If anyone has seen The White Balloon by Jafar Panahi, could you please share your view why the title of the film is that?
Reading the Wiki page, it says the following:
EDIT: Specifically answering ... the white balloon is an object which is quintessential to the story line. I do not believe there is anything more to it then that.
There seems to be a lot of good press about this movie. It won several accolades, to include the Caméra d'Or at Cannes and the Gold Award from the Tokyo International Film festival. For a movie with only an approximate budget of around $475k, it did very well for itself.