Long-run relationship

$lenc=1.000len{c}_{t-1}-\underset{\begin{array}{l}\left(0.058\right)\\ \left[-8.73\right]\end{array}}{\underbrace{0.51}}\cdot lgd{p}_{t-1}-\underset{\begin{array}{l}\left(25.91\right)\\ \left[-7.34\right]\end{array}}{\underbrace{1.04}}\cdot lpo{p}_{t-1}+14.81$

Short-run relationship

$\begin{array}{c}\text{Δ}lenc=\underset{\begin{array}{c}\left(0.11\right)\\ \left[-2.31\right]\end{array}}{\underbrace{-0.25}}EC{T}_{-1}+\underset{\begin{array}{l}\left(0.17\right)\\ \left[1.30\right]\end{array}}{\underbrace{0.22}}\text{Δ}len{c}_{-1}+\underset{\begin{array}{l}\left(0.18\right)\\ \left[0.24\right]\end{array}}{\underbrace{0.04}}\text{Δ}len{c}_{-2}-\underset{\begin{array}{c}\left(0.06\right)\\ \left[-0.97\right]\end{array}}{\underbrace{0.06}}\text{Δ}lgd{p}_{-1}\\ +\underset{\begin{array}{l}\left(0.05\right)\\ \left[0.49\right]\end{array}}{\underbrace{0.027}}\text{Δ}lgd{p}_{-2}-\underset{\begin{array}{c}\left(9.12\right)\\ \left[-0.04\right]\end{array}}{\underbrace{0.33}}\text{Δ}lpo{p}_{-1}+\underset{\begin{array}{l}\left(9.24\right)\\ \left[0.36\right]\end{array}}{\underbrace{3.32}}\text{Δ}lpo{p}_{-2}+\underset{\begin{array}{l}\left(0.03\right)\\ \left[1.98\right]\end{array}}{\underbrace{0.07}}\end{array}$