Some time ago S. Gubser constructed the effective action for the Randall-Sundrum one-brane model from the holographic stress-energy tensor of the boundary conformal field theory in the AdS/CFT correspondence. However, this procedure was incomplete in the respect that it left open an ambiguity in the quadratic-in-curvature part of the effective action. This ambiguity is tied to the nonlocal nature of the four-dimensional effective action in terms of on-brane fields. The talk reviews this work and extends it to two-brane models of arbitrary brane tensions in an Anti-de Sitter bulk. In the case of two branes the ambiguity is not present in the limit of small brane distance and the effective action is completely local. The effective actions for the two branes are found to be conformally related to each other. We discuss cosmological implications of the effective action and the interpretation of the two-brane system in terms of the AdS/CFT correspondence.