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 g s . It is shown how the required g s dependence arises as a result of the peculiar couplings of Ramond-Ramond gauge fields to the dilaton.
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