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 degeneracies 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.Comment: 15 pages, harvma