Abstract :
Low-energy effective field theories arising from Calabi-Yau string compactifications are generically inconsistent or ill-defined at the classical level because of conifold singularities in the moduli space. It is shown, given a plausible assumption on the degenaracies of black hole states, that for type II theories this inconsistency can be cured by nonperturbative quantum effects: the singularities are resolved by the appearance of massless Ramond-Ramond black holes. The Wilsonian effective action including these light black holes is smooth near the conifold, and the singularity is reproduced when they are integrated out. In order for a quantum effect to cure a classical inconsistency, it can not be suppressed by the usual string coupling gs. It is shown how the required gs dependence arises as a result of the peculiar couplings of Ramond-Ramond gauge fields to the dilaton.
