  The review is devoted to the integrable properties of the Generalized
Kontsevich Model which is supposed to be an universal matrix model to describe
the conformal field theories with $c<1$. It is shown that the deformations of
the "monomial" phase to "polynomial" one have the natural interpretation in
context of so-called equivalent hierarchies. The dynamical transition between
equivalent integrable systems is exactly along the flows of the dispersionless
Kadomtsev-Petviashvili hierarchy; the coefficients of the potential are shown
to be directly related with the flat (quasiclassical) times arising in N=2
Landau-Ginzburg topological model. The Virasoro constraint for solution with an
arbitrary potential is shown to be a standard $\L_{-p}$-constraint of the
(equivalent) $p$-reduced hierarchy with the times additively corrected by the
flat coordinates.
