This paper revisits the soft budget constraint problem arising in decentralised countries. Capturing the specific dynamics of political decision making in a federation, new light is shed on the incentives at work when lower-level (state) governments overborrow and are bailed out by the federal...

Huge controversy has arisen since the Copyright (Amendment) Bill 2014 of Hong Kong, dubbed “Internet Article 23” by netizens, appeared in public view again, which was not adopted in the end. One of the concerns commonly raised by end users was whether uploading cover version (which refers to...