Educational films are tough...
The Red Balloon was made in 1956 so it's quite possible there was some story inspired from the short. I've check IMDB and to my surprise there was no remakes until the 2000's (wow almost 50 years). There are a few stories that referenced the Red Balloon but nothing that stands out. WIKI said that The Red Balloon was played mostly in schools between 1970's to 1990's. I've think I saw this short in school. For a 30 minute short it seemed too long and boring at times, I'm not sure if the movie aged well; on the other hand it was interesting to look at France 10 years after world war 2.
I've seemed to type balloons and smoking and found a whole new fetish...
https://www.youtube.com/playlist?list=PL479662F1674B1D8BI've did a little search and found this short.
I don't see any info on this short but it seemed to be inspired from The Red Balloon. But I would guess the short was made in the 1980's England (the BMX's seemed to suggest).
Sorry but I'm running into dead ends...