Microsoft recommends it to be 1.5x of the amount of physical
RAM, which is the default. Although I don't think there is a limit
for this, using too much of your hard disk for your paging file as
compared to using RAM would only slow your system down as the data
transfer rate is MUCH higher for RAM than for hard disks.
Anyway, to reduce defragmentation, you can set both the minimum and
maximum size of the virtual paging file to be the same.