We discuss the integrable hierarchies that appear in multi--matrix models.
They can be envisaged as multi--field representations of the KP hierarchy. We
then study the possible reductions of this systems via the Dirac reduction
method by suppressing successively one by one part of the fields. We find in
this way new integrable hierarchies, of which we are able to write the Lax pair
representations by means of suitable Drinfeld--Sokolov linear systems. At the
bottom of each reduction procedure we find an N--th KdV hierarchy. We discuss
in detail the case which leads to the KdV hierarchy and to the Boussinesque
hierarchy, as well as the general case in the dispersionless limit.Comment: 14 pages, LaTeX, SISSA 53/93/EP, ASITP 93-2