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doctored papers is a boutique advisory, which caters to a small number of corporate clients with a specific interest in Pakistan. Our primary focus is Pakistan’s macro economy, which is influenced by domestic politics, as well as regional and geopolitical developments. In our view, economic analysis cannot exist in a political vacuum – things that are left unsaid, is a disservice.

Why doctored papers?

In coming up with a suitable name, friends suggested many options, which were all permutations of the following set of words: research; economics; policy; macro and outlook.  After much thought, I realized the real value in this venture was our papers – I also wanted to leverage my nickname.  So it was Doc Papers or Doctor Paper, but the latter sounded like a soft drink.

So it became doctored papers


Our papers and approach

doctored papers formulate its own research agenda.  Even though we cater to a select group of clients, we do not customize our research.  Our focus on Pakistan’s macro economy is topical and comprehensive, while our interface with clients ensures that our papers address their needs.

We are forward-looking and take our research cues from the latest data, news reports, and by talking to people.  Unlike other research outlets, we work with anecdotal evidence and stylized facts.  In my experience, by the time factually documented trends are available to the general public, business decisions have already been made.  Corporate executives and businessmen in Pakistan (as in the rest of the world) rely on their intuition/feel (or material non-public information) to make investment decisions.

In addition to topical papers, we also provide: (1) a monthly presentation of the political and economic outlook for Pakistan; (2) a regular assessment of key macro projections (i.e., the Rupee-Dollar parity, inflation, domestic interest rates, and Pakistan’s BoP); (3) cited official economic data we use in our graphs and tables; and (4) a Client Dialogue where we blog on topical issues, and encourage an open discussion with our clients (these individuals remain anonymous to ensure a more forthcoming interface).  Client Dialogue is restricted to select clients, while all paying clients have access to our papers (tab: Protected Papers) and presentations (tab: Protected Presentations).  The tab (Free Papers and Free Presentations) provides free online access to all of our papers and presentations that have been published three months ago.

What's the point?

There is a tendency in any organization for one view to prevail.  This outlook often filters down from the chief executive, and influences operating decisions, and often sets the strategy for the years ahead.  doctored papers provides an independent viewpoint, whereby senior management can discuss our outlook against their own internal viewpoint.  Since we formulate our assessment outside the ambit of the organization, this has value for professional organizations.

Our papers are proprietary and clients must agree not to share our papers with people outside the company.  The views expressed by doctored papers are strictly mine, and cannot be ascribed to any other organization.

Dr Mushtaq Khan
February 18, 2022

  • Our formal designations are:
    • Dr Mushtaq Khan, Founder & Author, doctored papers
    • Danish Hyder, Co-founder (on leave), doctored papers
  • Our summarized CVs are shown below:

doctored papers started as a two-man undertaking, with my colleague Danish Hyder.  As Danish is currently on leave for his graduate studies, I am working with Vishal Verma who is the Office Manager


Dr Mushtaq Khan:

2018-present    Founder, doctored papers; Karachi.

2015-2017       Bank Alfalah Ltd., Chief Economist; Karachi.

2009-2015       State Bank of Pakistan, Chief Economic Adviser – Policy Development; Karachi.

2006-2009       Citigroup, Director & Regional Economist, Middle East & Pakistan; London.

2005-2006       Woodrow Wilson Center for International Scholars; Washington DC, US.

2002-2005       Citibank, N.A., Cluster Economist GCC, Levant & Pakistan; Dubai, UAE.

2000-2002       State Bank of Pakistan, Economic Adviser; Karachi.

1996-2000       ABN Amro Bank, N.V., Chief Economist; Karachi and Islamabad.

1997-1999       Asian Development Bank, Consultant (off-site); Karachi and Islamabad.

1995 (5 m)       World Bank, Consultant; Washington DC, US.

1992 (8 m)       National Development Finance Corporation, Economic Consultant; Karachi.

1989-1996       Ph.D. (economics) Stanford University; Palo Alto, CA, US.

1988-1989       National Development Finance Corporation, Economic Consultant; Karachi.

1984-1988       A.B. (economics) Vassar College; Poughkeepsie, NY, US.

Danish Hyder:

2018-present    Co-Founder, doctored papers; Karachi.

2016-2017        Bank Alfalah Ltd., Research Associate; Karachi.

2015-2016        Pakistan Business Council, Research Associate; Karachi.

2010-2014        A.B. (philosophy & economics) Vassar College; Poughkeepsie, NY, US.


We're located at:

122/1, 15th Street, Off Khayaban-e-Bukhari, Phase 6 DHA, Karachi

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+92 21 3584 5057

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