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We reconsider the theory of Soft X-Ray Transients (SXRTs) after recent observational and theoretical developments concerning neutron stars in binary systems. We discuss the possibility that the central object in SXRTs should be a slowly accreting neutron star or a non-accreting fast radio pulsar. We obtain a set of constraints regarding the disk-magnetosphere interaction during quiescence that need to be satisfied to allow the presence of a pulsar in SXRTs. We discuss the observational implications regarding the X-ray emission in quiescence observed in a few SXRTs and the possible detection of radio pulsars in these systems. Our results are relevant for the current X-ray missions such as ROSAT, ASCA, GRO/BATSE and for ongoing pulsar searches in SXRTs.
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