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Cover -- CONTENTS -- WHY ISN'T PRIVATE INVESTMENT HIGHER IN JAPAN? -- A. Introduction -- B. What is Holding Back Investment? Hypotheses -- C. Empirical Analysis: Data Description and Summary Statistics -- D. Empirical Analysis: Estimation and Regression Results -- E. Priorities for Reform: Product Market Regulation -- F. Conclusions and Policy Discussion -- FIGURE -- 1. Herfindahl Index for Selected Sectors -- TABLES -- 1. Real Growth and Contribution from Private Gross Fixed Investment -- 2. Descriptive Statistics -- 3. Firms Cash Holdings, 2014 -- 4. Regression Results on the Impact of Market Concentration on Investment -- References -- IS AN UNBACKED FISCAL EXPANSION THE ANSWER FOR JAPAN? -- A. Introduction -- B. Implications of FTPL for Monetary and Fiscal Coordination -- C. Methodology and Assumptions -- D. An Illustrative Example of an Unbacked Fiscal Expansion -- E. Could an Unbacked Fiscal Expansion Work in Japan? -- F. Other Concerns about an Unbacked Fiscal Expansion -- G. Conclusions -- FIGURES -- 1. Simulations under Alternative Policy Regimes (normal time, ZLB not binding) -- 2. Simulations under Alternative Policy Regimes (bad time, ZLB binding) -- 3. The Role of Forward-looking Inflation in the Non-Ricardian Policy Regime -- 4. Front-Loaded Real Debt Accumulation without Timely Reflation -- References -- TAX POLICY CHALLENGES OF AN AGING/DECLINING POPULATION -- A. Background -- B. Raising the Consumption Tax -- C. Other Tax Measures -- References -- JAPAN'S LIFETIME EMPLOYMENT AND GENDER INEQUALITY -- References.

KEY ISSUESContext: Solomon Islands has achieved considerable gains in development andmacroeconomic stability in recent years. However, the country is at an importantjuncture—with both security and development assistance being scaled down by donors,it needs to become more self-reliant. In addition, new drivers of growth are needed asthe depletion of logging stocks in the coming years will adversely affect growth, exports,and public finances. Spending pressures and lower growth give rise to fiscal risks.Outlook and risks: Growth is recovering gradually after slowing in the first half of 2013because of unfavorable external conditions and various supply shocks, while the externalsector is weakening, in part owing to adverse terms-of-trade developments. Risks aretilted to the downside and include lower export prices, an oil price shock, and a steeperthan-expected withdrawal of foreign aid. Legislative elections scheduled for 2014introduce uncertainty over the pace of reform.Program: Program performance has been broadly satisfactory. All performance criteria(PCs) for June 2013 and indicative targets (ITs) for June 2013 and September 2013, aswell as continuous PCs, were met. In addition, a critical reform—the Public FinanceManagement Act (PFMA)—has been approved by Parliament. However, some structuralbenchmarks scheduled for 2013 were missed because of capacity constraints. Theauthorities are requesting a modification of the PC on net credit to the government forend-December 2013 and a re-setting of four program benchmarks.Key policy recommendations:Protect policy buffers and fiscal discipline by keeping overall expenditure, includingfrom the supplementary budget, within the original spending envelope.Strengthen the quality of public spending by improving the transparency andaccountability of programs, including scholarships and constituency

Cover -- Contents -- Glossary -- Executive Summary -- I. Introduction -- A. Handling the Crisis -- B. But Global Uncertainty Persists -- II. Financial System Stability -- A. Managing Risks and Vulnerabilities -- B. What Are the Key Sources of Risks? -- C. Testing the Resiliency of the Banking System -- D. Addressing Systemic Banks: A Case for Higher Loss Absorbency -- III. Enhancing Financial Sector Oversight -- A. Prudential and Conduct Supervision -- B. The Standards Assessment -- C. Systemic Oversight -- IV. Crisis Management and Resolution -- Table -- 1. High Priority FSAP Recommendations -- Figures -- 1. Growth and Demand for Commodities -- 2. Bank Capital and Asset Quality -- 3. Credit Growth and Net Interest Margin -- 4. Overseas Claims of Australian Banks -- 5. Banking Sector Concentration -- 6. Bank Funding Structure and Cost -- 7. Off-shore Funding -- 8. Household Debt and Housing Loans -- 9. Non-Financial Corporate Sector Heat Map -- 10. GDP Growth Trajectories Under Different Growth Scenarios -- 11. Impact of Alternative Scenarios on Bank Capitalization -- 12. Systemically Important Financial Institutions -- 13. Additional Tier 1 Capital Requirements for Systemic Banks -- Boxes -- 1. Hedging Foreign Currency Risks -- 2. Australia's Superannuation System -- 3. Reducing Systemic Risk through Higher Loss Absorbency -- Appendixes -- 1. Australia: Risk Assessment Matrix -- 2. Economic and Financial Indicators -- 3. Australia FSAP Update Stress Test Matrix -- 4. Stress Test Methodologies and Assumptions.