Strings and black holes

I review some recent work (done in collaboration with G. Veneziano) which clarifies the existence of a correspondence between self-gravitating fundamental string states and Schwarzschild black holes. The main result is a detailed calculation showing that self-gravity causes a typical string state of mass M to shrink, as the string coupling g^2 increases, down to a compact string state whose mass, size, entropy and luminosity match (for the critical value g_c^2 = (M sqrt{alpha'})^{-1}) those of a Schwarzschild black hole. This confirms the idea that the entropy of black holes can be accounted for by counting string states, and suggests that the level spacing of the quantum states of Schwarzschild black holes is exponentially small, and very much blurred by radiative effects.