Recent international macroeconomics literature on global imbalances explains the U.S. persistent current account deficit and emerging countries' surplus. Little research has been done at the banking-sector level, where U.S. banks are lenders to banks in emerging countries. We build a two-country...

Chapter 1. Introduction -- Chapter 2. Organisation of the G20 Finance Track -- Chapter 3. Political economy shapes strategies of countries -- Chapter 4. Evolution of the Finance Tracks agendas -- Chapter 5. Financial Regulation and G20 -- Chapter 6. International Financial Institutions and...