To be sure, the muted impact of inflation on interest rates is not surprising in transition economies, where the mechanisms of monetary-policy transmission and financial intermediation took long periods to put in place and still need reform and regulation. It is inevitably a long road from a starting point where credits are channeled to state-owned enterprises through state-owned banks to an economic environment in which interest rates are a proper indicator of monetary policy.
诚然，通货膨胀对利率的无声影响在过渡型经济体中很常见，因为货币政策传播和金融仲裁的机制要很长时间才能建设到位，而且仍需要改革和管理。从一个通过国有银行将存款拨入国有企业的起点，到一个以利率为货币政策的正确指标的经济环境，必然要走过一条很长的道路。另外，俄罗斯在1998年的拖欠和贬值也破坏了1996年以来在整个银行业和资金市场取得的进步。