Folding of the lattice model of proteins is studied using Monte Carlo
simulation. The amino acid sequence is designed to have a pronounced e
nergy minimum for a given target (native) conformation. Our simulation
s reveal two possible scenarios. When the overall attraction between r
esidues dominates, we find that folding to the native conformation is
preceded by a rapid collapse into a burst intermediate which is a comp
act but structureless globule. Then, after a much longer time, an all-
or-none transition from the globule to the native conformation occurs.
In contrast, when the overall attraction is not strong, we do not obs
erve a burst collapse stage. Instead, we find an all-or-none transitio
n directly from the coil to the native conformation. Both scenarios yi
eld comparable rates of folding. On the basis of these findings we dis
cuss the role of intermediates in thermodynamics and kinetics of prote
in folding.