This is indeed a strange issue. If the databases are the same on both servers the problem is possibly coming from some other place. Can you please compare the setup of your live environment and your local machine - verify you have all folder access permissions properly set. Also please try to clear your browser cache ( or try another browser ).
You can also try to set the password format to 0, remove the salt and type custom password for your admin account ( this can be applied to the sf_users table ) and try to login again.
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