Lax operator algebras and integrable hierarchies

We study applications of a new class of infinite-dimensional Lie algebras, called Lax operator algebras, which goes back to the works by I. Krichever and S. Novikov on finite-zone integration related to holomorphic vector bundles and on Lie algebras on Riemann surfaces. Lax operator algebras are almost graded Lie algebras of current type. They were introduced by I. Krichever and the author as a development of the theory of Lax operators on Riemann surfaces due to I. Krichever, and further investigated in a joint paper by M. Schlichenmaier and the author. In this article we construct integrable hierarchies of Lax equations of that type.