" and "the value of standing on one's own two feet." Along with the confidence of having overcome a crisis, the awareness of each individual striving to cultivate their own life with care began to take root in society.
A New Habit Called "Self-Management"
Around this time, a term became a daily part of the Korean language: "Self-management" (Jagi-gwalli). It is the idea of carefully maintaining everything related to oneself with one's own hands—health, education, time, and appearance.
What is interesting here is that grooming one's appearance is not viewed as "vanity," but as "a manifestation of treating one's own life with care." Whether it's skincare in the morning or haircare at night, in Korea, these are "times to keep promises to oneself." This value system became the foundation for what would later become Korea, the beauty powerhouse.
Why Beauty Became an "Investment in Oneself"
Entering the 2000s, Korea's cosmetics and haircare industries achieved remarkable growth. To be chosen in a limited domestic market, each brand continued to refine its ingredients and technology, and that competition pushed quality to new heights. The capability of K-beauty, now loved across the globe, is built upon this foundation.
On the consumer side, the sentiment that "beauty is not preparation for a special day, but a daily investment in oneself" spread. Weekend hair packs, post-bath oil care, scalp massages—these diligent care habits are an extension of the "culture of cherishing oneself" that was cultivated after that era.
The "Refining" Culture Inherited by Hair
The fact that Korean haircare is said to be "skincare-inspired" is part of this trend. Just like the skin, the hair and scalp are things to "be maintained diligently every day." Scrutinizing ingredients and design for every shampoo and treatment to nurture health from the inside out—this meticulous approach is the very essence of Korean aesthetics.
Glossy, well-maintained hair cannot be achieved in a day. That is why in Korea, hair is often called "the place where one's efforts are visible." Continuing small daily care routines is the surest path forward.
Make it a Daily Habit. Popular KEMA Items
For those who want to start their own "time to refine oneself," here are some items from the Korean-born brand KEMA that are easy to incorporate into your daily care routine.
KEMA Trial Set (50mL x 3)
The gateway to a "self-refining habit." A limited-edition set allowing you to thoroughly try 3 popular items for about 7–10 days.
¥2,980 (tax included, free shipping)
KEMA Penta S Oil
Non-sticky, leaving hair silky smooth. From heat protection before blow-drying to finishing with shine, perfect for your nightly "little ritual."
¥5,940 (tax included)
KEMA Miracle Bond Balm
A high-repair leave-in treatment that rebuilds color- or perm-damaged hair from the inside. The more you use it, the more it rewards you.
¥4,290 (tax included)
KEMA: Inheriting the Korean Aesthetic
A quarter-century has passed since the "IMF era." The culture of "carefully refining oneself" that sprouted in that time has now become the core of Korean aesthetics and reaches the daily lives of people all over the world. The philosophy of "Order, Balance, and Harmony" advocated by KEMA is an extension of this. Delivering ingredients to the deep parts of the hair with advanced liposome technology and refining it from the inside out—KEMA will continue to cherish sincere craftsmanship that rewards daily persistence over fleeting trends.
A habit of refining yourself, starting today.
Why not begin small daily efforts with KEMA haircare, born from Korean aesthetics?
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