Someone correct me if I am wrong here but my understanding of how Windows manages the pagefile suggests that if you set the Min and Max the same then Windows will allocate blocks that may not be released if other programs require space.
By setting the Min to 16MB, Windows will release blocks as the become unused in an attempt to get back to the min freeing up the space for new requests.
Simply, do not set the min to a large amount as it may not be freed up for new requests.