Globally conserved phase ordering dynamics is investigated in systems with short range correlations at [formula presented] A Ginzburg-Landau equation with a global conservation law is employed as the phase field model. The conditions are found under which the sharp-interface limit of this equation is reducible to the area-preserving motion by curvature. Numerical simulations show that, for both critical and off-critical quench, the equal-time pair correlation function exhibits dynamic scaling, and the characteristic coarsening length obeys [formula presented] For the critical quench, our results are in excellent agreement with earlier results. For off-critical quench (Ostwald ripening) we investigate the dynamics of the size distribution function of the minority phase domains. The simulations show that, at large times, this distribution function has a self-similar form with growth exponent [formula presented] The scaled distribution, however, strongly differs from the classical Wagner distribution. We attribute this difference to coalescence of domains. A theory of Ostwald ripening is developed that takes into account binary coalescence events. The theoretical scaled distribution function agrees well with that obtained in the simulations.