The article sketches the outlines of a theoretical framework for the analysis of translation of literary texts, viewed as psycho-semiotic phenomenon and based on evaluation of earlier attempts in this direction, and on the results of a psycholinguistic empirical study of translations. Central to this framework is the recent insight that the human cerebral hemisphere functional asymmetry somehow plays a role in structuring the fictional text by its author and in its processing by the interpreter. It is argued that the texts of modernism and post-modernism contain information blocks describing a character's perception of events in altered states of consciousness. This model helps to explain how a translator's inappropriate linguistic choice may influence the target language reader's aesthetic reaction.