Cannot allocate array with Integer.MAX_VALUE elements

FULL PRODUCT VERSION :
$ java -version
java version "1.7.0_67"
Java(TM) SE Runtime Environment (build 1.7.0_67-b01)
Java HotSpot(TM) 64-Bit Server VM (build 24.65-b04, mixed mode)


ADDITIONAL OS VERSION INFORMATION :
$ uname -a
Linux pinyon 2.6.32-431.29.2.el6.x86_64 #1 SMP Tue Sep 9 21:36:05 UTC 2014 x86_64 x86_64 x86_64 GNU/Linux


A DESCRIPTION OF THE PROBLEM :
Attempting to allocate an array with Integer.MAX_VALUE or Integer.MAX_VALUE-1 elements results in out of memory error, regardless of heap space. The type of the array elements does not matter. Whether byte, float, or double, all allocations of Integer.MAX_VALUE or Integer.MAX_VALUE-1 elements fail with
   java.lang.OutOfMemoryError: Requested array size exceeds VM limit

This fails in both Java 7 (7u67) and Java 8 (8u20). It works correctly in Java 6 (6u45).

REGRESSION. Last worked in version 6u45

ADDITIONAL REGRESSION INFORMATION:
$ java -version
java version "1.6.0_45"
Java(TM) SE Runtime Environment (build 1.6.0_45-b06)
Java HotSpot(TM) 64-Bit Server VM (build 20.45-b01, mixed mode)





STEPS TO FOLLOW TO REPRODUCE THE PROBLEM :
Compile and run the test program, Memory.java.

$ javac Memory.java
$ java -Xmx15g Memory

EXPECTED VERSUS ACTUAL BEHAVIOR :
EXPECTED -
Compile and run the test program, Memory.java. Program runs without errors with Java 6u45.

$ javac Memory.java
$ java -Xmx15g Memory
Allocating 2147483642 elements.
Allocating 2147483643 elements.
Allocating 2147483644 elements.
Allocating 2147483645 elements.
Allocating 2147483646 elements.
Allocating 2147483647 elements.
Done allocating.

ACTUAL -
Program fails at Integer.MAX_VALUE-1 elements. Fails with Java 7 and Java 8. Works with Java 6.

$ javac Memory.java
$ java -Xmx15g Memory
Allocating 2147483642 elements.
Allocating 2147483643 elements.
Allocating 2147483644 elements.
Allocating 2147483645 elements.
Allocating 2147483646 elements.
Exception in thread "main" java.lang.OutOfMemoryError: Requested array size exceeds VM limit
at Memory.main(Memory.java:8)


ERROR MESSAGES/STACK TRACES THAT OCCUR :
Exception in thread "main" java.lang.OutOfMemoryError: Requested array size exceeds VM limit
at Memory.main(Memory.java:8)

REPRODUCIBILITY :
This bug can be reproduced always.

---------- BEGIN SOURCE ----------
// Test program source file: Memory.java
public class Memory {
  public static void main(String[] args) throws Exception {
    for (int i = Integer.MAX_VALUE-5; i>0; ++i) {
      System.out.println("Allocating "+i+" elements.");
      // Note that the type of allocation is not important. It fails at
      // Integer.MAX_VALUE-1 elements whether byte, float, double, etc.
      Object array = new byte[i];
    }

    System.out.println("Done allocating.");
  }
}

---------- END SOURCE ----------